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Fact sheet as of December 04, 2023

SEB Nordic Small Cap Fund

Marketing material

Fund manager: Anders Knudsen, Lars Knudsen

Investment Philosophy

The investment team’s core belief is that an active management style with a focus on fundamental company research and a disciplined investment process will add value, creating returns in excess of a pre-determined benchmark. The investment team selects stocks independent of macroeconomic factors such as interest rate and currency trends. The team’s goal is to find and invest in value-creating companies with positive earnings growth and reasonable valuations.

Key Facts

key	value
Base Currency	EUR
Share Class	C (EUR)
ISIN-code	LU0385664312
Benchmark	VINX Small Cap ...
Year of launch	2009
Value at launch (EUR)	100.00
Legal Structure	UCITS
Fund Management Company	SEB Investment Management AB
Morningstar Rating (3 years) 31 Oct 2023
Turnover Ratio*	0.54

* 12 months rolling, last updated 31 Oct 2023

Dividend

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

Costs

key	value
Management Fee	1.30
Ongoing Charges*	1.35
Performance Fee**	20.00%
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.

** Of excess performance (hurdle VINX Small Cap NI)

Risk Measures*

key	value
Standard Deviation (Fund)	27.1
Standard Deviation (Index)	22.8
Tracking Error	9.1
Active share **	82.5
Sharpe Ratio	-0.2
Information Ratio	-0.9
Alpha	-7.9
Beta	1.1

* 36 months rolling, last updated 31 Oct 2023

** Active share measures the difference between the fund’s and the benchmark’s holdings. From 31 Oct 2023

Investment Process

Investment universe

The fund is actively managed and invests in small cap equities and equity-related securities listed in the Nordic countries (Sweden, Denmark, Finland, Norway and Iceland). The small cap universe is defined as the stocks in the bottom 20 per cent of the total market cap, approximately 500 companies. Swedish small cap stocks represent approximately 40 per cent of the investment universe’s market cap.

Investment team

Head fund manager Per Trygg has extensive experience managing small cap portfolios. He is also a member of the SEB Nordic/Small Cap team, which consists of four investment professionals. The team members are experienced and benefit from an open exchange of ideas and knowledge. The fund manager makes the final decision regarding which investments to make. The team is based in Stockholm.

Research

The fund is characterised by a bottom-up strategy, where stock selection is based on fundamental company analysis. To identify attractive companies, the team conducts intensive field work in the Nordic small cap universe. The research focuses on identifying attractively valued companies. The team looks for quality companies with strong market positions and above average return on investment. Management quality and strategy are key criteria.

Portfolio construction

The team focuses on identifying the best small cap stocks in the region, regardless of which country the stock is listed in. The fund normally has 40 to 80 holdings. Due to the fund’s bottom-up approach its composition and performance can deviate from the benchmark. The active risk, as measured by tracking error and active share, is expected to be higher than for comparable funds.

Performance

Currency: EUR | NAV: 554.90 (12/4/2023) | AuM (M EUR) : 335.28 (10/31/2023)

SEB Nordic Small Cap Fund (FundEUR)

VINX Small Cap NI Index (Benchmark, )

	Fund EUR	Benchmark
Return % EUR	Fund	Benchmark
Accumulated since
1 day	-0.8	-0.6
1 month	10.4	7.1
3 months	-1.7	3.1
6 months	-13.2	-2.5
1 year	-13.6	-4.1
3 years	-16.2	2.5
5 years	45.8	40.4
Year to date	-7.8	-0.3
Average annual growth
3 years	-5.7	0.8
5 years	7.8	7.0

Currency

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Largest Positions*

% of Total

	% of Total
AAK	5.2
Beijer Ref	4.0
Medicover	3.8
BTS Group	3.5
Lagercrantz Group	3.3
INVISIO Communications	3.1
Nexus AG	3.1
Chemometec A/S	3.1
Netcompany Group	3.1
HMS Networks	2.9

* Last updated 29 Sep 2023. Source: SEB

* Numbers are absolute, not relative

Sector Allocation*

* Last updated 31 Oct 2023. Source: SEB

* Numbers are absolute, not relative

Other Information

As of 2 November 2016, the fund´s Management company is SEB Investment Management AB.

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.

Tuesday, December 5, 2023 7:46:55 PM