Nordea 1 Global Climate & Environment Fund · • Hexcel zählt zu den weltweit führenden...

For Professionals Only*

Nordea 1 – Global Climate & Environment Fund

LU0348926287, BP-EUR (thesaurierend)

LU0994683356, AP-EUR (ausschüttend)

October 2017

*die gemäß MiFID-Definition (Richtlinie 2004/39/EG) auf eigene Rechnung anlagen

For Professionals Only

2

Value Proposition

Produkt

Eigenschaften

• Globales Aktienprodukt mit fundamentalem Selektionsansatz

• Fokus auf Klimalösungen für eine effizientere Zukunft

• Konzentriertes Portfolio mit 40-60 Aktien

• Vorliebe für mittelgroße Wachstumswerte

Team

Value

proposition

• Bottom-up Investmentprozess

• Langfristiger Anlagehorizont

• Disziplinierte Aktienanalyse

• Schwerpunkt auf optimaler Portfoliozusammensetzung

• Erfahrenes Portfolio Management Team - unverändert seit

Produkteinführung

• Globaler Teamansatz zur Ideengenerierung

• Alleinige Entscheidungsbefugnis bei den Portfolio Managern


3

Anlagechance

“Klima & Umwelt” ist ein langfristiger Megatrend, getrieben von sich gegenseitig verstärkenden Faktoren

Der Einfluss der „Klima- und Umwelt” Thematik auf die Cash Flows von

Unternehmen ist wenig erforscht und wird vom Markt unterschätzt

Wirtschaftliche Anreize zur Einsparung von Ressourcen

Anreize zur Minimierung von Umweltschäden

Politische Anreize in Richtung Ressourcenunabhängigkeit und Beschäftigungswachstum

Unternehmerische Anreize mit nachhaltigen Produkten konkurrenzfähig zu bleiben, Innovationen zu erhöhen und Umweltrisiken zu vermeiden

Verbrauchertrends in Richtung Nachhaltigkeit


4

Fokus auf Klimalösungen, die wirtschaftlich am meisten Sinn

machen

Energie

-70%

Wasser

-70%

Abfälle

-60%

Ein Rational Kombidämpfer ersetzt traditionelle Küchengeräte in einer herkömmlichen Kantine und amortisiert sich bereits nach 18 Monaten.

Ansys Simulationssoftware amortisiert sich durch Res-sourceneingesparungen, kürzere Produkteinführungszeiten, sowie Effizienzsteigerungen, z.B. in neuen Duschsystemen.

Quelle: Nordea Investment Management AB

Ein Recycling Programm von Waste Management ermöglicht es in Industrieanlagen von Alcoa über 20 Tonnen Aluminiumoxyd pro Woche einzusparen und so Fabrikabfälle in Gewinne umzuwandeln.

Ein automatisierter Regelantrieb von Yaskawa zur Steuerung eines Ventilators ist dank geringerer Energiekosten in weniger als 24 Monaten zurückgezahlt. Energie

-65%


5


Anlageklasse und Investmentuniversum

Resource Efficiency Umweltschutz Alternative Energien Ressourceneffizienz

5% 70% 25%

• Erneuerbare Energie

• Solarenergie

• Windkraft

• Energieeffizienz

• Smarte Netze

• Öko-Mobilität

• Intelligente Landwirtschaft

• Intelligentes Bauen

• Moderne Werkstoffe

• Sauberes Wasser und reine

Luft

• Umweltbewusste

Verbraucher

• Abfall-Management

• Umweltdienstleistungen

• Nachhaltige Forstwirtschaft

“Klima & Umwelt”: Ein langfristiger, struktureller Wachstumstrend

Viele Klima-Lösungen haben einen positiven Wendepunkt erreicht

Das Anlageuniversum besteht aus über 1100 Unternehmen mit einer Kapitalisierung von über €5 Mrd.

Möglichkeiten im Bereich Klima-Lösungen können in drei Investment Cluster unterteilt werden


6

Wachsendes und sich wandelndes Anlageuniversum

Resource Efficiency


Marktvolumen und Veränderungen des „Klima und Umwelt“

Anlageuniversums 2010 bis 2015

# 800 880 880 925 1000 1080

# = Nettoanzahl von Unternehmen im “Klima und Umwelt“ Anlageuniversums


7

Klima und Umwelt ist kein Nichensegment

Resource Efficiency

Quelle: www.tradingeconomics.com, Bloomberg, Nordea Investment Management AB as of Q12017

„Klima und Umwelt“ Anlageuniversum im Vergleich zu ausgewählten

globalen Aktienmärkten nach Marktkapitalisierung

Global Climate

& Environment


8

Ressourceneffizienz – Möglichkeiten entlang der gesamten

Wertschöpfungskette

Intelligente

Landwirtschafts-

lösungen

=

Ressourcen-

effizienz im

Agrarsektor

optimieren

Energieeffizienz-

lösungen

=

Ressourcen-

effizienz im

Transportsektor

optimieren

Quelle: Nordea Investment Management AB, AGCO, Infineon Technologies


9

Alternative Energien – S-Kurven-Konzept

Innovative

Solarausrüstungs

lösungen

=

Erneuerbare

Energien

wettbewerbsfähig

machen

Quelle: Nordea Investment Management AB, Meyer Burger

High-tech Equipment

Solare

Wertschöpfung


10

Umweltschutz – zukünftige Kostenvermeidung

Nachhaltige

Wasserlösungen

=

Umweltschutz

und Ressourcen

schonen

Quelle: Nordea Investment Management AB, Ecolab


11

Investment Team

Das “Klima und Umwelt” Portfolio Management ist Teil einer starken globalen Research Plattform, die wertvollen Input für den Investmentprozess liefert

24 Investmentprofis sind an der Ideengenerierung beteiligt

Thomas Sørensen

Portfolio Manager, 19 Jahre Investment-

erfahrung mit Nordea

Henning Padberg

Portfolio Manager, 8 Jahre Investment-

erfahrung mit Nordea

Research Plattform

16 “Globale Super-Sektoren” Analysten

− Konsumenten

− Rohstoffe

− Zyklische Werte

− Finanzwerte

− Regulierte Unternehmen

6 Schwellenländer Spezialisten

2 Nebenwerte Spezialisten (Small/Mid)


12

Der Investmentprozess

~1100

~200

Anlageuniversum der

„Klima und Umwelt“ Nutznießer

Liquiditätsfilter

Ausschluss < 10 Handelstage

Strategische

Unternehmensbewertung

Unternehmenskultur, Fundamentaldaten

und Finanzlage

Anzahl

Unternehmen

~500

Bewertung Erwartungen und

Bewertung des

diskontierten

Cashflows

Optimiertes Portfolio

aus 40 bis 60

Einzeltiteln

Environment ProtectionAlternative Energy Resource Efficiency Environment Protection

5% 70% 25%

13

• Hexcel zählt zu den weltweit führenden

Herstellern von Kohlefasern.

