Aktienrisiko vs. Marktrisiko: Welche Unternehmen sind Ihren Preis wirklich wert?

Aktienrisiko vs. Marktrisiko:

Welche Unternehmen sind Ihren Preis wirklich wert?Tom Stubbe OlsenFund ManagerJanuar 2007

Value schlgt Growth seit 1974Stand: 31/12/2006Quelle: Datastream

Sheet1

FrequencyM

NameMSCI EUROPE :V U$ - TOT RETURN IND (~E0)Value ReturnMSCI EUROPE :G U$ - TOT RETURN IND (~E0)Growth ReturnPeriods Value Out PerformsPeriods Growth Out PerformsReturn av. when Value Out PerformsReturn av. when Growth Out PerformsValue Period LossGrowth Period LossValue Return when Growth Out PerformsGrowth Return when Value Out PerformsValue Under performance in Growth PeriodGrowth Under performance in Value Period

Median18.0315.8719.9819.38-10.81-15.1214.0414.354.145.79

Average17.6714.5425012320.1817.71-13.07-15.0612.5712.985.157.20

Max72.5767.39-41.02-39.91

12/31/7456.93151.8956.93151.761051.890.0000051.759147037600.1334949325

1/31/7568.28337.8270.40831.791037.820.0000031.791841836206.0243056676

2/28/7575.16525.2177.99619.191025.210.0000019.186881378506.0243206437

3/31/7573.10131.9078.11119.311031.900.0000019.3109805277012.5914558275

4/30/7578.23724.5383.04813.431024.530.0000013.4331952606011.098675849

5/30/7576.01721.9481.4859.201021.940.000009.1955574646012.7469027746

6/30/7572.65926.5876.62316.091026.580.0000016.0917740104010.4844243958

7/31/7573.95722.4978.50612.431022.490.0000012.4258018495010.0629416095

8/29/7576.23816.5580.017.581016.550.000007.577802774708.9743103448

9/30/7574.88815.5078.3245.921015.500.000005.924110106709.5803765934

10/31/7579.6591.1381.881-6.12101.130.000-6.11619301180-6.116193011807.2447535009

11/28/7584.1750.0785.133-5.15100.070.000-5.15193873120-5.151938731205.2196547989

12/31/7586.4745.5986.3980.79105.590.000000.791684992704.7949653299

1/30/7694.105-0.6592.792-4.0510-0.650.00-0.6514000319-4.05315113370-4.053151133703.4017511018

2/27/7694.1150.4392.961-3.24100.430.000-3.2368412560-3.23684125603.6639782692

3/31/7696.4221.1993.195-3.47101.190.000-3.46585117230-3.465851172304.6523023971

4/30/7697.433.4994.204-1.05103.490.000-1.04878773730-1.048787737304.5436045288

5/31/7692.6978.8088.9783.64108.800.000003.64472116705.1506012274

6/30/7691.96910.1188.9535.611010.110.000005.605207244304.5079830699

7/30/7690.58912.7188.2616.791012.710.000006.792354494105.9133824056

8/31/7688.85720.4486.07315.421020.440.0000015.420631324605.0189513757

9/30/7686.49929.1482.96425.361029.140.0000025.361602622803.7774625687

10/29/7680.55840.0476.87337.371040.040.0000037.365524956702.6727083658

11/30/7684.23231.1880.74728.641031.180.0000028.63511957102.5418677972

12/31/7691.30523.9187.08221.821023.910.0000021.821960910402.091296852

1/31/7793.49221.5889.03118.741021.580.0000018.74290977302.8418247497

2/28/7794.51719.0789.95214.901019.070.0000014.90128068304.1735947362

3/31/7797.56618.9589.96518.401018.950.0000018.402712165800.5434371075

4/29/77100.83515.2193.21613.791015.210.0000013.786259869601.4286952552

5/31/77100.8519.4792.22118.161019.470.0000018.159638260301.3068961968

6/30/77101.2717.7393.93915.561017.730.0000015.560097510102.1667712566

7/29/77102.09922.8394.25622.501022.830.0000022.50254625700.3282356312

8/31/77107.01919.3999.34618.621019.390.0000018.621786483600.7691627871

9/30/77111.70417.60104.00516.041017.600.0000016.035767511201.5661088764

10/31/77112.81214.09105.59711.561014.090.0000011.560934496202.5324243663

11/30/77110.49316.47103.86911.621016.470.0000011.622331975904.8429644683

12/30/77113.13914.79106.08510.001014.790.000009.996700758804.7921872462

1/31/78113.67217.64105.71813.141017.640.0000013.138727558204.499741018

2/28/78112.54621.06103.35616.641021.060.0000016.643445953804.4154988332

3/31/78116.05124.58106.52121.071024.580.0000021.070962533203.5087481112

4/28/78116.17728.44106.06723.581028.440.0000023.577550039104.8600925235

5/31/78120.48218.87108.96814.381018.870.0000014.381286249204.4870924298

6/30/78119.22219.87108.55615.431019.870.0000015.427981871104.4399955156

7/31/78125.40914.57115.46610.471014.570.0000010.468882614804.1010445834

8/31/78127.77115.96117.84610.861015.960.0000010.856541588205.1016961966

9/29/78131.36614.74120.68311.391014.740.0000011.393485412203.3416819827

10/31/78128.7119.03117.8058.01109.030.000008.014091082701.020101799

11/30/78128.6869.78115.94111.86010.0011.86009.776510265302.0795199570

12/29/78129.8718.94116.699.91010.009.91008.941950088900.96806790750

1/31/79133.72211.55119.60814.33010.0014.330011.548585872202.77654288170

2/28/79136.24711.76120.55817.45010.0017.450011.762460824805.69054934460

3/30/79144.576-0.38128.9660.84010.000.84-0.38042275340-0.380422753401.21707737560

