SEB Global Fund

Fact sheet as of 17 October, 2019

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. Key investor information documents and prospectuses are available on www.sebgroup.lu/funds.

We make active investment decisions, based on analysis and selection, to invest globally in companies in a range of countries and industries with the exception of emerging markets. We use an objective and disciplined investment process to identify what we regard as high quality companies that are favourably valued. Additionally, the market should have a positive attitude towards the company’s shares. Diversification and risk awareness are important elements in portfolio construction.

INVESTMENT TEAM

The fund is managed by the Global Equities team with Marie-Anne Meldahl and Christian Darenhill as the lead portfolio managers. The team, based in Stockholm, employs a systematic and disciplined investment process.

Performance (USD)

NAV: 4.30 USD (10/17/2019). AuM (M USD):1,431.23 (9/30/2019)
When calculating the returns the inflation is not taken into account

Return % USD

Accumulated
since
Fund Benchmark*
1 day 0.40 0.30
1 month 0.42 0.17
6 months 1.18 2.96
1 year 2.85 7.51
2 years 3.52 13.04
3 years 18.53 38.40
5 years 24.94 50.59
Year to date 13.40 18.86
Average annual growth
3 years 5.83 11.44
5 years 4.55 8.53

* Benchmark, including dividends

Sector allocation*

*Last updated 9/30/2019. Source: SEB

Largest positions1 Share  %

Roche Holding 3.0
Citigroup 2.5
JPMorgan Chase 2.2
Comcast 2.2
International Business Mac.. 2.1
Oracle 2.0
Hewlett Packard Enterprise 1.9
LyondellBasell Industries 1.9
PACCAR 1.8
Accenture 1.8
1Last updated 9/30/2019. Source: SEB

risk measures 1

Standard Deviation (Fund)12.6
Standard Deviation (Index)13.5
Tracking error3.40
Sharpe Ratio0.12
Information Ratio-1.46
Alpha-4.95
Beta0.91
Active share79.92
124 months rolling. Last updated 30 September, 2019
2Active share measures the difference between the fund’s and the benchmark’s holdings. From 9/30/2019

Other information

As of 2 November 2016, the fund´s Management company is SEB Investment Management AB. SEB works actively with sustainability and follows the UN Principles for Responsible Investments. Read more at www.sebgroup.com

SEB Global Fund, 17 October 2019

Investment comment

Texts as of September 2019
  • Uncertainty regarding Brexit negotiations persists
  • Softer tone in the trade conflict
  • Doveish signals from the ECB

Market Update

The world’s stock markets saw generally positive performance during the period. Risk appetite in the market returned, supported by central banks and a slightly softer tone in the trade conflict between the USA and China. Clear doveish signals from the European Central Bank (ECB), which reduced the interest rate and resumed asset purchases with no upper time limit. The US central bank, the Fed, reduced the interest rate while at the same time conveying a positive view of the economy, but also a readiness to take strong action if required. Despite this, President Trump continued to criticise the Fed for not taking sufficiently aggressive action. The risks of a hard Brexit softened with new legislation that will force the UK to reach an agreement with the EU before the end of October, or to extend the negotiation period. The attacks on the Saudi oil installations forced up the price of oil and showed the vulnerability of oil production in these politically unstable parts of the world. The risk of war in the Middle East has increased, and the tone between the USA and Iran became sharper with the new US sanctions against the country and the increased presence of troops in Saudi Arabia. The Swedish krona weakened against the US dollar and was largely unchanged against the euro.

Fund update

The fund performed positively during the month, also exceeding its benchmark index, primarily as a consequence of a strong recovery in attractively valued stocks. There was also a positive contribution from the fund’s exposure to stocks with rising market sentiment. The country allocation made a neutral contribution, while the sector allocation made a marginally positive contribution to the relative yield, primarily from an overweight in the financial sector. Company selections were accurate above all in the IT sector where, for example, an overweight in Hewlett Packard Enterprise made a positive contribution during the period, while an underweight in Apple had a negative impact.

Strategy going forward

The fund is managed through an objective and disciplined investment process with distinct quality and valuation features. We are convinced that companies characterised by high quality and favourable valuation, as well as an improvement in the market’s sentiment towards the stock in the long-term, will generate positive relative returns.

Key Facts

Year of launch1988
Value at launch (USD)1.00
BenchmarkMSCI World Net Return Index
Fund Management CompanySEB Investment Management AB
Risk Level (SRRI-scale 1-7)5
ISINLU0030158231
Base CurrencyUSD
Share ClassC (USD)
Legal StructureUCITS
Morningstar rating
Turnover Ratio1.601
Use of derivativesYes2
1From 9/30/2019
2Derivatives may be used to achieve investment objectives or for hedging.

Dividend

Non-distributing share class

Costs %

Management Fee1.50
Entry Fee1.00
Ongoing Charges11.552
1The ongoing charges include the management fee and constitute payment for fund management, including marketing and distribution. The ongoing charges do not include transaction costs such as brokerage commissions on securities transactions.
2From 15/02/2019

More information

Welcome to contact your financial advisor for more information or visit www.sebgroup.lu.

Important information

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 Investor Information Document, fund regulations and prospectus. These are available on www.sebgroup.lu/funds. Saturday, October 19, 2019 2:44:23 PM