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Annual Report 2010 Nordea 1, SICAV Socie´Te´ D’Investissement A` Capital Variable A` Compartiments Multiples

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Annual Report 2010 Nordea 1, SICAV Socie´Te´ D’Investissement A` Capital Variable A` Compartiments Multiples Audited Annual Report 2010 Nordea 1, SICAV Socie´te´ d’Investissement a` Capital Variable a` compartiments multiples Investment Fund under Luxembourg Law 562, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg R.C.S. number : Luxembourg B-31442 No subscriptions can be received on the basis of these fi nancial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. Table of Contents Report of the Board of Directors 2 Report of the Investment Manager 3 Report of the Réviseur d’Entreprises agréé 4 Statement of Net Assets as of 31/12/2010 6 Statement of Operations and Changes in Net Assets for the year ended 31/12/2010 12 Statement of Statistics as at 31/12/2010 24 Statement of Investments in Securities and Other Net Assets as of 31/12/2010 Nordea 1 - African Equity Fund 30 Nordea 1 - Biotech Fund 32 Nordea 1 - Central & Eastern European Equity Fund 33 Nordea 1 - Climate and Environment Equity Fund 35 Nordea 1 - Danish Bond Fund 36 Nordea 1 - Danish Equity Fund 37 Nordea 1 - Danish Kroner Reserve 38 Nordea 1 - Danish Long Bond Fund 39 Nordea 1 - Danish Mortgage Bond Fund 40 Nordea 1 - Emerging Consumer Fund 41 Nordea 1 - Euro Bond Fund 42 Nordea 1 - Euro Diversifi ed Corporate Bond Fund 43 Nordea 1 - Euro Reserve 46 Nordea 1 - European Alpha Fund 47 Nordea 1 - European Corporate Bond Fund 49 Nordea 1 - European Equity Fund 51 Nordea 1 - European High Yield Bond Fund 52 Nordea 1 - European Small and Mid Cap Equity Fund 54 Nordea 1 - European Value Fund 56 Nordea 1 - Far Eastern Equity Fund 57 Nordea 1 - Global Bond Fund 59 Nordea 1 - Global Equity Fund 61 Nordea 1 - Global High Yield Bond Fund 62 Nordea 1 - Global Portfolio Fund 64 Nordea 1 - Global Stable Equity Fund 65 Nordea 1 - Global Stable Equity Fund - Unhedged 67 Nordea 1 - Global Value Fund 69 Nordea 1 - Heracles Long/Short MI Fund 70 Nordea 1 - Japanese Value Fund 71 Nordea 1 - Latin American Equity Fund 72 Nordea 1 - Multi-Asset Fund 74 Nordea 1 - Nordic Equity Fund 75 Nordea 1 - Nordic Equity Small Cap Fund 77 Nordea 1 - North American Growth Fund 79 Nordea 1 - North American Value Fund 80 Nordea 1 - Norwegian Bond Fund 81 Nordea 1 - Norwegian Equity Fund 82 Nordea 1 - Norwegian Kroner Reserve 84 Nordea 1 - Stable Return Fund 85 Nordea 1 - Swedish Bond Fund 89 Nordea 1 - Swedish Equity Fund 90 Nordea 1 - Swedish Kroner Reserve 91 Nordea 1 - US Corporate Bond Fund 92 Nordea 1 - US High Yield Bond Fund 95 Nordea 1 - US-Dollar Reserve 99 Notes to the Financial Statements as of 31/12/2010 100 Shareholder’s Information 127 Nordea 1, SICAV - Audited Annual Report 2010 1 Report of the Board of Directors The Chairman’s report After the dramatic recovery in 2009, resulting in impressive fund returns, it was with great excitement and some nervousness that we entered into 2010. The questions were many. Was the recovery sustainable? Had policymakers used up all their ammunition? Was the banking sector bound for more problems and would European and US house owners still be struggling? These were just a few examples of the most prevailing questions. With an estimated global growth of 4.8% in 2010 and regional equity returns in the range of 15 – 30% as well as solid fi xed income returns on credits and most sovereign debt, this turned out to be far too pessimistic. Stellar returns were produced despite huge problems with some peripheral European countries such as Greece and later Ireland in particular who have subsequently been bailed out by the EU and IMF. Today these countries are struggling with exploding debt-to-GDP ratios and are forced into austerity measures. The looming fear that these countries will have contagious effects on the core European countries was top of the agenda for the markets in 2010. However, the low interest environment and improved corporate earnings, primarily due to cost effi ciency measures, more than outbalanced the negative news. The surprisingly high returns for risk assets were refl ected in increased assets under management for the Company. High equity and bond returns, in combination with an attractive range of sub-funds lifted the assets to a record level of EUR 9.075bn. Of this fi gure EUR 3.029bn was new money fl owing into the Company. This has been accomplished by a joint effort by our skilled investment managers and dedicated distributors. A revision of the fund range is continuously ongoing. Unlike earlier years, the number of liquidations and new fund launches were quite moderate in 2010. US Corporate