4/30/79149.2151.07131.0752.11010.002.11001.070267734501.04302618120

5/31/79143.2155.05124.63910.32010.0010.32005.05184512805.26434803790

6/29/79142.90912.23125.30417.57010.0017.570012.230160451805.34230331640

7/31/79143.68113.98127.55418.70010.0018.700013.976795818504.72116739710

8/31/79148.16112.27130.6418.76010.0018.760012.267060832506.49059379090

9/28/79150.72310.83134.43321.01010.0021.010010.8344446435010.17602153670

10/31/79140.33924.14127.24641.40010.0041.400024.1408304178017.25457690350

11/30/79141.26721.90129.68741.66010.0041.660021.9024966907019.7585795930

12/31/79141.48421.10128.25437.27010.0037.270021.1006191513016.16527508980

1/31/80149.16519.40136.74233.40010.0033.400019.3993228975013.99934027840

2/29/80152.27319.67141.59929.15010.0029.150019.665994628109.48816606520

3/31/80144.02630.31130.04541.69010.0041.690030.3125824504011.37606378740

4/30/80150.81231.71133.84540.65010.0040.650031.711004429408.94049543990

5/30/80150.4527.57137.49733.03010.0033.030027.565304087705.46741662620

6/30/80160.38721.25147.32323.60010.0023.600021.249851920702.3506720980

7/31/80163.76317.25151.40422.26010.0022.260017.248096334305.01683722090

8/29/80166.33618.03155.14523.20010.0023.200018.033378222405.16749837690

9/30/80167.0531.97162.6782.00010.002.00001.968237625200.0301887140

10/31/80174.2182.07179.92-5.10102.070.000-5.10060026680-5.100600266807.1698468429