• Kohlefasern bieten signifikante

Vorteile: sie sind deutlich leichter und

stabiler als Stahl und Aluminium

• Die neue Generation kommerziell

genutzter Flugzeuge (Airbus A380 und

Boeing B787) verbaut große Mengen

von Kohlefasern

• Kohlefasern bahnen sich ihren Weg

zunehmend auch in andere industrielle

Anwendung (z.B. Windräder oder High-

End Automobile)

Quelle: Nordea Investment Management AB, Airbus,

Boeing, Hexcel, Auto Motor und Sport


Unternehmensbeispiel: Moderne Werkstoffe

• Starke Fokussierung auf moderne Werkstoffe,

profitiert von steigender Kohlefasernachfrage

Essenziell für die Steigerung der Treibstoff-

Effizienz im Transportsektor

• Solides ESG Profil mit einem BBB ESG Rating

• Starke Fundamentaldaten, solide Finanzlage

und innovative Unternehmenskultur

• Nachhaltig wachsender Markt für Kohlefasern

• Weltweite Nr. 1 mit hohen Eintrittsbarrieren

• Hohe Auftragsvisibilität dank hoher

Auftragsbestände in der Flugzeugindustrie

• Attraktive Gewinnmarge und Erträge

• Erfahrenes Management

• Bewertung rechtfertigt 20% Kurspotenzial

• Attraktives Risiko-Ertrags Profil im Hinblick auf

das Portfolio


Source: Nordea Investment Management AB,

Hexcel, CS Holt

20% höhere Treibstoffeffizienz im

Vergleich zu Flugzeugen

ähnlicher Größe

14

Unternehmensbeispiel: Moderne Werkstoffe


15

Wertentwicklung (BP-EUR)

Nordea 1 – Global Climate and Environment Fund

Seit Auflage: 13.03.2008

Renditen im Kalenderjahr in % Fonds

2012 17.85%

2013 24.73%

2014 10.34%

2015 11.44%

2016 16.36%

Seit Jahresbeginn 12.00%

Kumulierte Renditen in % Fonds

Seit Jahresbeginn 12.00%

1 Monat 4.13%

3 Monate 4.45%

6 Monate 4.07%

1 Jahr 23.83%

3 Jahre 47.77%

5 Jahre 112.72%

Seit Auflage 68.90%

Quelle (falls nicht anders angegeben): Nordea Investment Funds S.A. Betrachteter Zeitraum (falls nicht anders

angegeben): 28.09.2012 - 29.09.2017. Wertentwicklung errechnet von Nettoanteilswert zu Nettoanteilswert (nach

Gebühren und in Luxemburg auflaufenden Steuern) in der Währung der jeweiligen Anteilklasse, bei Wiederanlage

der Erträge und reinvestierter Dividenden, ohne Berücksichtigung des Ausgabeaufschlages oder der

Rücknahmegebühr. Ausgabe- und Rücknahmegebühren könnten die Wertentwicklung beeinträchtigen. Stand:

29.09.2017.

Die dargestellte Wertentwicklung ist historisch; Wertentwicklungen in der Vergangenheit sind kein

verläßlicher Richtwert für zukünftige Erträge und Anleger erhalten möglicherweise nicht den vollen

Anlagebetrag zurück. Der Wert der Anteile kann je nach Anlagepolitik des Teilfonds stark schwanken und

wird nicht gewährleistet.

Sofern sich die währung der betreffenden Anteilklasse von der Währung des Landes, in dem der Anleger wohnt,

unterscheidet, kann die dargestellte Wertentwicklung aufgrund von Wechselkursschwankungen abweichend sein.


16

Partizipation in einem sehr stark wachsenden Marktsegment

Ausnutzung eines unteranalysierten, unterschätzten und missverstandenen Anlageuniversums

Viele Klima-Lösungen haben einen wirtschaftlichen Wendepunkt erreicht

Stabiles Investment Team mit nachweislich starkem Track Record

Gründe für ein Investment

Quelle - © 2017 Morningstar, Inc. Alle Rechte vorbehalten. Stand: 12.10.2017, EAA OE Sector Equity Ecology. Performance in EUR. Das Morningstar Rating ist das Ergebnis der vergangenen Fonds-Performance

— basierend auf Risiko und Ertrag — welche zeigt, wie ähnliche Investments im Vergleich zu ihrer Vergleichsgruppe abschneiden. Betrachteter Zeitraum: 01.01.2009 – 30.09.2017.

Wertentwicklung errechnet von Nettoanteilswert zu Nettoanteilswert (nach Gebühren und in Luxemburg anfallenden Steuern) in derWährung der jeweiligen Anteilklasse, bei Wiederanlage der Erträge und

reinvestierter Dividenden, ohne Berücksichtigung des Ausgabeaufschlages oder der Rücknahmegebühr. Ausgabe- und Rücknahmegebühren könnten die Wertentwicklung beeinträchtigen. Stand: 30.09.2017. .

Die dargestellte Wertentwicklung ist historisch; Wertentwicklungen in der Vergangenheit sind kein verläßlicher Richtwert für zukünftige Erträge und Anleger erhalten möglicherweise nicht den

vollen Anlagebetrag zurück. Der Wert der Anteile kann je nach Anlagepolitik des Teilfonds stark schwanken und wird nicht gewährleistet. Sofern sich die Währung der betreffenden Anteilklasse von der

Währung des Landes, in dem der Anleger wohnt, unterscheidet, kann die dargestellte Wertentwicklung aufgrund von Wechselkursschwankungen abweichend sein.

• Appendix


18

Typische Portfoliostruktur / Charakteristika

Quelle: Nordea Investment Management AB per 07/03/2017

• Anlageuniversum: Globale Aktien, Fokus auf Klima- und Umweltnutznießer

• Benchmark: Keine Benchmark; Ausschluss von Öl, Kohle, Atom

• Investmentprozess: Fundamental

• Anzahl der Positionen: 40-60

• Schwerpunkt: Wachstum zu angemessenem Preis (GARP) und Nebenwerte

• Investmentstil: Fundamentale Unternehmensanalyse (Bottom-Up Cash Flow)


19

Portfolio Overview

Source: Nordea Investment Management AB, 22/09/2017


20

Correlation to other asset classes

Note: a correlation equal to 1.00 suggests that an Index outperforms the MSCI World every month when the fund also outperforms it. A correlation equal to -1.00 suggests that an index underperforms the MSCI

World when the fund outperforms it.

Source - © 2017 Morningstar, Inc. All Rights Reserved as of 12.10.2017. Performance in EUR. Period under consideration: 01.10.2012 – 30.09.2017. Performance calculated NAV to NAV (net of fees and

Luxembourg taxes) in the currency of the respective share class, gross income and dividends reinvested, excluding initial and exit charges as per (date). Initial and exit charges could affect the value of the

performance. The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. The value of shares can

greatly fluctuate as a result of the sub-fund’s investment policy and cannot be ensured. If the currency of the respective share class differs from the currency of the country where the investor resides the

represented performance might vary due to currency fluctuations. The Nordea 1- Global Climate and Environment Equity Fund does not have an official benchmark. The indexes shown are for illustrative purpose

only.


21

How do we search the market?

Idea Generation Fundamental Investment Analysis Portfolio and Risk Management

• We purely focus on Climate & Environment beneficiaries

• In idea generation, industry knowledge and value-chain analysis is essential

• Ideas are generated from a variety of sources:

• Internal and external research

• Company meetings

• Industry and financial conferences

• Academic research

• Structural trends, innovation budgets (e.g. company’s R&D) and regulation

• Having an experienced team of analysts capable of filtering the information and

identifying the most attractive opportunities is key


22

Idea Generation Fundamental Investment Analysis Portfolio & Risk Management

5 key focus points for building an investment case

How well is the

company positioned

towards climate

strategies?

How is the company

capitalising on climate

strategies?

Does management act

and think as

sustainable owners?

What is it worth?

What is the Climate &

Environment driver the

market missing?


