-
Audited Annual Report 2017Nordea 1, SICAV
Socit dInvestissement Capital Variable compartiments
multiples
Investment Fund under Luxembourg Law
562, rue de NeudorfL-2220 Luxembourg
Grand Duchy of LuxembourgR.C.S. number: Luxembourg B-31442
Nordeo
Audited Annual Report 2017Nordea 1, SICAV
Socit d'|nvestissement 53 Capital Variablea compartiments
multiples
Investment Fund under Luxembourg Law
562, rue de NeudorfL222O Luxembourg
Grand Duchy of LuxembourgR.C.S. number: Luxembourg B31442
-
No subscriptions can be received on the basis of these fi
nancial reports. Subscriptions are only valid if made on the basis
of the current prospectus accompanied by the latest annual report
and the most recent semi-annual report, if published thereafter.No
subscriptions can be received on the basis of these financial
reports. Subscriptions are only valid if made on the basis of the
currentprospectus accompanied by the latest annual report and the
most recent semi-annual report, if published thereafter.
-
1Nordea 1, SICAV - Audited Annual Report 2017
Table of Contents
Report of the Board of Directors 3Audit Report 6Statement of Net
Assets as of 31/12/2017 8Statement of Operations and Changes in Net
Assets for the year ended 31/12/2017 28Statement of Statistics as
at 31/12/2017 48Statement of Investments in Securities and Other
Net Assets as of 31/12/2017
Nordea 1 - African Equity Fund 65Nordea 1 - Alpha 10 MA Fund
(Formerly Nordea 1 - Multi Asset Fund) 67Nordea 1 - Alpha 15 MA
Fund (Formerly Nordea 1 - Alpha 15) 74Nordea 1 - Asian Focus Equity
Fund 81Nordea 1 - Balanced Income Fund (Formerly Nordea 1 -
Flexible Fixed Income Plus Fund) 83Nordea 1 - Chinese Equity Fund
88Nordea 1 - Danish Bond Fund 89Nordea 1 - Danish Kroner Reserve
90Nordea 1 - Danish Mortgage Bond Fund 91Nordea 1 - Emerging
Consumer Fund 94Nordea 1 - Emerging Market Bond Fund 96Nordea 1 -
Emerging Market Bond Opportunities Fund 102Nordea 1 - Emerging
Market Corporate Bond Fund 109Nordea 1 - Emerging Market Hard
Currency Bond Fund 112Nordea 1 - Emerging Market Local Debt Fund
117Nordea 1 - Emerging Market Local Debt Fund Plus 122Nordea 1 -
Emerging Market Debt Total Return Fund 126Nordea 1 - Emerging
Markets Focus Equity Fund 130Nordea 1 - Emerging Markets Small Cap
Fund 132Nordea 1 - Emerging Stars Equity Fund 134Nordea 1 -
European Corporate Bond Fund 136Nordea 1 - European Corporate Bond
Fund Plus 140Nordea 1 - European Covered Bond Fund 144Nordea 1 -
European Cross Credit Fund 147Nordea 1 - European Diversifi ed
Corporate Bond Fund 149Nordea 1 - European Financial Debt Fund
155Nordea 1 - European Focus Equity Fund 158Nordea 1 - European
High Yield Bond Fund 159Nordea 1 - European High Yield Bond Fund II
163Nordea 1 - European Small and Mid Cap Equity Fund 168Nordea 1 -
European Stars Equity Fund 170Nordea 1 - European Value Fund
171Nordea 1 - Flexible Fixed Income Fund 173Nordea 1 - GBP
Diversifi ed Return Fund 180Nordea 1 - Global Bond Fund 187Nordea 1
- Global Climate and Environment Fund 190Nordea 1 - Global Dividend
Fund 192Nordea 1 - Global High Yield Bond Fund 194Nordea 1 - Global
Ideas Equity Fund 198Nordea 1 - Global Long Short Equity Fund - USD
Hedged 200Nordea 1 - Global Opportunity Fund 206Nordea 1 - Global
Portfolio Fund 207Nordea 1 - Global Real Estate Fund 208Nordea 1 -
Global Small Cap Fund 209Nordea 1 - Global Stable Equity Fund
211Nordea 1 - Global Stable Equity Fund - Euro Hedged 213Nordea 1 -
Global Stars Equity Fund 216Nordea 1 - Heracles Long/Short MI Fund
218Nordea 1 - Indian Equity Fund 221Nordea 1 - International High
Yield Bond Fund - USD Hedged 222Nordea 1 - Latin American Equity
Fund 228Nordea 1 - Low Duration European Covered Bond Fund
230Nordea 1 - Low Duration European High Yield Bond Fund 232Nordea
1 - Low Duration US High Yield Bond Fund 234Nordea 1 - Nordic
Equity Fund 237
Table of Contents
Report of the Board of DirectorsAudit ReportStatement of Net
Assets as of 31 /1 2/201 7Statement of Operations and Changes in
Net Assets for the year ended 31/1 2/2017Statement of Statistics as
at 31/12/2017Statement of Investments in Securities and Other Net
Assets as of 31/12/2017
Nordea 1 - African Equity FundNordea 1 - Alpha 10 MA Fund
(Formerly Nordea 1 - Multi Asset Fund)Nordea 1 - Alpha 15 MA Fund
(Formerly Nordea 1 - Alpha 15)Nordea 1 - Asian Focus Equity
FundNordea 1 - Balanced Income Fund (Formerly Nordea 1 - Flexible
Fixed Income Plus Fund)
Nordea 1 - Chinese Equity FundNordea 1 - Danish Bond FundNordea
1 - Danish Kroner ReserveNordea 1 - Danish Mortgage Bond FundNordea
1 - Emerging Consumer FundNordea 1 - Emerging Market Bond
FundNordea 1 - Emerging Market Bond Opportunities FundNordea 1 -
Emerging Market Corporate Bond FundNordea 1 - Emerging Market Hard
Currency Bond FundNordea 1 - Emerging Market Local Debt FundNordea
1 - Emerging Market Local Debt Fund PlusNordea 1 - Emerging Market
Debt Total Return FundNordea 1 - Emerging Markets Focus Equity
FundNordea 1 - Emerging Markets Small Cap FundNordea 1 - Emerging
Stars Equity FundNordea 1 - European Corporate Bond FundNordea 1 -
European Corporate Bond Fund PlusNordea 1 - European Covered Bond
FundNordea 1 - European Cross Credit FundNordea 1 - European
Diversified Corporate Bond FundNordea 1 - European Financial Debt
FundNordea 1 - European Focus Equity FundNordea 1 - European High
Yield Bond FundNordea 1 - European High Yield Bond Fund IINordea 1
- European Small and Mid Cap Equity FundNordea 1 - European Stars
Equity FundNordea 1 - European Value FundNordea 1 - Flexible Fixed
Income FundNordea 1 - GBP Diversifi ed Return FundNordea 1 - Global
Bond FundNordea 1 - Global Climate and Environment FundNordea 1 -
Global Dividend FundNordea 1 - Global High Yield Bond FundNordea 1
- Global Ideas Equity FundNordea 1 - Global Long Short Equity Fund
- USD HedgedNordea 1 - Global Opportunity FundNordea 1 - Global
Portfolio FundNordea 1 - Global Real Estate FundNordea 1 - Global
Small Cap FundNordea 1 - Global Stable Equity FundNordea 1 - Global
Stable Equity Fund - Euro HedgedNordea 1 - Global Stars Equity
FundNordea 1 - Heracles Long/Short MI FundNordea 1 - Indian Equity
FundNordea 1 - International High Yield Bond Fund - USD
HedgedNordea 1 - Latin American Equity FundNordea 1 - Low Duration
European Covered Bond FundNordea 1 - Low Duration European High
Yield Bond FundNordea 1 - Low Duration US High Yield Bond
FundNordea 1 - Nordic Equity Fund
Nordea 1, SICAV - Audited Annual Report 2017
O)
2848
6567748183888990919496
102109112117122126130132134136140144147149155158159163168170171173180187190192194198200206207208209211213216218221222228230232234237
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2 Nordea 1, SICAV - Audited Annual Report 2017
Table of Contents (continued)
Nordea 1 - Nordic Equity Small Cap Fund 238Nordea 1 - Nordic
Ideas Equity Fund 240Nordea 1 - Nordic Stars Equity Fund 241Nordea
1 - North American All Cap Fund 242Nordea 1 - North American High
Yield Bond Fund 243Nordea 1 - North American Small Cap Fund
248Nordea 1 - North American Value Fund 251Nordea 1 - Norwegian
Bond Fund 252Nordea 1 - Norwegian Equity Fund 254Nordea 1 -
Norwegian Kroner Reserve 255Nordea 1 - Renminbi High Yield Bond
Fund 257Nordea 1 - Stable Emerging Markets Equity Fund 259Nordea 1
- Stable Equity Long/Short Fund - Euro Hedged 261Nordea 1 - Stable
Return Fund 266Nordea 1 - Swedish Bond Fund 275Nordea 1 - Swedish
Kroner Reserve 276Nordea 1 - Unconstrained Bond Fund - USD Hedged
277Nordea 1 - US Bond Opportunities Fund 281Nordea 1 - US Corporate
Bond Fund 284Nordea 1 - US High Yield Bond Fund 289Nordea 1 - US
Total Return Bond Fund 292
Notes to the Financial Statements as of 31/12/2017
296Shareholders Information 316Risk Transparency disclosures
(unaudited) 316Remuneration disclosures (unaudited) 319Disclosures
under the Securities Financing Transaction Regulation (unaudited)
320Organisation 343Administration 344Public Marketing
Authorisations 345Representatives & Paying & Information
Agents outside Luxembourg 346Auditor 348
Table of Contents (continued)
Nordea 1 - Nordic Equity Small Cap Fund 238Nordea 1 - Nordic
Ideas Equity Fund 240Nordea 1 - Nordic Stars Equity Fund 241Nordea
1 - North American All Cap Fund 242Nordea 1 - North American High
Yield Bond Fund 243Nordea 1 - North American Small Cap Fund
248Nordea 1 - North American Value Fund 251Nordea 1 - Norwegian
Bond Fund 252Nordea 1 - Norwegian Equity Fund 254Nordea 1 -
Norwegian Kroner Reserve 255Nordea 1 - Renminbi High Yield Bond
Fund 257Nordea 1 - Stable Emerging Markets Equity Fund 259Nordea 1
- Stable Equity Long/Short Fund - Euro Hedged 261Nordea 1 - Stable
Return Fund 266Nordea 1 - Swedish Bond Fund 275Nordea 1 - Swedish
Kroner Reserve 276Nordea 1 - Unconstrained Bond Fund - USD Hedged
277Nordea 1 - US Bond Opportunities Fund 281Nordea 1 - US Corporate
Bond Fund 284Nordea 1 - US High Yield Bond Fund 289Nordea 1 - US
Total Return Bond Fund 292
Notes to the Financial Statements as of 31/12/2017
296Shareho|ders Information 316Risk Transparency disclosures
(unaudited) 316Remuneration disclosures (unaudited) 319Disclosures
under the Securities Financing Transaction Regulation (unaudited)
320
Organisation 343Administration 344Public Marketing
Authorisations 345Representatives & Paying & Information
Agents outside Luxembourg 346Auditor 348
2 Nordea 1, SICAV - Audited Annual Report 2017
-
3Nordea 1, SICAV - Audited Annual Report 2017
Report of the Board of Directors
The Chairmans report
On an overall level, 2017 was yet another successful year for
Nordea 1, SICAV with the general investment returns continuing to
develop in a positive direction. There was, however, big dispersion
in the results, with a few Sub-funds posting negative return during
the year.
The assets under management of Nordea 1, SICAV increased in
2017, ending the year with a total asset base of 63.5bn EUR,
allocated across its 76 Sub-funds.
2017 started off a bit hesitantly, but, by February, the global
stock market was on a rising path with improved macro numbers and
higher return on corporate earnings, which had been in a recession
due to the implosion in oil prices and the strengthening of the
dollar during 2015-16. Marred by the political scene in the wake of
Brexit and the post US election, the stock market nevertheless made
a strong showing in the early months of the year, without being
interrupted by the French election in early May. A weak summer then
ensued, driven by a combination of weaker macro data out of the US,
geopolitical events and, to some extent, a surprisingly sturdy
strengthening of the euro. US president Donald J. Trump then got
into a heated argument with North Korea regarding its nuclear
weapon program. While a low probability-high impact event, it did
get the attention of the markets. Global stocks were close to a
zero return by late August. Then, there has been a mighty rally in
global stocks in September and October. The remainder of 2017 has
been more stable, but with a positive tilt, adding a bit more to
what, all in all, can be considered a very strong year for global
stocks.
