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Mutual fund changes

See more information about significant changes to funds that we distribute.

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Change of fund in SEB Prime Solutions - Sissener Canopus R

Shareholders do not need to do anything, but they will be assigned a new set of shares and there will be a new fund price. The market value remains unchanged.

Sissener AS has decided to create a separate main fund and move (merge) the sub-fund to the new main fund, which is called Sissener SICAV. The change applies from 31 July 2023.

For shareholders, everything remains as before, and there is no need to do anything as a result of the merger.

The investment mandate and strategy, risk in the fund, share classes, ISIN and costs in both funds will not change as a result of the change.

In connection with the merger, the fund had to be closed for subscriptions/redemptions for five days in the period 21-28 July.

The new fund name is Sissener Sicav Canopus R

Read more about Sissener

Merger of Norse Trend Europa (NO0010699598)

We hereby inform shareholders that the equity fund Norse Trend Europa (NO0010699598) has been merged with Norse Trend Global (NO0010545908) with effect from 16 June 2022.

The funds are managed by Norse Forvaltning AS.

The merger has already taken place and unit holders do not need to do anything. Unit holders have been assigned shares in the acquiring fund based on the calculated exchange, which states that a share in Norse Trend Europa gives 0.1856 shares in Norse Trend Global.

Any savings schemes are transferred to the acquiring fund.

Mergers do not cause any tax to be realised.

Additional information can be found on Norse Forvaltning AS’s website.

We are starting distribution of the DNB Fund - Brighter Future N

The mutual fund mainly invests in emerging countries in Latin America, Asia, Eastern Europe, Africa and the Middle East, but the fund can also invest in other equity markets, in companies that have most of their business activities in emerging countries. Investments in these equity markets can also be made indirectly through depository certificates, listed on the stock exchange or a regulated market.

  • ISIN: LU2238280866
  • Management fee: 0.85%
  • Platform fee 0.30%

The fund is managed by DNB Asset Management

We are liquidating the distribution of 15 equity funds

We are informing customers who own shares in these selected funds that we are starting a liquidation process. DNB wants to offer all customers a broad and competitive range of funds within different geographical areas, industries and sectors. The selection is evaluated annually based on customer feedback and demand. We have now conducted an annual review of the mutual funds which are distributed by DNB, and some of these funds will no longer be available on our trading platforms due to the low demand from our customers.

What should unit holders do?

As of 16 May 2023, the funds will no longer be available for trading on DNB’s trading platforms. We therefore request that unit holders either redeem their shares in the above-mentioned funds or carry out a fund exchange to another fund that we offer. If the unit holders do not act before 16 May, all shares in these funds will be automatically redeemed by us as soon as possible from the price date of 23 May 2023. Final redemption amounts will be transferred to the bank account in the DNB Share savings account. If unit holders have shares outside of the DNB Share savings account, the shares will be reinvested to DNB Liquidity A. We would like to point out that regular savings schemes in these funds will also be closed. If unit holders want a new savings scheme, it must be re-established in the fund you choose.

Potential tax consequences

This transaction will in principle cause a taxable realisation for retail investors where profits are taxable and losses deductible. If the holdings are in a Share Saving Account (ASK), the realisation will not trigger the tax liability immediately. Taxation only occurs when withdrawing from ASK when the withdrawal value exceeds the deposited amount (sum cost price) in the ASK account. For corporate investors, any profit/loss is assumed to be covered by the tax exemption model.

The following mutual funds will no longer be available for trading on DNB’s trading platforms, and will be liquidated by us:

  • Danske Invest USA - ISIN DK0060517076
  • Danske Invest Horisont 100 - ISIN DK006057591
  • Danske Invest Europa Small Cap KL NOK - ISIN DK 0060587285
  • Danske Invest Horisont 80 - ISIN DK0060657328
  • Norron Active R - ISIN LU0619829491
  • Schroder ISF US Small and Midcap Eq - ISIN LU0205193047
  • Schroder ISF EU Value - ISIN LU0161305163
  • Vontobel Global Eq B - ISIN LU0218910536
  • Odin Aksje B - ISIN NO0010732878
  • Abrdn Emerging Markets Eq A - ISIN LU0132412106
  • SEB Prime Solutions APS Global Equity - ISIN LU1048479510
  • Templeton Emerging Markets - ISIN LU0188151921
  • Franklin Mutual Global Discovery A - ISIN LU0211331839
  • Schroder ISF US Smaller Comp A Inc - ISIN LU0012050646
  • Franklin mutual Beacon A - ISIN LU0070302665

The equity fund Norquant ESG F is being liquidated

As of today, we are informing unit holders that this fund will be liquidated. This is a fund managed by FCG Fonder AB (NorQuant Kapitalforvaltning AS). They have decided that the fund should be merged with NorQuant Multi Asset (SE0014957916) on 8 May. Unfortunately, this is not a fund we distribute and the shares were therefore redeemed at the end of April.

