# How Nordea invests in Nordic equities
Essentially, the fund’s investment approach involves a funda- mental “bottom-up” process focusing on internal research. We proudly classify ourselves as active managers, supported
by academic studies and empirical findings. In order to maxim- ise the return on our in-depth research and to minimise unde- sirable transaction costs we run portfolios with a high active share and a long-term investment horizon.
We believe long-term sustainable outperformance is built on the strength of a best-in class infrastructure, a clear process and an investment philosophy which we thoroughly follow. We are running a concentrated portfolio with an active share of around 60 – 80%, with a focus on fundamental bottom-up research and preference for quality companies with a strong cash flow generation.
To maximise returns on our rigorous research, built on a strong local presence, we aim to have a 3 – 5 year holding period. Through this approach an investor should expect an outper- formance after fees over a 3 and 5 year rolling basis but also acknowledge that periods of weak returns will occur from time to time.
Nordea is the leading financial services group in the Nordic region with a wide range of corporate relationships. We can leverage our strong market position, both when developing competitive insights about industries and companies in the region. When researching for Nordic companies our critical mass gives us a clear advantage.
- 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 your investment can go up and down, and you could lose some or all of your invested money.

| Norway |  |
| --- | --- |
| Natural resources Petroleum, copper, natural gas, pyrites, nickel, iron ore, zinc, lead, fish, timber and hydropower |  |
| Major industries More cyclical due to large exposure towards energy and materials |  |

| Sweden |
| --- |
| Natural resources Zinc, iron ore, lead, copper, silver, tim- ber, uranium and hydropower |
| Major industries Dominated by industrial and financial sector, health care and IT |

| Denmark |
| --- |
| Natural resources Petroleum, natural gas, fish, salt, lime- stone, stone, gravel and sand |
| Major industries Transportation sector, health care, financials and consumer goods |

Investor profile
- Having a long-term investment horizon: the fund is not designed for investors pursuing short-term relative outperformance; at least 5 years is required in order to fully reap the benefits of our approach
- This sub-fund is suitable for the investor who is prepared to take risks associated with investments in the stock markets in order to maximise returns
- Thus, the investor should have experience with volatile products and be able to acknowledge that (significant) temporary losses may occur within the investment horizon

| Nordea 1 – Nordic Equity Fund |
| --- |
| Fund manager | Nordic ,  Finnish and Swedish Equities Team |
| Fund domicile | Luxembourg |
| ISIN codes* | LU0064675639 (BP-EUR) LU0335102843 (BI-EUR) 3 |
| Annual management fees		1.50% p.a. (BP-EUR) 0.85% p.a. (BI-EUR) 3 |
| Base currency | EUR |
| Reference index | MSCI Nordic 10/40 Index (Net Dividends Reinvested) |
| Launch dates | 04.05.1992 (BP-EUR) 02.01.2008 (BI-EUR) 3 |

| Risks |
| --- |
| Please be aware that there are risks associated with investing in this sub-fund, amongst others in: Derivatives. For further details, please refer to the Key Investor Information Document, which is available as described in the disclaimer at the end of this document. |