23


5 key focus points for building an

investment case

Incorporating ESG

in Corporate Culture

and fading of returns


24


• Constant evaluation of risk and reward on stock level

• Weight enhancement towards strong risk/reward stocks by using Sharpe Ratio

• Sell discipline: Changes to fundamentals, reaching the target price or better opportunities

• Disciplined risk monitoring of Total portfolio risk and Stock contribution to total risk

Portfolio management

Stock contribution to total risk

Optimal

Portfolio

Total portfolio risk

Sharpe Ratio

Sharpe Ratios determine Alpha potential, Total portfolio risk and Stock

contribution to total risk are limiting factors


25



Optimal

Portfolio


Sharpe Ratio


Optimal

Portfolio


Sharpe Ratio

Source: Nordea Investment Management AB, as of 14/08/2017


26

Risk management & control

• Ongoing risk dialogue

• Pre-trade analysis

• Monthly risk reviews

• Dedicated Risk Management team

• Standardized risk reporting based on MSCI

Barra and Style Research

• Ad-hoc risk analysis (e.g. style biases,

market scenarios, portfolio optimization)

• Internal Risk Control team

• Line and limit controls

• Liquidity control (UCITS compliant)


N2205-LUA - Nordea 1 - Climate and Environment E.Fund - AssetDate: 15-Dec-14

Main Risk Numbers Benchmark: MSCI World (NDR)

Total Risk 14.62%

Benchmark Risk 12.26% (Std.Dev. of Return) Portfolio (Beg Last mth) Benchmark (Beg Last mth) Active (Beg Last mth) Trend AR % AR

Active Risk 5.52% Total Risk 14.62 (15.13) 12.26 (12.45) 5.52 (5.82) Down 100.00%

Beta Benchmark 1.11 Local Market Risk 15.13 (15.68) 12.33 (12.5) 5.51 (5.82) Down 99.67%

Market Value BarraOne (EUR) 43,414,626 Common Factor Risk 14.85 (15.39) 12.31 (12.48) 4.63 (4.93) Down 70.37%

Base Currency Cash % 1.0% Industry 13.72 (13.91) 12.26 (12.45) 3.10 (3.05) Neutral 31.45%

Gross Future Exposure 0.0% Style 2.59 (2.84) 0.58 (0.6) 2.97 (3.23) Down 28.89%

Net Future Exposure 0.0% Factor Interaction 10.03%

Active Share 99% Selection Risk 2.92 (3.03) 0.73 (0.74) 2.99 (3.1) Down 29.30%

Number of assets (excl. cash buckets) 49 Currency Risk 4.98 (5.13) 5.59 (5.7) 0.74 (0.72) Up 1.79%

Number of rejected assets 0 Currency/Market Interaction -1.45%

Largest Active Weights - Issuer Largest MCAR (riskiest securities) in Portfolio - Issuer

Name

Por

Weight

Benchmark

Weight

Active

Weight

Total

Risk (%) Beta MCAR

% Ctr to

Act Risk Name Por Weight

Benchmark

Weight

Active

Weight

Total Risk

(%) Beta MCAR

% Ctr to

Act Risk

Hexcel Corp 3.77% 0.00% 3.77% 23.30 1.15 0.08 5.2% SMA Solar Technology AG 0.56% 0.00% 0.56% 57.03 1.77 0.21 2.1%

ANSYS Inc 3.63% 0.02% 3.61% 22.08 1.00 0.07 4.5% Suss Microtec AG 0.47% 0.00% 0.47% 49.25 1.63 0.19 1.7%

Plum Creek Timber Co Inc 3.57% 0.02% 3.54% 17.21 0.82 0.03 1.8% Meyer Burger Technology AG 1.44% 0.00% 1.44% 51.26 1.31 0.18 4.7%

Middleby Corp/The 3.37% 0.00% 3.37% 26.94 1.27 0.10 6.0% Chart Industries Inc 1.30% 0.00% 1.30% 46.54 2.01 0.18 4.3%

Stericycle Inc 2.87% 0.03% 2.84% 17.17 0.65 0.02 1.0% Amtech Systems Inc 1.04% 0.00% 1.04% 48.24 1.54 0.18 3.3%

Danaher Corp 2.97% 0.16% 2.81% 18.31 0.97 0.04 1.9% Manz AG 1.29% 0.00% 1.29% 43.45 1.42 0.18 4.1%

Denso Corp 2.84% 0.07% 2.77% 25.28 0.91 0.05 2.3% MasTec Inc 2.57% 0.00% 2.57% 40.11 1.71 0.16 7.3%

Infineon Technologies AG 2.75% 0.04% 2.71% 26.38 1.35 0.13 6.4% Energy Recovery Inc 1.17% 0.00% 1.17% 43.89 1.57 0.15 3.3%

Continental AG 2.70% 0.07% 2.63% 23.74 1.24 0.10 4.7% Dialog Semiconductor PLC 1.16% 0.00% 1.16% 40.91 1.47 0.15 3.2%

IPG Photonics Corp 2.59% 0.00% 2.59% 29.72 1.28 0.11 5.3% Aixtron SE 1.92% 0.00% 1.92% 35.01 0.99 0.14 5.0%

10 Largest Active Risk Contributors by Issuer Smallast MCAR (most diversifying securities) with BM Weight >0,25% or in Portfolio - Issuer

Name

Por

Weight

Benchmark

Weight

Active

Weight

Total

Risk (%) Beta MCAR

% Ctr to

Act Risk Name Por Weight

Benchmark

Weight

Active

Weight

Total Risk

(%) Beta MCAR

% Ctr to

Act Risk

MasTec Inc 2.57% 0.00% 2.57% 40.11 1.71 0.16 7.3% Merck & Co Inc 0.00% 0.51% -0.51% 0.00 0.00 -0.02 0.2%

Veeco Instruments Inc 2.49% 0.00% 2.49% 33.39 1.37 0.14 6.4% Procter & Gamble Co/The 0.00% 0.75% -0.75% 0.00 0.00 -0.01 0.2%

Infineon Technologies AG 2.75% 0.04% 2.71% 26.38 1.35 0.13 6.4% Pfizer Inc 0.00% 0.61% -0.61% 0.00 0.00 -0.01 0.1%

Middleby Corp/The 3.37% 0.00% 3.37% 26.94 1.27 0.10 6.0% Bristol-Myers Squibb Co 0.00% 0.30% -0.30% 0.00 0.00 -0.01 0.1%

IPG Photonics Corp 2.59% 0.00% 2.59% 29.72 1.28 0.11 5.3% Altria Group Inc 0.00% 0.30% -0.30% 0.00 0.00 -0.01 0.1%

Hexcel Corp 3.77% 0.00% 3.77% 23.30 1.15 0.08 5.2% Johnson & Johnson 0.00% 0.91% -0.91% 0.00 0.00 -0.01 0.2%

Aixtron SE 1.92% 0.00% 1.92% 35.01 0.99 0.14 5.0% PepsiCo Inc 0.00% 0.44% -0.44% 0.00 0.00 -0.01 0.1%

Meyer Burger Technology AG1.44% 0.00% 1.44% 51.26 1.31 0.18 4.7% Berkshire Hathaway Inc 0.00% 0.52% -0.52% 0.00 0.00 -0.01 0.1%

Continental AG 2.70% 0.07% 2.63% 23.74 1.24 0.10 4.7% Philip Morris International Inc 0.00% 0.41% -0.41% 0.00 0.00 -0.01 0.0%

ON Semiconductor Corp 1.93% 0.00% 1.93% 31.46 1.49 0.13 4.6% Coca-Cola Co/The 0.00% 0.50% -0.50% 0.00 0.00 0.00 0.0%

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Dec Jan

Feb

Mar

Ap

r

May Jun

Jul

Au

g

Sep

Oct

No

v

Risk

Portfolio Risk (lhs) Benchmark Risk (lhs)Active Risk (rhs) Active Industry Risk (rhs)Active Style Risk (rhs) Active Selection Risk (rhs)Active Currency Risk (rhs) Active Risk (Short Model) (rhs)

0.0

-0.1

0.5

1.8

2.2

-0.3

-0.6

-0.2

-0.4

0.3

0.0

0.1

0.0

1.5

4.0

5.6

0.3

0.4

0.0

0.0

1.7

0.0

-1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0

Utilities (0.75)

Telecommunication Services (0)

Materials (0.8)

Information Technology (1.03)

Industrials (1.07)

Health Care (0.99)

Financials (0.79)

Energy (0)

Consumer Staples (0)

Consumer Discretionary (1.11)

Cash

Risk (%)