Turning to the equity regions, the big difference this year was
between emerging and developed markets. The former has been on a
downward slope relative to the latter since around 2010, this due
to the fi nancial crisis and the end of the commodity super cycle
of the 00s. With global growth picking up, earnings returning and
an attractive valuation, emerging markets have had a very good
year. Returns, driven mainly by countries in Asia, have by far
surpassed those of the developed countries.
Fixed income has also shown a positive trend. With very
depressed rates, the potential on paper as well as the perception
among market participants was obviously low heading into 2017. Safe
bond segments, such as cash and government bonds, were essentially
fl at or slightly negative. This did not come as a surprise though,
as the steering rates in large parts of Europe had been negative.
Returns for the government bond space have been relatively fl at
throughout the year while credits positively surprised with spreads
continuing to compress, thereby delivering handsome returns in this
part of the fi xed income market.
In risk adjusted terms, given the low volatility that persisted
throughout the year, 2017 has been extremely rewarding. Economic
growth, while not spectacular, synchronised across the regions for
the fi rst time in over 10 years, corporate earnings made a strong
comeback and the central banks mostly continued their loose
monetary policy, thereby keeping the liquidity ample and rates low.
The positive development on corporate earnings is particularly
important, not only for equities but also for the credit
markets.
The Stable Return Fund remained the largest Sub-fund of the
umbrella with its AuM at 17.3bn EUR at year-end. European High
Yield Bond Fund remained the strong number two of this year in
terms of AuM while Emerging Stars Equity Fund has shown strong infl
ows during the year.
In 2017 Nordea 1, SICAV launched 4 new Sub-funds: Emerging
Markets Debt Total Return Fund, European Stars Equity Fund, Low
Duration European Covered Bond fund and Low Duration European High
Yield Bond Fund.
At the Annual General Meeting of Shareholders, the Board of
Directors will propose that, for the fi nancial year 2017, Nordea
1, SICAV pays the following dividends:
Sub-fund name Share class Currency (*) Amount per share
Nordea 1 - Alpha 10 MA Fund (Note 1b) AC EUR 0.0452
Nordea 1 - Alpha 10 MA Fund (Note 1b) HAC - GBP EUR 0.0444
Nordea 1 - Alpha 10 MA Fund (Note 1b) HAC - USD EUR 0.0450
Nordea 1 - Alpha 10 MA Fund (Note 1b) HAI - GBP EUR 0.0581
Nordea 1 - Alpha 15 MA Fund (Note 1b) AP EUR 0.0151
Nordea 1 - Balanced Income Fund (Note 1b) AI EUR 1.9864
Nordea 1 - Balanced Income Fund (Note 1b) AP EUR 1.3550
Nordea 1 - Danish Mortgage Bond Fund AI DKK 3.1906
Nordea 1 - Danish Mortgage Bond Fund AP DKK 1.9625
Nordea 1 - Danish Mortgage Bond Fund HAC - EUR DKK 0.1276
Nordea 1 - Danish Mortgage Bond Fund HAI - EUR DKK 2.8537
Nordea 1 - Emerging Consumer Fund AI EUR 0.0585
Nordea 1 - Emerging Market Bond Fund AC USD 0.6742
Nordea 1 - Emerging Market Bond Fund AI USD 6.7564
Nordea 1 - Emerging Market Bond Fund AP USD 6.0982
Nordea 1 - Emerging Market Bond Fund HA - EUR USD 5.9737
Nordea 1 - Emerging Market Bond Fund HAC - EUR USD 0.6766
Nordea 1 - Emerging Market Bond Fund HAI - EUR USD 5.6830
Nordea 1 - Emerging Market Corporate Bond Fund AP USD 3.8704
Nordea 1 - Emerging Market Local Debt Fund AI USD 3.9460
Nordea 1 - Emerging Stars Equity Fund AI USD 0.3502
Nordea 1 - European Corporate Bond Fund AI EUR 0.9475
Nordea 1 - European Corporate Bond Fund AX EUR 1.0411
Nordea 1 - European Corporate Bond Fund HAC - SEK EUR 0.0699
Nordea 1 - European Covered Bond Fund AI EUR 0.1479
Nordea 1 - European Covered Bond Fund AP EUR 0.0890
Report of the Board of Directors
The Chairmans report
On an overall level, 2017 was yet another successful year for
Nordea 1, SICAV with the general investment returns continuing to
develop in a positivedirection. There was, however, big dispersion
in the results, with a few Sub-funds posting negative return during
the year.
The assets under management of Nordea 1, SICAV increased in
2017, ending the year with a total asset base of 63.5bn EUR,
allocated across its76 Sub-funds.
2017 started off a bit hesitantly, but, by February, the global
stock market was on a rising path with improved macro numbers and
higher return oncorporate earnings, which had been in a recession
due to the implosion in oil prices and the strengthening of the
dollar during 2015-16. Marred bythe political scene in the wake of
Brexit and the post US election, the stock market nevertheless made
a strong showing in the early months of theyear, without being
interrupted by the French election in early May. A weak summer then
ensued, driven by a combination of weaker macro data out ofthe US,
geopolitical events and, to some extent, a surprisingly sturdy
strengthening of the euro. US president Donald J. Trump then got
into a heatedargument with North Korea regarding its nuclear weapon
program. While a low probability-high impact event, it did get the
attention of the markets.Global stocks were close to a zero return
by late August. Then, there has been a mighty rally in global
stocks in September and October. The remainderof 2017 has been more
stable, but with a positive tilt, adding a bit more to what, all in
all, can be considered a very strong year for global stocks.
Turning to the equity regions, the big difference this year was
between emerging and developed markets. The former has been on a
downward sloperelative to the latter since around 2010, this due to
the financial crisis and the end of the commodity super cycle of
the 00's. With global growthpicking up, earnings returning and an
attractive valuation, emerging markets have had a very good year.
Returns, driven mainly by countries in Asia,have by far surpassed
those of the developed countries.
Fixed income has also shown a positive trend. With very
depressed rates, the potential on paper as well as the perception
among market participantswas obviously low heading into 2017 Safe
bond segments, such as cash and government bonds, were essentially
flat or slightly negative. This didnot come as a surprise though,
as the steering rates in large parts of Europe had been negative.
Returns for the government bond space have beenrelatively flat
throughout the year while credits positively surprised with spreads
continuing to compress, thereby delivering handsome returns in
thispart of the fixed income market.
In risk adjusted terms, given the low volatility that persisted
throughout the year, 2017 has been extremely rewarding. Economic
growth, while notspectacular, synchronised across the regions for
the first time in over 10 years, corporate earnings made a strong
comeback and the central banksmostly continued their loose monetary
policy, thereby keeping the liquidity ample and rates low. The
positive development on corporate earnings isparticularly
important, not only for equities but also for the credit
markets.
The Stable Return Fund remained the largest Sub-fund of the
umbrella with its AuM at 17.3bn EUR at year-end. European High
Yield Bond Fundremained the strong number two of this year in terms
of AuM while Emerging Stars Equity Fund has shown strong inflows
during the year.
In 2017 Nordea 1, SICAV launched 4 new Sub-funds: Emerging
Markets Debt Total Return Fund, European Stars Equity Fund, Low
DurationEuropean Covered Bond fund and Low Duration European High
Yield Bond Fund.
At the Annual General Meeting of Shareholders, the Board of
Directors will propose that, for the financial year 2017, Nordea 1,
SICAV pays thefollowing dividends:
Sub-fund name Share class Currency (*) Amount per share
Nordea 1 - Alpha 10 MA Fund (Note 1b) AC EUR 0.0452Nordea 1
Alpha 10 MA Fund (Note 1b) HAC - GBP EUR 0.0444Nordea 1 Alpha 10 MA
Fund (Note 1b) HAC - USD EUR 0.0450Nordea 1 Alpha 10 MA Fund (Note
1b) HAI - GBP EUR 0.0581Nordea 1 - Alpha 15 MA Fund (Note 1b) AP
EUR 0.0151Nordea 1 - Balanced Income Fund (Note 1b) AI EUR
1.9864Nordea 1 - Balanced Income Fund (Note 1b) AP EUR 1.3550Nordea
1 - Danish Mortgage Bond Fund AI DKK 3.1906Nordea 1 - Danish
Mortgage Bond Fund AP DKK 1.9625Nordea 1 - Danish Mortgage Bond
Fund HAC - EUR DKK 0.1276Nordea 1 - Danish Mortgage Bond Fund HAI -
EUR DKK 2.8537Nordea 1 - Emerging Consumer Fund AI EUR 0.0585Nordea
1 - Emerging Market Bond Fund AC USD 0.6742Nordea 1 - Emerging
Market Bond Fund AI USD 6.7564Nordea 1 - Emerging Market Bond Fund
AP USD 6.0982Nordea 1 - Emerging Market Bond Fund HA - EUR USD
5.9737Nordea 1 - Emerging Market Bond Fund HAC - EUR USD
0.6766Nordea 1 - Emerging Market Bond Fund HAI - EUR USD
5.6830Nordea 1 - Emerging Market Corporate Bond Fund AP USD
3.8704Nordea 1 - Emerging Market Local Debt Fund AI USD
3.9460Nordea 1 - Emerging Stars Equity Fund AI USD 0.3502Nordea 1 -
European Corporate Bond Fund AI EUR 0.9475Nordea 1 - European
Corporate Bond Fund AX EUR 1.041 1Nordea 1 - European Corporate
Bond Fund HAC - SEK EUR 0.0699Nordea 1 - European Covered Bond Fund
AI EUR 0.1479Nordea 1 - European Covered Bond Fund AP EUR
0.0890
Nordea 1, SICAV - Audited Annual Report 2017 3
-
4 Nordea 1, SICAV - Audited Annual Report 2017
Report of the Board of Directors(continued)Sub-fund name Share
class Currency (*) Amount per share
Nordea 1 - European Cross Credit Fund AC EUR 3.1750
Nordea 1 - European Cross Credit Fund AI EUR 3.2978
Nordea 1 - European Cross Credit Fund AP EUR 2.6243
Nordea 1 - European Cross Credit Fund HAI - USD EUR 4.3258
Nordea 1 - European Financial Debt Fund AI EUR 6.5593
Nordea 1 - European Financial Debt Fund AP EUR 5.1003
Nordea 1 - European High Yield Bond Fund AC EUR 0.4495
Nordea 1 - European High Yield Bond Fund AI EUR 0.5052
Nordea 1 - European High Yield Bond Fund AP EUR 0.6191
Nordea 1 - European High Yield Bond Fund HA - GBP EUR 0.3935
Nordea 1 - European High Yield Bond Fund HA - USD EUR 0.4921
Nordea 1 - European High Yield Bond Fund HAC - GBP EUR
0.3819
Nordea 1 - European High Yield Bond Fund HAC - USD EUR
0.5360
Nordea 1 - European High Yield Bond Fund HAI - GBP EUR
0.4646
Nordea 1 - European High Yield Bond Fund HAI - USD EUR
0.5813
Nordea 1 - European Small and Mid Cap Equity Fund AP EUR
4.7945
Nordea 1 - European Value Fund AC EUR 0.3347
Nordea 1 - European Value Fund AP EUR 0.0128
Nordea 1 - Flexible Fixed Income Fund AC EUR 0.2169
Nordea 1 - Flexible Fixed Income Fund AI EUR 2.4238
Nordea 1 - Flexible Fixed Income Fund AP EUR 1.8482
Nordea 1 - Flexible Fixed Income Fund HA - USD EUR 1.8972
Nordea 1 - GBP Diversifi ed Return Fund AC GBP 1.0137
Nordea 1 - GBP Diversifi ed Return Fund AI GBP 1.2532