*Other share classes may be available in your jurisdiction. 3) BI-EUR share class: only for distribution towards institutional clients. Minimum invest- ment amount: EUR 75,000 (or the equivalent).
The sub-funds mentioned are part of Nordea 1, SICAV, an open-ended Luxembourg-based investment company (Société d’Investissement à Capital Variable), validly formed and existing in accordance with the laws of Luxembourg and with European Council Directive 2009/65/EC of 13 July 2009. This document is advertising material and does not disclose all relevant information concerning the presented sub-funds. Any investment decision in the sub-funds should be made on the basis of the current prospectus and the Key Investor Information Document (KIID), which are available, along with the current annual and semi-annual reports, electronically in English and in the local language of the market where the men- tioned SICAV is authorised for distribution, without charge upon request from Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg, from the local representatives or information agents, or from our distributors as well as on www.nordea.lu. Investments in derivative and foreign exchange transactions may be subject to significant fluctuations which may affect the value of an investment. Investments in Emerging Markets involve a higher element of risk. The value of your investment can go up and down, and you could lose some or all of your invested money. Investments in equity and debt instruments issued by banks could bear the risk of being subject to the bail-in mecha- nism (meaning that equity and debt instruments could be written down in order to ensure that most unsecured creditors of an institution bear appropriate losses) as foreseen in EU Directive 2014/59/EU. For further details of investment risks associated with these sub-funds, please refer to the relevant Key Investor Information Document (KIID), available as described above. The investment promoted concerns the acquisition of units or shares in a sub-fund, not in any given underlying asset such as shares of a company, as these are only the underlying assets owned by the fund. Nordea Investment Funds S.A. has decided to bear the cost for research, i.e. such cost is covered by existing fee arrangements (Management-/Administration-Fee). Nordea Investment Funds S.A. only publishes product-related information and does not make any investment recommendations. A summary of investor rights is available in English through the following link: https://www.nordea.lu/documents/engage-ment-policy/EP_eng_INT.pdf/. Nordea Investment Funds S.A. may decide to terminate the arrangements made for the marketing of its sub-funds in any respective EU-country of distribution in accordance with Article 93a of Directive 2009/65/EC. Published by Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg, which is authorized by the Commission de Surveillance du Secteur Financier in Luxembourg. Further information can be obtained from your financial advisor. He/she can advise you independently of Nordea Investment Funds S.A. Please note that all sub funds and share classes might not be available in your country of jurisdiction. Additional information for investors in Swit- zerland: The Swiss Representative and Paying Agent is BNP Paribas Securities Services, Paris, Succursale de Zurich; Legal successor (expected merger date: on or around 1 October 2022): BNP Paribas, Paris, Zurich branch, Selnaustrasse 16, 8002 Zurich, Switzerland. Additional information for investors in Germany: The Information Agent in Germany is Société Générale S.A. Frankfurt Branch, Neue Mainzer Straße 46-50, 60311 Frank- furt am Main, Germany. A hard copy of the above-mentioned fund documentation is also available here. Additional information for investors in Austria:The Facility Agent in Austria is Erste Bank der österreichischen Sparkassen AG, Am Belvedere 1, 1100 Vienna, Austria. Additional informa- tion for investors in the Netherlands: Nordea 1, SICAV is a Luxembourg Undertaking for Collective Investment in Transferable Securities (UCITS) registered in the Netherlands in the register kept by the AFM, and as such is allowed to offer its shares in the Netherlands. The AFM register can be consulted via www.afm.nl/register. Additional information for investors in France: With the authorisation of the AMF the shares of the sub-funds of Nordea 1, SICAV may be distributed in France. Centralising Correspondent in France is CACEIS Bank, located at 89-91 rue Gabriel Peri, 92120 Montrouge, France. Investors are advised to conduct thorough research before making any investment decision. Additional information for investors in Belgium: The Nordea 1, SICAV is registered in Belgium. Financial Service Agent responsibilities have been assumed by Nordea Invest- ment Funds S.A.A hard copy of the above-mentioned fund documentation is available upon demand free of charge from the management compa- ny Nordea Investment Funds S.A. (562, rue de Neudorf, L-2017 Luxembourg, Grand Duchy of Luxembourg) or on the website: www.nordea.be. Ad- ditional information for investors in Spain: Nordea 1, SICAV is duly registered in the CNMV official registry of foreign collective investment institutions (entry no. 340) as authorised to be marketed to the public in Spain. The Depositary of the SICAV’s assets is, J.P. Morgan Bank Luxem- bourg S.A. In Spain, any investment must be made through the authorised distributors and on the basis of the information contained in the manda- tory documentation that must be received from the SICAV’s authorised distributor prior to any subscription. The Representative Agent is Allfunds Bank S.A.U., C/ de los Padres Dominicos, 7, 28050 Madrid, Spain. A complete list of the authorised distributors is available in the CNMV’s webpage (www.cnmv.es). Additional information for investors in Portugal: The Management Company of the SICAV, Nordea Investment Funds S.A., and the Depositary of the SICAV’s assets, J.P. Morgan Bank Luxembourg S.A., are validly formed and existing in accordance with the laws of Luxembourg and authorized by the Commission de Surveillance du Secteur Financier in Luxembourg. The Paying Agent in Portugal is BEST - Banco Electrónico de Serviço Total, S.A., duly incorporated under the laws of Portugal and registered with the CMVM as a financial intermediary. Additional informa- tion for investors in Italy: Fund documentation as listed above is also available in Italy from the distributors and on the website www.nordea.it. The updated list of distribution agents in Italy, grouped by homogenous category, is available from the distributors themselves or from the Paying Agents: State Street Bank International GmbH – Succursale Italia, Allfunds Bank S.A.U. – Succursale di Milano, Société Générale Securities Services S.p.A., Banca Sella Holding S.p.A, Banca Monte dei Paschi di Siena S.p.A., CACEIS Bank S.A.,Italian Branch and on the website www.nordea.it. Any requests for additional information should be sent to the distributors. Before investing, please read the prospectus and the KIID carefully. We recommend that you read the most recent annual financial statement in order to be better informed about the fund’s investment policy. The pro- spectus and KIID for the sub-funds have been published with Consob. For the risk profile of the mentioned sub-funds, please refer to the fund prospectus. Additional information for investors in the United Kingdom: The Facilities Agent is FE Fundinfo (UK) Limited., 3rd Floor, Hollywood House, Church Street East, Woking GU21 6HJ, United Kingdom. Additional information for investors in Ireland: The Facilities Agent is Maples Fund Services (Ireland) Limited, 32 Molesworth Street, D02 Y512 Dublin 2, Ireland. Additional information for investors in Sweden: The Paying Agent is Nordea Bank Abp, Swedish Branch, Smålandsgatan 17, 105 71 Stockholm, Sweden. Additional information for investors in Denmark: The Representative Agent is Nordea Danmark, Filial af Nordea Bank Abp, Finland, Grønjordsvej 10, Postbox 850 0900 CopenhagenC, Denmark. A hard copy of the above-mentioned fund documentation is available here. Additional information for investors in Norway: The Nordea 1, SICAV is reg- istered in Norway. Additional information for investors in Finland: The Nordea 1, SICAV is registered in Finland. Additional information for inves- tors in Latvia: The Representative Agent is Luminor Bank AS, 62 Skanstes iela 12, 1013 Riga, Latvia. Additional information for investors in Esto- nia: The Representative Agent in Estonia is Luminor Bank AS, Liivalaia 45, 10145 Tallinn, Estonia. Additional information for investors in Lithuania: The Representative Agent in Lithuania is Luminor Bank AB, Konstitucijos pr. 21 A, 03601 Vilnius, Lithuania. Shareholders must evaluate possible investment risks and take this into consideration when making investment decisions.Additional information for investors in Brazil: This is a strict- ly privileged and confidential document for the purposes of a potential investment in foreign securities on a one-on-one basis with potential inves- tors with a pre-existing relationship with Nordea Investment Funds S.A. This document contains information addressed only to a specific individual and is not intended for distribution to, or use by, any other person. This document (i) is provided for informational purposes only, (ii) should not be construed in any manner as any solicitation or offer to buy or sell any securities or any related financial instruments, (iii) should not be construed in any manner as a public offer of any securities or any related financial instruments, and (iv) and will be addressed to a potential investor with restrict access of information. Neither Nordea Investment Funds S.A. nor Nordea 1, SICAV have been, and will not be, registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários - CVM). Nordea 1, SICAV must not be offered or sold in Brazil except in circumstances which do not constitute a public offering or distribution under Brazilian laws and regulations. Any public offering, placement or distribution, as defined under Brazilian laws and regulations, of securities in Brazil, is not legal without prior registration under Law No. 6,385 of December 7, 1976, as amended. Documents relating to the offering of the Nordea 1, SICAV, as well as information contained therein, must not be supplied to the general public in Brazil (as the offering of the Nordea 1, SICAV is not a public offering of securities in Brazil) or used in connection with any offer for subscription or sale of the Nordea 1, SICAV to the general public in Brazil. Investors within Brazil should consult with their own counsel as to the applicability of these laws and regulations or any exemption there from. Additional information for investors in Canada: For further information please refer to the Canadian Information Statement, Canadian Marketing Legend and Notification to Canadian Clients. Source (unless otherwise stated): Nordea Investment Funds S.A. Unless otherwise stated, all views expressed are those of Nordea Investment Funds S.A. This document may not be repro- duced or circulated without prior permission and must not be passed to private investors. This document contains information only intended for professional investors and financial advisers and is not intended for general publication. Reference to companies or other investments men- tioned within this document should not be construed as a recommendation to the investor to buy or sell the same but is included for the purpose of illustration. The level of tax benefits and liabilities will depend on individual circumstances and may be subject to change in the future.