GICS Sector Contribution To Risk/Active Risk

Sect Contrib to Total Ind Risk Sect Contrib to Act Ind Risk

(Portfolio Sector Beta to Bm Sector)

-1.50%

-3.36%

6.08%

14.68%

29.52%

-10.75%

-17.43%

-7.53%

-9.95%

-0.84%

1.08%

-30% -20% -10% 0% 10% 20% 30% 40% 50%

Utilities

Telecommunication Services

Materials

Information Technology

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Discretionary

Cash

Effective Weight

GICS Sector Weights

Eff. Portfolio Weight Eff. Active Weight

0.96

0.98

1

1.02

1.04

1.06

1.08

1.1

1.12

1.14

1.16

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

Dec Jan

Feb

Mar

Ap

r

May Jun

Jul

Au

g

Sep

Oct

No

v

Bet

a

Ma

rket

Va

lue

Market Value and Beta

Market Value Beta

-10.0% 0.0% 10.0% 20.0%

United States

Taiwan,…

Singapore

Sweden

Portugal

New Zealand

Norway

Netherlands

Japan

Italy

Israel

Ireland

Hong Kong

United Kingdom

France

Finland

Spain

Denmark

Germany

Switzerland

Canada

Belgium

Australia

Austria

Exposure

Active Equity Country

Exposure

-1 Week Current

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

EU

RO

PE

JAP

AN

NO

RTH

AM

ERIC

A

RE

ST OF W

OR

LD

Exp

osu

re

Active Equity Regional

Exposure

Current -1 Week98%

98%

99%

99%

100%

100%

101%

0.00%

5.00%

10.00%

15.00%

20.00%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Act

ive

Sha

re

Per

form

an

ce

Portfolio Performance & Active Share

Portfolio

Performance

Active Share

-2.00

-1.00

0.00

1.00

Dec-13 Mar-14 Jun-14 Sep-14

Exp

osu

re (

>0,2

=>

act

ive

bet

)

Style Factor Exposure

Global Volatility

Global Value

Global Size

Global

Momentum

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

Global Size (vol*act exp=2.32%)Global Momentum (vol*act exp=0.69%)Global Value (vol*act exp=0.28%)Global Volatility (vol*act exp=1.59%)US Dividend Yield (vol*act exp=0.68%)US Size Non-Linearity (vol*act exp=0.92%)US Earnings Yield (vol*act exp=0.46%)US Leverage (vol*act exp=0.27%)US Growth (vol*act exp=0.27%)

Exp

osu

re

Active Global Style Exposure (all) & Local Exposure (>0.2)

Source: Nordea Investment Management AB. Note: For illustrative purposes only


27

Portfolio Management Tools

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AIR LIQUIDE SA AI FP 94.44 -0.3% 0.1% 04/06/2014 2.4% 0 Energy Efficiency FR FR 3% -3% -3% -3% 8% 1.00 0.5 yrs 2 1 115.0 AA 105.4 21.9 22% 12% #VALUE! 17/02/2015 0.1

AIXTRON SE AIXA GR 8.98 0.6% 1.0% 26/10/2012 1.9% 2 Energy Efficiency DE GE -15% 0% -12% -15% -8% 2.01 2.1 yrs 3 4 16.0 BB 11.6 38.9 78% 29% #VALUE! 25/02/2015 0.5

AMTECH SYSTEMS INC ASYS US 7.71 -4.6% -3.9% 04/09/2013 1.0% -4 Solar US US 11% -22% -28% -26% 4% 1.82 1.3 yrs 3 5 18.0 NR 16.6 73.1 133% 116% #VALUE! 06/02/2015 9.5

ANSYS INC ANSS US 80.11 -0.3% 0.4% 02/04/2012 3.6% 1 Energy Efficiency US US -8% 0% 0% 6% -6% 2.03 2.7 yrs 3 1 110.0 A 87.6 18.4 37% 9% #VALUE! 27/02/2015 0.3

ARCADIS NV ARCAD NA 23.63 -0.7% -0.3% 13/12/2013 1.8% -1 Environmental ServicesNL NE -6% 0% -11% -8% 0% 1.37 1.0 yrs 2 2 32.0 NR 27.9 25.8 35% 18% #VALUE! 19/02/2015 0.9

BERTRANDT AG BDT GR 109.50 -1.4% -1.0% 25/01/2012 2.5% -3 Eco-Mobility DE GE 1% 7% 13% 1% 11% 0.65 2.9 yrs 2 1 130.0 NR 119.3 28.9 19% 9% #VALUE! 16/02/2015 1.9

CHART INDUSTRIES INC GTLS US 31.58 -2.9% -2.3% 30/04/2013 1.3% -3 Energy Efficiency US US -67% -27% -51% -60% -65% 1.71 1.6 yrs 3 3 62.0 A 57.2 56.3 96% 81% #VALUE! 25/02/2015 0.2

CHROMA ATE INC 2360 TT 82.10 2.6% 3.0% 14/01/2014 1.0% 3 Energy Efficiency TW TA 35% 1% -3% -4% 40% Sell -1.0% -0.56 0.9 yrs 3 2 67.0 NR 93.5 33.0 -18% 14% #VALUE! 24/03/2015 0.8

CONTINENTAL AG CON GR 163.35 -0.9% -0.5% 10/06/2010 2.7% -1 Eco-Mobility DE GE 4% 6% 1% -5% 8% 0.80 4.5 yrs 3 2 200.0 B 184.5 27.9 22% 13% #VALUE! 05/03/2015 0.1

CYTEC INDUSTRIES INC CYT US 44.05 -0.7% -0.1% 09/07/2010 1.5% -0 Advanced Materials US US -5% -10% -12% -12% 0% 0.77 4.4 yrs 3 3 55.0 BB 51.7 32.1 25% 17% #VALUE! 30/01/2015 0.1

DAIFUKU CO LTD 6383 JP 1260.00 -4.9% -3.0% 13/12/2013 1.7% -5 Energy Efficiency JP JN -5% -3% -3% -10% 3% 0.84 1.0 yrs 3 2 1,700.0 NR 1,582.5 41.3 35% 26% #VALUE! 12/02/2015 0.5

DANAHER CORP DHR US 83.39 -0.4% 0.2% 20/01/2012 2.9% 1 Clean Water & Air US US 8% 1% 8% 4% 11% target -0.4% 0.19 2.9 yrs 2 1 86.5 B 92.7 19.6 4% 11% #VALUE! 19/02/2015 0.0

DENSO CORP 6902 JP 5417.00 -1.6% 0.3% 05/02/2013 2.9% 1 Eco-Mobility JP JN 0% -1% 15% 14% 11% 1.05 1.9 yrs 3 3 7,100.0 AAA 5,980.8 29.5 31% 10% #VALUE! 03/02/2015 0.1

DIALOG SEMICONDUCTOR PLC DLG GR 27.23 0.2% 0.6% 15/03/2011 1.2% 1 Energy Efficiency DE GE 74% -1% 28% 17% 95% Sell -1.2% -0.02 3.8 yrs 3 4 27.0 NR 27.7 39.6 -1% 2% #VALUE! 20/02/2015 0.1

ECOLAB INC ECL US 102.03 -0.3% 0.3% 29/04/2010 2.7% 1 Waste Management US US -1% -9% -12% -5% 1% -0.5% 1.05 4.6 yrs 2 1 127.0 AAA 122.9 23.2 24% 20% #VALUE! 20/02/2015 0.0

ENERGY RECOVERY INC ERII US 4.72 0.0% 0.6% 13/12/2013 1.2% 1 Clean Water & Air US US -15% 1% 24% -18% -8% 0.43 1.0 yrs 3 5 6.0 NR 5.0 62.4 27% 6% #VALUE! 05/03/2015 2.6

