SEB Nordic Small Cap Fund
Fact sheet as of 2 May, 2024
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 Information Document and prospectuses are available on www.sebgroup.lu/funds.
INVESTMENT TEAM
The fund is managed by the European Equity Small Cap team in Copenhagen with Anders Knudsen and Lars Knudsen, SEB Investment Management AB, as portfolio managers.
risk measures 1
| Standard Deviation (Fund) | 27.3 |
|---|---|
| Standard Deviation (Index) | 24.1 |
| Tracking error | 7.95 |
| Sharpe Ratio | -0.28 |
| Information Ratio | -0.66 |
| Alpha | -5.23 |
| Beta | 1.09 |
| Active share | 81.72 |
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 Nordic Small Cap Fund, 2 May 2024
Investment comment
- The Nordic small cap index, VINX Small Cap, was down 1 per cent
- The fund underperformed its benchmark in April
- April began with a negative sentiment in the market amidst geopolitical tensions and inflation worries
Market Update
April began with a negative sentiment in the market amidst escalating geopolitical tensions and mounting inflation worries. Israel faced heightened tensions as it braced for potential attacks from Iran, triggering concerns of retaliation and exacerbating market uncertainty. In addition, with the US Consumer Price Index (CPI) surpassing expectations, the US Federal Reserve could remain cautious on near-term monetary policy, highlighting the persistent challenge of inflation amidst resilient economic data. The Nordic small cap index, VINX Small Cap, was down 1 per cent.
Fund update
The fund underperformed its benchmark in April. Noteworthy company-specific developments during the month include Medicover (a positive contributor), AAK (a positive contributor), and ChemoMetec (a negative contributor). Medicover is a specialised provider of diagnostic and healthcare services. Revenue amounted to EUR 499m, up by 18.9 per cent, driven primarily by organic growth of 14.2 per cent. The results show a solid start to the year with good demand levels across the businesses. ChemoMetec develops, produces, and sells high-quality cell counting and analysis equipment. The company revised its revenue and earnings before interest, taxes, depreciation, and amortisation (EBITDA) guidance for 2023/24. Previously, the revenue guidance was in the DKK 400-435m range, but it has been adjusted to DKK 400-415m. Similarly, the EBITDA guidance has been revised from DKK 200-220m to DKK 185-200m. AAK is a Swedish-Danish food ingredients company specialising in vegetable oils and fats. During the month, the company presented its first-quarter report with volumes increasing by 3 per cent to 556,000 MT (541,000 MT). EBIT increased by 32 per cent, reaching SEK 1,254m (SEK 952m). This highlights a positive trend with increasing volumes and enhanced profitability.
Strategy going forward
Our investment approach is balanced between companies with an attractive normalised valuation and high quality. We continue to look for high-quality companies at a reasonable valuation.
Key Facts
| Year of launch | 2009 |
|---|---|
| Value at launch (EUR) | 100.00 |
| Benchmark | VINX Small Cap NI Index |
| Fund Management Company | SEB Investment Management AB |
| SRI scale 1-7 | 61 |
| ISIN | LU0385664312 |
| Base Currency | EUR |
| Share Class | C (EUR) |
| Legal Structure | UCITS |
| Morningstar rating | |
| Turnover Ratio | 0.602 |
| Use of derivatives | Yes3 |
Dividend
Non-distributing share class
Fund costs
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 Information Document, fund regulations and prospectus. These are available on www.sebgroup.lu/funds. Friday, May 3, 2024 3:11:43 PM