11/28/80172.20814.72183.7162.521014.720.000002.5234601232012.1947875772

12/31/80171.33813.07176.0495.141013.070.000005.135502047707.9369045404

1/30/81178.10212.39182.4125.681012.390.000005.683288380206.7062412152

2/27/81182.21910.91182.8814.761010.910.000004.762113068106.1461895788

3/31/81187.68410.04184.2595.851010.040.000005.851545921804.1882017392

4/30/81198.6365.11188.2554.72105.110.000004.717537382800.3933186554

5/29/81191.9228.25182.9168.59010.008.59008.253352924600.33310206020

6/30/81194.4694.19182.0928.19010.008.19004.192956203804.00015497080

7/31/81192.0095.88185.11410.01010.0010.01005.878891093604.13439801470

8/31/81196.3326.14191.1410.09010.0010.09006.139600268903.95038612850

9/30/81170.34125.08165.92934.28010.0034.280025.076757797609.20356691960

10/30/81177.82324.84170.74332.92010.0032.920024.839868858408.08388204210

11/30/81197.55410.25188.35220.48010.0020.480010.2488433542010.23514407360

12/31/81193.73616.82185.0925.31010.0025.310016.820312177408.4879162520

1/29/82200.16820.08192.77921.92010.0021.920020.078633947501.84232217330

2/26/82202.09623.08191.5926.10010.0026.100023.078635895803.01719374040

3/31/82206.52730.57195.04132.42010.0032.420030.570821248601.84800351140

4/30/82208.78841.88197.13643.25010.0043.250041.884112113701.36268197770

5/31/82207.76243.80198.62243.241043.800.0000043.237909194300.5626895677

6/30/82202.62355.04197.01146.911055.040.0000046.914639284108.1235350594

7/30/82203.29758.11203.6547.141058.110.0000047.1411735821010.9649470198

8/31/82208.38655.02210.42640.241055.020.0000040.2421753966014.7792751807

9/30/82213.05752.65222.8133.741052.650.0000033.7395089987018.9079046042

10/29/82221.99445.27226.95833.381045.270.0000033.3806254902011.8940215724

11/30/82217.80156.00226.93439.811056.000.0000039.8093718879016.1903709967

12/31/82226.32354.75231.93338.511054.750.0000038.5055166794016.2480876825

1/31/83240.35960.30235.03843.381060.300.0000043.3785175163016.9254444739

2/28/83248.73748.97241.58733.951048.970.0000033.9476047966015.0225926408

3/31/83269.66440.27258.27128.141040.270.0000028.1355630326012.1390008691

4/29/83296.23732.05282.39119.901032.050.0000019.9043170639012.1423212696

5/31/83298.76323.33284.5029.921023.330.000009.9187351934013.4074464288

6/30/83314.14318.30289.43810.701018.300.0000010.697627816707.603910018

7/29/83321.42511.91299.6534.631011.910.000004.631356936207.2787309537

8/31/83323.04320.86295.10615.201020.860.0000015.197590018505.6652672482

9/30/83325.22624.70297.98518.031024.700.0000018.032451297906.6639136914

10/31/83322.50124.94302.71816.421024.940.0000016.419572010908.5220560771

11/30/83339.76920.97317.27512.631020.970.0000012.633835001208.3351174341

12/30/83350.24319.70321.2416.011019.700.0000016.007657825903.689238329

1/31/84385.30515.15336.99415.87010.0015.870015.151114052500.72068188450

2/29/84370.54422.01323.622.21010.0022.210022.006563323100.20140948280

3/30/84378.2723.06330.93724.75010.0024.750023.061041055301.68687168940

4/30/84391.17122.60338.59926.89010.0026.890022.598812284104.29140298520

5/31/84368.45334.93312.72143.14010.0043.140034.93145665808.21339130550

6/29/84371.63635.48320.40138.94010.0038.940035.478801838403.45678200810

7/31/84359.70743.88313.53147.31010.0047.310043.879880013503.42580905720

8/31/84390.43939.09339.95542.89010.0042.890039.089076654703.79895264330

9/28/84405.54531.42351.71934.42010.0034.420031.423639793402.99844147040

10/31/84402.93843.33352.42346.05010.0046.050043.325275848902.72591831270

11/30/84411.01545.90357.35950.04010.0050.040045.902704280904.13857073950

12/31/84419.2347.11372.66345.741047.110.0000045.739448241401.3669134216

1/31/85443.68337.64390.48139.02010.0039.020037.6376827601.37804399750

2/28/85452.08842.91395.46542.051042.910.0000042.049486048100.8638405609

3/29/85465.50356.76412.83752.981056.760.0000052.980474133903.7764103545

4/30/85479.57154.51429.64953.881054.510.0000053.883518872400.6226960572

5/31/85497.15945.25447.64445.25010.0045.250045.246088273600.00862305950

6/28/85503.48842.58445.15143.67010.0043.670042.584133087601.08531840190

7/31/85517.54631.07461.84933.43010.0033.430031.070281675402.35860958560

8/30/85543.05835.73485.75536.93010.0036.930035.733383911101.20004960990

9/30/85532.98230.89472.78830.081030.890.0000030.084942934300.8048432124

10/31/85577.51223.23514.71823.001023.230.0000022.996864302400.2282808028

11/29/85599.68219.43536.18620.70010.0020.700019.428964017601.26702580680

12/31/85616.71416.97543.11719.38010.0019.380016.974156578302.40656617580

1/31/86610.67520.20542.8318.561020.200.0000018.558664775301.6384941062

2/28/86646.09416.96561.75618.45010.0018.450016.962856797901.48572230050

3/31/86729.7088.75631.567.99108.750.000007.993698144300.7544586527

4/30/86740.96711.36661.1596.391011.360.000006.39029340904.9650031157

5/30/86722.10416.25650.2248.581016.250.000008.582119392707.6641553821

6/30/86717.89420.68639.54613.521020.680.0000013.524594008907.1511603504

7/31/86678.34934.30616.2423.411034.300.0000023.4114955212010.8841251696

8/29/86737.11121.73665.16112.081021.730.0000012.076775397209.6537373749

9/30/86697.61931.33615.02623.751031.330.0000023.753304738307.5775506426

10/31/86711.640.03633.087-8.49100.030.000-8.49472505360-8.494725053608.5212834258

11/28/86716.194-8.97647.155-19.1110-8.970.00-8.9690782107-19.11334997030-19.1133499703010.1442717596

12/31/86721.396-7.74648.377-17.8510-7.740.00-7.7413792147-17.84980034760-17.8498003476010.1084211329

1/30/87734.014-7.29643.572-16.3110-7.290.00-7.2863732844-16.30726631990-16.307266319909.0208930354

2/27/87755.69-4.08665.392-13.7010-4.080.00-4.0782596038-13.70184793320-13.701847933209.6235883294

3/31/87793.544-7.09682.045-15.9010-7.090.00-7.0942506024-15.89719153430-15.897191534308.8029409319

4/30/87825.106-7.49703.409-16.3910-7.490.00-7.4872804222-16.38747869310-16.387478693108.9001982709

5/29/87839.419-8.03706.027-15.9210-8.030.00-8.0292440366-15.91992940780-15.919929407807.8906853711

6/30/87866.324-7.16726.042-14.6010-7.160.00-7.1626781666-14.59640075920-14.596400759207.4337225926

7/31/87910.993-8.66760.511-16.3910-8.660.00-8.6555000971-16.38858609540-16.388586095407.7330859983

8/31/87897.289-10.80745.491-17.9710-10.800.00-10.7987504583-17.96869445770-17.968694457707.1699439994

9/30/87916.189-8.48761.115-14.8810-8.480.00-8.4810011908-14.88106265150-14.881062651506.4000614607

10/30/87711.82922.82579.30815.951022.820.0000015.945058587106.8703928766

11/30/87651.95832.62523.46225.841032.620.0000025.842563548106.7771757603

12/31/87665.5533.41532.64326.381033.410.0000026.384651633507.0244085423

1/29/88680.53142.43538.62335.921042.430.0000035.920671787106.5064917073

2/29/88724.87128.63574.22122.941028.630.0000022.943082889705.6889081818

3/31/88737.24832.42573.61927.671032.420.0000027.672897864304.7467221279

4/29/88763.32830.17588.13827.351030.170.0000027.351403922202.8206846164

5/31/88772.0228.80593.62825.751028.800.0000025.745753232703.0507805359

6/30/88804.27226.81620.06624.551026.810.0000024.552386358902.2549623988

7/29/88832.14230.25635.87429.261030.250.0000029.257840389800.9910834718

8/31/88800.39339.89611.53639.241039.890.0000039.237755422400.6558968209

9/30/88838.48731.12647.85328.841031.120.0000028.842036696602.2818805496

10/31/88874.23615.80671.67914.491015.800.0000014.492488227301.3054198891

11/30/88864.62520.10658.73819.751020.100.0000019.745938445900.3559554387

12/30/88887.90425.12673.17922.781025.120.0000022.78249915702.3347432476

1/31/89969.26113.91732.111.531013.910.0000011.525338068602.3845375996

2/28/89932.41616.61705.96512.351016.610.0000012.347212680504.2596452027

3/31/89976.26111.90732.3569.541011.900.000009.537847713402.3666532346

4/28/89993.646.22749.0023.20106.220.000003.197054213503.0251188069

5/31/89994.33515.12746.46214.511015.120.0000014.509914771300.6079278069

6/30/891019.87612.96772.30712.851012.960.0000012.846704743100.1111450348

7/31/891083.8565.41821.9175.49010.005.49005.413818809900.07834159070

8/31/891119.699-8.34851.489-8.4210-8.340.00-8.3361689168-8.4237142230-8.42371422300.0875453061

9/29/891099.457-17.74834.707-18.0810-17.740.00-17.7370283695-18.08095535320-18.080955353200.3439269837

10/31/891012.347-7.67769.022-4.93010.00-4.93-7.6675290192-4.931978539-7.667529019202.73555048020

11/30/891038.431-8.95788.812-7.51010.00-7.51-8.9482112918-7.5147183359-8.948211291801.43349295590

12/29/891110.921-16.01826.546-13.06010.00-13.06-16.0051884878-13.0630358141-16.005188487802.94215267370

1/31/901104.084-13.16816.477-8.90010.00-8.90-13.156335931-8.9027614985-13.15633593104.25357443250

2/28/901087.261-0.85793.1324.55010.004.55-0.84708271520-0.847082715205.39827974170