Translation (ENES, 2021-03-31):
# Cómo invierte Nordea en valores nórdicos
El enfoque del fondo consiste básicamente en aplicar un proceso de inversión “bottom-up” centrado en la investigación interna. Nos enorgullecemos de ser gestores activos y de que nuestro enfoque esté sustentado por estudios académicos y descubri- mientos empíricos. Con el objetivo de maximizar los retornos de nuestro profundo análisis y para minimizar los poco deseables costes transaccionales, gestionamos nuestras carteras con un alto nivel de “active share” y un horizonte a largo plazo.
Creemos que las claves para generar rentabilidades sostenibles por encima de mercado son: respetar nuestra filosofía de inver- sión, definir y seguir un proceso de manera clara y contar con medios técnicos de primer nivel. Gestionamos una cartera con- cetrada con un “active share” del 60 – 80 %, construida a partir de un análisis fundamenal “bottom-up” que prima empresas de alta calidad, capaces de generar sólidos flujos de caja.
Para maximizar el retorno de nuestro disciplinado enfoque que se apoya en una fuerte presencia local, nuestro objetivo es man- tener los valores en cartera por un período de entre 3 y 5 años. De esta manera, la expectativa de generar una rentabilidad neta
- La rentabilidad presentada es histórica. Las rentabilidades pasadas no constituyen un indicador fiable de los resultados futuros, y los inversores podrían no recuperar la totalidad del importe invertido. El valor de su inver- sión puede aumentar o disminuir, y usted podría perder la totalidad o una parte del capital invertido.

