June 2007 - Nordea Bank Lietuva

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Nordea 1 – Nordic Equity Small CapPerformance in %TimeframeEUR* Index**Current year– –1 month0.38 -1.841 year– –3 years– –5 years– –2006 – –Since launch6.10 8.53*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 %*Carnegie Nordic Small Cap IndexFund dataFund–––––––––Index*–––––––––CommentHigher interest rates and worries over a weaker housing market in the US soured the mood forNordic small cap stocks during June. Interest-rate sensitive stocks such as financials and particularlyreal estate companies suffered the most. Best performers were our new holdings Betsson andBouvet, both up over 20% after our investment at the start of June. Betsson is a fast-growing onlinegaming company. The client base in mainly in the Nordic region and the company has been profitablemore or less since start. We also find the valuation low and like that the management are long-termshareholders in the company. Bouvet is a Norwegian IT service company. The management and theemployees are major shareholders and the company has an impressive track record. Also in this casethe company valuation is low. Our big holding in Norwegian e-retailer Komplett gained over 20%after presenting a bid for a domestic competitor. On the negative side Meda lost over 10% afternews that the CEO sold a fraction of his big holding. Also Topdanmark suffered from a negativeperformance as higher bond yields could have a negative impact on the financial result short term. Inaddition to Bettson and Bouvet, another new holding was Sydbank. After a recent drop in the shareprice we find the valuation for this Danish retail bank low. We reduced our holding in Swedishretailer Hemtex as we see the company posting weaker profits in the coming years. The valuation ofthe Nordic small cap market remains low compared to interest rates even if the gap narrowed in Junefollowing a sharp rise in long-term interest rates. Balance sheets remain robust and earningsmomentum is still going strong, leaving further upside potential going forward. However, lookingahead to 2008, some Nordic small caps may find it tough to keep up the momentum as higher costscould reduce their margins.Performance (in base currency, indexed at 100)101100.510099.59998.5Management teamBase currencyLast NAVShare classFund categoryAUM (Million EUR)Minimum investment (EUR)Front end fee in %Annual management fee in %Security Number (ISIN)Launch dateNordic EquitiesEUR10.61BPAccumulating5.28505.001.500LU027852742815/01/20079897.59796.505/06/2007Nordic Equity Small CapCarnegie Nordic Small Cap IndexGeographical allocation in % Sector allocation in %Sweden 41.14Finland 20.50Norway 13.29Denmark 9.83Luxembourg 0.98Net Liquid Assets 14.26Top Holdings in %Meda Ab A 6.11Komplett 4.76Schibsted-Gruppen A/S 3.97Topdanmark 3.22Rella Holding A 3.10Saab B 3.05Oriola-KD B 2.99HK Ruokatalo OYJ -A- 2.98Lundbergfortagen B 2.58BE Group AB 2.47Consumer Discretionary 18.81Industrials 18.25Financials 13.33Health Care 11.38Not Classified 10.49Information Technology 7.08Consumer Staples 4.36Materials 1.33Energy 0.71Net Liquid Assets 14.26Empty 20.00Empty 20.00Empty 20.00
Nordea 1 – North American Equity FundPerformance in %TimeframeUSD* EUR Index**Current year1 month1 year3 years5 years20067.25-1.5012.9028.4747.456.394.59-1.886.2815.638.91-4.708.36-1.0318.3235.8461.929.27Since launch5.00 -16.54 24.78*Base currency **Index in base currencyCommentGlobal equity markets were lower in June. Stronger-than-expected US data trimmed expectations ofa US Federal Reserve rate cut later this year and sent interest rates to their highest levels seen in along time. In late June a US hedge fund encountered troubles and reinforced the cautious sentimentin the market. The Energy sector was one of the strongest performers due to continuing tensionsbetween Iran and the USA. The Telecommunication sector also performed strongly after a privateequity fund placed a bid for Alltel. During June we increased exposure to companies related to themobile telecommunication industry as we see the industry continue growing. The outlook for slowergrowth beyond the ongoing mini-cycle recovery and the lack of inflationary pressures in goods andservices in both Europe and the US are likely to prevent the European Central Bank (ECB) and USFederal Reserve from moving from a neutral to restrictive monetary policy stance and thereforesupport equity investment. Heavy M&A activity also seems to continue supporting the equity market.On the other hand, fading earnings growth will also kick in and weigh on stock price momentum.Key figures - 3 years30/06/2004 - 29/06/2007Annualised return in %Annualised standard deviationCorrelationSharpe ratioJensen's AlphaBetaTracking errorInformation ratioRisk free rate used in %*MSCI North America Growth - Net ReturnFund dataManagement teamBase currencyLast NAVShare classFund categoryAUM (Million USD)Minimum investment (EUR)Front end fee in %Annual management fee in %Security Number (ISIN)Launch dateFund Index*8.71 10.7510.02 8.240.91 –0.34 0.67-0.26 –1.13 –4.30 –-0.47 –5.26 –Global EquitiesUSD10.50BPAccumulating17.60505.001.500LU009574018806/04/1999Performance (in base currency, indexed at 100)140135130125120115110105100959030/06/2004 30/06/2005 30/06/2006 29/06/2007North American Equity FundMSCI North America Growth - Net ReturnCurrency breakdown in % Sector allocation in %USD 97.10Net Liquid Assets 2.90Top Holdings in %Exxon Mobil Corp 3.94Altria Group Inc 2.83Citigroup Inc - USD 2.65Gen Electric Co - USD 2.64Bank of America Corp 2.49SBC Communications Com 2.17Chevron Corp - USD 1.82Microsoft Corp Com - USD 1.57Kraft Foods Inc 1.48CSX Corp 1.40Financials 22.72Industrials 16.27Energy 12.62Health Care 11.62Information Technology 11.34Consumer Staples 8.97Consumer Discretionary 4.18Telecommunication Services 4.14Materials 2.91Utilities 2.17Not Classified 0.14Net Liquid Assets 2.90Empty 20.00
Page 1 and 2: Nordea 1, SICAVMonthly ReportJune 2
Page 3 and 4: OverviewFund codesNordea 1, SICAV B
Page 5 and 6: Nordea 1 - European Value FundPerfo
Page 7 and 8: Nordea 1 - Global Value FundPerform
Page 9 and 10: Nordea 1 - North American Value Fun
Page 11 and 12: Nordea 1 - Danish Equity FundPerfor
Page 13 and 14: Nordea 1 - Finnish Equity FundPerfo
Page 15 and 16: Nordea 1 - Global Equity FundPerfor
Page 17: Nordea 1 - Nordic Equity FundPerfor
Page 21 and 22: Nordea 1 - Swedish Equity FundPerfo
Page 23 and 24: Nordea 1 - IT FundPerformance in %T
Page 25 and 26: Nordea 1 - Absolute Return High Yie
Page 27 and 28: Nordea 1 - Danish Bond FundPerforma
Page 29 and 30: Nordea 1 - Danish Mortgage Bond Fun
Page 31 and 32: Nordea 1 - Euro Bond FundPerformanc
Page 33 and 34: Nordea 1 - Global Bond Fund (DKK)Pe
Page 35 and 36: Nordea 1 - Norwegian Bond FundPerfo
Page 37 and 38: Nordea 1 - Swedish Bond FundPerform
Page 39 and 40: Nordea 1 - EURO ReservePerformance
Page 41 and 42: Nordea 1 - Swedish Kroner ReservePe
Page 43 and 44: Administrative detailsOrdersOrders

June 2007 - Nordea Bank Lietuva

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