How the liquidation will take place

There is no need for shareholders to take any action in this regard. The fund is already closed to trading and any savings schemes have been terminated. If the shares are placed in a DNB Share Savings Account (ASK), the amount will be transferred to the ASK bank account. However, if the holdings are outside ASK, the value will be moved to DNB Liquidity A.

Potential tax consequences

This transaction will in principle cause a taxable realisation for retail investors where profits are taxable and losses deductible. If the holdings are in a Share Saving Account (ASK), the realisation will not trigger the tax liability immediately. Taxation only occurs when withdrawing from ASK when the withdrawal value exceeds the deposited amount (sum cost price) in the ASK account. For corporate investors, any profit/loss is assumed to be covered by the tax exemption model.

The equity fund SEB Legemiddel is being liquidated

We hereby inform shareholders that the equity fund SEB Legemiddel (LU0047324214), which is managed by SEB Investment Management, is being liquidated.

On 21 April, the fund will be merged with SEB Bioteknikfond (LU2553409058). This is a fund that DNB does not distribute and therefore the fund will be liquidated and the shares redeemed at the beginning of April.

How the liquidation will take place

There is no need for shareholders to take any action in this regard. The fund is already closed to trading and any savings schemes have been terminated. If shareholders have a position in the mutual fund in a DNB Share Savings Account (ASK), the amount will be transferred to the ASK bank account. However, if shareholders have the holdings outside of ASK, the value will be moved to DNB Liquidity A.

Potential tax consequences

This transaction will in principle cause a taxable realisation for retail investors where profits are taxable and losses deductible. If the holdings are in a Share Saving Account (ASK), the realisation will not trigger the tax liability immediately. Taxation only occurs when withdrawing from ASK when the withdrawal value exceeds the deposited amount (sum cost price) in the ASK account. For corporate investors, any profit/loss is assumed to be covered by the tax exemption model.

Additional information from SEB Investment Management can be found here

Swedbank Robur Østeuropafond (SE0000539421) is being split

The fund managed by Swedbank Robur Fonder AB has been closed to trading since February 2022 due to the Russian invasion of the Ukraine.

We hereby inform shareholders that their fund will be split into two mutual funds, an Eastern European Fund and an Emerging Europe fund, on 27 April 2023. The liquid part of the holding will be included in the Emerging Europe Fund, while the liquid holding with Russian exposure will be included in the Eastern European Fund.

What does this mean for shareholders?

There is no need for shareholders to take any action in this regard. It is expected that almost all holdings in the Robur Eastern European Fund will be moved to the Emerging Europe fund. Unfortunately, DNB does not distribute the acquiring fund and the shares for the shareholders will thus be redeemed at the beginning of April. Should the Eastern European Fund become liquid at some point in the future, shareholders will receive a payment in arrears from DNB.

If shareholders have a position in the mutual fund in their DNB Share Savings Account (ASK), the amount will be transferred to the ASK bank account. However, if shareholders have the holdings outside of ASK, the value will be moved to DNB Liquidity A.

Potential tax consequences

This transaction will in principle cause a taxable realisation for retail investors where profits are taxable and losses deductible. If the holdings are in a Share Saving Account (ASK), the realisation will not trigger the tax liability immediately. Taxation only occurs when withdrawing from ASK when the withdrawal value exceeds the deposited amount (sum cost price) in the ASK account. For corporate investors, any profit/loss is assumed to be covered by the tax exemption model.

Further information from Swedbank Robur Fonder AB can be found here

Ongoing charge of DNB index fund has been corrected/reduced

However, if you no longer wish to be a unit holder in share class H-II, shareholders can redeem them under the applicable trading rules for this fund. On redemption of shares, this transaction will in principle cause a taxable realisation for retail investors where profits are taxable and losses deductible.