Nordea 1 - Global Bond Fund AP EUR 0.1919
Nordea 1 - Global Dividend Fund AI USD 1.8944
Nordea 1 - Global Dividend Fund AP USD 1.0425
Nordea 1 - Global Real Estate Fund AP USD 1.4577
Nordea 1 - Global Stable Equity Fund AC EUR 0.1633
Nordea 1 - Global Stable Equity Fund AI EUR 0.2215
Nordea 1 - Global Stable Equity Fund AP EUR 0.0511
Nordea 1 - Global Stable Equity Fund - Euro Hedged AI EUR
0.1680
Nordea 1 - Global Stable Equity Fund - Euro Hedged AP EUR
0.0346
Nordea 1 - Latin American Equity Fund AP EUR 0.0988
Nordea 1 - Low Duration US High Yield Bond Fund AC USD
0.1157
Nordea 1 - Low Duration US High Yield Bond Fund AP USD
0.3535
Nordea 1 - Low Duration US High Yield Bond Fund HA - EUR USD
0.2986
Nordea 1 - Low Duration US High Yield Bond Fund HAC - EUR USD
0.0394
Nordea 1 - Low Duration US High Yield Bond Fund HAI - EUR USD
0.2793
Nordea 1 - Nordic Equity Fund AC EUR 0.3058
Nordea 1 - Nordic Equity Fund AP EUR 1.1504
Nordea 1 - Nordic Equity Small Cap Fund AP EUR 0.0982
Nordea 1 - Nordic Ideas Equity Fund AP EUR 1.4929
Nordea 1 - North American All Cap Fund AI USD 0.6940
Nordea 1 - Norwegian Bond Fund AC NOK 2.0255
Nordea 1 - Norwegian Bond Fund AP NOK 1.7260
Nordea 1 - Norwegian Equity Fund AP NOK 5.1885
Nordea 1 - Norwegian Kroner Reserve AC NOK 2.5848
Nordea 1 - Norwegian Kroner Reserve AP NOK 1.3357
Nordea 1 - Renminbi High Yield Bond Fund AP CNH 4.1606
Nordea 1 - Stable Emerging Markets Equity Fund AC USD 1.0614
Nordea 1 - Stable Emerging Markets Equity Fund AI USD 1.2295
Nordea 1 - Stable Emerging Markets Equity Fund AX USD 2.1044
Nordea 1 - Stable Equity Long/Short Fund - Euro Hedged AP EUR
0.6753
Nordea 1 - Stable Return Fund AC EUR 0.1042
Nordea 1 - Stable Return Fund AI EUR 0.1557
Nordea 1 - Stable Return Fund AP EUR 0.0199
Nordea 1 - Stable Return Fund HA - NOK EUR 0.0195
Report of the Board of Directors(continued)Sub-fund name Share
class Currency (*) Amount per share
Nordea 1 - European Cross Credit Fund AC EUR 3.1750Nordea 1 -
European Cross Credit Fund AI EUR 3.2978Nordea 1 - European Cross
Credit Fund AP EUR 2.6243Nordea 1 - European Cross Credit Fund HAI
- USD EUR 4.3258Nordea 1 - European Financial Debt Fund AI EUR
6.5593Nordea 1 - European Financial Debt Fund AP EUR 5.1003Nordea 1
- European High Yield Bond Fund AC EUR 0.4495Nordea 1 - European
High Yield Bond Fund AI EUR 0.5052Nordea 1 - European High Yield
Bond Fund AP EUR 0.6191Nordea 1 - European High Yield Bond Fund HA
- GBP EUR 0.3935Nordea 1 - European High Yield Bond Fund HA - USD
EUR 0.4921Nordea 1 - European High Yield Bond Fund HAC - GBP EUR
0.3819Nordea 1 - European High Yield Bond Fund HAC - USD EUR
0.5360Nordea 1 - European High Yield Bond Fund HAI - GBP EUR
0.4646Nordea 1 - European High Yield Bond Fund HAI - USD EUR
0.5813Nordea 1 - European Small and Mid Cap Equity Fund AP EUR
4.7945Nordea 1 - European Value Fund AC EUR 0.3347Nordea 1 -
European Value Fund AP EUR 0.0128Nordea 1 - Flexible Fixed Income
Fund AC EUR 0.2169Nordea 1 - Flexible Fixed Income Fund AI EUR
2.4238Nordea 1 - Flexible Fixed Income Fund AP EUR 1.8482Nordea 1 -
Flexible Fixed Income Fund HA - USD EUR 1.8972Nordea 1 - GBP
Diversified Return Fund AC GBP 1.0137Nordea 1 - GBP Diversified
Return Fund AI GBP 1.2532Nordea 1 - Global Bond Fund AP EUR
0.1919Nordea 1 - Global Dividend Fund AI USD 1.8944Nordea 1 -
Global Dividend Fund AP USD 1.0425Nordea 1 - Global Real Estate
Fund AP USD 1.4577Nordea 1 - Global Stable Equity Fund AC EUR
0.1633Nordea 1 - Global Stable Equity Fund AI EUR 0.2215Nordea 1 -
Global Stable Equity Fund AP EUR 0.051 1Nordea 1 - Global Stable
Equity Fund - Euro Hedged AI EUR 0.1680Nordea 1 - Global Stable
Equity Fund - Euro Hedged AP EUR 0.0346Nordea 1 - Latin American
Equity Fund AP EUR 0.0988Nordea 1 - Low Duration US High Yield Bond
Fund AC USD 0.1 157Nordea 1 - Low Duration US High Yield Bond Fund
AP USD 0.3535Nordea 1 - Low Duration US High Yield Bond Fund HA -
EUR USD 0.2986Nordea 1 - Low Duration US High Yield Bond Fund HAC -
EUR USD 0.0394Nordea 1 - Low Duration US High Yield Bond Fund HAI -
EUR USD 0.2793Nordea 1 - Nordic Equity Fund AC EUR 0.3058Nordea 1 -
Nordic Equity Fund AP EUR 1.1504Nordea 1 - Nordic Equity Small Cap
Fund AP EUR 0.0982Nordea 1 - Nordic Ideas Equity Fund AP EUR
1.4929Nordea 1 - North American All Cap Fund AI USD 0.6940Nordea 1
- Norwegian Bond Fund AC NOK 2.0255Nordea 1 - Norwegian Bond Fund
AP NOK 1.7260Nordea 1 - Norwegian Equity Fund AP NOK 5.1885Nordea 1
- Norwegian Kroner Reserve AC NOK 2.5848Nordea 1 - Norwegian Kroner
Reserve AP NOK 1.3357Nordea 1 - Renminbi High Yield Bond Fund AP
CNH 4.1606Nordea 1 - Stable Emerging Markets Equity Fund AC USD
1.0614Nordea 1 - Stable Emerging Markets Equity Fund AI USD
1.2295Nordea 1 - Stable Emerging Markets Equity Fund AX USD
2.1044Nordea 1 - Stable Equity Long/Short Fund - Euro Hedged AP EUR
0.6753Nordea 1 - Stable Return Fund AC EUR 0.1042Nordea 1 - Stable
Return Fund AI EUR 0.1557Nordea 1 - Stable Return Fund AP EUR
0.0199Nordea 1 - Stable Return Fund HA - NOK EUR 0.0195
Nordea 1, SICAV - Audited Annual Report 2017
-
5Nordea 1, SICAV - Audited Annual Report 2017
Report of the Board of Directors(continued)Sub-fund name Share
class Currency (*) Amount per share
Nordea 1 - Stable Return Fund HAC - GBP EUR 0.1042
Nordea 1 - Stable Return Fund HAI - GBP EUR 0.1390
Nordea 1 - Stable Return Fund HAI - SEK EUR 0.1484
Nordea 1 - Stable Return Fund HAI - USD EUR 0.1556
Nordea 1 - Stable Return Fund HM - AUD EUR 0.0210
Nordea 1 - Swedish Bond Fund AC SEK 1.7384
Nordea 1 - Swedish Bond Fund AP SEK 1.4195
Nordea 1 - Swedish Kroner Reserve AP SEK 0.0537
Nordea 1 - US Bond Opportunities Fund AP USD 1.6071
Nordea 1 - US Bond Opportunities Fund HA - EUR USD 1.6340
Nordea 1 - US Corporate Bond Fund AI USD 0.4609
Nordea 1 - US Corporate Bond Fund AP USD 0.3940
Nordea 1 - US Corporate Bond Fund HA - EUR USD 0.4079
Nordea 1 - US Corporate Bond Fund HAI - EUR USD 0.3237
Nordea 1 - US Corporate Bond Fund HAI - GBP USD 0.3269
Nordea 1 - US High Yield Bond Fund AI USD 0.6046
Nordea 1 - US Total Return Bond Fund AC USD 2.9068
Nordea 1 - US Total Return Bond Fund AD USD 0.3558
Nordea 1 - US Total Return Bond Fund AI USD 3.0878
Nordea 1 - US Total Return Bond Fund AP USD 2.4300
Nordea 1 - US Total Return Bond Fund HA - EUR USD 2.0412
Nordea 1 - US Total Return Bond Fund HA - GBP USD 1.9688
Nordea 1 - US Total Return Bond Fund HAC - GBP USD 2.4292
Nordea 1 - US Total Return Bond Fund HAD - EUR USD 0.3593
Nordea 1 - US Total Return Bond Fund HAD - GBP USD 0.3598
Nordea 1 - US Total Return Bond Fund HAI - EUR USD 2.5830
Nordea 1 - US Total Return Bond Fund HAI - GBP USD 2.5117
(*) These dividend amounts are expressed in base currency of the
relevant Sub-fund and will be converted into the currency of the
relevant Share class at ex-date.
The Board would again like to thank all stakeholders involved in
the management of Nordea 1, SICAV for their contribution in 2017.
In this spirit of commitment and motivation, the board looks
forward to continue to service shareholders the best possible way
also in 2018.
1st March 2018
Claude Kremer - Chairman
Performances are historical and are not necessarily an
indication of present or future results.
-
6 Nordea 1, SICAV - Audited Annual Report 2017
AUDIT REPORT
To the Shareholders ofNordea 1, SICAV
Our opinion
In our opinion, the accompanying fi nancial statements give a
true and fair view of the fi nancial position of Nordea 1, SICAV
and of each of its sub-funds (the Fund) as at 31 December 2017, and
of the results of their operations and changes in their net assets
for the year then ended in accordance with Luxembourg legal and
regulatory requirements relating to the preparation and
presentation of the fi nancial statements.
What we have audited
The Funds fi nancial statements comprise:
the Statement of Net Assets as at 31 December 2017:
the Statement of Investments in Securities and Other Net Assets
as at 31 December 2017;
the Statement of Operations and Changes in Net Assets for the
year then ended; and
the Notes to the Financial Statements, which include a summary
of signifi cant accounting policies.
Basis for opinion
We conducted our audit in accordance with the Law of 23 July
2016 on the audit profession (Law of 23 July 2016) and with
International Standards on Auditing (ISAs) as adopted for
Luxembourg by the Commission de Surveillance du Secteur Financier
(CSSF). Our responsibilities under those Law and standards are
further described in the Responsibilities of the Rviseur
dentreprises agr for the audit of the fi nancial statements section
of our report.
We believe that the audit evidence we have obtained is suffi
cient and appropriate to provide a basis for our opinion.
We are independent of the Fund in accordance with the
International Ethics Standards Board for Accountants Code of Ethics
for Professional Accountants (IESBA Code) as adopted for Luxembourg
by the CSSF together with the ethical requirements that are
relevant to our audit of the fi nancial statements. We have fulfi
lled our other ethical responsibilities under those ethical
requirements.
Other information
The Board of Directors of the Fund is responsible for the other
information. The other information comprises the information
included in the annual report but does not include the fi nancial
statements and our audit report thereon.
Our opinion on the fi nancial statements does not cover the
other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the fi nancial statements, our
responsibility is to read the other information identifi ed above
and, in doing so, consider whether the other information is
materially inconsistent with the fi nancial statements or our
knowledge obtained in the audit, or otherwise appears to be
materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing
to report in this regard.
Responsibilities of the Board of Directors of the Fund and those
charged with governance for the fi nancial statements
The Board of Directors of the Fund is responsible for the
preparation and fair presentation of the fi nancial statements in
accordance with Luxembourg legal and regulatory requirements
relating to the preparation and presentation of the fi nancial
statements, and for such internal control as the Board of Directors
of the Fund determines is necessary to enable the preparation of fi
nancial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the fi nancial statements, the Board of Directors
of the Fund is responsible for assessing the Funds ability to
continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the Board of Directors of the Fund either intends
to liquidate the Fund or to cease operations, or has no realistic
alternative but to do so.
