25 May, 2020 Nordea 1 - European Value Fund BP - EUR This fund is managed by Nordea Investment Funds S.A. EFC Classification Equity Advanced Europe Price +/- Date 52wk range 44.57 EUR -0.41 22/05/2020 37.59 63.53 Issuer Profile Administrator Nordea Investment Funds S.A. The fund seeks to provide durable positive absolute returns by applying a disciplined Address 562, Rue de Neudorf 2220 value style approach. The managers consider themselves as business rather than stock market investors. Their approach concentrates on long-term investment and not on City Luxembourg market specific factors and short-term phenomena. This means focussing on selecting Tel/Fax + 352 43 39 50-1 businesses that will offer upside potential with limited downside risk. The belief that Website www.nordea.lu certain businesses have a greater earning power forms the basis of this process. Earning power is defined as a company‘s ability to generate substantial discretionary free cash flow over a sustained period of time. The managers believe that only in this way can a General Information company generate wealth for its shareholders, and provide long-term capital ISIN LU0064319337 appreciation. Investments are made on a business by business basis, irrespective of Fund Type Capitalization market capitalisation, sector or industry, and only when share prices represent a Quote Frequency daily significant discount to the intrinsic value of the business. Quote Currency EUR Currency EUR Chart 5 year Foundation Date 15/09/1989 Fund Manager Tom Stubbe Olsen Legal Type Investment company according to Luxembourg law 65 UCITS Yes Financial Year End 31/12/2019 60 Fund size 311,818,574.97 EUR Minimal Order 0.00 EUR 55 Costs 50 Entry fee 5.00 % Exit fee 0.00 % 45 Operation costs 1.50 % Ongoing charges 1.85 % 40 35 2016 2017 2018 2019 2020 vwdgroup: 38 Days 200 Days Fund Returns 2015 2016 2017 2018 2019 2020 Returns 13.40 3.93 10.30 -15.12 15.25 -27.62 Category Average 13.50 0.80 10.14 -11.39 25.55 -16.43 Category Ranking 621 / 1426 380 / 1872 1032 / 2071 1848 / 2291 2575 / 2825 2732 / 3038 40 20 s e u l 0 a V -20 -40 2015 2016 2017 2018 2019 2020 Returns Category Average Fund Ratios (end previous month) Timing YTD 1 month 6 months 1 year 3 year 5 year Performance Nordea 1 - European Value Fund BP - EUR -25.22 % 10.72 % -19.46 % -27.29 % -9.28 % -4.56 % Volatility Nordea 1 - European Value Fund BP - EUR 28.80 % 19.87 % 17.26 % 25 May, 2020 Nordea 1 - European Value Fund BP - EUR This fund is managed by Nordea Investment Funds S.A. EFC Classification Equity Advanced Europe Price +/- Date 52wk range 44.57 EUR -0.41 22/05/2020 37.59 63.53 Participations (30/04/2020) Landis Group Novo-Nordisk -B- Landis Group Royal Dutch Shell -A- Participation Percentage Novo-Nordisk -B- Novo-Nordisk -B- 7.30 % Royal Dutch Shell -A- Sap Se 6.37 % Stabilus SA 5.13 % Ericsson B Sap Se CORE LABORATORIES N.V. 4.79 % Ericsson B Weir Group Plc 4.23 % Sap Se Publicis Groupe SA 4.15 % Hunting PLC 4.14 % Hunting PLC Ericsson B 4.09 % Hunting PLC Royal Dutch Shell -A- 3.93 % Stabilus SA Landis Group 3.85 % Publicis Groupe SA Stabilus SA Publicis Groupe SA Weir Group Plc CORE LABORATORIES N.V. Weir Group Plc CORE LABORATORIES N.V. Geographical composition (30/04/2020) Italy Sweden Italy Germany Sweden Country Percentage Germany Germany 22.96 % United States of America United Kingdom 17.46 % United States of America Other 11.18 % Denmark 10.23 % France Switzerland 9.39 % France 8.09 % France United States of America 7.94 % United Kingdom Sweden 7.21 % Switzerland Italy 5.54 % United Kingdom Switzerland Denmark Other Denmark Other Sector composition (30/04/2020) Materials Financials Materials Energy Telecommunication Services Financials Energy Consumer Staples Telecommunication Services Other Consumer Staples Other Sector Percentage Health Care Energy 21.13 % Health Care Information Technology 17.12 % Information Technology Consumer Discretionary 17.07 % Industrials 15.41 % Information Technology Health Care 9.54 % Industrials Other 6.11 % Industrials Consumer Staples 5.58 % Consumer Discretionary Telecommunication Services 4.15 % Consumer Discretionary Financials 2.06 % Materials 1.84 % .