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Fact sheet as of July 01, 2021

SEB Russia Fund

The fund focuses mainly on equity markets in Russia.

Fund manager: Pavel Lupandin

Investment Philosophy

The investment team believes that the emerging European markets are inefficient, thus making it possible to add value for investors by utilising a bottom-up, stock-picking process. The team examines the business models, key values and growth drivers of selected companies as part of their search for companies that offer reasonable growth perspectives. Consequently, the team picks stocks from sectors rather than taking a country-focused approach.

Key Facts

key	value
Base Currency	EUR
Share Class	C (EUR)
ISIN-code	LU0273119544
Benchmark	MSCI Russia 10/...
Year of launch	2006
Value at launch (EUR)	10.00
Legal Structure	UCITS
Fund Management Company	SEB Investment Management AB
Turnover Ratio*	1.03

* 12 months rolling, last updated 31 May 2021

Dividend

The share class does not pay dividends; the return is reinvested

Fund costs

key	value
Management Fee	2.00
Ongoing Charges*	2.07
Entry Fee	Max 5%

* The ongoing charges includes the management fee and constitutes payment for fund management, including marketing and distribution. The ongoing charges does not include transaction costs such as brokerage commissions on securities transactions.

Risk Measures

key	value
Standard Deviation (Fund)	-
Standard Deviation (Index)	-
Tracking Error	-
Active share **	57.2
Sharpe Ratio	-
Information Ratio	-
Alpha	-
Beta	-

** Active share measures the difference between the fund’s and the benchmark’s holdings. From 30 Jun 2021

Investment Process

Investment universe

This actively traded equity fund concentrates primarily on the Russian market. Although other countries in the surrounding region are part of the fund’s investment universe, Russian companies will always constitute the majority of the portfolio. Indirect exposures are also eligible for investment, such as companies that are traded in other markets, but which generate a significant portion of sales and profits in the fund’s investment region. Derivatives may be used to achieve the investment objective and facilitate the management of the fund. Derivatives will not be used for shorting purposes.

Investment team

The fund is managed by SEB’s Eastern European team, based in Tallinn, Estonia. Fund manager Sulev Raik is responsible for the fund’s ongoing strategy, portfolio construction and performance. He is supported by sector specialists.

Research

The team applies a stock-picking approach, concentrating on analysing single-company fundamentals. The team seeks undervalued companies with interesting business opportunities and aims to identify emerging trends in company financials at an early stage. The team also follows company meetings and corporate governance trends and issues. Companies that refine and improve their corporate governance are a significant value-creating factor throughout the investment region. The team also reviews sell-side research to identify relevant information.

Portfolio construction

The team uses stock picking in sectors and sector selection. The team aims to construct a portfolio composed of approximately 90 percent Russian equities. The fund typically includes 40-60 stocks. New investment alternatives can act as sell triggers; positions are exited when sustained deterioration occurs.

Performance

Currency: EUR | NAV: 16.56 (7/1/2021) | AuM (M EUR) : 173.64 (5/31/2021)

	Fund EUR	Benchmark
Return % EUR	Fund	Benchmark
Accumulated since
1 day	-0.5	0.0
1 month	4.0	5.6
3 months	9.7	14.0
6 months	19.0	20.8
1 year	28.7	29.9
3 years	52.6	56.0
5 years	112.1	95.7
Year to date	-	-
Average annual growth
3 years	15.1	16.0
5 years	16.2	14.4

Currency

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Largest Positions*

% of Total

	% of Total
Sberbank of Russia	9.4
Yandex NV	8.2
Novolipetsk Steel	5.3
Severstal	5.2
Moscow Exchange MICEX-RTS PJSC	4.9
Magnit PJSC	4.8
Halyk Savings Bank of Kazakhstan JSC	4.8
Polymetal International	4.5
Mobile TeleSystems	4.5
Mail.ru Group Ltd	4.4

* Last updated 31 Mar 2021. Source: SEB

* Numbers are absolute, not relative

Sector Allocation*

* Last updated 31 May 2021. Source: SEB

* Numbers are absolute, not relative

Other Information

As of 2 November 2016, the fund´s Management company is SEB Investment Management AB. The fund changed its benchmark to MSCI Russia 10/40 TR Net January 1, 2011. Previous benchmark was RTS.

All figures net of fees.

This material is prepared by SEB and contains general information regarding financial instruments marketed, sold or solicited by SEB. SEB is the global brand name for Skandinaviska Enskilda Banken AB (publ), its subsidiaries and affiliated companies. Neither this material nor the products described in it are intended for distribution or sale in the United States or to US persons, and any such distribution is not allowed. The offering of shares or units in the funds may also be restricted in other jurisdictions. This document may not be used to make an offer or solicitation with respect to the sale of shares or units where such an offer or solicitation is unlawful. Although the information in this material is based on sources deemed by SEB to be reliable, SEB assumes no liability whatsoever for incorrect or missing information or for any loss, damage or claim arising from the use of this material. Past performance does not guarantee future performance. The value of investment funds and other financial instruments may rise as well as fall and there is no guarantee you will recover your original investment. If you or a fund invests in financial instruments denominated in a foreign currency, changes in currency exchange rates can affect the return on the investment. SEB makes no representation that funds whose share or unit classes aim at hedging the fund’s return from changes in currency exchange rates will succeed in achieving this. Any tax information in this material is based on regulations valid as per the date of this presentation and may be subject to change. Note that any tax information in this material is general. Kindly contact your SEB investment advisor for tax and investment advice appropriate for your situation. You are fully and solely responsible for your investment decision. This material is not intended for or suitable as the sole basis for investment decisions. Instead, you should base your decision on the information in the fund’s product documentation, including its fact sheet, Key Information Document, fund regulations and prospectus. These are available on www.sebgroup.lu/funds.

Friday, April 26, 2024 4:18:01 PM