Those charged with governance are responsible for overseeing the
Funds fi nancial reporting process.
PricewaterhouseCoopers, Socit cooprative, 2 rue Gerhard
Mercator, B.P. 1443, L-1014 LuxembourgT: +352 494848 1, F:+352
494848 2900, www.pwc.lu
Cabinet de rvision agr. Expert-comptable (autorisation
gouvernementale n10028256)R.C.S. Luxembourg B 65 477 - TVA
LU25482518
pw_cAUDIT REPORT
To the Shareholders ofNordea 1, SICAV
Our opinion
In our opinion, the accompanying financial statements give a
true and fair view of the financial position of Nordea 1,S|CAV and
of each of its sub-funds(the Fund") as at 31 December 2017, and of
the results of their operations and changes in their net assets for
the year then ended in accordancewith Luxembourg legal and
regulatory requirements relating to the preparation and
presentation of the financial statements.
What we have audited
The Fund's financial statements comprise:
- the Statement of Net Assets as at 31 December 2017:- the
Statement of Investments in Securities and Other Net Assets as at
31 December 2017;- the Statement of Operations and Changes in Net
Assets for the year then ended; and- the Notes to the Financial
Statements, which include a summary of significant accounting
policies.
Basis for opinion
We conducted our audit in accordance with the Law of 23 July
2016 on the audit profession (Law of 23 July 2016) and with
International Standardson Auditing (|SAs) as adopted for Luxembourg
by the "Commission de Surveillance du Secteur Financier" (CSSF).
Our responsibilities under thoseLaw and standards are further
described in the Responsibilities of the "Rviseur dentreprises
agree" for the audit of the financial statements" sectionof our
report.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
We are independent of the Fund in accordance with the
International Ethics Standards Board for Accountants Code of Ethics
for ProfessionalAccountants (IESBA Code) as adopted for Luxembourg
by the CSSF together with the ethical requirements that are
relevant to our audit of thefinancial statements. We have fulfilled
our other ethical responsibilities under those ethical
requirements.
Other in formation
The Board of Directors of the Fund is responsible for the other
information. The other information comprises the information
included in the annualreport but does not include the financial
statements and our audit report thereon.
Our opinion on the financial statements does not cover the other
information and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information identified above
and, in doing so, considerwhether the other information is
materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears tobe
materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other
information, we arerequired to report that fact. We have nothing to
report in this regard.
Responsibilities of the Board of Directors of the Fund and those
charged with governance for the financial statements
The Board of Directors of the Fund is responsible for the
preparation and fair presentation of the financial statements in
accordance with Luxembourglegal and regulatory requirements
relating to the preparation and presentation of the financial
statements, and for such internal control as the Boardof Directors
of the Fund determines is necessary to enable the preparation of
financial statements that are free from material misstatement,
whetherdue to fraud or error.
In preparing the financial statements, the Board of Directors of
the Fund is responsible for assessing the Fund's ability to
continue as a going concern,disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the Board of Directors of the Fundeither intends
to liquidate the Fund or to cease operations, or has no realistic
alternative but to do so.
Those charged with governance are responsible for overseeing the
Fund's financial reporting process.
Pricewaterhousecoopers, Socit cooprative, 2 rue Gerhard
Mercator, BR. 1443, L-1014 LuxembourgT: +352 494848 1, F:+352
494848 2900, www.pwc.|u
Cabinet de rvision agr. Expert-comptable (autorisation
gouvernementale n10028256)R.C.S. Luxembourg B 65 477 - TVA
LU25482518
6 Nordea 1, SICAV - Audited Annual Report 2017
-
J-pwcResponsibilities of the Rviseur d'entreprises agr for the
audit of the financial statements
The objectives of our audit are to obtain reasonable assurance
about whether the financial statements as a whole are free from
material misstatement,whether due to fraud or error, and to issue
an audit report that includes our opinion. Reasonable assurance is
a high level of assurance, but is nota guarantee that an audit
conducted in accordance with the Law of 23 July 2016 and with |SAs
as adopted for Luxembourg by the CSSF willalways detect a material
misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in
theaggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial
statements.
As part of an audit in accordance with the Law of 23 July 2016
and with |SAs as adopted for Luxembourg by the CSSF, we exercise
professionaljudgment and maintain professional scepticism
throughout the audit.
We also:
- identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design and
perform auditprocedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk ofnot detecting a material misstatement
resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery,intentional omissions,
misrepresentations, or the override of internal control;
- obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate in
the circumstances, butnot for the purpose of expressing an opinion
on the effectiveness of the Funds internal control;
- evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related disclosures
made by theBoard of Directors of the Fund;
- conclude on the appropriateness of the Board of Directors of
the Funds use of the going concern basis of accounting and, based
on the auditevidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant
doubt on the Fund's ability tocontinue as a going concern. if we
conclude that a material uncertainty exists, we are required to
draw attention in our audit report to the relateddisclosures in the
financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the auditevidence
obtained up to the date of our audit report. However, future events
or conditions may cause the Fund to cease to continue as a
goingconcern;
- evaluate the overall presentation, structure and content of
the financial statements, including the disclosures, and whether
the financial statementsrepresent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit and
significant auditfindings, including any significant deficiencies
in internal control that we identify during our audit.
PricewaterhouseCoopers, Socit cooprative Luxembourg, 15 March
2018Represented by
.\ t
A r.
Christelle Crpin V
Nordea 1, SICAV - Audited Annual Report 2017 7
-
8
The accompanying notes form an integral part of these fi nancial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
Statement of Net Assetsas of 31/12/2017
Combined Statement Nordea 1 - African Equity Fund
Nordea 1 - Alpha 10 MA Fund
(Note 1b)
(in EUR) (in EUR) (in EUR)
AssetsShares portfolio at market value (Note 2)
29,750,202,571.63 34,223,297.63 771,024,436.81 Funds portfolio at
market value (Note 2) 172,691,561.55 - -Bonds portfolio at market
value (Note 2) 30,747,317,197.19 - 390,236,393.05 Cash at banks
2,087,340,146.19 4,807,079.46 308,714,592.32 Dividends and interest
receivable 330,145,905.13 - 6,138,894.19 Receivable for investments
sold 30,174,248.69 0.01 -Receivable for subscribed shares
182,605,123.88 517,175.77 6,253,004.37 Receivable on forward
foreign exchange contracts 29,420,906.46 111,005.57 -Net other
receivable 54,958,794.28 - 2,681.22 Unrealised gain on contracts
for difference (Note 2) 68,680,689.78 - 14,426,596.11 Credit
default swaps at cost (Note 2) 221,215,967.47 - 28,988,052.78
Unrealised gain on credit default swaps (Note 2) 11,010,321.35 -
-Unrealised gain on futures (Note 2) 4,304,782.45 - 622,424.80
Unrealised gain on futures already cashed (Note 2) 15,342,869.07 -
-Unrealised gain on interest rate swaps (Note 2) 1,032,820.57 -
-Unrealised gain on forward foreign exchange contracts (Note 2)
293,890,263.42 - 14,176,044.84 Unrealised gain on foreign
currencies receivables and payables (Note 2) 104,846.05 554.67
1,318.59
64,000,439,015.15 39,659,113.11 1,540,584,439.08
LiabilitiesAccrued fees 177,752,156.98 202,168.98 5,563,324.30
Overdraft at banks 298.53 - -Interest payable 52,629.72 714.00
-Payable on forward foreign exchange contracts 29,414,262.16
111,039.27 -Payable for investments purchased 95,758,360.40 -
172,126.30 Payable for redeemed shares 154,716,710.74 445,605.38
1,613,957.36 Net other payable 3,893.20 - -Credit default swaps at
cost (Note 2) 3,254,228.03 - -Unrealised loss on credit default
swaps (Note 2) 1,602,960.86 - 403,743.31 Unrealised loss on futures
(Note 2) 402,634.84 - -Unrealised loss on futures already cashed
(Note 2) 14,775,928.27 - 3,260,475.40 Unrealised loss on interest
rate swaps (Note 2) 386,963.25 - -Unrealised loss on total return
swaps (Note 2) 663,323.44 - -Unrealised loss on forward foreign
exchange contracts (Note 2) 2,200,853.92 - -Unrealised loss on
foreign currencies receivables and payables (Note 2) 218,767.39 -
-
481,203,971.72 759,527.63 11,013,626.67
Total net assets - unswung 63,519,235,043.43 38,899,585.48
1,529,570,812.41
Add/(deduct) swing adjustment - - -
Total net assets - swung 63,519,235,043.43 38,899,585.48
1,529,570,812.41
Portfolio at acquisition cost 57,707,988,538.73 31,620,084.11
1,155,344,250.63
Statement of Net Assetsas of 31/12/2017
Combined Statement Nordea 1 - Nordea 1 -African Equity Fund
Alpha 10 MA Fund
(Note 1b)(in EUR) (in EUR) (in EUR)
AssetsShares portfolio at market value (Note 2)
29,750,202,571.63 34,223,29'7.63 771 ,024,436.81Funds portfolio at
market value (Note 2) 172,691,561.55 - -Bonds portfolio at market
value (Note 2) 30,74'7,31'7,19'7.19 - 390,236,393.05Cash at banks
2,08'7,340,146.19 4,80'7,079.46 308,714,592.32Dividends and
interest receivable 330,145,905.13 - 6,138,894.19Receivable for
