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Fact sheet as of December 01, 2023

SEB European Equity Small Caps

Marketing material

Fund manager: Anders Knudsen, Lars Knudsen

Investment Philosophy

The team believes that European small cap is a semi-efficient asset class offering excellent potential for alpha, i.e. return uncorrelated with the market. The team applies a stock-picking approach with a long-term investment horizon to generate the best possible performance. It also prefers its own field research over the research material offered by brokers. Finally, the team finds that a qualitative risk approach constitutes a better risk target than a more quantitative approach.

Key Facts

key	value
Base Currency	EUR
Available Share Classes	EUR, SEK
Share Class	C (EUR)
ISIN-code	LU1160606635
Benchmark	MSCI Europe Sma...
Year of launch	2015
Value at launch (EUR)	100.00
Legal Structure	UCITS
Fund Management Company	SEB Investment Management AB
Morningstar Rating (3 years) 31 Oct 2023

Dividend

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

Costs

key	value
Management Fee	1.50
Ongoing Charges*	1.56
Entry Fee	Max 1%

* 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)	25.4
Standard Deviation (Index)	19.6
Tracking Error	11.4
Active share **	95.9
Sharpe Ratio	-0.1
Information Ratio	-0.6
Alpha	-6.8
Beta	1.2

* 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 European Equity team invests in equities and equity-related securities in companies with a market-cap, by the time of investment, below EUR 2 billion. It invests in companies throughout Europe with a maximum of 5% of the fund’s assets invested in emerging Europe.

Investment team

The team, led by Carsten Dehn, consists of two fund managers and one analyst. The fund managers have solid experience of investments in the European small cap segment. With clear areas of responsibility, the team, which is based in Copenhagen, aims to optimize the knowledge and speed of the decision-making process.

Research

The team’s research is characterized by a bottom-up process. Each potential investment is analyzed carefully in order to establish the company’s outlook and how it will be able to capitalize on future emerging opportunities. Furthermore, the company’s valuation is analyzed thoroughly to understand the extent to which the market has already discounted these opportunities in the current market price. Company visits are another key element of the research process, and the team travels frequently throughout Europe to discuss matters directly with the companies’ management.

Portfolio construction

The holdings in the fund deviate considerably from its underlying benchmark, which may be reflected in the funds performance. The fund is highly diversified across a wide range of industries. The fund’s sector and country allocation is purely a result of stock-picking and there are no restrictions at the sector level. The number of holdings in the fund is normally 45-65.

Performance

Currency: EUR | NAV: 158.43 (2023-12-01) | AuM (M EUR) : 188.97 (2023-10-31)

SEB European Equity Small Caps (FundEUR)

MSCI Europe Small Cap Net Return Index (Benchmark, )

	Fund EUR	Benchmark
Return % EUR	Fund	Benchmark
Accumulated since
1 day	0.5	1.2
1 month	11.8	9.7
3 months	-1.9	0.7
6 months	-7.8	0.9
1 year	-6.9	2.2
3 years	-8.2	7.0
5 years	44.2	31.6
Year to date	0.7	6.6
Average annual growth
3 years	-2.8	2.3
5 years	7.6	5.7

Currency

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Period

Largest Positions*

% of Total

	% of Total
INVISIO Communications	4.1
Games Workshop Group	4.0
SIG Combibloc Group Holdings Sarl	4.0
Medistim ASA	3.5
Harvia Oyj	3.5
Chemometec A/S	3.4
Mensch und Maschine Software SE	3.3
Burford Capital Ltd	3.3
Trainline PLC	3.2
ID Logistics Group	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

Lars Knudsen and Anders Knudsen took over the management of the fund 28 January 2019.

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 6:14:54 PM