Handelsbanken Norge (A10 NOK)

Legal name: Handelsbanken Norge (A10 NOK)

Equity Fund Registered in Sweden (UCITS) Bid

About risk

Historical yields are not a guarantee of future returns. A fund can both increase and decrease in value and it is not guaranteed that you will recover the entire invested amount. Note that a fund with risk level 5-7, as stated in the fund's fact sheet (KID), can vary greatly in value due to the fund's composition and management methodology. The prospectus, fund rules and KID are available under each fund. Summary of investors' rights.

The fund is actively managed and invests in equities issued by companies on the Norwegian market and thereby has a currency exposure to this market.

For this fund, the fund company's Enhanced exclusion level applies. For information about sectors that the fund excludes, see the Detailed information tab.

The fund is reported as an Article 8 fund pursuant to EU regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).

Fund manager

Kris Robberstad Experience in the fund industry 2016. Portfolio Manager since 1 March 2019.

Risk 4/7

The risk indicator provides guidance on the risk level for this product relative to other financial products. It shows the likelihood that the product will decrease in value due to market performance. Risk level 1 represents a low risk and risk level 7 is a high risk.

About risk

The risk/return indicator illustrates the link between risk and potential returns from an investment in the fund. The indicator is based on the change in the fund’s value over the past 5 years.

This shareclass belongs to category 4, which means there is a medium risk for up- and downturns in the net asset value. Category 1 does not mean that the fund is risk-free. The fund's risk indicator can change both upwards and downwards on the scale over time, as the indicator is based on historical data that does not guarantee future risk/returns.

An investment in an equity fund is generally characterized by high risk as the value of the equities can fluctuate significantly over time but also has the potential for high returns.

The indicator primarily reflects the upturns and downturns in the value of the fund’s equity investments and fluctuations in exchange rates.

The indicator reflects the most important risks in the fund but excludes the following material risks:

Given that the fund’s investments are made in one country or a limited number of countries, the fund normally has a higher risk relative to investments that are allocated with a broader geographical distribution across several regions or countries.

The fund's investment focus means that the fund has exposure to a smaller market for which liquidity is lower, and the variations in the liquidity of the equities are considered to be higher relative to larger markets. This can impact the fund's ability to manage significant outflows at a relatively low cost.

This product does not provide any protection from future market performance. You could therefore lose some or all of your investment.

Additional information about the risks may be found in the prospectus available at www.handelsbanken.se/funds.

Total Rating™

31.03.2025

The rating shows which funds have historically posted the strongest performance in relation to risk. Ratings are denoted by a scale of one to five stars, with five as the highest rating. A fund must have a performance history of at least three years to receive a rating.
Read more about the fund's rating

SFDR

This fund promotes environmental and social characteristics through its investments but does not have sustainable investments as its objective. As a result, the fund takes into consideration the environment and climate, as well as human rights, employees’ rights and corruption.
The fund is reported as an Article 8 fund pursuant to EU regulation on sustainability-related disclosures in the financial services sector (SFDR).

31.01.2025

Sustainability-
rating

The sustainability rating is developed by the fund information company Morningstar. The rating measures how well the fund's investee companies manage sustainability risks relative to other funds within the same global Morningstar category. If the fund has invested in government bonds issued by sovereign states, the respective country's sustainability risk is included in the calculation. The analyzed funds can receive a sustainability rating between 1 and 5 globes, with 5 as the highest rating.

About Sustainabilty rating

The fund complies with the UN Principles for Responsible Investments.

Graph

Performance

Monthly savings

In percent including distribution in NOK

2025

1 year

3 years

5 years

10 years

Handelsbanken Norge (A10 NOK) (NOK)

Note that benchmark returns, unlike fund returns, do not take distributions into account. As a result, fund returns are higher than they would otherwise be relative to benchmark.

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Historical rates

Performance

Rate 16.04.2025	1 week	1 month	3 months	2025	1 year	5 years	10 years
1,976.26 NOK	5.69%	-2.46%	-0.41%	1.79%	14.57%	100.64%	-

Portfolio 16.04.2025

Portfolio manager comments — Q1 2025

Fund performance was positive in Q1 2025. Returns were strong from a global perspective, although they do not reflect the entire picture of the challenging market climate that dominated the period.

During the quarter the capital markets faced a series of interacting factors: US tariffs, fiscal policy changes in Europe, geopolitical uncertainty, and the launch of DeepSeek’s AI model. Together, these contributed to a clear revaluation of the short-term market outlooks.

The leading stock market indices in the US have fallen, the USD has declined and the risk appetite has weakened significantly in line with a deteriorating market sentiment.

For the first time in six years, the fund underperformed its benchmark index* during a quarter. This was primarily due to several Norwegian defensive heavyweights – such as Orkla, Telenor and Gjensidige – that performed significantly stronger than the market overall. Even though the companies show stable operational growth, the upturn in share prices was driven largely by the revaluation of multiples. These equities have been safe havens in a troubled world and are in line with the global trend during the quarter. DNB, which had a strong start at the outset of the year, also belongs to this group. Given that these equities represented financing positions in the fund, the fund’s relative return was negatively affected.

We see two paths going forward: 1) Trump’s tariff policy – and any countermeasures – have a dampening effect on the real economy, which places further pressure on the markets; or 2) The involved parties show restraint, which enables growth to persist and allows the beginning of a recovery to investment sentiment. The latter scenario currently appears to be the most likely. In this case, we expect the market to gradually rotate back to sectors that experienced difficulties during the period. Some examples of areas that can benefit include the seafood and IT sectors, with companies such as Salmar, Mowi, Crayon and Link. The outlooks for consumption in Norway and the Nordics also remain good, with companies such as Norwegian and Schibsted at the forefront.

We are retaining our overall positioning and are selective in our purchases at times of weakness, while we are also prepared to take action should the conditions change. Several of our holdings posted strength during the quarter and included Sparebanken Vest and Storebrand, which benefited from rising interest rates. Storebrand also reached NOK 100 per share, which marks a technical milestone. Protector also had good share price performance during the quarter. At the end of the period we also saw an increased interest in raw materials. Norsk Hydro and Yara rebounded from previous downturns and auto transport companies such as Höegh Autoliners posted strength. If the current macro forecast holds or improves further, we believe that there is further potential for the industrial and materials sectors going forward.

In general, we are retaining our positioning for Q2 but make note that market performance over the past six months has been strong with historical record highs in many global markets, including Norway. We look forward to the upcoming quarterly reports, which will provide important signals about the direction of our holdings.

* SIX SRI Norway 50 Index

Portfolio distribution 31.03.2025

Geographic breakdown 31.03.2025

Svenska Handelsbanken AB (PLC)

Historical yields are not a guarantee of future returns. The money you invest in a fund can both increase and decrease in value and it is not guaranteed that you will recover the entire invested amount.
Handelsbanken does not assume liability for any errors in the information.

Handelsbanken's funds are classified in seven risk classes, 1 for the lowest risk and 7 for the highest risk.