investments sold 30,1 74,248.69 0.01 -Receivable for subscribed
shares 182,605,1 23.88 517,175.77 6,253,004.37Receivable on forward
foreign exchange contracts 29,420,906.46 1 1 1,005.57 -Net other
receivable 54,958,794.28 - 2,681.22Unrealised gain on contracts for
difference (Note 2) 68,680,689.78 - 14,426,596.1 1Credit default
swaps at cost (Note 2) 221,215,96'7.47 - 28,988,052.78Unrealised
gain on credit default swaps (Note 2) 1 1,010,321.35 - -Unrealised
gain on futures (Note 2) 4,304,782.45 - 622,424.80Unrealised gain
on futures already cashed (Note 2) 15,342,869.07 - -Unrealised gain
on interest rate swaps (Note 2) 1,032,820.57 - -Unrealised gain on
forward foreign exchange contracts (Note 2) 293,890,263.42 -
14,176,044.84Unrealised gain on foreign currencies receivables and
payables (Note 2) 104,846.05 554.67 1,318.59
64,000,439,015.1 5 39,659,11 3.11 1,540,584,439.08
LiabilitiesAccrued fees 17'7,752,156.98 202,168.98
5,563,324.30Overdraft at banks 298.53 - -Interest payable 52,629.72
714.00 -Payable on forward foreign exchange contracts 29,414,262.16
1 1 1,039.27 -Payable for investments purchased 95,758,360.40 -
172,1 26.30Payable for redeemed shares 154,716,710.74 445,605.38
1,613,95'7.36Net other payable 3,893.20 - -Credit default swaps at
cost (Note 2) 3,254,228.03 - -Unrealised loss on credit default
swaps (Note 2) 1,602,960.86 - 403,743.31Unrealised loss on futures
(Note 2) 402,634.84 - -Unrealised loss on futures already cashed
(Note 2) 14,775,928.27 - 3,260,475.40Unrealised loss on interest
rate swaps (Note 2) 386,963.25 - -Unrealised loss on total return
swaps (Note 2) 663,323.44 - -Unrealised loss on fonuard foreign
exchange contracts (Note 2) 2,200,853.92 - -Unrealised loss on
foreign currencies receivables and payables (Note 2) 218,76'7.39 -
-
481 ,203,971 .72 759,527.63 11,013,626.67
Total net assets - unswung 63,51 9,235,043.43 38,89!-9,585.48
1,529,570,812.41
Add/(deduct) swing adjustment - - -
Total net assets - swung 63,51 9,235,043.43 38,89!-9,585.48
1,529,570,812.41
Portfolio at acquisition cost 5'7,70'7,988,538.73 31 ,620,084.1
1 1,155,344,250.63
The accompanying notes form an integral part of these financial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
-
9
The accompanying notes form an integral part of these fi nancial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
Nordea 1 - Alpha 15 MA Fund
(Note 1b)
Nordea 1 - Asian Focus Equity Fund
Nordea 1 - Balanced Income
Fund (Note 1b)
Nordea 1 - Chinese Equity
Fund
Nordea 1 - Danish Bond
Fund
(in EUR) (in USD) (in EUR) (in USD) (in DKK)
473,980,909.77 180,322,704.53 - 220,975,877.61 -- - 5,414,228.27
- -
123,433,782.67 - 147,271,164.94 - 110,843,634.40 190,896,883.21
1,541,960.25 4,471,107.62 4,573,372.91 1,629,448.33
3,156,277.45 235,549.57 923,294.04 29,904.24 419,784.37 - - - -
-
1,552,411.11 2,753,452.88 128,431.37 910,890.70 1,479.89 -
535,677.11 - 1,186,278.35 157,122.11 - - - - 1,131,428.94
26,074,763.83 - - - -24,774,334.28 - 3,779,987.89 - -
- - 355,919.01 - -529,911.34 - 53,395.12 - -
- - 477,784.29 - -- - - - -
5,491,728.53 33,351.07 901,841.17 - -8,153.13 - - 109.94
20.10
849,899,155.32 185,422,695.41 163,777,153.72 227,676,433.75
114,182,918.14
1,729,247.26 596,245.71 333,530.26 47,065.92 267,376.06 - - - -
-- - - - -- 534,894.83 - 1,186,453.16 157,152.77 - 1,188,087.53 -
533,930.31 -
397,294.53 183,341.24 99,463.10 - 235,389.07 - - - - -- - - -
-
339,241.59 - - - -- - - - -
2,826,423.47 - - - -- - - - -- - - - -- - - - -- 1,580.52 0.19 -
-
5,292,206.85 2,504,149.83 432,993.55 1,767,449.39 659,917.90
844,606,948.47 182,918,545.58 163,344,160.17 225,908,984.36
113,523,000.24
- - - - -
844,606,948.47 182,918,545.58 163,344,160.17 225,908,984.36
113,523,000.24
580,969,994.89 140,860,173.72 157,723,265.78 170,969,553.79
110,172,832.61
Nordea 1 - Nordea 1 - Nordea 1 - Nordea 1 - Nordea 1 -Alpha 15
MA Fund Asian Focus Palanced Income Chinese Equity Danish Bond
(Note 1b) Equity Fund Fund (Note 1b) Fund Fund(in EUR) (in USD)
(in EUR) (in USD) (in DKK)
473,980,909.77 180,322,704.53 - 220,975,87'Z61 - - 5,414,228.27
-
123,433,782.67 - 14'7,271,164.94 - 1 10,843,634.40190,896,883.21
1,541,960.25 4,471,10'7.62 4,573,372.91 1,629,448.33
3,156,27'Z45 235,549.57 923,294.04 29,904.24 419,784.37
1,552,41 1.1 1 2,753,452.88 128,431.37 910,890.70 1,479.89-
535,67'7.1 1 - 1,186,278.35 15'7,122.1 1- - - - 1,131,428.94
26,074,763.83 - - - 24,774,334.28 - 3,779,987.89 -
- - 355,919.01 - 529,91 1.34 - 53,395.12 -
- - 477,784.29 -
5,491,728.53 33,351.07 901,841.17 - 8,153.13 - - 109.94
20.10
849,899,1 55.32 1 85,422,695.41 1 63,777,1 53.72 227,676,433.75
114,182,91 8.14
1,729,247.26 596,245.71 333,530.26 47,065.92 267,376.06
- 534,894.83 - 1,186,453.16 15'7,152.77- 1,188,087.53 -
533,930.31
397,294.53 183,341.24 99,463.10 - 235,389.07
339,241.59 - - -
2,826,423.47 - - -
- 1,580.52 0.19 -
5,292,206.85 2,504,149.83 432,993.55 1 ,767,449.39
659,917.90
844,606,948.47 1 82,918,545.58 1 63,344,1 60.1 7 225,908,984.36
113,523,000.24
844,606,948.47 1 82,918,545.58 1 63,344,1 60.1 7 225,908,984.36
113,523,000.24
580,969,994.89 140,860,173.72 15'7,723,265.78 1 70,969,553.79 1
10,1 72,832.61
The accompanying notes form an integral part of these financial
statements.
Nordea 1, SICAV - Audited Annual Report 2017 9
-
10
The accompanying notes form an integral part of these fi nancial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
Statement of Net Assetsas of 31/12/2017
Nordea 1 - Danish Kroner
Reserve
Nordea 1 - Danish Mortgage
Bond Fund
Nordea 1 - Emerging
Consumer Fund
(in DKK) (in DKK) (in EUR)
AssetsShares portfolio at market value (Note 2) - -
136,176,030.49 Funds portfolio at market value (Note 2) - - -Bonds
portfolio at market value (Note 2) 79,121,256.78 5,562,784,553.05
-Cash at banks 3,169,080.07 83,740,000.70 3,553,056.71 Dividends
and interest receivable 275,648.07 31,498,230.02 198,616.45
Receivable for investments sold - - -Receivable for subscribed
shares 46,670.14 2,855,988.93 111,658.71 Receivable on forward
foreign exchange contracts 178,651.72 973,301.66 30,946.06 Net
other receivable - 99,595,502.64 -Unrealised gain on contracts for
difference (Note 2) - - -Credit default swaps at cost (Note 2) - -
-Unrealised gain on credit default swaps (Note 2) - - -Unrealised
gain on futures (Note 2) - - -Unrealised gain on futures already
cashed (Note 2) - - -Unrealised gain on interest rate swaps (Note
2) - - -Unrealised gain on forward foreign exchange contracts (Note
2) - - 13.98 Unrealised gain on foreign currencies receivables and
payables (Note 2) 35.05 - -
82,791,341.83 5,781,447,577.00 140,070,322.40
LiabilitiesAccrued fees 88,417.15 6,665,565.71 546,691.34
Overdraft at banks - - -Interest payable - - -Payable on forward
foreign exchange contracts 178,678.38 973,169.00 30,944.55 Payable
for investments purchased - - -Payable for redeemed shares
180,002.84 1,977,096.96 66,786.83 Net other payable - - -Credit
default swaps at cost (Note 2) - - -Unrealised loss on credit
default swaps (Note 2) - - -Unrealised loss on futures (Note 2) -
280,046.30 -Unrealised loss on futures already cashed (Note 2) -
2,643,360.48 -Unrealised loss on interest rate swaps (Note 2) -
898,793.35 -Unrealised loss on total return swaps (Note 2) - -
-Unrealised loss on forward foreign exchange contracts (Note 2) -
3,952,199.04 -Unrealised loss on foreign currencies receivables and
payables (Note 2) - 64.97 131.84
447,098.37 17,390,295.81 644,554.56
Total net assets - unswung 82,344,243.46 5,764,057,281.19
139,425,767.84
Add/(deduct) swing adjustment - - -
Total net assets - swung 82,344,243.46 5,764,057,281.19
139,425,767.84
Portfolio at acquisition cost 79,374,808.56 5,441,494,060.33
118,277,210.85
Statement of Net Assetsas of 31/12/2017
Nordea 1 - Nordea 1 - Nordea 1 -Danish Kroner Danish Mortgage
Emerging
Reserve Bond Fund Consumer Fund(in DKK) (in DKK) (in EUR)
AssetsShares portfolio at market value (Note 2) - -
136,176,030.49Funds portfolio at market value (Note 2) - - -Bonds
portfolio at market value (Note 2) 79,121,256.78 5,562,784,553.05
-Cash at banks 3,169,080.07 83,740,000.70 3,553,056.71Dividends and
interest receivable 275,648.07 31 ,498,230.02 198,616.45Receivable
for investments sold - - -Receivable for subscribed shares
46,670.14 2,855,988.93 1 1 1,658.71Receivable on fonNard foreign
exchange contracts 1 78,651.72 973,301.66 30,946.06Net other
receivable - 99,595,502.64 -Unrealised gain on contracts for
difference (Note 2) - - -Credit default swaps at cost (Note 2) - -
-Unrealised gain on credit default swaps (Note 2) - - -Unrealised
gain on futures (Note 2) - - -Unrealised gain on futures already
cashed (Note 2) - - -Unrealised gain on interest rate swaps (Note
2) - - -Unrealised gain on fonNard foreign exchange contracts (Note
2) - - 13.98Unrealised gain on foreign currencies receivables and
payables (Note 2) 35.05 - -
82,791 ,341.83 5,781 ,447,577.00 140,070,322.40
LiabilitiesAccrued fees 88,41'7.15 6,665,565.71
546,691.34Overdraft at banks - - -Interest payable - - -Payable on
forward foreign exchange contracts 1 78,678.38 973,169.00
30,944.55Payable for investments purchased - - -Payable for
redeemed shares 180,002.84 1,977,096.96 66,786.83Net other payable
- - -Credit default swaps at cost (Note 2) - - -Unrealised loss on
credit default swaps (Note 2) - - -Unrealised loss on futures (Note
2) - 280,046.30 -Unrealised loss on futures already cashed (Note 2)
- 2,643,360.48 -Unrealised loss on interest rate swaps (Note 2) -
898,793.35 -Unrealised loss on total return swaps (Note 2) - -
-Unrealised loss on fonuard foreign exchange contracts (Note 2) -
3,952,199.04 -Unrealised loss on foreign currencies receivables and
payables (Note 2) - 64.97 131.84
447,098.37 17,390,295.81 644,554.56
Total net assets - unswung 82,344,243.46 5,764,057,281.1 9 1
39,425,767.84
Add/(deduct) swing adjustment - - -
Total net assets - swung 82,344,243.46 5,764,057,281.1 9 1
39,425,767.84
Portfolio at acquisition cost 79,374,808.56 5,441 ,494,060.33 1
18,27'7,210.85
The accompanying notes form an integral part of these financial
statements.
