Handelsbanken EMEA Tema (A9 EUR)

Legal name: Handelsbanken EMEA Tema (A9 EUR)

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 in the EMEA region (Eastern Europe, including the former Soviet republics and Greece, the Middle East and Africa). As a result, the fund has a currency exposure to these markets.

The thematic investment strategy provides for investments that occur in a limited area in which development is deemed to result in a structural change to the economy and society. This change provides favorable conditions for companies active within the area to create profitable growth over time.

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 Spotlight

As a result of the trading restrictions on the Moscow stock exchange, the fund has not been able to sell and therefore still has a few Russian holdings left. Our valuation of these holdings is currently close to zero and will be sold as soon as conditions permit. We will not be making any new investments in Russia.

Fund manager

Christopher Sundman Experience in the fund industry 1987. Portfolio Manager since 1 January 2011.

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. Given that the fund does not have five years of historical performance, the risk indicator has been estimated based on the fund’s benchmark index (see above under the heading, Objectives and Investment Focus).

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 concentrated to one region, the fund normally has a higher risk relative to investments that are allocated with a larger geographical distribution and across several regions or countries.

The fund's investment focus entails exposure to markets that frequently have lower liquidity, and the variation in liquidity is considered to be higher relative to more developed markets. This can impact the fund's ability to manage significant outflows at a relatively low cost.

Risks that have not been captured by the risk indicator include: Operational risk - the risk for loss due to unforeseen policy decisions or weaknesses in a country’s securities regulations. 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™

Given that the fund has less than three years of performance history, it is not rated.
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 EUR

2025

1 year

3 years

5 years

10 years

Handelsbanken EMEA Tema (A9 EUR) (EUR)

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 17.04.2025	1 week	1 month	3 months	2025	1 year	5 years	10 years
44.50 EUR	1.95%	-8.27%	-7.58%	-6.47%	10.70%	-	-

Portfolio 16.04.2025

Portfolio manager comments — Q1 2025

2025 began with major market fluctuations, in part due to Donald Trump’s actions on tariffs and policy statements, including about Ukraine. Given the uncertain climate, the equity markets in the EMEA region decreased by approximately 3.5% in SEK. This was actually higher than growth markets, as well as global and US equities during the quarter, which last occurred in 2016. However, the fund had a greater decline and fell just over 5% in SEK, primarily due to gold prices that have surged to historic levels.

Concerns about stagflation and a relatively high share of gold equities in the benchmark index* impacted performance in the period. To address this movement the fund invested in South African Gold Fields, which was positive and cushioned the impact of the upturn in the price of gold.

Fund performance was also affected by its exposure to Turkey, which was increased at year-end 2024 and at the outset of 2025. The investment was based on the expectation of economic improvements and positive reforms, together with a decline in inflation and interest rate cuts. However, at the end of the quarter president Erdogan unexpectedly arrested leading opposition politicians, including the mayor of Istanbul who, according to opinion polls, would have had a good chance of defeating Erdogan in a new presidential election. This shocked the market, since a new election will not be held before 2028, and led to sharp declines for both the Turkish lire and the stock market.

However, more defensive Eastern European markets posted strength, which included Poland. The fund has holdings in the Polish bank PKO, which can benefit from a future normalization and reconstruction of Ukraine.

Another positive contributor was the African mobile operator Airtel Africa, whose largest operations are located in Nigeria. The Nigerian government unexpectedly reversed the price ceiling on mobile tariffs, which makes it possible to adjust prices to compensate for high inflation and is a development that benefits the company.

We expect further high volatility in the region in the coming quarter. It is difficult to predict the short-term performance, although we expect strong growth within the themes in which we focus. We are therefore actively identifying opportunities to increase the exposure within these areas, as a more normalized stock market over time should increase the potential for solid returns.

*Solactive ISS ESG Screened EM EMEA excl. Saudi Arabia UCITS 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.