HEXCEL CORP HXL US 39.77 0.1% 0.7% 26/10/2012 3.7% 3 Advanced Materials US US -11% -8% 1% -1% -7% 1.10 2.1 yrs 3 2 50.0 BBB 47.8 23.3 26% 20% #VALUE! 23/01/2015 0.4

HOLLYSYS AUTOMATION TECHNOLO HOLI US 23.90 -0.4% 0.2% 23/08/2013 1.5% 0 Energy Efficiency US CH 26% -3% 10% 3% 38% 0.47 1.3 yrs 3 3 28.0 NR 27.8 36.5 17% 16% #VALUE! 17/02/2015 0.4

HYDROGENICS CORP HYGS US 12.10 -3.5% -2.9% 03/02/2014 0.6% -2 Renewable Power US CA -37% -18% -34% -20% -36% 1.60 0.9 yrs 3 5 26.5 NR 29.0 74.4 119% 140% #VALUE! 06/03/2015 0.9

IHS INC-CLASS A IHS US 115.68 1.9% 2.6% 17/05/2012 1.9% 5 Environmental ServicesUS US -3% -12% -17% -10% -1% Add 0.3% 1.15 2.6 yrs 3 2 148.0 A 140.6 24.2 28% 22% #VALUE! 13/01/2015 0.1

INFINEON TECHNOLOGIES AG IFX GR 8.23 -0.6% -0.2% 19/01/2011 2.7% -0 Eco-Mobility DE GE 8% 9% -7% -10% 14% 0.85 3.9 yrs 3 2 10.5 BBB 8.8 32.4 28% 7% #VALUE! 29/01/2015 0.1

INTERTEK GROUP PLC ITRK LN 2149.00 0.3% 0.7% 22/05/2014 1.9% 1 Environmental ServicesGB GB -31% -19% -20% -23% -26% 1.21 0.6 yrs 2 1 2,710.0 AA 2,781.5 21.7 26% 29% #VALUE! 02/03/2015 0.3

IPG PHOTONICS CORP IPGP US 73.00 -2.8% -2.2% 03/02/2014 2.6% -6 Energy Efficiency US US -6% 2% 8% 9% -2% 1.21 0.9 yrs 3 3 100.0 BB 84.9 30.6 37% 16% #VALUE! 13/02/2015 0.2

JOHNSON MATTHEY PLC JMAT LN 3175.00 0.1% 0.5% 15/02/2013 2.1% 1 Eco-Mobility GB GB -1% 1% 3% 1% 1% target 0.56 1.8 yrs 2 2 3,600.0 AAA 3,572.0 24.0 13% 13% #VALUE! 04/06/2015 0.2

LINDE AG LIN GR 144.50 -0.2% 0.2% 01/04/2008 2.4% 0 Energy Efficiency DE GE -3% -1% -6% -6% -1% target 0.66 6.7 yrs 2 1 164.0 AA 162.9 20.6 13% 13% #VALUE! 13/03/2015 0.1

LKQ CORP LKQ US 27.51 -1.1% -0.4% 06/10/2009 2.5% -1 Waste Management US US -16% -5% -2% 7% -17% 0.93 5.2 yrs 2 2 34.0 AA 36.8 25.4 24% 34% #VALUE! 27/02/2015 0.2

MANZ AG M5Z GR 54.50 -1.0% -0.6% 07/08/2013 1.3% -1 Solar DE GE -12% -13% -25% -34% -8% 1.98 1.4 yrs 3 4 100.0 NR 80.0 42.2 83% 47% #VALUE! 27/03/2015 1.4

MASTEC INC MTZ US 18.68 -2.6% -2.0% 27/04/2012 2.6% -5 Smart Grid US US -43% -26% -38% -42% -40% 2.85 2.6 yrs 3 3 50.0 BBB 34.2 58.8 168% 83% #VALUE! 27/02/2015 0.2

MEYER BURGER TECHNOLOGY AG MBTN SW 5.71 -10.3% -9.9% 07/08/2013 1.4% -14 Solar CH SZ -46% -31% -40% -57% -35% Add 0.5% 4.35 1.4 yrs 3 4 18.0 NR 10.2 49.5 215% 78% #VALUE! 26/03/2015 0.7

MIDDLEBY CORP MIDD US 95.35 -0.5% 0.1% 20/10/2011 3.4% 0 Energy Efficiency US US 19% 2% 9% 18% 25% target 0.49 3.2 yrs 3 2 109.0 BB 108.2 29.5 14% 13.5% #VALUE! 25/02/2015 0.3

NANOCO GROUP PLC NANO LN 121.00 2.3% 2.7% 08/12/2011 0.9% 2 Advanced Materials GB GB -16% 1% 13% 16% -11% 1.10 3.0 yrs 3 5 200.0 NR 267.5 59.6 65% 121% #VALUE! 23/03/2015 0.7

NATIONAL GRID PLC NG/ LN 860.50 0.5% 0.9% 30/04/2013 1.9% 2 Smart Grid GB GB 15% -7% -1% 4% 17% target 0.35 1.6 yrs 2 1 910.0 AA 876.7 16.3 6% 2% #VALUE! 21/05/2015 0.0

OMRON CORP 6645 JP 5170.00 -2.8% -0.9% 15/03/2013 1.9% -2 Energy Efficiency JP JN 13% -5% 10% 27% 28% target 0.45 1.8 yrs 3 3 6,000.0 AA 5,772.7 36.0 16% 12% #VALUE! 30/01/2015 0.1

ON SEMICONDUCTOR CORP ONNN US 9.64 -0.1% 0.5% 22/10/2013 2.0% 1 Energy Efficiency US US 17% 16% 0% 7% 27% -0.5% 0.63 1.2 yrs 3 4 12.0 BBB 10.7 39.1 24% 11% #VALUE! 06/02/2015 0.1

PFEIFFER VACUUM TECHNOLOGY PFV GR 66.88 -0.2% 0.2% 07/08/2013 2.1% 0 Solar DE GE -30% 12% 0% -17% -24% 1.97 1.4 yrs 3 2 100.0 NR 69.4 25.2 50% 4% #VALUE! 20/03/2015 2.0

PLUM CREEK TIMBER CO PCL US 41.08 -0.4% 0.2% 28/06/2013 3.5% 1 Agro & Biofuels US US -8% 1% 4% -5% -5% 2.14 1.5 yrs 3 2 55.0 BBB 44.9 15.9 34% 9% #VALUE! 27/01/2015 0.2

POLYPORE INTERNATIONAL INC PPO US 43.44 -1.7% -1.0% 13/01/2014 1.6% -2 Eco-Mobility US US 12% -18% 3% -9% 18% Sell -0.3% 0.13 0.9 yrs 3 4 46.0 BBB 49.3 45.8 6% 14% #VALUE! 24/02/2015 0.3

RATIONAL AG RAA GR 248.91 -0.3% 0.1% 22/10/2013 2.2% 0 Energy Efficiency DE GE 6% -1% 9% 8% 11% 0.84 1.2 yrs 2 2 300.0 NR 257.2 24.5 21% 3% #VALUE! 20/03/2015 2.6

ROPER INDUSTRIES INC ROP US 150.80 0.6% 1.2% 12/01/2010 2.5% 3 Smart Grid US US 9% -4% 2% 3% 15% target 0.54 4.9 yrs 2 1 168.0 BBB 167.4 21.1 11% 11% #VALUE! 27/01/2015 0.1

SCHNEIDER ELECTRIC SE SU FP 57.57 -0.7% -0.3% 28/06/2013 2.2% -1 Energy Efficiency FR FR -7% -7% -9% -16% -3% Add 0.5% 1.02 1.5 yrs 3 2 75.0 AAA 66.4 29.5 30% 15% #VALUE! 19/02/2015 0.0

SEKISUI HOUSE LTD 1928 JP 1497.50 -0.4% 1.5% 22/10/2013 1.8% 3 Intelligent ConstructionJP JN 5% -5% 19% 14% 11% 0.77 1.2 yrs 3 2 1,800.0 AA 1,773.0 26.1 20% 18% #VALUE! 06/03/2015 0.1