10 Nordea 1, SICAV - Audited Annual Report 2017
-
11
The accompanying notes form an integral part of these fi nancial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
Nordea 1 - Emerging Market
Bond Fund
Nordea 1 - Emerging Market Bond
Opportunities Fund
Nordea 1 - Emerging Market
Corporate Bond Fund
Nordea 1 - Emerging Market Hard
Currency Bond Fund
Nordea 1 - Emerging Market Local
Debt Fund
(in USD) (in USD) (in USD) (in USD) (in USD)
- - - - -- - - - -
2,053,144,508.02 153,632,198.16 215,138,677.41 133,634,042.01
152,089,454.32 33,757,060.87 3,707,805.10 1,932,716.95 5,135,252.03
4,137,173.51
32,169,666.28 2,769,656.13 2,760,461.72 1,995,701.02
3,153,333.62 - - - - -
3,632,748.18 1,185.02 1,800,334.23 2,376.73 4,151.13 708,866.68
- - - 4,161.27
- - - - -- - - - -- - - - -- - - - -- - - - 2,592.00 - - -
4,968.75 15,465.81 - - - 13,990.19 -
20,826,120.64 1,043,561.97 2,722,100.48 1,914,986.53 -359.18 -
36.05 - -
2,144,239,329.85 161,154,406.38 224,354,326.84 142,701,317.26
159,406,331.66
4,016,088.84 149,546.94 508,989.40 222,981.45 121,762.28 - - - -
-- - - - -
709,586.92 - - - 4,149.26 - - - - -
2,355,091.37 - 1,748,613.01 6,648.66 -- - - - -- - - - -- - - -
-- - - 1,125.00 -- - - - -- - - - 121,356.20 - - - - -- - - -
31,856.46 - - - 0.03 1.86
7,080,767.13 149,546.94 2,257,602.41 230,755.14 279,126.06
2,137,158,562.72 161,004,859.44 222,096,724.43 142,470,562.12
159,127,205.60
- - - - -
2,137,158,562.72 161,004,859.44 222,096,724.43 142,470,562.12
159,127,205.60
1,984,821,938.12 155,346,192.12 211,739,002.22 127,762,203.10
156,732,759.40
Nordea 1 - Nordea 1 - Nordea 1 - Nordea 1 - Nordea 1 -Emerging
Market Emerging Market Bond Emerging Market Emerging Market Hard
Emerging Market Local
Bond Fund Opportunities Fund Corporate Bond Fund Currency Bond
Fund Debt Fund(in USD) (in USD) (in USD) (in USD) (in USD)
2,053,144,508.02 153,632,198.16 215,138,67'7.41 133,634,042.01
152,089,454.3233,75'7,060.87 3,70'7,805.10 1,932,716.95
5,135,252.03 4,13'7,173.51
32,169,666.28 2,769,656.13 2,760,461.72 1,995,701.02
3,153,333.62
3,632,748.18 1,185.02 1,800,334.23 2,376.73 4,151.13708,866.68 -
- - 4,161.27
- - 2,592.00 - - 4,968.75 15,465.81 - - 13,990.19 -
20,826,120.64 1,043,561.97 2,722,100.48 1,914,986.53 -359.18 -
36.05 -
2,144,239,329.85 1 61,1 54,406.38 224,354,326.84 142,701 ,31
7.26 159,406,331.66
4,016,088.84 149,546.94 508,989.40 222,981.45 121,762.28
709,586.92 - - - 4,149.26
2,355,091.37 - 1,748,613.01 6,648.66 -
- - 1,125.00 -
- - 121,356.20
- - 31,856.46 - - 0.03 1.86
7,080,767.13 149,546.94 2,257,602.41 230,755.14 279,126.06
2,137,158,562.72 1 61 ,004,859.44 222,096,724.43 142,470,562.12
159,127,205.60
2,137,158,562.72 1 61 ,004,859.44 222,096,724.43 142,470,562.12
159,127,205.60
1,984,821 ,938.1 2 155,346,192.12 21 1,739,002.22 1
2'7,762,203.10 156,732,759.40
The accompanying notes form an integral part of these financial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
-
12
The accompanying notes form an integral part of these fi nancial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
Statement of Net Assetsas of 31/12/2017
Nordea 1 - Emerging Market
Local Debt Fund Plus
Nordea 1 - Emerging Markets Debt
Total Return Fund (Note 1a)
Nordea 1 - Emerging Markets Focus Equity Fund
(in USD) (in USD) (in USD)
AssetsShares portfolio at market value (Note 2) - -
110,217,306.73 Funds portfolio at market value (Note 2) - - -Bonds
portfolio at market value (Note 2) 64,577,098.78 27,466,038.58
-Cash at banks 1,788,601.07 1,700,565.69 1,526,867.59 Dividends and
interest receivable 1,185,700.06 530,358.98 120,127.47 Receivable
for investments sold - - -Receivable for subscribed shares
63,874.44 - 144,272.76 Receivable on forward foreign exchange
contracts - - 48,822.16 Net other receivable - - -Unrealised gain
on contracts for difference (Note 2) - - -Credit default swaps at
cost (Note 2) - 149,534.22 -Unrealised gain on credit default swaps
(Note 2) - - -Unrealised gain on futures (Note 2) 2,592.00 1,749.93
-Unrealised gain on futures already cashed (Note 2) 15,465.81
58,238.24 -Unrealised gain on interest rate swaps (Note 2) - -
-Unrealised gain on forward foreign exchange contracts (Note 2)
82,827.30 18,477.70 -Unrealised gain on foreign currencies
receivables and payables (Note 2) 0.05 - 633.32
67,716,159.51 29,924,963.34 112,058,030.03
LiabilitiesAccrued fees 151,562.27 28,774.62 406,408.18
Overdraft at banks - - -Interest payable - - -Payable on forward
foreign exchange contracts - - 48,898.38 Payable for investments
purchased - - -Payable for redeemed shares 4,089.07 - 131,413.13
Net other payable - - -Credit default swaps at cost (Note 2) - -
-Unrealised loss on credit default swaps (Note 2) - 180,123.91
-Unrealised loss on futures (Note 2) - - -Unrealised loss on
futures already cashed (Note 2) - - -Unrealised loss on interest
rate swaps (Note 2) 180,549.07 17,640.45 -Unrealised loss on total
return swaps (Note 2) - - -Unrealised loss on forward foreign
exchange contracts (Note 2) - - -Unrealised loss on foreign
currencies receivables and payables (Note 2) - - -
336,200.41 226,538.98 586,719.69
Total net assets - unswung 67,379,959.10 29,698,424.36
111,471,310.34
Add/(deduct) swing adjustment - - -
Total net assets - swung 67,379,959.10 29,698,424.36
111,471,310.34
Portfolio at acquisition cost 62,664,000.70 27,313,446.36
88,828,067.77
Statement of Net Assetsas of 31/12/2017
Nordea 1 - Nordea 1 - Nordea 1 -Emerging Market Emerging Markets
Debt Emerging Markets
Local Debt Fund Plus Total Return Fund (Note 1a) Focus Equity
Fund(in USD) (in USD) (in USD)
AssetsShares portfolio at market value (Note 2) - - 1 10,21
'7,306.73Funds portfolio at market value (Note 2) - - -Bonds
portfolio at market value (Note 2) 64,57'7,098.78 2'7,466,088.58
-Cash at banks 1,788,601.07 1,700,565.69 1,526,86'7.59Dividends and
interest receivable 1,185,700.06 580,358.98 120,12'7.47Receivable
for investments sold - - -Receivable for subscribed shares
63,874.44 - 144,272.76Receivable on fonNard foreign exchange
contracts - - 48,822.16Net other receivable - - -Unrealised gain on
contracts for difference (Note 2) - - -Credit default swaps at cost
(Note 2) - 1 49,584.22 -Unrealised gain on credit default swaps
(Note 2) - - -Unrealised gain on futures (Note 2) 2,592.00 1,749.98
-Unrealised gain on futures already cashed (Note 2) 15,465.81
58,238.24 -Unrealised gain on interest rate swaps (Note 2) - -
-Unrealised gain on fonNard foreign exchange contracts (Note 2)
82,827.30 18,477.70 -Unrealised gain on foreign currencies
receivables and payables (Note 2) 0.05 - 683.82
67,71 6,1 59.51 29,924,963.34 11 2,058,030.03
LiabilitiesAccrued fees 151,562.27 28,774.62 406,408.18Overdraft
at banks - - -Interest payable - - -Payable on forward foreign
exchange contracts - - 48,898.88Payable for investments purchased -
- -Payable for redeemed shares 4,089.07 - 181,413.18Net other
payable - - -Credit default swaps at cost (Note 2) - - -Unrealised
loss on credit default swaps (Note 2) - 180,123.91 -Unrealised loss
on futures (Note 2) - - -Unrealised loss on futures already cashed
(Note 2) - - -Unrealised loss on interest rate swaps (Note 2)
180,549.07 17,640.45 -Unrealised loss on total return swaps (Note
2) - - -Unrealised loss on fonuard foreign exchange contracts (Note
2) - - -Unrealised loss on foreign currencies receivables and
payables (Note 2) - - -
336,200.41 226,538.98 586,71 9.69
Total net assets - unswung 67,379,959.1 0 29,698,424.36 1 11
,471,310.34
Add/(deduct) swing adjustment - - -
Total net assets - swung 67,379,959.1 0 29,698,424.36 1 11
,471,310.34
Portfolio at acquisition cost 62,664,000.70 2'7,813,446.36
88,828,06'7.77
The accompanying notes form an integral part of these financial
statements.
12 Nordea 1, SICAV - Audited Annual Report 2017
-
13
The accompanying notes form an integral part of these fi nancial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
Nordea 1 - Emerging Markets
Small Cap Fund
Nordea 1 - Emerging Stars
Equity Fund
Nordea 1 - European Corporate
Bond Fund
Nordea 1 - European Corporate
Bond Fund Plus
Nordea 1 - European Covered
Bond Fund
(in USD) (in USD) (in EUR) (in EUR) (in EUR)
215,823,947.74 3,736,948,885.05 - - -2,326,284.23 - - - -
- - 778,331,917.72 85,444,515.32 855,994,107.73 3,450,418.80
43,565,139.45 2,118,694.79 1,114,559.99 29,225,157.15
273,945.00 4,028,058.74 9,396,382.80 1,032,652.33 8,383,825.51 -
- 1,432,107.93 225,336.30 -
103,233.11 28,518,111.22 577,345.41 - 1,680,787.47 88,847.27
10,340,156.24 - - -
- - - - -- - - - -- - 1,791,924.09 744,570.02 -- - - - -- - -
2,020.00 -- - - 14,677.61 -- - - - 195,577.93 - 158.12 2,653,363.00
27,439.61 293,916.07
1,633.08 - - - -
222,068,309.23 3,823,400,508.82 796,301,735.74 88,605,771.18
895,773,371.86
167,605.96 11,842,527.35 781,072.28 44,509.21 1,224,025.16 - - -
- -- - - - -
88,736.47 10,327,101.97 - - -554,271.67 6,723,587.29 737,427.26
165,800.93 6,034,800.00 14,658.92 18,610,935.70 1,658,392.06 -
363,697.60
- - - - -- - - - 1,251,997.68 - - 294,442.85 207,253.22
137,799.47 - - - - 16,436.59 - - - - 60,525.85 - - - - -- - - - --
- - - -- 8,062.33 2.10 - -
825,273.02 47,512,214.64 3,471,336.55 417,563.36
9,089,282.35
221,243,036.21 3,775,888,294.18 792,830,399.19 88,188,207.82
886,684,089.51
- - - - -
221,243,036.21 3,775,888,294.18 792,830,399.19 88,188,207.82
886,684,089.51
184,694,277.66 2,787,752,098.56 769,970,786.71 84,294,755.93
865,013,551.33
Nordea 1 - Nordea 1 - Nordea 1 - Nordea 1 - Nordea 1 -Emerging
Markets Emerging Stars European Corporate European Corporate
European Covered
Small Cap Fund Equity Fund Bond Fund Bond Fund Plus Bond Fund(in
USD) (in USD) (in EUR) (in EUR) (in EUR)
21 5,823,94'7.74 3,736,948,885.05 - - 2,326,284.23 - - -
- 778,331,917.72 85,444,515.32 855,994,10'7.733,450,418.80
43,565,139.45 2,1 18,694.79 1,1 14,559.99 29,225,157.15
273,945.00 4,028,058.74 9,396,382.80 1,032,652.33 8,383,825.51 -
1,432,10'7.93 225,336.30 -
103,233.1 1 28,518,1 1 1.22 577,345.41 1,680,787.4788,847.27
10,340,156.24 - -
- 1,791 ,924.09 744,570.02
- - 2,020.00 - - - 14,677.61 - - - 195,577.93 158.12
2,653,363.00 27,439.61 293,91 6.07
1,633.08 - - -
222,068,309.23 3,823,400,508.82 796,301 ,735.74 88,605,771.18
895,773,371.86
167,605.96 1 1,842,527.35 781,072.28 44,509.21 1,224,025.16
88,736.47 10,327,101.97 - - 554,271.67 6,723,587.29 73'7,42'7.26
165,800.93 6,034,800.00
14,658.92 18,610,935.70 1,658,392.06 363,697.60
- - - 1,251 ,99'7.68 - 294,442.85 207,253.22 137,799.47 - - -
16,436.59 - - - 60,525.85
8,062.33 2.10 -
825,273.02 47,51 2,214.64 3,471,336.55 417,563.36
9,089,282.35
221 ,243,036.21 3,775,888,294.18 792,830,399.19 88,188,207.82
886,684,089.51
221,243,036.21 3,775,888,294.18 792,830,399.19 88,188,207.82
886,684,089.51
184,694,27'7.66 2,78'7,752,098.56 769,970,786.71 84,294,755.93
865,013,551.33
The accompanying notes form an integral part of these financial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
-
14
The accompanying notes form an integral part of these fi nancial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
Statement of Net Assetsas of 31/12/2017
Nordea 1 - European Cross
Credit Fund
Nordea 1 - European Diversifi ed
Corporate Bond Fund
Nordea 1 - European Financial
Debt Fund
(in EUR) (in EUR) (in EUR)
AssetsShares portfolio at market value (Note 2) - - -Funds
portfolio at market value (Note 2) - - -Bonds portfolio at market
value (Note 2) 1,239,837,728.75 82,374,034.05 419,939,727.91 Cash
at banks 11,424,389.52 749,952.93 23,462,099.31 Dividends and
interest receivable 16,277,110.09 1,178,647.00 7,857,198.60
Receivable for investments sold - - -Receivable for subscribed
shares 4,814,517.50 - 10,066,349.60 Receivable on forward foreign
exchange contracts - - -Net other receivable - - -Unrealised gain
on contracts for difference (Note 2) - - -Credit default swaps at
cost (Note 2) - - 2,781,502.18 Unrealised gain on credit default
swaps (Note 2) - - 583,822.03 Unrealised gain on futures (Note 2) -
