Monthly report as of July 31, 2018

SEB Nordic Fund

Past performance does not guarantee future performance. The value of investment funds and other financial instruments may rise as well as fall and there is no guarantee you will recover your original investment. Key investor information documents and prospectuses are available on www.sebgroup.lu/funds.

The Nordic stock markets showed positive development in July, driven by relatively strong reports, even though the reporting period was characterised by significant upward and downward price movements. The Stockholm Stock Exchange rose by 3.6 per cent, the Norwegian by 2.0 per cent, the Finnish by 1.6 per cent, and the stock exchange in Denmark rose most of all, by 5.7 per cent. Statistics from the USA showed that both industrial production and employment were better than expected. Europe too reported data that exceeded expectations, even though growth in GDP did not reflect the same strength. Among the Nordic sectors, among others pharmaceuticals, financials and industrials rose, while raw materials fell.

The fund rose during the month, but performed worse than its benchmark index. The holdings in Investor, Volvo and Saab made the most positive contributions to the fund’s performance. Volvo produced a quarterly report that beat expectations, with the profit margin for the Trucks Division standing out on the positive side. Among holdings that performed less positively, Stora Enso, Danske Bank and Tomra showed the most negative development. Stora Enso’s report for the second quarter failed to meet the expectations of analysts, primarily because the Consumer Board Division performed less well. There is also a risk that costs of timber will rise as a consequence of this summer’s forest fires, which also had an impact on the stock price. Danske Bank reported lower earnings than expected as a consequence of lower income and higher expenses, which caused the stock price to fall. No new holdings were added to the fund during the month, although the holdings in ABB, Valmet and Volvo were increased. Netcompany was sold off in full, while the positions in Essity and Wilh. Wilhelmsen Holding were reduced.

An escalating trade war, together with fears of continued rising interest rates, are currently the greatest factors behind the stock exchange unrest, even though the previous ultra-low interest rate level is hardly expected to remain in place. In view of the relatively low level of interest rates, and companies’ strong balance sheets and profit trends, we still find reasonable valuation support for Nordic equities. Our long-term strategy is to continue to hold stock in what we consider to be reasonably valued companies with sound balance sheets and the ability, on their own merit, to deliver good returns in relation to the risk taken in a changing world.

Performance % (net of fee)

Source: SEB and Rimes. Inflation is not taken into account when calculating the fund's return.

VINX Benchmark Cap (Net Return)

SEB Nordic Fund

% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD YTD Index

2018 2.05 -1.88 -2.68 0.80 3.13 -1.09 2.59 - - - - - 2.80 5.21

2017 2.78 -0.03 1.02 4.37 0.93 -0.53 -0.07 1.36 3.95 1.20 -4.55 0.99 11.70 10.41

2016 -6.80 0.23 1.03 1.95 1.69 -5.23 3.79 1.99 0.17 -0.03 -0.09 5.69 3.77 2.91

2015 7.99 7.69 3.82 -0.72 2.24 -4.72 2.32 -6.85 -3.17 6.05 5.75 -3.34 16.83 15.41

2014 -1.19 6.67 2.38 2.31 3.36 -0.16 -1.58 2.28 1.33 -1.49 1.54 -0.68 15.46 9.62

2013 - - - - - - - -1.04 5.10 3.20 1.54 2.00 11.17 9.36

Fund Manager Tommi Saukkoriipi SEB Investment Management

AB

Year of launch 1988

Value at launch (EUR)

1.0

Fund Management Company

SEB Investment Management AB

Risk Level (SRRI-scale 1-7)

6 - High Risk1

ISIN-code LU0030165871

Base Currency EUR

Share Class EUR2

NAV 13.23

AuM 2 020

Number of Holdings

45

Legal Structure UCITS

Morningstar rating (3 years), (2018-07-31)

****

Turnover Ratio 0.343

Use of derivatives 4

Management Fee (%)

1.30

Ongoing Charges 1.37%5

1 The value of the fund may vary substantially because of its composition and the portfolio management methods applied by the management company.

2 When applicable, dividends are paid in cash the subsequent fiscal year.

312 months rolling, last updated 2018-07-31.

