Baltic Equity Fund G Emerging market equity funds	Baltic Equity Fund G Commodity Fund D (non-UCITS) Commodity Fund G (non-UCITS) Contrarian Fund G Eliksir Fund of Hedge Funds G (non-UCITS) Gold Fund D (non-UCITS) Gold Fund G (non-UCITS) Neutral Fund D Neutral Fund G Real Estate Fund D Real Estate Fund G European Balanced Fund D European Balanced Fund G Golden Piggy Bank Fund G Navigator Fund D Navigator Fund G Europe Enhanced Index Fund D (non-UCITS) Europe Enhanced Index Fund G (non-UCITS) European Equity Fund D European Equity Fund G Finland Fund D Finland Fund G Finnish Equity Fund D Finnish Equity Fund G Finnish Institutional Equity Fund D Finnish Institutional Equity Fund G Japanese Equity Fund D Japanese Equity Fund G Nordic Opportunities Fund D Nordic Opportunities Fund G North America Equity Fund D North America Equity Fund G North-America Enhanced Index Fund D (non-UCITS) North-America Enhanced Index Fund G (non-UCITS) Bond Fund D Bond Fund G Emerging Markets Debt Fund D (non-UCITS) Emerging Markets Debt Fund G (non-UCITS) Euro Corporate Bond Fund D Euro Corporate Bond Fund G Euro Government Bond Index Fund D Euro Government Bond Index Fund G Euro High Yield Fund D Euro High Yield Fund G Government Bond Fund D Government Bond Fund G High Yield Fund D (non-UCITS) High Yield Fund G (non-UCITS) Institutional Bond Fund D Institutional Bond Fund G Reaalikorko Maailma Sustainability Bond Fund D Sustainability Bond Fund G Afrikka Arvo Russia Value Fund D Arvo Russia Value Fund G Baltic Equity Fund D Baltic Equity Fund G Black Sea Fund D Black Sea Fund G China Fund D China Fund G Eastern Europe Convergence Fund D Eastern Europe Convergence Fund G Emerging Asia Fund D Emerging Asia Fund G Emerging Markets Equity Fund D Emerging Markets Equity Fund G India Fund D India Fund G Latin America Fund D Latin America Fund G Russia Fund D Russia Fund G Russia Small Cap Fund D Russia Small Cap Fund G Trans-Balkan Fund D (non-UCITS) Trans-Balkan Fund G (non-UCITS) Money Market Fund D Money Market Fund G Institutional Liquidity Fund D Institutional Liquidity Fund G Institutional Liquidity Plus Fund D Institutional Liquidity Plus Fund G Liquidity Fund D Liquidity Fund G 2020 Fund D 2020 Fund G 2030 Fund D 2030 Fund G 2040 Fund D 2040 Fund G Compass 25 Fund D Compass 25 Fund G Compass 50 Fund D Compass 50 Fund G Compass 75 Fund D Compass 75 Fund G Compass Equity Fund D Compass Equity Fund G Compass Liquidity Fund D Compass Liquidity Fund G Arvo Finland Value Fund D Arvo Finland Value Fund G Europe High Dividend Fund D Europe High Dividend Fund G European Small Cap Fund D European Small Cap Fund G Finnish Small Cap Fund D Finnish Small Cap Fund G Global StockPicking Global Tech Fund D Global Tech Fund G MediLife Fund D MediLife Fund G Nordic Small Cap Fund D Nordic Small Cap Fund G Sustainability Equity Fund D Sustainability Equity Fund G US Small Cap Value Fund D US Small Cap Value Fund G
	Fund facts Value (24-05-2013) 0.27705 Assets under management (milj.) (22-05-2013) 17,905,041.59 Launch 15-04-1998 Base currency EUR Minimum investment 500 EUR or 30 EUR/month TER 2012 2,40 % Performance based management fee No Fund management company - Distribution of income No ISIN FI0008800867 Domicile Homepage www.danskeinvest.fi Benchmark Index OMX Baltic Benchmark Cap Gross Index (unofficial) Portfolio manager 88 Benchmark index OMX Baltic Benchmark Cap Gross Index (unofficial) Portfolio manager Danske Capital AS
Morningstar Rating™ Date Value 1 y 3 y 5 y 10 y Start p.a.         24.05 0.27705 14.59 29.81 -8.79 52.37 3.36
Investment policy 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% Pieno Zvaigzdes 6.13% Apranga 5.41% Olympic Entertainment Group AS 4.43% Tallinna Kaubamaja 4.30% Swedbank AB A 4.17% Merko Ehitus AS (EUR) 4.00% AS Tallinna Vesi 3.94% Grindeks 3.38% OTHER_LIKVIDS 49.61%	Sector allocation/asset allocation 30-04-2013 Consumer discretionary 23.32% Consumer staples 21.09% Industrials 14.89% Financials 11.98% Energy 5.50% Health care 3.38% Telecommunication services 2.62% Other 17.21% Country allocation 30-04-2013 Lithuania 36.83% Estonia 33.69% Sweden 6.79% Latvia 3.40% Denmark 2.13% Finland 1.96% Other 15.21%
Year Fund (%) Index (%) 1999 14.63 17.23 2000 33.72 6.79 2001 -1.61 -5.38 2002 22.91 23.96 2003 37.05 61.76 2004 38.57 62.37 2005 35.97 60.42 2006 5.56 10.66 2007 -8.87 -5.98 2008 -65.34 -67.04 2009 29.41 45.69 2010 48.43 71.92 2011 -15.85 -18.42 2012 16.82 21.85	Key figures 17-05-2013 Volatility (%) 6.265 Sharpe 2.347 Tracking error 3.649 IR -1.386 Alpha 2.761 Beta 0.694 Duration -
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.