Baltic Equity Fund G
Emerging market equity funds
|Assets under management (milj.) (22-05-2013)||17,905,041.59|
|Minimum investment||500 EUR or 30 EUR/month|
|TER 2012||2,40 %|
|Performance based management fee||No|
|Fund management company||-|
|Distribution of income||No|
|Benchmark Index||OMX Baltic Benchmark Cap Gross Index (unofficial)|
OMX Baltic Benchmark Cap Gross Index (unofficial)
Danske Capital AS
|Danske Invest Baltic Equity is intended for investors who are looking for an investment solution on the Baltic emerging equity markets that is profitable, professionally managed and well-diversified. The fund is well-suited, for long-term investment, to experienced investors who can accept even substantial changes in the value of the fund from time to time. Due to its higher risk level than that of a normal mutual fund, the fund is recommended only as a small part of a diversified investment portfolio. The recommended investment horizon in the fund is more than five years.
The assets of Danske Invest Baltic Equity are invested in a diversified manner mainly in publicly traded equities whose issuer is a Baltic company, or a company operating in or listed in the Baltic region, or a company that is highly dependent on the economies of the Baltic region. The general performance of the Baltic emerging equity markets is reflected in the value of the fund.
|Portfolio manager review
In April the Baltic market was down by 1.4%. Lithuania was up by 0.6%, Estonia was down by 1.0% and Latvia was down by 3.1%.
Swedbank was one of the best performing stocks in April up by 7.6% due to the better than expected results. Estonian utility company Tallinna Vesi posted good Q1 results and proposed a dividend of EUR 0.87, equal to a yield of 8.1% , stock was up by 5.8% during the month. Tallink proposed a dividend of EUR 0.05, equal to a yield of 5.1%. Estonian construction company Merko Ehitus proposed a dividend of EUR 0.30, equal to a yield of 4.2%, above than expected. Retail companies Tallinna Kaubamaja and Apranga posted weaker than expected Q1 2013 results, especially on profitability level, mainly due to the cold weather and higher costs.
Lithuanian GDP grew by 3.4% in Q1 y-o-y. Fitch rating agency has upgraded its long-term rating on Lithuania to BBB+ from BBB, with the outlook stable. In March retail sales continued to show high growth rates in all three Baltic states y-o-y with +8.8% in Latvia, +7% in Estonia and +4.6% in Lithuania.
|Major holdings 30-04-2013|
|Tallink Group AS||8.03%|
|Linas Agro Group||6.60%|
|Olympic Entertainment Group AS||4.43%|
|Swedbank AB A||4.17%|
|Merko Ehitus AS (EUR)||4.00%|
|AS Tallinna Vesi||3.94%|
|Sector allocation/asset allocation 30-04-2013|
|Country allocation 30-04-2013|
Key figures 17-05-2013
This Fund Review is not an invitation to subscribe or redeem Fund units. Even though the aim has been to give reliable information, Danske Bank and Danske Invest Fund Management Ltd guarantees neither the completeness nor correctness of the information contained in this Fund review nor shall be held liable for any errors or omissions in the information contained therein. Past mutual fund performance is no guarantee of future returns. The return and interest expectations used in the review are not intended to be perceived as promises of future returns or interest. Investment always involves fluctuation in value – the value of an investment may either rise or fall and customers are therefore at risk of losing assets invested in a mutual fund. There is no guarantee of actual returns or that the performance of the investment will be in accordance with the expected returns or always positive. Before making an investment decision, customers should always familiarise themselves with the characteristics, expenses and risks of the mutual funds which are outlined in the key investor information documents, fund regulations and price list of mutual funds, for example.
Danske Bank Oyj, Registered address and domicile, Hiililaiturinkuja 2, 00075 DANSKE BANK, Helsinki, Business Identity Code 1730744-7.