anual superior a la del mercado, está enmarcada dentro de este horizonte de inversión.
Nordea es el grupo de servicios financieros líder de la región nórdica con un gran número de relaciones corporativas. Nuestra sólida posición de mercado resulta una clara ventaja a la hora
de desarrollar nuevos conocimientos sobre el panorama com- petitivo en diferentes industrias dentro de la región. A la hora de investigar sobre empresas nórdicas, nuestro tamaño crítico nos resulta ventajoso.
| Noruega |  |
| --- | --- |
| Recursos naturales Petróleo, cobre, gas natural, pirita, níquel, mineral de hierro, zinc, plomo, recursos pesqueros, madera y energía hidroeléctrica |  |
| Principales industrias Más cíclicas debido a la gran exposi- ción a la energía y las materias primas |  |

| Suecia |
| --- |
| Recursos naturales Zinc, mineral de hierro, plomo, cobre, plata, madera, uranio y energía hidroeléctrica |
| Principales industrias Dominada por el sector industrial y financiero, atención sanitaria y TI |

| Dinamarca |
| --- |
| Recursos naturales Petróleo, gas natural, recursos pesqueros, sal, piedra caliza, piedra, grava y arena |
| Principales industrias Sector del transporte, atención sanitaria, servicios financieros y bienes de consumo |

| Finlandia |
| --- |
| Recursos naturales Madera, cobre, zinc, mineral de hierro y plata |
| Principales industrias Telecomunicaciones, TI, industria y materias primas |

Perfil del inversor
- Horizonte de inversión a largo plazo: el fondo no está diseñado para inversores que busquen altas rentabilidades relativas a corto plazo; se requiere un horizonte de inversión de al menos 5 años para aprovechar de una forma plena los beneficios de nuestro enfoque
- Este subfondo es adecuado para inversores capaces de asumir riesgos más elevados asociados a inversiones en mercados de valores dirigidas a maximizar la rentabilidad
- Así pues, el inversor debe tener experiencia en productos volátiles y ser capaz de aceptar pérdidas temporales significativas dentro del horizonte temporal de inversiónFP_NOEF_spa_INT

| Nordea 1 – Nordic Equity Fund |
| --- |
| Gestor del fondo | Nordic, Finnish and Swedish Equities Team |
| Domicilio del fondo | Luxemburgo |
| Códigos ISIN* | LU0064675639 (BP-EUR) LU0335102843 (BI-EUR) 3 |
| Comisiones de gestión anuales		1,50 % p.a. (BP-EUR) 0,85 % p.a. (BI-EUR) 3 |
| Moneda de base | EUR |
| Índice de referencia | MSCI Nordic 10/40 Index (Net Dividends Reinvested) |
| Fechas de lanzamiento | 04.05.1992 (BP-EUR) 02.01.2008 (BI-EUR) 3 |

| Riesgos |
| --- |
| Tenga en cuenta que existen riesgos asociados con la inversión en este subfondo, algunos de los cuales son: Riesgo de derivados. Para obtener más información, Riesgo vinculado a los certificados de depósito, consulte el Documento de Datos Fundamentales para el Inversor, el cual se describe en la declaración de exención de responsabilidad, al final del documento. |

