June 2007 - Nordea Bank Lietuva

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Nordea 1 – Norwegian Kroner ReservePerformance in %TimeframeNOK* EUR Index**Current year1.79 5.18 2.261 month0.42 2.28 0.391 year3.14 2.66 4.073 years7.21 13.45 9.245 years18.72 10.66 19.632006 2.38 -0.76 3.24Since launch51.29 56.99 65.44*Base currency **Index in base currencyKey figures - 3 years30/06/2004 - 29/06/2007 Fund Index*Annualised return in %Annualised standard deviationCorrelationBetaTracking errorAverage maturity2.350.24-0.010.842.302.182.992.29––––Duration in years**0.04 –Risk free rate used in %*Norway Deposit 3 Month - Total Return**Duration figures are not option-adjusted7.13 –Fund dataManagement teamBase currencyLast NAVShare classFund categoryNordic Fixed IncomeNOK151.29BPAccumulatingAUM (Million NOK)379.70Minimum investment (EUR)Front end fee in %501.00Annual management fee in %0.125Security Number (ISIN)Launch dateLU007881282211/07/1997CommentNorwegian money market rates rose approximately 15 basis points (bp) in June. As expected,Norges Bank raised key rates by 25 basis points (bp) to 4.50% at its central bank council meeting27 June. Moreover, the strategy interval for interest rates by the end of October was set at4.50-5.50 %, indicating a key policy rate of 5.00% in October. However, the upward adjustment ofthe interest-rate projection for end-2007 and beyond was much larger than both we and the markethad expected. The projections for 2008 were revised up around 50 bp, and Norges Bank sees thekey rate peaking at 5.75% by mid-2008. The main reasons put forward for this hawkish move arestronger-than-expected non-oil GDP growth in Norway. The central bank’s forecasts for oilinvestments have been revised up, providing more boost to economic growth. Last but not least,interest rates among Norway’s trading partners are much higher than in the prior strategy period,whereas NOK has remained virtually unchanged. The fund’s duration is still slightly underweightagainst the benchmark, and a large portion of the fund is invested in floating rate notes (FRNs),which makes the fund less sensitive to higher money market rates. The average rating of the issuersmaking up the fund was A-, according to Morningstar. At the end of the month, the fund wascomposed of 35 issues divided among 26 issuers.Performance (in base currency, indexed at 100)11010810610410210030/06/2004 30/06/2005 30/06/2006 29/06/2007Norwegian Kroner ReserveCurrency breakdown in %NOK 95.16Net Liquid Assets 4.84Norway Deposit 3 Month - Total ReturnAsset type breakdown in %Corporate Bonds 93.07Top Holdings in %Statkraft FRN 17.06.09 5.30Norwegian Property FRN 22.03.10 5.27Sparebanken Vest FRN 02.02.09 5.26Bergenshalvoens K.K FRN 21.01.08 4.89Storebrand Bank 4.15% 05.12.08 3.98Den Norske Bank 6.15% 21.12.07 3.97Sparebanken Sogn Og Fj FRN 10.11.1 3.96Sparebanken Pluss FRN 17.06.09 3.96E-Co Energy AS FRN 27.04.10 3.96Sparebanken Rogaland FRN 15.07.10 3.95Government Bonds 2.09Net Liquid Assets 4.84Empty 20.00Empty 20.00Empty 20.00Empty 20.00Empty 20.00Empty 20.00Empty 20.00Empty 20.00Empty 20.00
Nordea 1 – Swedish Kroner ReservePerformance in %TimeframeSEK* EUR Index**Current year1.49 -0.84 1.751 month0.23 0.68 0.291 year2.68 2.53 3.233 years6.13 4.90 7.555 years14.51 12.64 14.942006 2.04 5.97 2.58Since launch62.32 63.40 65.73*Base currency **Index in base currencyKey figures - 3 years30/06/2004 - 29/06/2007 Fund Index*Annualised return in %Annualised standard deviationCorrelationBetaTracking errorAverage maturity2.000.230.691.000.171.872.460.17––––Duration in years**0.19 –Risk free rate used in %*Sweden Interbank 3 Month - Total Return**Duration figures are not option-adjusted7.21 –Fund dataManagement teamBase currencyLast NAVShare classFund categoryNordic Fixed IncomeSEK162.32BPAccumulatingAUM (Million SEK)456.99Minimum investment (EUR)Front end fee in %501.00Annual management fee in %0.125Security Number (ISIN)Launch dateLU006432166327/01/1995CommentThe market reappraised its view of US Federal Reserve monetary policy moves during June. Thereare no longer any expectations of monetary easing during 2007 and early 2008. Both Sweden’sRiksbank and the European Central Bank (ECB) hiked their respective key lending rates duringJune. The Riksbank was substantially more hawkish than the market had expected and drove therepo rate path upwards by 0.7 percentage points to 4.4% for second quarter 2009. The yield curveturned flatter and during June the 10Y bond rose by 20 basis points (bp) and the 2Y bond by 10bp. Credit spreads widened. We have been investing in Scania FRNs maturing 2009. The fund’sduration currently runs to 85 days.Performance (in base currency, indexed at 100)10810710610510410310210110030/06/2004 30/06/2005 30/06/2006 29/06/2007Swedish Kroner ReserveCurrency breakdown in %SEK 99.59Net Liquid Assets 0.41Sweden Interbank 3 Month - Total ReturnAsset type breakdown in %Corporate Bonds 91.90Top Holdings in %Sparebanken Rogaland FRN 18.01.10 9.19Swedish Match AB FRN 16.03.09 7.67OM Group FRN 11.03.08 7.22Spintab AB 5% 18.06.08 5.51Telenor Asa FRN 08.03.10 4.82E.ON Sweden FRN 24.11.08 4.82Sandvik AB Series 107 FRN 17.06.09 4.82Sveaskog FRN 18.08.09 4.40Skanska FRN 178 19.09.07 4.38Nordea Bank Sweden FRN 19.02.14 4.17Other 7.68Net Liquid Assets 0.41Empty 20.00Empty 20.00Empty 20.00Empty 20.00Empty 20.00Empty 20.00Empty 20.00Empty 20.00Empty 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 and 18: Nordea 1 - Nordic Equity FundPerfor
Page 19 and 20: Nordea 1 - North American Equity Fu
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: Nordea 1 - EURO ReservePerformance
Page 43 and 44: Administrative detailsOrdersOrders

June 2007 - Nordea Bank Lietuva

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