3/30/901092.482.27802.2077.72010.007.72002.268691417705.45026391430

4/30/901055.4665.37772.94810.98010.0010.98005.371466252805.61336066960

5/31/901144.6571.72854.7734.75010.004.75001.716322007403.03441298310

6/29/901152.03-3.32871.523-1.37010.00-1.37-3.3249134137-1.371277637-3.324913413701.95363577670

7/31/901142.5340.73867.0581.87010.001.87000.731094216901.13464025530

8/31/901026.35914.73779.76215.14010.0015.140014.733538654600.40300300810

9/28/90904.44627.89683.78429.38010.0029.380027.885136315501.49753423540

10/31/90934.72520.65731.09420.101020.650.0000020.09837312300.5510157347

11/30/90945.5112.97729.53516.58010.0016.580012.972046831903.60728109620

12/31/90933.11614.04718.57420.62010.0020.620014.044770425106.576209460

1/31/91958.82717.11743.78822.92010.0022.920017.11403621305.80230554030

2/28/911078.0516.51829.22912.90010.0012.90006.510081619506.38768244810

3/29/911117.265-0.37864.1295.38010.005.38-0.371353260-0.3713532605.75284144060

4/30/911112.167.20857.85510.72010.0010.72007.202021291903.51913787840

5/31/911164.3034.83895.3819.15010.009.15004.830014180204.32396608080

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7/31/024156.922-1.982211.623-7.6310-1.980.00-1.9831981452-7.62743017230-7.627430172305.6442320272

8/30/024184.5430.362195.666-5.49100.360.000-5.48598921690-5.485989216905.8433281187

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12/31/023693.62321.852017.4099.741021.850.000009.7391753482012.1147334021

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2/28/033320.70142.531806.84930.271042.530.0000030.2657831396012.2594246403

3/31/033207.80145.091773.70729.581045.090.0000029.5816614582015.5059234637

4/30/033607.09332.091946.16719.511032.090.0000019.5078325755012.5817475933

5/30/033689.60429.131944.75919.341029.130.0000019.343270811409.7819957483

6/30/033846.78826.871996.62817.501026.870.0000017.496649350809.3728844005

7/31/034074.48218.422042.93312.161018.420.0000012.158597467506.2653886981

8/29/034199.49614.492075.2128.871014.490.000008.868780635405.6252443619

9/30/033999.27522.562017.40513.791022.560.0000013.786522785508.7685153152

10/31/034300.60515.502142.7348.181015.500.000008.183843631507.3197192393

11/28/034335.85518.062172.9329.301018.060.000009.295274771608.7659841958

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10/29/044967.35225.612318.09222.561025.610.0000022.560536855303.0472114983

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11/30/056533.3222.622894.02117.111022.620.0000017.105266340505.5159737028

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Sheet2

00000000

Value ReturnGrowth ReturnPeriods Value Out PerformsPeriods Growth Out PerformsValue Out PerformsGrowth Out PerformsValue Max lossGrowth max lossValue when Growth outGrowth when Value outValue Under performance GrowthGrowth Under performance Value

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MSCI Europe Value

MSCI Europe Growth

Sheet3

Start12/31/74

End12/29/06

FrequencyM

NameMSCI EUROPE :V U$ - TOT RETURN IND (~E0)MSCI EUROPE :G U$ - TOT RETURN IND (~E0)