*Otras clases de acciones pueden estar disponibles en su territorio. 3) Clases de acciones BI-EUR sólo para su distribución entre clientes institucionales. Cantidad mínima de inversión: 75.000 euros (o cantidad equivalente).
Los subfondos citados forman parte de la SICAV Nordea 1, una sociedad de inversión colectiva de capital variable luxemburguesa (Société d’Investissement à Capital Variable) constituida y debidamente autorizada conforme a las leyes de Luxemburgo, de acuerdo con lo establecido en la Directiva Europea 2009/65/CE del 13 de julio de 2009. El presente documento es material publicitario y no divulga toda la información relevante relativa a los subfondos. Cualquier decisión de inversión en los subfondos deberá realizarse sobre la base de la información contenida en el último folleto informativo y del Documento de Datos Fundamentales para el Inversor (KIID) actualizado, que se pueden solicitar de forma gratuita, junto con el último informe anual y semestral, en versión electrónica en inglés y en el idioma del país en el que la citada SICAV se encuentra autorizada para su distribución, a Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg o en la dirección de cada uno de los distribuidores autorizados de la SICAV. Inversiones en instrumentos derivados y operaciones que lleven aparejadas un cambio de divisa, pueden verse sometidas a fluctuaciones en las cotizaciones que pueden influir en el valor de una inversión. Las inversiones realizadas en mercados emergentes implican un mayor elemento de riesgo. El valor de las acciones no está asegurado y puede variar sustancialmente como resultado de la política de inversión del subfondo. Las inversiones en instrumentos de capital y de deuda emitidos por bancos corren el riesgo de estar sujetas al mecanismo de bail-in, como previsto por la Directiva Europea 2014/59/UE (lo que significa que los instrumentos de capital y de deuda podrían ser amortizados, asegurando pérdidas apropiadas por los acreedores no-garantizados de la entidad). Para más información sobre los riesgos asociados a estos subfondos, por favor consulte el Documento de Datos Fundamentales para el Inversor (KIID), disponible tal y como se describe anteriormente. Debe sopesar detenidamente si la inversión es o no adecuada para usted. Nordea Investment Funds S.A. ha decidido asumir los costes de análisis externo, lo que implica que dichos costes pasarán a estar cubiertos por las comisiones ya existentes (Comisiones de Gestión y/o Administración). Nordea proporciona únicamente informaciones sobre sus productos y no emite recomendaciones de inversión fundadas en circunstancias específicas. Publicado por Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxemburgo, autorizada por la Commission de Surveillance du Secteur Financier en Luxemburgo. Para más información consulte a su asesor financiero que le podrá aconsejar de manera independiente de Nordea Investment Funds S.A. Tenga en cuenta que todos los subfondos y clases de acciones pueden no estar disponibles en su jurisdicción. Información adicional para Chile: Fecha de inicio de la oferta: 31.03.2021 (i) La presente oferta se acoge a la Norma de Carácter General N° 336 de la Comisión para el Mercado Financiero de Chile. (ii) La presente oferta versa sobre valores no inscritos en el Registro de Valores o en el Registro de Valores Extranjeros que lleva la Comisión para el Mercado Financiero, por lo que los valores sobre los cuales ésta versa, no están sujetos a su fiscalización; (iii) Por tratarse de valores no inscritos, no existe la obligación por parte del emisor de entregar en Chile información pública respecto de estos valores; y (iv) Estos valores no podrán ser objeto de oferta pública mientras no sean inscritos en el Registro de Valores correspondiente. Información adi- cional para España: Los subfondos mencionados están debidamente inscritos en el registro oficial de la CNMV para las sociedades de inversión colectiva extranjera (entrada n.º 340) y están autorizados para la comercialización de sus productos en España. Se puede consultar una lista completa de distribuidores autorizados en la página web de la CNMV (www.cnmv.es). La entidad depositaria de los activos de la SICAV es J.P. Morgan Bank Luxembourg S.A. El agente representativo es Allfunds Bank S.A.U., C/ de los Padres Dominicos, 7, 28050 Madrid, España. Fuente (salvo indicación diversa): Nordea Investment Funds S.A. A menos que se estipule lo contrario, todas las opiniones aquí expresadas constituyen las de Nordea Investment Funds S.A. El presente documento está dirigido a inversores profesionales y, en ningún caso, podrá reproducirse ni divulgarse sin consentimiento previo y no podrá facilitarse a inversores privados. Las referencias a sociedades u otras inversiones mencionadas en el presente documento no podrán considerarse como una recomendación al inversor para comprar o vender, y sólo se incluyen a título informativo. El nivel de beneficios y cargas fiscales depende de las circunstancias de cada individuo y puede cambiar en el futuro.