1,120.00 108,285.79 Unrealised gain on futures already cashed (Note
2) - - 214,778.82 Unrealised gain on interest rate swaps (Note 2) -
- -Unrealised gain on forward foreign exchange contracts (Note 2)
1,131,638.76 440,982.09 488,916.57 Unrealised gain on foreign
currencies receivables and payables (Note 2) - - 1,324.42
1,273,485,384.62 84,744,736.07 465,504,005.23
LiabilitiesAccrued fees 2,792,772.10 15,841.59 874,307.22
Overdraft at banks - - -Interest payable - - -Payable on forward
foreign exchange contracts - - -Payable for investments purchased -
- 7,490,720.84 Payable for redeemed shares 3,526,958.96 -
100,597.69 Net other payable - - -Credit default swaps at cost
(Note 2) - - -Unrealised loss on credit default swaps (Note 2) - -
-Unrealised loss on futures (Note 2) - - -Unrealised loss on
futures already cashed (Note 2) - 2,050.00 -Unrealised loss on
interest rate swaps (Note 2) - - -Unrealised loss on total return
swaps (Note 2) - - -Unrealised loss on forward foreign exchange
contracts (Note 2) - - -Unrealised loss on foreign currencies
receivables and payables (Note 2) 0.15 - -
6,319,731.21 17,891.59 8,465,625.75
Total net assets - unswung 1,267,165,653.41 84,726,844.48
457,038,379.48
Add/(deduct) swing adjustment - - -
Total net assets - swung 1,267,165,653.41 84,726,844.48
457,038,379.48
Portfolio at acquisition cost 1,208,801,776.63 81,215,692.98
407,756,072.17
Statement of Net Assetsas of 31/12/2017
Nordea 1 - Nordea 1 - Nordea 1 -European Cross European
Diversified European Financial
Credit Fund Corporate Bond Fund Debt Fund(in EUR) (in EUR) (in
EUR)
AssetsShares portfolio at market value (Note 2) - - -Funds
portfolio at market value (Note 2) - - -Bonds portfolio at market
value (Note 2) 1,289,837,728.75 82,374,084.05 419,939,727.91Cash at
banks 1 1,424,889.52 749,952.93 23,462,099.81Dividends and interest
receivable 1 6,27'7,1 10.09 1,178,64'7.00 '7,85'7,198.60Receivable
for investments sold - - -Receivable for subscribed shares
4,814,51'7.50 - 10,066,849.60Receivable on fonNard foreign exchange
contracts - - -Net other receivable - - -Unrealised gain on
contracts for difference (Note 2) - - -Credit default swaps at cost
(Note 2) - - 2,781,502.18Unrealised gain on credit default swaps
(Note 2) - - 583,822.03Unrealised gain on futures (Note 2) -
1,120.00 108,285.79Unrealised gain on futures already cashed (Note
2) - - 214,778.82Unrealised gain on interest rate swaps (Note 2) -
- -Unrealised gain on fonNard foreign exchange contracts (Note 2)
1,131,688.76 440,982.09 488,916.57Unrealised gain on foreign
currencies receivables and payables (Note 2) - - 1,324.42
1 ,273,485,384.62 84,744,736.07 465,504,005.23
LiabilitiesAccrued fees 2,792,772.10 15,841.59
874,30'7.22Overdraft at banks - - -Interest payable - - -Payable on
forward foreign exchange contracts - - -Payable for investments
purchased - - 7,490,720.84Payable for redeemed shares 3,526,958.96
- 100,597.69Net other payable - - -Credit default swaps at cost
(Note 2) - - -Unrealised loss on credit default swaps (Note 2) - -
-Unrealised loss on futures (Note 2) - - -Unrealised loss on
futures already cashed (Note 2) - 2,050.00 -Unrealised loss on
interest rate swaps (Note 2) - - -Unrealised loss on total return
swaps (Note 2) - - -Unrealised loss on fonuard foreign exchange
contracts (Note 2) - - -Unrealised loss on foreign currencies
receivables and payables (Note 2) 0.15 - -
6,319,731.21 1 7,891.59 8,465,625.75
Total net assets - unswung 1,267,165,653.41 84,726,844.48
457,038,379.48
Add/(deduct) swing adjustment - - -
Total net assets - swung 1,267,165,653.41 84,726,844.48
457,038,379.48
Portfolio at acquisition cost
The accompanying notes form an integral part of these financial
statements.
14
1,208,801 ,776.63 81 ,21 5,692.98 40'7,756,072.1 7
Nordea 1, SICAV - Audited Annual Report 2017
-
15
The accompanying notes form an integral part of these fi nancial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
Nordea 1 - European Focus
Equity Fund
Nordea 1 - European High Yield
Bond Fund
Nordea 1 - European High Yield
Bond Fund II
Nordea 1 - European Small and Mid Cap Equity Fund
Nordea 1 - European Stars Equity
Fund (Note 1a)
(in EUR) (in EUR) (in EUR) (in EUR) (in EUR)
167,726,137.91 - - 630,829,814.47 3,077,026.39 - - -
43,939,913.51 -- 3,787,624,306.24 455,016,852.63 - -
1,972,518.25 208,500,062.46 14,632,239.99 17,025,050.41
44,150.90 144,060.43 46,643,965.49 7,338,028.71 528,026.24
1,778.42
- 209,946.67 189,467.91 - -894,125.05 6,566,657.85 238,484.32
1,336,074.26 -892,979.46 - - 401,757.95 -
- - - 3,025.13 -- - - - -- 17,761,458.00 - - -- 612,387.75
940,634.40 - -- 7,430.00 25,280.85 - -- 63,382.76 203,434.48 - -- -
- - -- - - - -
593.87 13,574.94 3,055.66 - -
171,630,414.97 4,068,003,172.16 478,587,478.95 694,063,661.97
3,122,955.71
373,063.91 9,127,221.68 458,502.16 2,605,420.23 6,997.33 - - - -
-- - - - -
894,739.85 - - 402,136.63 -- 2,286,461.92 - 3,410,257.03 --
6,754,069.31 151,088.73 866,167.62 -- - - - -- - 2,002,230.35 - --
- - - -- - - - -- - - - -- - - - -- - - - -- 821,017.88 167,179.92
- -- - - 1,895.88 0.26
1,267,803.76 18,988,770.79 2,779,001.16 7,285,877.39
6,997.59
170,362,611.21 4,049,014,401.37 475,808,477.79 686,777,784.58
3,115,958.12
- - - - -
170,362,611.21 4,049,014,401.37 475,808,477.79 686,777,784.58
3,115,958.12
161,432,954.72 3,732,374,899.31 450,928,189.33 552,637,724.72
2,966,783.93
Nordea 1 - Nordea 1 - Nordea 1 - Nordea 1 - Nordea 1 -European
Focus European High Yield European High Yield European Small and
European Stars Equity
Equity Fund Bond Fund Bond Fund II Mid Cap Equity Fund Fund
(Note 1a)(in EUR) (in EUR) (in EUR) (in EUR) (in EUR)
16'7,726,13'Z91 - - 630,829,814.47 3,07'7,026.89 - -
43,939,913.51 - 8,78'7,624,306.24 455,016,852.68 - -
1,972,518.25 208,500,062.46 14,682,289.99 1'7,025,050.41
44,150.90144,060.43 46,643,965.49 '7,888,028.71 528,026.24
1,778.42
209,946.67 189,467.91 - 894,125.05 6,566,65'7.85 288,484.32
1,886,074.26 892,979.46 - - 401 ,75'Z95
- - 3,025.13 -
1'7,761,458.00 - - 612,38'7.75 940,634.40 - 7,480.00 25,280.85 -
63,882.76 203,434.48 - -
593.87 18,574.94 3,055.66 - -
171 ,630,41 4.97 4,068,003,172.1 6 478,587,478.95 694,063,661.97
3,122,955.71
378,063.91 9,12'7,221.68 458,502.16 2,605,420.23 6,997.33
894,739.85 - - 402,136.63 2,286,461.92 - 8,410,25'Z03
6,754,069.31 151,088.78 866,16'Z62
- 2,002,230.35 - -
821,01'7.88 16'7,179.92 - - - - 1,895.88 0.26
1,267,803.76 18,!-988,770.79 2,779,001.16 7,285,877.39
6,997.59
170,362,611.21 4,049,014,401.37 475,808,477.79 686,777,784.58
3,115,958.12
170,362,611.21 4,049,014,401.37 475,808,477.79 686,777,784.58
3,115,958.12
161 ,432,954.72 3,782,874,899.31 450,928,189.38 552,68'7,724.72
2,966,783.93
The accompanying notes form an integral part of these financial
statements.
Nordea 1, SICAV - Audited Annual Report 201 '7 15
-
16
The accompanying notes form an integral part of these fi nancial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
Statement of Net Assetsas of 31/12/2017
Nordea 1 - European
Value Fund
Nordea 1 - Flexible Fixed Income Fund
Nordea 1 - GBP Diversifi ed
Return Fund
(in EUR) (in EUR) (in GBP)
AssetsShares portfolio at market value (Note 2) 1,385,383,524.95
- 1,186,650,089.56 Funds portfolio at market value (Note 2) -
121,398,849.58 -Bonds portfolio at market value (Note 2) -
3,015,953,171.88 804,415,166.82 Cash at banks 26,917,843.69
72,281,320.62 59,502,217.57 Dividends and interest receivable
900,252.14 19,342,831.54 6,058,167.75 Receivable for investments
sold - 6,775,449.73 -Receivable for subscribed shares 909,974.58
25,835,056.70 4,748,687.87 Receivable on forward foreign exchange
contracts 353,841.99 245,068.33 -Net other receivable - -
3,957,627.32 Unrealised gain on contracts for difference (Note 2) -
- -Credit default swaps at cost (Note 2) - 81,486,061.73
6,136,724.71 Unrealised gain on credit default swaps (Note 2) -
5,413,868.56 -Unrealised gain on futures (Note 2) - 528,989.03
300,948.74 Unrealised gain on futures already cashed (Note 2) -
11,226,512.63 444,163.51 Unrealised gain on interest rate swaps
(Note 2) - - -Unrealised gain on forward foreign exchange contracts
(Note 2) - 4,501,602.78 10,544,177.81 Unrealised gain on foreign
currencies receivables and payables (Note 2) - 174.63 -
1,414,465,437.35 3,364,988,957.74 2,082,757,971.66
LiabilitiesAccrued fees 5,579,575.95 5,364,886.27 3,491,729.29
Overdraft at banks - - -Interest payable - - -Payable on forward
foreign exchange contracts 354,394.92 245,097.54 -Payable for
investments purchased - 6,627,646.08 183,793.07 Payable for
redeemed shares 1,294,996.09 24,620,567.48 55,112.80 Net other
payable - - -Credit default swaps at cost (Note 2) - - -Unrealised
loss on credit default swaps (Note 2) - - 62,455.70 Unrealised loss
on futures (Note 2) - - -Unrealised loss on futures already cashed
(Note 2) - - -Unrealised loss on interest rate swaps (Note 2) - -
-Unrealised loss on total return swaps (Note 2) - - -Unrealised
loss on forward foreign exchange contracts (Note 2) 47,199.59 -
-Unrealised loss on foreign currencies receivables and payables
(Note 2) 4,845.03 - 7,860.52
7,281,011.58 36,858,197.37 3,800,951.38
Total net assets - unswung 1,407,184,425.77 3,328,130,760.37
2,078,957,020.28
Add/(deduct) swing adjustment - - -
Total net assets - swung 1,407,184,425.77 3,328,130,760.37
2,078,957,020.28
Portfolio at acquisition cost 1,122,792,329.48 3,248,013,903.37
1,944,854,080.89
Statement of Net Assetsas of 31/12/2017
Nordea 1 -European
Value Fund(in EUR)
Nordea 1 -Flexible FixedIncome Fund
(in EUR)
Nordea 1 -GBP Diversified
Return Fund(in GBP)
AssetsShares portfolio at market value (Note 2)Funds portfolio
at market value (Note 2)
1,385,383,524.95121 ,398,849.58
1,186,650,089.56
Bonds portfolio at market value (Note 2) - 3,015,953,171.88
804,415,166.82Cash at banks 26,91 '7,843.69 72,281,320.62
59,502,217.57Dividends and interest receivable 900,252.14
19,342,831.54 6,058,1 67.75Receivable for investments sold -
6,775,449.73 -Receivable for subscribed shares 909,974.58
25,835,056.70 4,748,687.87Receivable on fonNard foreign exchange
contracts 353,841.99 245,068.33 -Net other receivable - -
3,95'7,62'7.32Unrealised gain on contracts for difference (Note 2)
- - -Credit default swaps at cost (Note 2) - 81,486,061.73
6,136,724.71Unrealised gain on credit default swaps (Note 2) -
5,413,868.56 -Unrealised gain on futures (Note 2) - 528,989.03
300,948.74Unrealised gain on futures already cashed (Note 2) - 1
1,226,512.63 444,163.51Unrealised gain on interest rate swaps (Note
2) - - -Unrealised gain on fonNard foreign exchange contracts (Note
2) - 4,501,602.78 10,544,17'7.81Unrealised gain on foreign
currencies receivables and payables (Note 2) - 174.63 -
1 ,41 4,465,437.35 3,364,988,957.74 2,082,757,971 .66
LiabilitiesAccrued fees 5,579,575.95 5,364,886.27
3,491,729.29Overdraft at banks - - -Interest payable - - -Payable
on forward foreign exchange contracts 354,394.92 245,097.54
-Payable for investments purchased - 6,627,646.08 183,793.07Payable
for redeemed shares 1,294,996.09 24,620,56'7.48 55,1 12.80Net other
payable - - -Credit default swaps at cost (Note 2) - - -Unrealised
loss on credit default swaps (Note 2) - - 62,455.70Unrealised loss
on futures (Note 2) - - -Unrealised loss on futures already cashed
(Note 2) - - -Unrealised loss on interest rate swaps (Note 2) - -
-Unrealised loss on total return swaps (Note 2) - - -Unrealised
loss on fonuard foreign exchange contracts (Note 2) 4'7,199.59 -
-Unrealised loss on foreign currencies receivables and payables
(Note 2) 4,845.03 - 7,860.52
7,281 ,011.58 36,858,1 97.37 3,800,951 .38
Total net assets - unswung 1,407,1 84,425.77 3,328,1 30,760.37
2,078,957,020.28
Add/(deduct) swing adjustment - - -
Total net assets - swung 1,407,1 84,425.77 3,328,1 30,760.37
2,078,957,020.28
Portfolio at acquisition cost 1,122,792,329.48 3,248,013,903.37
1,944,854,080.89
The accompanying notes form an integral part of these financial
statements.