Bond Fund was launched in January and has now almost reached USD 1bn in assets. In addition Euro Diversifi ed Corporate Bond was launched in September. The two sub-funds complete our attractive offering within credit bonds. Only one sub-fund was liquidated, North American Relative Value Fund, as the investment process proved diffi cult to promote to clients. At the Annual General Meeting of Shareholders, the Board of Directors will propose that, for the fi nancial year 2010, Nordea 1, SICAV pay the following dividends: • DKK 5.8619 to holders of AI-Shares in Nordea 1 – Danish Mortgage Bond Fund • DKK 4.3348 to holders of AP-Shares in Nordea 1 – Danish Mortgage Bond Fund • DKK 5.4991 to holders of HAI-Shares in Nordea 1 – Danish Mortgage Bond Fund • EUR 0.1388 to holders of AI-Shares in Nordea 1 – Emerging Consumer Fund • EUR 0.0188 to holders of AP-Shares in Nordea 1 – European Alpha Fund • EUR 0.0531 to holders of AP-Shares in Nordea 1 – European Equity Fund • EUR 0.7962 to holders of AP-Shares in Nordea 1 – European High Yield Bond Fund • EUR 2.1628 to holders of AP-Shares in Nordea 1 – European Small and Mid Cap Equity Fund • EUR 0.0640 to holders of AP-Shares in Nordea 1 – European Value Fund • USD 0.0372 to holders of AP-Shares in Nordea 1 – Far Eastern Equity Fund • EUR 0.2406 to holders of AP-Shares in Nordea 1 – Global Bond Fund • EUR 0.0812 to holders of AP-Shares in Nordea 1 – Global Stable Equity Fund • EUR 0.0153 to holders of AP-Shares in Nordea 1 – Global Value Fund • EUR 0.1778 to holders of AP-Shares in Nordea 1 – Nordic Equity Fund • EUR 0.1044 to holders of AP-Shares in Nordea 1 – Stable Return Fund • USD 0.7906 to holders of AI-Shares in Nordea 1 – US High Yield Bond Fund Finally, the Board would like to thank all staff and other stakeholders involved in the management of Nordea 1, SICAV for their dedicated support in 2010. In this spirit of commitment and motivation, the Board looks forward to continue to serve investors the best way possible. 28 February 2011 André Roelants 2 Nordea 1, SICAV - Audited Annual Report 2010 Report of the Investment Manager Global fi nancial markets ended 2010 on a strong note. Nevertheless, the European fi nancial turmoil prompted by the Eurozone sovereign debt crisis, uncertainties of a relapse in the recovery of the US economy and additional stimulatory monetary policy by the US Federal Reserve drove the markets throughout the year. Within the Company’s product range, the majority of the sub funds have shown evidence of signifi cant increases in net asset value. On the whole, AuM for the sub funds that constitute the Company almost doubled during the year. The Nordea 1 – European Value Fund whose AuM amounted to EUR 1,020 million as of end of December 2010, remained consistent to its philosophy and yielded a positive absolute return of 22.82 % (BP–EUR share class) for the year. Following in last year’s footstep, the Nordea 1 – North American Value Fund continued its positive upward trend and posted a performance of 16.13% (BP–USD share class) in 2010. Amongst the non-Value equity sub funds, all recorded solid positive performances with the Nordea 1 – Emerging Consumer Fund, Nordea 1 – European Alpha and Nordea 1 – Nordic Equity Fund worth mentioning. The Nordea 1 – Emerging Consumer Fund concentrates on the so called “emerging consumer”, a class of consumers rising from the global trend of urbanisation. The sub fund invests in a selection of global players and domestic companies in the emerging markets, which are best positioned to benefi t from the demand of this strongly growing class. The sub fund caught investors’ attention during the year and evidenced a spectacular growth in AuM: from EUR 21.7 million at end-2009 to EUR 458.1 million at end-2010, while recording a positive absolute return of 19.50% (BP-EUR share class). The Nordea 1 – European Alpha Fund, which celebrated its 3 year anniversary in November, crossed the 2010 fi nish line with a return of 23.56% (BP-EUR share class) and outperformed its index, the MSCI Europe – Net Return Index by more than 11.6%. Benefi ting from its high conviction sector driven approach, which invests in European companies that have a global reach, the sub fund was the best relative performing equity fund in the umbrella. The MSCI Nordic – Net Return Index continued its upward trend, outperforming most major equity markets during the year. The Nordea 1 – Nordic Equity Fund recorded a solid positive performance of 33.04% in 2010. Besides delivering strong returns thanks to good stock picking, the sub fund gained from being invested in Nordic companies that have a good mix of exposure to strong domestic markets and fast growing economies in emerging markets.
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