CodeMSVEUR$(RI)~E0MSGEUR$(RI)~E0

CURRENCYEE

12/31/7456.93156.931

1/31/7568.28370.408

2/28/7575.16577.996

3/31/7573.10178.111

4/30/7578.23783.048

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1/31/80149.165136.742

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9/30/81170.341165.929

10/30/81177.823170.743

11/30/81197.554188.352

12/31/81193.736185.09

1/29/82200.168192.779

2/26/82202.096191.59

3/31/82206.527195.041

4/30/82208.788197.136

5/31/82207.762198.622

6/30/82202.623197.011

7/30/82203.297203.65

8/31/82208.386210.426

9/30/82213.057222.81

10/29/82221.994226.958

11/30/82217.801226.934

12/31/82226.323231.933

1/31/83240.359235.038

2/28/83248.737241.587

3/31/83269.664258.271

4/29/83296.237282.391

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6/30/83314.143289.438

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10/31/83322.501302.718

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1/31/84385.305336.994

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12/31/84419.23372.663

1/31/85443.683390.481

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10/31/85577.512514.718

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12/31/85616.714543.117

1/31/86610.675542.83

2/28/86646.094561.756

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4/30/86740.967661.159

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1/30/87734.014643.572

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9/30/87916.189761.115

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12/31/87665.55532.643

1/29/88680.531538.623

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6/30/88804.272620.066

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9/30/88838.487647.853

10/31/88874.236671.679

11/30/88864.625658.738

12/30/88887.904673.179

1/31/89969.261732.1

2/28/89932.416705.965

3/31/89976.261732.356

4/28/89993.64749.002

5/31/89994.335746.462

6/30/891019.876772.307

7/31/891083.856821.917

8/31/891119.699851.489

9/29/891099.457834.707

10/31/891012.347769.022

11/30/891038.431788.812

12/29/891110.921826.546

1/31/901104.084816.477

2/28/901087.261793.132

3/30/901092.48802.207

4/30/901055.466772.948

5/31/901144.657854.773

6/29/901152.03871.523

7/31/901142.534867.058

8/31/901026.359779.762

9/28/90904.446683.784

10/31/90934.725731.094

11/30/90945.51729.535

12/31/90933.116718.574

1/31/91958.827743.788

2/28/911078.051829.229

3/29/911117.265864.129

4/30/911112.16857.855

5/31/911164.303895.381

6/28/911113.726859.572

7/31/911150.887883.235

8/30/911177.578897.791

9/30/911156.652884.698

10/31/911127.74878.032

11/29/911068.162850.487

12/31/911064.17866.751

1/31/921122.921914.237

2/28/921148.233936.181

3/31/921113.116910.632

4/30/921192.258949.827

5/29/921220.539977.344

6/30/921125.698923.766

7/31/921052.15873.202

8/31/921000.716837.046

9/30/921031.543861.802

10/30/921042.985872.623

11/30/921081.957910.795

12/31/921139.024949.953

1/29/931160.603932.351

2/26/931224.713962.766

3/31/931281.582989.745

4/30/931279.988984.358

5/31/931301.23997.522

6/30/931381.5341035.347

7/30/931464.2081064.687

8/31/931545.0791128.733

9/30/931507.0291103.029

10/29/931612.7331179.288

11/30/931617.0841183.158

12/31/931761.2091269.418

1/31/941861.2051320.748

2/28/941770.3551251.468

3/31/941678.5851184.802

4/29/941738.2381220.604

5/31/941664.0991158.858

6/30/941611.821114.326

7/29/941695.331168.237

8/31/941724.7861208.892

9/30/941629.9711139.881

10/31/941669.5191153.021

11/30/941672.8231162.243

12/30/941659.7361167.043

1/31/951623.9121138.266

2/28/951621.3131154.052

3/31/951606.0571159.185

4/28/951668.9041203.941

5/31/951725.4551234.809

6/30/951690.2771242.11

7/31/951757.8951289.825

8/31/951765.5831317.104

9/29/951771.8881329.991

10/31/951746.5041315.809

11/30/951798.11343.784

12/29/951843.4061366.373

1/31/961907.5841428.774

2/29/961915.6951433.978

3/29/961943.8761460.923

4/30/962017.0791505.976

5/31/962027.0161511.967

6/28/962033.2391524.402

7/31/961962.6091463.859

8/30/962031.2851505.827

9/30/962111.0821583.542

10/31/962137.3531612.189

11/29/962285.6611710.673

12/31/962340.5531742.474

1/31/972507.3251847.741

2/28/972650.5421925.384

3/31/972704.0491964.681

4/30/972791.8422019.866

5/30/972894.2622063.658

6/30/973066.7952221.952

7/31/973386.9582450.35

8/29/973136.042264.345

9/30/973375.9212435.442

10/31/973187.0332220.181

11/28/973321.5822307.011

12/31/973515.8082440.647

1/30/983722.3352592.359

2/27/983961.4792795.387

3/31/984437.3752974.756

4/30/984399.9962940.073

5/29/984468.6252973.708

6/30/984519.2233077.185

7/31/984603.5863056.983

8/31/983890.3012717.743

9/30/983541.9722474.43

10/30/983760.9312672.787

11/30/984055.3542867.406

12/31/984074.8843013.703

1/29/994138.2933131.092

2/26/994237.7773112.505

3/31/994499.0663097.489

4/30/994908.1133128.325

5/31/994695.8243054.084

6/30/994834.5163138.734

7/30/994781.0942993.75

8/31/994871.7463081.131

9/30/994780.1643043.505

10/29/994938.1373255.433

11/30/995129.3833607.14

12/31/995569.3244072.62

1/31/005159.8953972.659

2/29/005357.2424358.688

3/31/005583.094446.762

4/28/005622.6134451.625

5/31/005694.0274170.336

6/30/005665.9694092.732

7/31/005899.5514063.689

8/31/006112.0594158.43

9/29/005931.0473956.406

10/31/006231.8594023.297

11/30/005922.9653711.4

12/29/005950.4343630.866

1/31/016078.6333625.094

2/28/015737.7423263.093

3/30/015583.9063107.181

4/30/015940.1563339.183

5/31/015977.6373287.853

6/29/015791.7273151.165

7/31/015643.573039.726

8/31/015381.9882799.937

9/28/014789.9572538.989

10/31/014942.9612680.33

11/30/015141.7932822.614

12/31/015306.8322909.299

1/31/025175.2542867.262

2/28/025113.4692874.47

3/29/025438.6332951.905

4/30/025250.1292826.558

5/31/025127.6452678.742

6/28/024606.1092489.223

7/31/024156.9222211.623

8/30/024184.5432195.666

9/30/023471.3091964.726

10/31/023822.8812137.191

11/29/024097.6022176.226

12/31/023693.6232017.409

1/31/033455.31870.156

2/28/033320.7011806.849

3/31/033207.8011773.707

4/30/033607.0931946.167

5/30/033689.6041944.759

6/30/033846.7881996.628

7/31/034074.4822042.933

8/29/034199.4962075.212

9/30/033999.2752017.405

10/31/034300.6052142.734

11/28/034335.8552172.932

12/31/034500.8242213.888

1/30/044594.8052288.654

2/27/044732.8362353.706

3/31/044654.1212298.399

4/30/044764.5942325.822

5/31/044764.2112320.939

6/30/044880.4022345.971

7/30/044825.1642291.325

8/31/044808.1722259.258

9/30/044901.3132295.535

10/29/044967.3522318.092

11/30/045118.9652374.912

12/31/045235.6562411.797

1/31/055383.0512456.701

2/28/055572.1562524.286

3/31/055535.5352520.585

4/29/055394.9692498.283

5/31/055661.9022628.178

6/30/055902.4342697.58

7/29/056094.4262788.711

8/31/056105.5662798.1

9/30/056408.9732909.407

10/31/056239.3792841.066

11/30/056533.322894.021

12/30/056750.7582998.717

1/31/067009.5233093.283

2/28/067197.8283129.239

3/31/067330.3243222.29

4/28/067406.6953258.891

5/31/067078.1523112.62

6/30/067133.0313139.482

7/31/067293.9573178.261

8/31/067522.2813260.666

9/29/067737.9963291.857

10/31/068050.5043389.709

11/30/068011.2383389.051

12/29/068307.8793517.786

Source: DATASTREAMTime Series: MSVEUR$(RI)~E0,MSGEUR$(RI)~E0;;31/12/1974;;MLast Refreshed: 04/01/2007 15:11:383 Columns391 Rows

MBD00054B7A.unknown

Fakten ber Value InvestmentsJhrliche Rendite (Rollierende 12 Monatsperioden) Value GrowthPerioden mit Outperformance 250 123Median 1 Jahresrendite 18.0 15.9Median Rendite bei Outperformance 20.0 19.4Median Rendite bei Underperformance 14.0 14.4Renditedifferenz wenn unpopulr -4.1 -5.8Median Verlust 10.8 15.1Maximaler Verlust 41.0 39.9 Quelle: Datastream, MSCI, Nordea S.A. Stand: 31/12/2006

Fakten ber Value InvestmentsLangfristig hat Value hher rentiert als GrowthValue hat hufiger besser rentiert als GrowthRendite erwies sich als relativ unabhngig vom EinstiegszeitpunktValue rentiert auch gut wenn Growth favorisiert wirdValue ist weniger risikoanfllig als Growth

Was verstehen wir unter Risiko?