4 Derivatives may be used to achieve the investment objectives and to facilitate fund management.

5 The ongoing charges includes the management fee amd constitutes payment for fund management, including marketing and distribution. The ongoing charges does not include transaction costs such as brokerage commissions on securities transactions. Last updated 2018-07-31

Return % EUR

Accumulated since Fund Benchmark*

1 month 2.6 4.0

3 months 4.7 5.3

Year to date 2.8 5.2

1 year 5.7 6.2

3 years 16.5 16.4

5 years 78.7 65.4

Average annual growth

3 years 5.2 5.2

5 years 12.3 10.6

Key facts

* Benchmark including dividend

Performance attribution YTD % (gross of fee)

Fund Index Relative Allocation Effect

Selection Effect

Interaktion Effect

Total Effect

Consumer Discretionary -24.83 -8.60 -16.23 0.93 -1.22 1.00 0.71

Consumer Staples 31.21 12.34 18.87 -0.09 1.08 -0.17 0.83

Energy 26.03 33.11 -7.08 -0.54 -0.20 0.06 -0.68

Financials -3.83 -1.30 -2.53 -0.84 -0.46 -0.40 -1.70

Health Care -1.10 7.42 -8.51 -0.02 -1.11 0.26 -0.87

Industrials 6.54 1.36 5.18 -0.30 1.35 0.39 1.44

Information Technology 64.97 23.28 41.69 -0.96 2.34 -2.11 -0.73

Materials -3.20 0.92 -4.13 0.22 -0.38 0.16 0.01

Real Estate 0.00 12.22 -12.22 -0.16 0.00 0.00 -0.16

Telecommunication Services

0.00 11.18 -11.18 -0.22 0.00 0.00 -0.22

Utilities 0.00 27.82 -27.82 -0.34 0.00 0.00 -0.34

Not Defined - - - 0.04 0.00 0.00 0.04

Fund Total 3.53 5.21 -1.68 -2.28 1.41 -0.82 -1.68

Risk measures

Standard Deviation (Fund) 11.0%

Standard Deviation (Index) 10.7%

Tracking Error 3.3%

Sharpe Ratio 0.5

Information Ratio 0.0

Beta 1.0

Top 10 largest positions % of total

Investor AB 10.0

Novo Nordisk A/S 9.6

Danske Bank A/S 9.5

Volvo AB 6.4

DSV A/S 4.8

Tomra Systems ASA 4.3

Stora Enso OYJ 4.0

Swedbank AB 3.9

Valmet OYJ 3.5

DNB ASA 3.3

Sector allocation%

VINX Benchmark Cap (Net Return)SEB Nordic Fund

Sweden

Denmark

Finland

Norway

Other

Geographic allocation

Source: SEB

The fund's investment policy

This equity fund invests with focus on medium and large-sized companies in the Nordic region. The fund’s portfolio normally contains 40 to 70 holdings, although this can vary somewhat. We place great importance on our fundamental analysis which focuses on individual companies rather than macroeconomics. Consequently, our regular contact with the companies in which we invest is an essential part of our investment process. When we analyse companies, we look for qualities such as a strong market position, good finances and a proven ability to generate profitable growth. The investment strategy is otherwise diversified and therefore not limited to any particular sector. A minimum of 75 percent of the fund’s assets are invested in equities or equity-related instruments issued by companies in the European economic area, concentrating on the Nordic region. Since the fund invests in securities that are issued in other currencies than the base currency of the fund the return may be affected by changes in the exchange rates.

SEB Nordic Fund, 2018-07-31

Important information The contents of this report are primarily for an institutional target group. More information about the fund is available in the fund's product sheet on www.seb.se/fonder. The report contains a preliminary estimate of data for fund valuation and does not constitute the final values. For the final fund value, please refer to the fund’s annual and semi annual reports on www.seb.se/fonder. This material is prepared by SEB and contains general information regarding financial instruments marketed, sold or solicited by SEB. Neither this material nor the products described in it are intended for distribution or sale in the United States or to US persons, and any such distribution is not allowed. The offering of shares or units in the funds may also be restricted in other jurisdictions. This document may not be used to make an offer or solicitation with respect to the sale of shares or units where such an offer or solicitation is unlawful. Although the information in this material is based on sources deemed by SEB to be reliable, SEB assumes no liability whatsoever for incorrect or missing information or for any loss, damage or claim arising from the use of this material. If you or a fund invests in financial instruments denominated in a foreign currency, changes in currency exchange rates can affect the return on the investment. SEB makes no representation that funds whose share or unit classes aim at hedging the fund’s return from changes in currency exchange rates will succeed in achieving this. Any tax information in this material is based on regulations valid as per the date of this presentation and may be subject to change. Note that any tax information in this material is general. Kindly contact your SEB investment advisor for tax and investment advice appropriate for your situation. You are fully and solely responsible for your investment decision. This material is not intended for or suitable as the sole basis for investment decisions. Instead, you should base your decision on the information in the fund’s product documentation, including its fact sheet, Key Investor Information Document, fund regulations and prospectus. These are available on www.seb.se/fonder.