June 2007 - Nordea Bank Lietuva

Nordea 1 – Nordic Equity FundPerformance in %TimeframeCurrent year1 month1 year3 years5 yearsSince launch*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 Nordic - 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 dateEUR*18.520.3544.09125.88161.84Fund31.2113.110.952.020.151.024.070.964.76Index**15.58-0.3836.57106.32129.932006 35.37 24.58590.50788.62Index*27.3112.12–1.86–––––Nordic EquitiesEUR69.05BPAccumulating815.20505.001.500LU006467563904/05/1992CommentWith higher bond yields very much in evidence, the Nordic equity markets also ceded some groundin June. The downturn was broadly based, with financials and in particular real estate companiesamong the main losers as a consequence of higher bond yield spreads and a general flight to qualityon the debt markets. Meanwhile, the underlying inflation data has remained in line with or even belowexpectations. Except for a few engineerings such as Outotec, Metso and Sandvik, the lion’s share ofthe portfolio was subject to some profit-taking during the month. Meanwhile, the underlyingperformance of both these and most of the other export-oriented Nordic companies remains solid,with both eastern Europe and Asia driving growth. But more domestically oriented companies, suchas financials, were more visibly hit by the interest-rate worries. Metso and Rautaruukki were furtherincreased as new orders continue to boost projected sales and margins for the forthcoming years.We also took part in the IPO of SRV, a Finnish property development company with activities inFinland and Russia. The holding in Topdanmark was increased at attractive levels. Meanwhile, wetook some profits in A.P. Möller-Maersk. Outotec and Karo Bio. JM was sold out after its spectacularperformance. Long term, we still view Nordic equities in general as an attractive asset class, as theirearnings yield still comfortably exceeds those of bonds plus risk premium.Performance (in base currency, indexed at 100)2402202001801601401201008030/06/2004 30/06/2005 30/06/2006 29/06/2007Nordic Equity FundSweden 34.87Finland 31.00Norway 21.15Denmark 7.71United Kingdom 1.51Switzerland 1.13Net Liquid Assets 2.64MSCI Nordic - Net ReturnGeographical allocation in % Sector allocation in %Top Holdings in %Nokia (Finland Listing) 9.55Aker ASA 5.10Ericsson LM Tel B - SEK 5.05SKF B 4.20Orkla A 3.77Sampo Plc 3.64Hennes & Mauritz B Shs - SEK 3.36Norsk Hydro NOK 3.29Nordea Ab (SEK) 3.12Volvo B 2.92Industrials 32.30Financials 15.57Information Technology 14.70Energy 11.11Consumer Discretionary 7.87Materials 6.65Health Care 4.76Telecommunication Services 2.30Not Classified 1.15Utilities 0.95Net Liquid Assets 2.64Empty 20.00Empty 20.00