Risiko ist eine absolute Gre.Das Risiko bezieht sich auf das Unternehmen, in das wir investieren, nicht auf den Aktienkurs.Risiko ist der Grad der Sicherheit von Umstzen, Cashflows und Ertrgen.Wir kontrollieren das Anlagerisiko anhand einer eingehenden Investmentanalyse.Wir kontrollieren das Portfoliorisiko durch Diversifizierung.Referenzindizes werden lediglich zum Vergleich von Performances herangezogen.

CASH - eine Alternative zur AnlageCash ist sicher!Wir investieren unsere Kasseposition nur, wenn wir davon berzeugt sind, dass die alternative Anlage besser ist.Keine systematische Nachbildung der Portfoliobestnde mit neuen Zuflssen.

Was ist unser Anlageziel?1. Ziel: Erhalt des Kapitals unserer Kunden

2. Ziel: Erzielung einer langfristig absoluten Rendite

Wie investieren wir?Wir bevorzugen Unternehmen mit:einem nicht-kapitalintensiven Geschfteinem kooperativen Managementeinem bewhrten Geschftsmodellnachhaltigen Wettbewerbsvorteileneiner soliden Bilanz und der Fhigkeit, Cashflows zu erzeugenWir legen Ihr Geld ber einen Zeitraum von 4-5 Jahren an.

Nordea 1 European Value FundWertentwicklung pro Kalenderjahr in EURQuelle:MSCI, Nordea Investment Funds S.A. Wertentwicklung errechnet von Nettoanteilswert zu Nettoanteilswert in EUR, bei Wiederanlage der Ertrge, ohne Bercksichtigung des Ausgabeaufschlages. Stand 31.12.2006. Wertentwicklungen in der Vergangenheit sind keine Garantie fr zuknftige Ertrge. Der Wert der Anteile kann schwanken und wird nicht garantiert.

Chart7

0.36455059710.36152816530.36674418220.3513674042

0.1294334408-0.0191789190.068430208-0.1084692409

-0.0407830343-0.1526402981-0.108160514-0.198731377

-0.181547619-0.3049859659-0.3039871999-0.3065652585

0.22805194810.15754624260.21853908750.0973917535

0.15270727580.12649206530.16326610420.0893943144

0.22128440370.26671820630.28938150250.2433538146

0.270.19620.23070.1731

EUROPEAN VALUE FUND

MSCI EUROPE

MSCI EUROPE VALUE

MSCI EUROPE GROWTH

Perfomance

Name19992000200120022003200420052006Dec-99Dec-99Dec-99Dec-99Sep-04

EUROPEAN VALUE FUND36.46%12.94%-4.08%-18.15%22.81%15.27%22.13%27.00%0.00%0.00%0.00%0.00%0.00%

MSCI EUROPE36.15%-1.92%-15.26%-30.50%15.75%12.65%26.67%19.62%0.00%0.00%0.00%0.00%0.00%

MSCI EUROPE VALUE36.67%6.84%-10.82%-30.40%21.85%16.33%28.94%23.07%0.00%0.00%0.00%0.00%0.00%

MSCI EUROPE GROWTH35.14%-10.85%-19.87%-30.66%9.74%8.94%24.34%17.31%0.00%0.00%0.00%0.00%0.00%

Perfomance

0000

0000

0000

0000

0000

0000

0000

EUROPEAN VALUE FUND

MSCI EUROPE

MSCI EUROPE VALUE

MSCI EUROPE GROWTH

Yearly Performance

Data

00

00

00

00

00

00

00

00

MSCI EUROPE VALUE

MSCI EUROPE GROWTH

Monthly Performance

Sheet3

11

#REF!

#REF!

Monthly Performance

11

#REF!

#REF!

Monthly Performance

11

#REF!

#REF!

Monthly Performance

Start1998

End2005

FrequencyY

NameCURRENCY199819992000200120022003200420059/20/04

NORDEA 1 EUR.VALUE FD. BP EURE15.9121.7124.5223.5219.2523.6427.2533.28256.22

MSCI EUROPE U$ - TOT RETURN IND (~E1)E3520.3264793.0234701.0983983.5212768.6033204.7863610.1664573.0632510.911

MSCI EUROPE :V U$ - TOT RETURN IND (~E1)E4074.8845569.3245950.4345306.8323693.6234500.8245235.6566750.758127.75

MSCI EUROPE :G U$ - TOT RETURN IND (~E1)E3013.7034072.623630.8662909.2992017.4092213.8882411.7972998.717136.15

354.35

1657.88

10.59

1859.7

1075

1272.5

Source: DATASTREAMTime Series: 139477,MSEROP$(RI)~E1,MSVEUR$(RI)~E1,MSGEU...Last Refreshed: 19/09/2006 10:32:0010 Columns8 Rows

Start10/30/98

End2/27/04

FrequencyW

NameNORDEA 1 EUR.VAL.BMSCI EUROPE U$ - TOT RETURN IND (~E1)

