Commodity Fund G (non-UCITS) Alternative asset class funds	Commodity Fund G (non-UCITS) 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, osuuslaji EUR h Sustainability Bond Fund D Sustainability Bond Fund G Afrikka, osuuslaji EUR 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, osuuslaji EUR 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 (14-06-2013) 0.71318 Assets under management (milj.) (13-06-2013) 6,400,534.45 Launch 22-03-2005 Base currency EUR Minimum investment 500 EUR or 30 EUR/month TER 2012 1,96 % Performance based management fee No Fund management company - Distribution of income No ISIN FI0008808555 Domicile - Homepage www.danskeinvest.fi Benchmark Index GSCI Light Energy Excess Return Index (unofficial) Portfolio manager 125 Benchmark index GSCI Light Energy Excess Return Index (unofficial) Portfolio manager Danske Capital, Sampo Bank plc
Morningstar Rating™ Date Value 1 y 3 y 5 y 10 y Start p.a.         14.06 0.71318 -7.31 7.93 -56.15 - -4.02
Investment policy Danske Invest Commodity (non-UCITS) is intended for investors who are looking for an investment solution on the commodity market 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 Commodity (non-UCITS) are invested in a diversified manner mainly in the commodity markets, e.g. in industrial metals, precious metals, beef products and financial products, through derivatives. The fund's liquid assets are invested mainly in money market funds. The general performance of the commodity markets is reflected in the value of the fund.
Portfolio manager review In April, the DJUBS Index lost 2.8%, dropping -5.5% in the first half of the month but managed to make back some of the losses. The sectors hit worst were precious metals (-9.6%), registering historical moves for gold and silver, industrial metals (-5.1%), and energy (-1.5%). During the same period, the fund underperformed the index by 71 basis points, with 26 bps of underperformance coming from energy, 18 bps from industrial metals, 20 basis points from precious metals and 7 bps of underperformance from grains. The fund was positioned in line with the model portfolio and so was its performance for the month of April. In energy the model portfolio was long energy (long crude oil, heating oil and gasoline), and although we reduced this exposure to flat as soon as markets started correcting (Brent fell 13% between April 2 and April 18), we still booked a small loss. We stayed out of energy for the remainder of the month, missing out on the subsequent bounce back (7% for Brent). At the same time as Energy fell, precious metals started a severe drop, with gold and silver registering historical moves. We anticipated the move down in gold and silver correctly and initially compensated for the loss in energy. However, the model portfolio stayed short gold and silver for the subsequent period, while gold and silver prices were supported by physical buying. We are still short gold and silver, consistent with our market views and the model portfolio and believe that over the longer term this trade will pay off. The liquidation in exchange traded products continues and gold has failed to breach the technically critical level of 1,585 USD. Silver has not yet experienced the ETP liquidation witnessed in gold. We expect silver to underperform gold on the downside. On the metals side, we are still bullish platinum and particularly palladium, but will re-enter these longs once the expected gold and silver down move has run its course. The underperformance in industrial metals came mainly from a long copper position, but also from long positions in Aluminum and Tin. We are still of the view that industrial metals are undervalued and have reinitiated a long position in the meantime. At the beginning of the month however, we were long copper, and while we closed the position during the 11.5% drop, we took some damage on the way out. At this point, we have a high conviction that the sell-off in commodities is driven by negative sentiment from part of the hedge fund community, but is no longer justifiable from a fundamental perspective. The price action, particularly in base metals, has run its course and at this point we see virtually no further downside as most metals are trading at or below production cost.
Year Fund (%) Index (%) 2006 -3.06 6.63 2007 27.13 17.91 2008 -45.68 -40.40 2009 10.54 15.17 2010 17.87 16.94 2011 -7.91 -7.27 2012 -4.27 1.59	Key figures 14-06-2013 Volatility (%) 10.956 Sharpe -0.7 Tracking error 4.487 IR -4.883 Alpha -10.783 Beta 0.795 Duration 0.24
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.