16 Nordea 1, SICAV - Audited Annual Report 2017
-
17
The accompanying notes form an integral part of these fi nancial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
Nordea 1 - Global
Bond Fund
Nordea 1 - Global Climate and Environment Fund
Nordea 1 - Global
Dividend Fund
Nordea 1 - Global High
Yield Bond Fund
Nordea 1 - Global Ideas Equity Fund
(in EUR) (in EUR) (in USD) (in USD) (in USD)
- 722,358,126.99 54,701,406.67 - 31,053,837.00 - - - - -
120,630,382.81 - - 617,212,545.58 -2,669,064.33 7,257,670.09
587,737.54 17,954,964.30 991,719.39
967,068.99 748,495.98 57,361.31 7,978,307.99 14,870.52 - - - -
-
42,692.80 6,650,688.52 20,151.25 250,194.76 58,648.65 4,170.72
6,587,976.17 35,260.12 - 18,928.25
- - - - -- - - - -- - - - -- - - - -- - - - -
75,243.07 - - - -- - - - -- - - 1,754,645.31 59,986.18
0.90 10,032.95 1,058.87 - 33.16
124,388,623.62 743,612,990.70 55,402,975.76 645,150,657.94
32,198,023.15
219,531.52 1,994,876.41 246,058.66 335,652.80 147,941.15 - - - -
-- - - - -
4,175.06 6,589,139.07 35,255.82 - 18,962.48 - 10,098,661.07 - -
-
181,272.22 659,913.11 33,797.40 551,859.36 24,694.74 - - - - --
- - - -- - - - -
17.91 - - - -- - - - -- - - - -- - - - -
107,384.77 462,149.27 - - -- - - 7.35 -
512,381.48 19,804,738.93 315,111.88 887,519.51 191,598.37
123,876,242.14 723,808,251.77 55,087,863.88 644,263,138.43
32,006,424.78
- - - - -
123,876,242.14 723,808,251.77 55,087,863.88 644,263,138.43
32,006,424.78
129,389,789.08 698,505,482.37 46,564,986.21 602,694,454.45
26,054,582.96
Nordea 1 - Nordea 1 - Nordea 1 - Nordea 1 - Nordea 1 -Global
Global Climate and Global Global High Global Ideas
Bond Fund Environment Fund Dividend Fund Yield Bond Fund Equity
Fund(in EUR) (in EUR) (in USD) (in USD) (in USD)
- 722,358,126.99 54,701 ,406.67 - 31 ,053,83'7.00
120,630,382.81 - - 61 '7,21 2,545.58 -2,669,064.33
'7,25'7,670.09 58'7,73'7.54 1'7,954,964.30 991,719.39
96'7,068.99 748,495.98 5'7,361.31 '7,978,30'7.99 14,870.52
42,692.80 6,650,688.52 20,151.25 250,194.76 58,648.654,170.72
6,58'7,976.1 7 35,260.12 - 18,928.25
75,243.07 - - - -
- - - 1,754,645.31 59,986.180.90 10,032.95 1,058.87 - 33.16
124,388,623.62 743,612,990.70 55,402,975.76 645,150,657.94
32,198,023.1 5
219,531.52 1,994,876.41 246,058.66 335,652.80 14'7,941.15
4,1 75.06 6,589,139.07 35,255.82 - 18,962.48- 10,098,661.07 - -
-
181,272.22 659,913.1 1 33,797.40 551,859.36 24,694.74
17.91 - - - -
107,384.77 462,149.27 - - - - - 7.35
512,381.48 19,804,738.93 315,111.88 887,519.51 191,598.37
123,876,242.14 723,808,251.77 55,087,863.88 644,263,138.43
32,006,424.78
123,876,242.14 723,808,251 .77 55,087,863.88 644,263,138.43
32,006,424.78
129,389,789.08 698,505,482.37 46,564,986.21 602,694,454.45
26,054,582.96
The accompanying notes form an integral part of these financial
statements.
Nordea 1, SICAV - Audited Annual Report 201 '7 17
-
18
The accompanying notes form an integral part of these fi nancial
statements.
Nordea 1, SICAV - Audited Annual Report 2017
Statement of Net Assetsas of 31/12/2017
Nordea 1 - Global Long Short Equity
Fund - USD Hedged
Nordea 1 - Global Opportunity
Fund
Nordea 1 - Global Portfolio
Fund
(in USD) (in EUR) (in EUR)
AssetsShares portfolio at market value (Note 2) 67,258,976.95
163,442,209.35 108,328,995.86 Funds portfolio at market value (Note
2) - - -Bonds portfolio at market value (Note 2) - - -Cash at banks
24,513,635.77 3,044,283.49 3,151,685.97 Dividends and interest
receivable - 35,894.15 1,787.10 Receivable for investments sold - -
1,967,310.62 Receivable for subscribed shares 47,106.39 - 3,035.32
Receivable on forward foreign exchange contracts 13,553.40 -
79,822.37 Net other receivable - - -Unrealised gain on contracts
for difference (Note 2) - - -Credit default swaps at cost (Note 2)
- - -Unrealised gain on credit default swaps (Note 2) - -
-Unrealised gain on futures (Note 2) - - -Unrealised gain on
futures already cashed (Note 2) - - -Unrealised gain on interest
rate swaps (Note 2) - - -Unrealised gain on forward foreign
exchange contracts (Note 2) 886,409.34 - -Unrealised gain on
foreign currencies receivables and payables (Note 2) 58.53 -
695.07
92,719,740.38 166,522,386.99 113,533,332.31
LiabilitiesAccrued fees 147,078.19 398,425.08 710,695.80
Overdraft at banks - - -Interest payable 52,427.37 - -Payable on
forward foreign exchange contracts 13,526.61 - 79,864.67 Payable
for investments purchased 302,155.90 - 2,002,419.98 Payable for
redeemed shares 24,875.29 6,182.10 193,654.61 Net other payable
4,653.00 - -Credit default swaps at cost (Note 2) - - -Unrealised
loss on credit default swaps (Note 2) - - -Unrealised loss on
futures (Note 2) - - -Unrealised loss on futures already cashed
(Note 2) - - -Unrealised loss on interest rate swaps (Note 2) - -
-Unrealised loss on total return swaps (Note 2) 795,988.13 -
-Unrealised loss on forward foreign exchange contracts (Note 2) - -
-Unrealised loss on foreign currencies receivables and payables
(Note 2) - 251.50 -
1,340,704.49 404,858.68 2,986,635.06
Total net assets - unswung 91,379,035.89 166,117,528.31
110,546,697.25
Add/(deduct) swing adjustment - - -
Total net assets - swung 91,379,035.89 166,117,528.31
110,546,697.25
Portfolio at acquisition cost 64,353,472.84 136,054,394.40
93,240,966.16
Statement of Netas of 31/12/2017
Assets
Nordea 1 - Nordea 1 - Nordea 1 -Global Long Short Equity Global
Opportunity Global Portfolio
Fund - USD Hedged Fund Fund(in USD) (in EUR) (in EUR)
AssetsShares portfolio at market value (Note 2) 6'7,258,976.95
163,442,209.35 108,328,995.86Funds portfolio at market value (Note
2) - - -Bonds portfolio at market value (Note 2) - - -Cash at banks
24,513,635.77 3,044,283.49 3,151,685.97Dividends and interest
receivable - 35,894.15 1,787.10Receivable for investments sold - -
1,96'7,310.62Receivable for subscribed shares 4'7,106.39 -
3,035.32Receivable on fonNard foreign exchange contracts 13,553.40
- 79,822.37Net other receivable - - -Unrealised gain on contracts
for difference (Note 2) - - -Credit default swaps at cost (Note 2)
- - -Unrealised gain on credit default swaps (Note 2) - -
-Unrealised gain on futures (Note 2) - - -Unrealised gain on
futures already cashed (Note 2) - - -Unrealised gain on interest
rate swaps (Note 2) - - -Unrealised gain on fonNard foreign
exchange contracts (Note 2) 886,409.34 - -Unrealised gain on
foreign currencies receivables and payables (Note 2) 58.53 -
695.07
92,71 9,740.38 1 66,522,386.99 1 13,533,332.31
LiabilitiesAccrued fees 14'7,078.19 398,425.08
710,695.80Overdraft at banks - - -Interest payable 52,427.37 -
-Payable on forward foreign exchange contracts 13,526.61 -
79,864.67Payable for investments purchased 302,1 55.90 -
2,002,419.98Payable for redeemed shares 24,875.29 6,182.10
193,654.61Net other payable 4,653.00 - -Credit default swaps at
cost (Note 2) - - -Unrealised loss on credit default swaps (Note 2)
- - -Unrealised loss on futures (Note 2) - - -Unrealised loss on
futures already cashed (Note 2) - - -Unrealised loss on interest
rate swaps (Note 2) - - -Unrealised loss on total return swaps
(Note 2) 795,988.13 - -Unrealised loss on fonlvard foreign exchange
contracts (Note 2) - - -Unrealised loss on foreign currencies
receivables and payables (Note 2) - 251.50 -
1,340,704.49 404,858.68 2,986,635.06
Total net assets - unswung 91 ,379,035.89 166,117,528.31
110,546,697.25
Add/(deduct) swing adjustment - - -
Total net assets - swung 91 ,379,035.89 166,117,528.31
110,546,697.25
Portfolio at acquisition cost 64,353,472.84 136,054,394.40
93,240,966.16
The accompanying notes form an integral part of these financial
statements.