Code139477MSEROP$(RI)~E1

CURRENCYEE

10/30/98153.193163.165100100

11/6/98156.63180.533102.2259938638100.5490703141

11/13/98153.383226.259100.1240289836101.9946477658

11/20/98156.373228.583102.0758535152102.0681184826

11/27/98158.53265.102103.4662837103.2226267046

12/4/98153.433380.646100.1566681898106.8754238239

12/11/98152.233336.02799.3733272407105.4648429658

12/18/98153.653355.383100.3002806972106.0767617244

12/25/98156.473388.086102.1411319277107.1106312823

1/1/99159.143520.326103.8840655395111.2912541711

1/8/99165.273578.364107.8856322214113.1260620296

1/15/99157.893566.912103.0680853842112.7640195817

1/22/99156.73569.072102.2912722763112.8323056179

1/29/99161.323617.519105.3071349305114.363904507

2/5/99163.253639.647106.5670082904115.0634570122

2/12/99160.923642.527105.0460212808115.1545050606

2/19/99161.283702.207105.2810235655117.0412229523

2/26/99165.313648.058107.9117435864115.329361573

3/5/99166.23690.929108.492721457116.6846813239

3/12/99170.493659.381111.2931653502115.6873258271

3/19/99170.673665.236111.4106664926115.872425245

3/26/99169.133731.112110.4053789412117.9550228964

4/2/99170.053753.99111.0059403355118.6782858308

4/9/99171.913757.602112.2201188067118.7924752582

4/16/99175.173782.904114.3481950519119.5923703

4/23/99176.823804.123115.425288857120.2631857649

4/30/99183.823942.74119.994777727124.6454105303

5/7/99186.173866.479121.5288204191122.2345024683

5/14/99185.443898.191121.0522880084123.2370426456

5/21/99185.013951.534120.7715908349124.9234232169

5/28/99184.383989.002120.3603368366126.1079330354

6/4/99185.963854.717121.391735753121.8626597095

6/11/99186.23785.097121.5484039428119.6616995952

6/18/99188.553824.546123.0824466349120.9088365608

6/25/99186.373795.076121.6593772439119.9771747601

7/2/99188.623953.314123.1281415236124.9796959691

7/9/99190.463964.971124.3292643123125.3482192677

7/16/99193.233953.74126.1374763366124.9931634929

7/23/99188.273859.393122.8996670801122.0104863325

7/30/99187.843810.636122.6189699067120.4690871327

8/6/99185.343782.684120.9870095959119.5854152407

8/13/99187.563859.445122.4361903519122.0121302556

8/20/99188.773830.223123.2260591422121.0883087035

8/27/99191.943901.5125.2953848162123.3416530595

9/3/99192.213886.67125.4716365298122.8728188381

9/10/99196.883935.399128.5201383902124.4133328486

9/17/99191.823960.571125.2170507213125.2091180827

9/24/99188.573936.965123.0955023174124.4628402249

10/1/99188.113823.332122.7952216202120.8704572793

10/8/99189.273848.803123.5524512044121.6756950712

10/15/99184.963757.801120.7389516287118.7987664254

10/22/99185.913825.532121.3590965468120.9400078719

10/29/99187.614035.469122.4688295581127.5769363912

11/5/99190.294073.9124.2182910112128.7918904009

11/12/99193.114110.426126.0591422417129.9466199202

11/19/99196.234120.73128.0958287094130.2723696045

11/26/99199.224193.18130.0476532411132.5627970719

12/3/99205.424351.148134.0949148117137.5567825264

12/10/99206.354286.758134.7020040473135.5211631388

12/17/99209.854316.105136.9867484823136.4489364292

12/24/99212.594291.105138.7753769828135.6585887869

12/31/99217.064793.023141.6933220184151.5261771043

1/7/00217.534669.516142.0001305568147.6216384539

1/14/00222.474745.684145.2248841308150.0296064227

1/21/00224.854771.055146.7785103466150.831682824

1/28/00225.34903.16147.0722632026155.0080378355

2/4/00224.554555.418146.5826751093144.0145550422

2/11/00231.264529.344150.9628565833143.1902540652

2/18/00232.344530.891151.6678634376143.2391607773

2/25/00234.844559.996153.2998237483144.1592835024

3/3/00252.934883.398165.1086885567154.3832838312

3/10/00252.364870.133164.7366016058153.9639253722

3/17/00249.374849.93162.7847770742153.3252296355

3/24/00256.264834.43167.2824596906152.8352140973

3/31/00256.065027.93167.1519028657158.9525048488

4/7/00256.995019.23167.7589921013158.6774638693

4/14/00250.265032.301163.3657549448159.0906892306

4/21/00251.435121.219164.1295123703161.9017344969

4/28/00256.245047.973167.2694040081159.5861423606

5/5/00258.975152.324169.0515046674162.8850850335

5/12/00258.615074.027168.8165023827160.4098110595

5/19/00259.55153.27169.3974802533162.9149917883

5/26/00251.984967.969164.4885436386157.0569034496

6/2/00258.084833.238168.4705267968152.7975303217

6/9/00259.844799.016169.6194268555151.7156392411

6/16/00260.034749.348169.7434558392150.1454397731

6/23/00259.434872.98169.3517853646154.0539301617

6/30/00258.944864.289169.0319211437153.7791737073

7/7/00259.74912.367169.5280370781155.2991070652

7/14/00265.774975.313173.4904367126157.289075973

7/21/00267.265000.566174.4630850578158.0874219334

7/28/00264.195029.09172.4590377962158.9891769794

8/4/00266.45050.789173.9016907109159.675167119

8/11/00273.495072.641178.5299301521160.3659941862

8/18/00275.265049.676179.6853580521159.639980842

8/25/00275.195071.633179.6396631634160.3341273693

9/1/00279.725040.617182.5967752464159.3535904703

9/8/00279.595235.73182.5119133103165.5218744517

9/15/00281.925256.074184.0329003199166.1650277491

9/22/00275.365144.355179.7506364645162.633153819

9/29/00277.824900.84181.3564854103154.9346935743

10/6/00277.954973.086181.4413473464157.218671805

10/13/00271.715032.043177.3679744109159.0825328429

10/20/00273.565163.414178.5756250408163.2356832476