SMA SOLAR TECHNOLOGY AG S92 GR 14.44 1.0% 1.4% 14/07/2014 0.6% 1 Solar DE GE -37% -20% -39% -46% -34% 0.68 0.4 yrs 3 4 20.0 NR 18.5 56.5 39% 28% #VALUE! 27/03/2015 0.7

STERICYCLE INC SRCL US 128.07 0.1% 0.7% 04/02/2013 2.8% 2 Waste Management US US 10% 0% 9% 9% 11% target 0.26 1.9 yrs 2 1 133.0 B 132.9 15.0 4% 4% #VALUE! 05/02/2015 0.1

SUESS MICROTEC AG SMHN GR 4.30 1.1% 1.5% 23/01/2012 0.5% 1 Energy Efficiency DE GE -33% -6% -22% -49% -29% 1.23 2.9 yrs 3 5 7.0 NR 6.6 50.8 63% 54% #VALUE! 27/03/2015 1.5

TESLA MOTORS INC TSLA US 204.04 -1.4% -0.8% 06/04/2011 1.7% -1 Eco-Mobility US US 36% -21% -22% -9% 38% 0.3% 1.65 3.7 yrs 3 4 355.0 AA 286.2 44.9 74% 40% #VALUE! 19/02/2015 0.0

THERMO FISHER SCIENTIFIC INC TMO US 123.73 -1.0% -0.4% 01/04/2008 2.3% -1 Environmental ServicesUS US 12% 4% 1% 4% 22% target 0.08 6.7 yrs 2 2 126.0 BB 141.6 23.1 2% 14% #VALUE! 30/01/2015 0.0

TRIMBLE NAVIGATION LTD TRMB US 26.57 -2.3% -1.6% 02/08/2012 1.6% -3 Agro & Biofuels US US -23% -8% -16% -30% -19% Add 0.5% 1.45 2.4 yrs 3 2 40.00 A 30.3 34.9 51% 14% #VALUE! 11/02/2015 0.1

VEECO INSTRUMENTS INC VECO US 35.63 -1.2% -0.6% 05/11/2013 2.5% -1 Energy Efficiency US US 8% 0% 1% 7% 17% 1.46 1.1 yrs 3 4 56.0 BB 39.1 39.1 57% 10% #VALUE! 19/02/2015 0.4

VISHAY INTERTECHNOLOGY INC VSH US 13.17 0.2% 0.9% 07/11/2012 1.4% 1 Energy Efficiency US US 1% -3% -15% -12% 5% 1.71 2.1 yrs 3 3 20.0 A 16.2 30.3 52% 23% #VALUE! 04/02/2015 0.2

Portfolio Cockpit

14/01/2014 Chroma ATE 2.00% 2.00% 2360 TT Energy Efficiency Buy Electronic testing (semis, solar, battery, EV); after some tough years, green energy coming back strongly; solid company with proven model and margins62.59 82.10 31.0% 31% 14/01/2014 62.34 -0.4% 14/01/2014 1651.73 62

13/01/2014 Darling International 2.00% 2.00% DAR US Waste Management Buy Recycling, processing and special waste management (animal, cooking oil) 20.93 17.59 -16.5% -17% 13/01/2014 20.80 -0.6% 13/01/2014 1645.41 -33

13/01/2014 Polypore 1.00% 1.00% PPO US Eco-Mobility Buy Re-entering position 37.45 43.44 15.4% 15% 13/01/2014 37.46 0.0% 13/01/2014 1645.41 15

13/01/2014 Aixtron 0.50% 1.70% AIXA GR Energy Efficiency Increase Increasing active weight (positive news: MPI is forecasting is new MOCVD demand to reach 200 units this year vs 60 units in 2013 and 300-350 units in 2010-2011)11.65 8.95 -23.8% -24% 13/01/2014 11.61 -0.3% 13/01/2014 1645.41 -12

13/01/2014 GT Advanced 0.40% 2.00% GTATQ US Advanced Materials Increase Increasing active weight 9.24 0.41 -96.1% -96% 13/01/2014 8.93 -3.3% 13/01/2014 1645.41 -38

13/01/2014 Ansys 0.30% 2.80% ANSS US Energy Efficiency Increase Increasing active weight 84.68 80.11 -6.0% -6% 13/01/2014 84.24 -0.5% 13/01/2014 1645.41 -2

13/01/2014 Manz 0.30% 1.10% M5Z GR Solar Increase Increasing active weight 68.33 53.76 -21.9% -22% 13/01/2014 67.52 -1.2% 13/01/2014 1645.41 -7

13/01/2014 Veeco 0.40% 2.00% VECO US Energy Efficiency Increase Increasing active weight 35.79 35.63 -1.0% -1% 13/01/2014 35.22 -1.6% 13/01/2014 1645.41 0

14/01/2014 Süss Microtech 0.20% 1.00% SMHN GR Energy Efficiency Increase Increasing active weight (positive news: Epistar adopts wafer-level packaging process with flip-chip structure and develops embedded LED chip (ELC) solution )7.11 4.36 -38.8% -39% 14/01/2014 7.18 1.0% 14/01/2014 1651.73 -8

13/01/2014 Deere -1.90% 0.00% DE US Agro & Biofuels Sell Weakening agriculture markets after years of overspend; high-horsepower in developed markets not growing and EM not yet that advanced90.52 87.47 3.9% -4% 13/01/2014 90.07 -0.5% 13/01/2014 1645.41 7

13/01/2014 ON Semiconsuctor -1.60% 0.00% ONNN US Energy Efficiency Sell Exiting after years af disappointments on Sanyo integration; too much commodity product portfolio, not moving up the chain8.67 9.64 -10.7% 11% 13/01/2014 8.67 0.0% 13/01/2014 1645.41 -17

14/01/2014 Bertrandt -0.60% 1.00% BDT GR Eco-Mobility Decrease Limited upside 112.90 108.80 3.8% -4% 14/01/2014 112.88 0.0% 14/01/2014 1651.73 2

13/01/2014 Dialog Semiconductor -0.30% 1.90% DLG GR Energy Efficiency Decrease Profit taking after positive quarter and strong stock price reaction 15.78 26.95 -70.2% 70% 13/01/2014 15.73 -0.3% 13/01/2014 1645.41 -21

13/01/2014 Dresser-Rand -0.50% 1.80% DRC US Energy Efficiency Decrease Nervous about 2014 guidance, near-term could be lumpy 58.29 80.77 -38.0% 38% 13/01/2014 57.92 -0.6% 13/01/2014 1645.41 -19

03/02/2014 IPG Photonics 1.20% 1.20% IPGP US Energy Efficiency Buy Leader in fiber lasers (much more efficienct than traditional lasers); applications in cutting, welding, 3D printing 64.71 73.00 7.6% 8% 03/02/2014 64.55 -0.2% 03/02/2014 1571.92 9

03/02/2014 Hydrogenics 1.00% 1.00% HYGS US Renewable Power Buy Small fuel cells for on-site electricity generation, telco backup, power shift for renewables; potentially hydrogen cars longer-term option23.17 12.10 -53.0% -53% 03/02/2014 22.93 -1.0% 03/02/2014 1571.92 -53

03/02/2014 Energy Recovery 0.20% 1.00% ERII US Clean Water & Air Increase Increasing active weight after weakness 4.18 4.72 7.6% 8% 03/02/2014 4.16 -0.7% 03/02/2014 1571.92 2

03/02/2014 Clean Harbors -1.30% 0.00% CLH US Waste Management Sell Not providing hoped for stability, no conviction to increase medium weight; earnings have disappointed 55.41 48.64 17.5% -17% 03/02/2014 53.87 -2.8% 03/02/2014 1571.92 23