Our own fund provider (DAM), has changed the calculation basis for ongoing charge for the index funds. They have implemented this in the absence of clear industry practice, and, among other things, tax is not included in the calculation. Ongoing charges are therefore reduced by approx. 0.02%. This change makes it easier to compare costs with other mutual funds from other providers.

The mutual fund industry is awaiting joint clarification on which cost elements are required when the PRIPPS regulation is introduced in Norway.

It is emphasised that despite the new calculation of ongoing charges, all costs are already charged in both the mutual fund’s price and return. The mutual fund’s key investor information documents (KIIDs) and prospectuses have been updated and are shown in our mutual fund lists.

  • DNB Spare 100:Ongoing charge: old: 0.27%, new: 0.25%. Annual cost (including platform fees): 0.35%
  • DNB Spare 30:Ongoing charge: old: 0.27%, new: 0.25%. Annual cost (including platform fees): 0.35%
  • DNB Spare 50:Ongoing charge: old: 0.27%, new: 0.25%. Annual cost (including platform fees): 0.35%
  • DNB Spare 80:Ongoing charge: old: 0.27%, new: 0.25%. Annual cost (including platform fees): 0.35%
  • DNB Barnefond A:Ongoing charge: old: 0.12%, new: 0.10%. Annual cost (including platform fees): 0.20%
  • DNB Europa Indeks A:Ongoing charge: old: 0.12%, new: 0.10%. Annual cost (including platform fees): 0.20%
  • DNB Global Emerging Markets Indeks A:Ongoing charge: old: 0.22%, new: 0.20%. Annual cost (including platform fees): 0.30%
  • DNB Global Indeks A:Ongoing charge: old: 0.12%, new: 0.10%. Annual cost (including platform fees): 0.20%
  • DNB Global Industrisektor Indeks A:Ongoing charge: old: 0.12%, new: 0.10%. Annual cost (including platform fees): 0.20%
  • DNB Global Materialsektor Indeks A:Ongoing charge: old: 0.12%, new: 0.10%. Annual cost (including platform fees): 0.20%
  • DNB Climate Index A:Ongoing charge: old: 0.14%, new: 0.12%. Annual cost (including platform fees): 0.22%
  • DNB Norge Indeks (Norway Index) A:Ongoing charge: old: 0.12%, new: 0.10%. Annual cost (including platform fees): 0.20%
  • DNB Norden Indeks A:Ongoing charge: old: 0.12%, new: 0.10%. Annual cost (including platform fees): 0.20%
  • DNB USA Indeks A:Ongoing charge: old: 0.12%, new: 0.10%. Annual cost (including platform fees): 0.20%

The management fee for DNB Barnefond is reduced to 0.1%

The change comes into effect from 1 March 2023.

Investment profile

DNB Barnefond is an index-linked equity fund where 80 per cent is normally invested in shares listed on the Nordic markets, and the remaining proportion is invested in international shares through ownership interests in the mutual fund DNB Klima Indeks (Climate Index). DNB Barnefond does not invest in companies with direct exposure to fossil fuels or companies with a high degree of greenhouse gas emissions. The mutual fund has additional criteria beyond DNB’s guidelines for responsible investments and does not invest in companies in conventional weapons, commercial gambling or the production of alcohol.

  • The management fee is lowered from 0.20% to 0.10%
  • The Nordic index-based management is carried out
  • The global share of 20% currently invested in DNB Global Lavkarbon (Low Carbon) is replaced by DNB Klima Indeks (Climate Index).

JPM Emerging Europe Equity Fund is being split and opened for trading

As previously stated, the fund has been closed to trading since 28 February 2022 due to the Russian invasion of Ukraine. The mutual fund has been split in two in order to distinguish between the Russian exposure that will still be closed to trading and liquid assets. Customers do not need to do anything about this.

How is the split implemented?

Existing mutual funds (share class), are now split into a new share class with a 1:1 exchange ratio. This means that the customer gets an equal number of shares in both share classes.

In practice, the liquid securities will be moved to a new share class that takes the name of JPM Emerging Europa Eq II A (ISIN: LU2549521172), and it is this share class that is opened for trading from 17 February 2023. The fund’s Russian exposure will remain in place and remain closed to trading until the Russian market is re-opened to trading.

The mutual fund prices for both share classes will not be published until the split date of 17 February 2023.

Additional information can be found on JP Morgan’s website:

Mutual fund changes from 2023

Mutual fund changes from 2022

Mutual fund changes from 2021

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