June 2007 - Nordea Bank Lietuva

Nordea 1 – Global Equity FundPerformance in %TimeframeEUR* Index**Current year5.61 7.471 month-1.18 -0.781 year7.95 15.143 years31.95 38.445 years22.64 36.072006 -1.04 3.01Since launch-41.60 -14.25*Base currency **Index in base currencyKey figures - 3 years30/06/2004 - 29/06/2007Annualised return in %Annualised standard deviationCorrelationSharpe ratioJensen's AlphaBetaTracking errorInformation ratioRisk free rate used in %*MSCI World Growth - Net ReturnFund dataManagement teamBase currencyLast NAVShare classFund categoryAUM (Million EUR)Minimum investment (EUR)Front end fee in %Annual management fee in %Security Number (ISIN)Launch dateFund9.6810.630.930.46-0.301.264.16-0.424.76Index*11.458.28–0.81–––––Global EquitiesEUR5.84BPAccumulating16.86505.001.500LU010990424217/04/2000CommentGlobal equity markets were mostly lower in June. Stronger-than-expected US data trimmedexpectations of a US Federal Reserve rate cut later this year and sent interest rates to their highestlevels seen in a long time. In late June a US hedge fund encountered troubles and reinforced thecautious sentiment in the market. The Materials sector was one of the strongest performers due tothe robust economy and M&A activity and was a major contributor to performance in the fund. Alsocontributing positively to performance was an underweight in the Utilities sector. The sector wasaffected negatively by rising interest rates. During June we increased exposure to companies relatedto the mobile telecommunication industry as we see the industry continue growing. The outlook forslower growth beyond the ongoing mini-cycle recovery and the lack of inflationary pressures ingoods and services in both Europe and the US are likely to prevent the European Central Bank(ECB) and US Federal Reserve from moving from a neutral to restrictive monetary policy stance andtherefore support equity investment. Heavy M&A activity also seems to continue supporting theequity market. On the other hand, fading earnings growth will also kick in and weigh on stock pricemomentum.Performance (in base currency, indexed at 100)140135130125120115110105100959030/06/2004 30/06/2005 30/06/2006 29/06/2007Global Equity FundUnited States of America 38.10Japan 15.06France 8.59Germany 7.01United Kingdom 5.04Switzerland 4.31Italy 3.91Hong Kong 3.25Canada 2.80Finland 2.26Taiwan 2.01Greece 1.76Spain 1.15Top Holdings in %Electronic Arts Inc 5.02Esprit Holdings Ltd 330 3.25Adidas-Salomon Ag 3.19Genzyme Corp 3.11Unicredito Italiano 2.91Lamar Advertising Co A 2.65Archer Daniels Midland Co 2.63Aflac Inc 2.58ITT Industries 2.55Mitsubishi Tokyo Financial 8306 2.52MSCI World Growth - Net ReturnGeographical allocation in % Sector allocation in %Consumer Discretionary 17.70Industrials 16.68Information Technology 16.53Health Care 13.57Financials 13.04Consumer Staples 9.45Materials 4.16Energy 3.95Telecommunication Services 2.50Not Classified 0.87Net Liquid Assets 1.55Empty 20.00Empty 20.00