04/02/2014 Zhuzhou CSR Times Electric-1.40% 0.00% 3898 HK Eco-Mobility Sell Too high dependency on Chinese infrastructure spending, future spending more granular, more urban, less long-distance high speed23.23 33.35 -38.2% 38% 04/02/2014 23.26 0.1% 04/02/2014 1569.93 -53

19/02/2014 Dresser-Rand -1.50% 0.00% DRC US Energy Efficiency Sell Earnings risks into numbers; weaker end markets 53.47 80.77 -51.1% 51% 19/02/2014 53.46 0.0% 19/02/2014 1655.04 -77

19/02/2014 Hollysys Automation 0.30% 1.50% HOLI US Energy Efficiency Increase Increasing active weight 19.11 23.90 25.1% 25% 19/02/2014 18.99 -0.7% 19/02/2014 1655.04 8

28/02/2014 GT Advanced -1.00% 2.00% GTATQ US Advanced Materials Decrease Profit-taking after strong short-term performance; Apple Sapphire factory partly priced in, still lots of technology/execution risks14.51 0.41 95.9% -96% 28/02/2014 14.46 -0.3% 28/02/2014 1675.40 96

28/02/2014 IPG Photonics 0.50% 1.60% IPGP US Energy Efficiency Increase Increasing active weight 70.78 73.00 4.4% 4% 28/02/2014 71.34 0.8% 28/02/2014 1675.40 2

28/02/2014 Plum Creek Timber 0.50% 2.30% PCL US Agro & Biofuels Increase Increasing active weight 43.20 41.08 -3.7% -4% 28/02/2014 43.24 0.1% 28/02/2014 1675.40 -2

28/02/2014 Polypore 0.50% 1.40% PPO US Eco-Mobility Increase Increasing active weight 35.52 43.44 23.5% 24% 28/02/2014 35.17 -1.0% 28/02/2014 1675.40 12

10/03/2014 Meyer Burger Technologies-1.00% 2.20% MBTN SW Solar Decrease Initial upside scenario priced in; now more visibility and mgmt. confidence in even stronger order recovery required to calculate high enough upside to justify risk18.47 4.99 71.7% -72% 10/03/2014 18.09 -2.0% 10/03/2014 1676.53 72

07/03/2014 Manz 0.30% 1.30% M5Z GR Solar Increase Increasing active weight 68.50 53.76 -19.9% -20% 07/03/2014 68.63 0.2% 07/03/2014 1681.17 -6

02/05/2014 Ansys 0.40% 2.70% ANSS US Energy Efficiency Increase Buying opportunity: slight miss in the Q due to Russia/Ukraine; very high quality, leading simulation company with strong structural growth drivers73.53 80.11 11.0% 11% 02/05/2014 73.75 0.3% 02/05/2014 1688.99 4

07/05/2014 Denso 0.70% 2.50% 6902 JP Eco-Mobility Increase Fallen in-line with JP market and stronger Yen; underlying business healthy and ecomobility driving additional demand; too cheap at 5x EV/EBITDA4457.21 5417.00 23.3% 23% 07/05/2014 4457.86 0.0% 07/05/2014 1684.04 16

02/05/2014 Linde 0.40% 2.50% LIN GR Energy Efficiency Increase Increasing active weight, attractive risk/reward 148.93 143.90 -1.3% -1% 02/05/2014 148.73 -0.1% 02/05/2014 1688.99 -1

02/05/2014 Meyer Burger Technologies0.60% 2.00% MBTN SW Solar Increase Fallen 40% on no news, positive solar capex cycle still to come, recently stronger indication of inclusion for Apple related sapphire business11.11 4.99 -53.1% -53% 02/05/2014 11.02 -0.8% 02/05/2014 1688.99 -32

02/05/2014 Pfeiffer Vacuum 0.40% 1.80% PFV GR Solar Increase Increasing active weight, attractive risk/reward 86.47 66.62 -20.9% -21% 02/05/2014 86.22 -0.3% 02/05/2014 1688.99 -8

02/05/2014 Plum Creek Timber 0.50% 2.90% PCL US Agro & Biofuels Increase Increasing active weight, attractive risk/reward 43.80 41.08 -4.2% -4% 02/05/2014 43.65 -0.4% 02/05/2014 1688.99 -2

07/05/2014 Sekisui House 0.30% 1.50% 1928 JP Intelligent ConstructionIncrease Fallen in-line with JP market and around lower orders due to consumer tax; no change in structural trend towards low-emission houses1238.90 1497.50 22.6% 23% 07/05/2014 1238.43 0.0% 07/05/2014 1684.04 7

07/05/2014 Asahi Diamond -0.80% 1.00% 6140 JP Solar Decrease Profit taking after strong run; hard to get a lot of upside in a DCF; still good earnings momentum 1361.90 1176.00 11.9% -12% 07/05/2014 1361.88 0.0% 07/05/2014 1684.04 10

02/05/2014 ASM International -0.50% 1.60% ASM NA Energy Efficiency Decrease Short-term profit taking 31.61 32.70 -5.5% 5% 02/05/2014 31.63 0.1% 02/05/2014 1688.99 -3

02/05/2014 GT Advanced -1.00% 1.30% GTATQ US Advanced Materials Decrease Expectations around Apple related sapphire production ramp mostly priced in; hard to see enough upside to justify future uncertainty16.87 0.41 95.5% -96% 02/05/2014 16.91 0.2% 02/05/2014 1688.99 96

02/05/2014 Hollysys Automation -0.50% 1.20% HOLI US Energy Efficiency Decrease Strong performer, taking profits due to limited upside, little black box 21.93 23.90 -11.0% 11% 02/05/2014 22.02 0.4% 02/05/2014 1688.99 -6

02/05/2014 Nemetschek -0.20% 1.40% NEM GR Intelligent ConstructionDecrease Short-term profit taking 63.02 79.95 -28.9% 29% 02/05/2014 63.30 0.4% 02/05/2014 1688.99 -6

06/05/2014 Polypore 0.30% 1.70% PPO US Eco-Mobility Increase Earnings stabilising, still in transition of business from LG towards Samsung; strong EV design momentum with company indicating wins in >100 models; consensus only expecting single digit top-line vs. We see higher level and acceleration in coming years35.25 43.44 24.9% 25% 06/05/2014 35.26 0.0% 06/05/2014 1683.52 7

06/05/2014 Chart Industries 0.90% 1.80% GTLS US Energy Efficiency Increase Buying opportunity after significant weakness; China and US transition to higher gas usage main driver over medium term73.95 31.58 -55.6% -56% 06/05/2014 74.11 0.2% 06/05/2014 1683.52 -50

07/05/2014 Chroma ATE -0.40% 2.00% 2360 TT Energy Efficiency Decrease Short-term profit taking after strong outperformance 76.99 82.10 -8.4% 8% 07/05/2014 77.29 0.4% 07/05/2014 1684.04 -3

06/05/2014 Trimble Navigation -0.50% 2.00% TRMB US Agro & Biofuels Decrease Reducing weight ahead of results, despite expectation for strong construction business, agro could be weak; shares have performed well and risk-reward justifies small reduction38.43 26.57 29.1% -29% 06/05/2014 38.24 -0.5% 06/05/2014 1683.52 15

22/05/2014 Aixtron 0.50% 2.00% AIXA GR Energy Efficiency Increase Positive feedback from company visit (Illtgen) on current shipment rate (30 tools this Q vs 10 last and 20 last y) and feedback on new tool (30% efficiency gain, higher ASP); stock corrected without significant news10.28 8.95 -10.8% -11% 22/05/2014 10.43 1.5% 22/05/2014 1692.36 -5

22/05/2014 Veeco 0.30% 2.00% VECO US Energy Efficiency Increase Increasing active weight; pent-up demand as capacity utilisation of clients nears 100% 32.05 35.63 13.4% 13% 22/05/2014 32.53 1.5% 22/05/2014 1692.36 4

22/05/2014 Intertek 2.00% 2.00% ITRK LN Environmental ServicesBuy Long-term beneficiary of quality and environemental regulation; structural growth in fragmented industry at reasonable price; China opening up with high focus on reducing pollution big additional opportunity; good portfolio diversifier2908.01 2161.00 -23.5% -23% 22/05/2014 2904.45 -0.1% 22/05/2014 1692.36 -47

22/05/2014 AZ Electronics -1.70% 0.00% AZEM LN Advanced Materials Sell Take-over by Merck completed 403.50 403.50 -2.2% 2% 22/05/2014 403.02 -0.1% 22/05/2014 1692.36 -4

22/05/2014 Dialog Semiconductor -0.60% 2.00% DLG GR Energy Efficiency Decrease Short-term profit taking 21.24 26.95 -29.1% 29% 22/05/2014 21.25 0.1% 22/05/2014 1692.36 -17

02/06/2014 MasTec 0.50% 2.30% MTZ US Smart Grid Increase Buying opportunity on short-term profit warning, long-term remains healthy 31.97 18.68 -37.9% -38% 02/06/2014 31.97 0.0% 02/06/2014 1717.27 -19

02/06/2014 Dialog Semiconductor -0.50% 1.60% DLG GR Energy Efficiency Decrease Short-term profit taking 22.72 26.95 -22.3% 22% 02/06/2014 22.68 -0.2% 02/06/2014 1717.27 -11

04/06/2014 Air Liquide 2.50% 2.50% AI FP Energy Efficiency Buy Stable long-term name, benefitting from same trends as Linde 97.29 93.93 0.2% 0% 04/06/2014 97.10 -0.2% 04/06/2014 1717.76 1

04/06/2014 Infineon Technologies -0.50% 2.90% IFX GR Eco-Mobility Decrease Short-term profit taking 9.07 8.14 6.6% -7% 04/06/2014 9.05 -0.3% 04/06/2014 1717.76 3

04/06/2014 National Grid -0.50% 2.50% NG/ LN Smart Grid Decrease Short-term profit taking 830.58 864.50 -7.8% 8% 04/06/2014 833.57 0.4% 04/06/2014 1717.76 -4

04/06/2014 Asahi Diamond -0.30% 1.00% 6140 JP Solar Decrease Short-term profit taking 1709.92 1176.00 27.5% -28% 04/06/2014 1706.00 -0.2% 04/06/2014 1717.76 8

04/06/2014 Nemetschek -0.30% 1.20% NEM GR Intelligent ConstructionDecrease Short-term profit taking 69.37 79.95 -18.9% 19% 04/06/2014 69.43 0.1% 04/06/2014 1717.76 -6

04/06/2014 Süss Microtech -0.30% 1.00% SMHN GR Energy Efficiency Decrease Short-term profit taking 8.48 4.36 44.9% -45% 04/06/2014 8.49 0.1% 04/06/2014 1717.76 13

Tracking strategies Historical strategy changes

Historical trade analysis

Aggregate Strategy* Performance

ConvictionMC € bn % # stocks % hist. MC Upside 1D Ytd 1M 3M 6M 1Yr 3Yr P/E

Energy Efficiency 1.50 744.6 17.0% 183 18.3% 736.9 14.7% -0.9% 3.7% -2.9% -2.4% -0.5% 8.8% 14.8% 17.8

Eco-Mobility 1.50 798.0 18.3% 112 11.2% 643.5 13.9% -0.6% 18.9% -0.4% 3.9% 10.9% 22.7% 19.3% 15.9

Agro & Biofuels 0.50 362.1 8.3% 92 9.2% 344.7 12.6% -0.8% 6.0% -3.0% 0.3% 1.9% 9.5% 9.6% 16.4

Smart Grid 1.00 268.8 6.2% 64 6.4% 254.7 11.4% -0.9% 15.1% -5.0% -2.4% 3.0% 19.3% 15.9% 15.2

Clean Water & Air 2.00 223.3 5.1% 62 6.2% 200.5 12.7% -0.8% 13.1% -2.3% 2.8% 3.9% 17.0% 22.1% 18.4

Nuclear 0.00 187.4 4.3% 17 1.7% 173.0 14.7% -1.7% 9.9% -3.0% -1.0% -0.4% 11.1% 8.5% 15.1

Advanced Materials 1.00 156.0 3.6% 63 6.3% 142.9 13.7% -1.0% 12.3% -0.1% 1.5% 7.6% 15.7% 4.3% 19.4

Environmental Services1.00 131.7 3.0% 26 2.6% 124.6 17.3% -0.7% 5.6% -5.6% -3.5% -1.3% 11.5% 26.8% 17.2

Renewable Power 0.50 138.4 3.2% 77 7.7% 127.1 22.7% -1.5% 4.1% -8.4% -10.6% -7.9% 5.4% -8.1% 17.0

Waste Management 2.00 124.5 2.8% 41 4.1% 109.6 16.1% -0.3% 11.4% -3.8% 0.3% 8.3% 14.1% 23.0% 20.3

Intelligent Construction 1.00 106.8 2.4% 38 3.8% 109.4 20.7% -1.0% -2.4% -5.4% -3.3% -6.2% 1.2% 17.9% 17.6

Ecological Products 62.6 1.4% 16 1.6% 57.6 14.9% -0.7% 25.5% -3.8% 9.5% 13.4% 29.9% 29.1% 20.9

Solar 1.00 63.3 1.4% 96 9.6% 55.6 38.2% ###### 7.2% -4.9% -14.1% -8.2% 8.3% 21.5% 25.6

Wind 0.33 31.6 0.7% 17 1.7% 26.3 15.4% -1.7% 10.7% -3.6% -5.8% -6.9% 16.9% 17.0% 16.0

Energy Storage 0.00 34.7 0.8% 25 2.5% 36.2 33.8% -0.8% -1.5% -2.8% -12.9% -9.3% 0.3% 6.1% 16.3

Other 0.00 936.2 21.4% 72 7.2% 898.7 16.5% -0.9% 5.1% -2.7% -1.1% 0.2% 9.3% 13.6% 13.1

Strategy Overview*

Clean Water & Air 4.0% Buys

Waste Management 2.9% 37.1%

Intelligent Construction 2.2%

Environmental Services 1.0% Sells

Agro & Biofuels 0.5% -36.3%

Energy Storage 0.0%

Nuclear 0.0% PTR

Wind 0.0% 36.7%

Energy Efficiency -0.2%

Renewable Power -0.5%

Holding

Period

Advanced Materials -0.5% 2.7 Yrs

Eco-Mobility -0.9%

Solar -1.9%

Smart Grid -3.3%

Total Changes 2015

Source: Nordea Investment Management AB. Note: For illustrative purposes only


28

Biographies

Mr. Thomas Sørensen

Mr. Sørensen has been the portfolio manager on the Climate and Environment product since its launch in 2008. In 1999, he joined

the Investment Management division and has undertaken a number of portfolio management and research responsibilities, including

now being part of the portfolio management team on our European Focus equity products and responsible for the Commodities

Super Sector research globally. Thomas began his career in 1997 with Nordea. He holds a BSc. Finance from Copenhagen Business

School.

Mr. Henning Padberg

Mr. Padberg has been the portfolio manager on the Climate & Environment since 2009. He began his career in 2008 with Nordea

Investment Management as a research associate focusing on the financial sector globally. In 2011 Henning became responsible for

the IT sector research globally. In 2014 Henning became part of the portfolio management team on our European Focus equity

products and responsible for the Cyclical Super Sector research globally. Henning holds a MSc. in Business Management from the

University of Münster, Germany.


29

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Nordea 1 Global Climate & Environment Fund · • Hexcel zählt zu den weltweit führenden...

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