10/27/00273.425132.156178.4842352634162.2474957835

11/3/00274.054970.535178.8954892617157.1380247316

11/10/00267.034971.953174.3129447092157.1828532498

11/17/00266.415034.766173.9082185521159.1686175081

11/24/00263.155111.996171.7801423069161.6101594447

12/1/00257.664728.281168.1963574646149.4794296219

12/8/00257.94648.008168.3530256544146.9416865703

12/15/00249.44599.625162.804360598145.4121109711

12/22/00241.44470.434157.5820876036141.3278788808

12/29/00245.254701.098160.0953064821148.6200688235

1/5/01243.494645.27158.9464064234146.8551276965

1/12/01245.734641.762160.4086428618146.7442261153

1/19/01250.974678.227163.8292316731147.8970271864

1/26/01251.344731.406164.0707617991149.5782230772

2/2/01253.24675.098165.2849402703147.7981072755

2/9/01251.234577.68163.9989555454144.7183438107

2/16/01253.644526.754165.5721652849143.1083740494

2/23/01249.564354.906162.9088060578137.675587584

3/2/01249.964337.051163.1699197076137.1111212978

3/9/01250.524372.809163.5354788172138.2415713376

3/16/01243.684141.129159.070435407130.9172616667

3/23/01238.914018.864155.9566551341127.0519874872

3/30/01244.854218.586159.8341928324133.3659799599

4/6/012394167.926156.0154057053131.7644194976

4/13/01244.164337.535159.3837717867137.1264224282

4/20/01250.244389.422163.3526992624138.7667731528

4/27/01251.424461.734164.122984529141.0528379013

5/4/01253.034417.313165.1739669691139.6485165965

5/11/01254.234487.996165.9573079183141.8830822926

5/18/01256.214538.82167.2498204844143.4898274355

5/25/01257.024553.316167.778575625143.9481026124

6/1/01252.814483.785165.0303544618141.7499561357

6/8/01253.784499.168165.6635550623142.236272847

6/15/01245.944311.98160.5457275279136.3185290682

6/22/01241.724294.52157.7909785234135.7665502748

6/29/01242.214329.582158.1108427443136.8749970362

7/6/01235.984190.988154.04399765132.4934993906

7/13/01232.924183.117152.0464782296132.2446663389

7/20/01231.544096.992151.1456361381129.5219187112

7/27/01231.844109.902151.3414713754129.9300542337

8/3/01235.154172.211153.5021868268131.8998850835

8/10/01230.34019.088150.336183824127.0590690021

8/17/01227.63952.232148.5736666884124.9454897231

8/24/01228.824057.833149.3700633201128.2839497781

8/31/01224.673940.606146.6610092043124.5779464555

9/7/01220.193720.987143.7365363274117.6349321012

9/14/01207.063376.64135.1654807755106.7487785177

9/21/01191.183137.25124.799268881899.180725634

9/28/01202.723538.359132.3323976761111.8613477324

10/5/01202.213601.771131.9994777727113.8660487202

10/12/01211.73709.579138.1943991122117.2742806651

10/19/01212.93639.183138.9777400614115.04878816

10/26/01221.423806.23144.5394608003120.3297962642

11/2/01219.223727.117143.1033357269117.8287253431

11/9/01223.343877.036145.792806319122.5682504707

11/16/01229.393943.875149.7421502709124.6812923132

11/23/01230.353950.856150.3688230302124.9019889889

11/30/01230.323862.17150.3492395065122.0982781486

12/7/01236.333982.177154.2724720935125.8921681291

12/14/01231.633786.775151.2043867093119.7147477289

12/21/01231.163895.333150.8975781709123.1466901031

12/28/01235.53995.316153.7306612703126.307543236

1/4/02239.114013.822156.087211959126.8925901747

1/11/02238.573929.606155.7347085319124.2301934929

1/18/02234.423871.066153.0256544161122.3795154537

1/25/02235.733923.156153.8808016189124.0262838012

2/1/02235.963914.449154.0309419675123.7510215243

2/8/02232.813798.779151.974671976120.0942410529

2/15/02236.723865.81154.527057902122.2133527653

2/22/02236.053747.239154.0896925387118.4648603535

3/1/02241.433918.633157.6016711274123.8832941057

3/8/02248.654036.379162.3147725047127.6057050454

3/15/02245.384018.243160.1801684183127.0323552518

3/22/02249.214028.017162.6803316143127.341349566

3/29/02250.214062.741163.3331157386128.4391108273

4/5/02251.433999.128164.1295123703126.4280554445

4/12/02250.723941.026163.666035642124.5912242959

4/19/02253.984014.078165.7941118872126.9006833346

4/26/02251.613898.404164.2470135126123.2437764075

5/3/02251.793866.176164.364514655122.2249234548

5/10/02251.973839.584164.4820157974121.3842464747

5/17/02252.523900.352164.8410470657123.3053602958

5/24/02248.723829.581162.3604673934121.068012576

5/31/02246.093760.77160.6436451466118.8926281114

6/7/02240.343576.812156.8901364319113.076997248

6/14/02234.413411.707153.0191265748107.8573833486

6/21/02230.693365.825150.5907696325106.4068741277

6/28/02232.463435.613151.7461975325108.6131453781

7/5/02231.413447.344151.060774202108.9840081058

7/12/02223.343174.386145.792806319100.3547396358

7/19/02218.433002.932142.587636268794.9344090492

7/26/02208.312909.354135.981460930991.9760429823

8/2/02211.492951.388138.057314446193.3049018941

8/9/02210.963098.165137.711338860297.94509613

8/16/02210.973096.37137.717866701597.8883491693

8/23/02217.783185.405142.1633265879100.7030932626

8/30/02213.583075.722139.421633265997.2355852445

9/6/02208.312989.247135.981460930994.5017727498

9/13/02206.152919.5134.571447222492.2967976694

9/20/02197.872743.447129.166394673386.7310747305

9/27/02197.82776.175129.120699784687.765734636

10/4/02192.312673.019125.536914942284.5045705804

10/11/02189.312762.167123.578562569487.3228870451

10/18/02197.742928.974129.081532737192.596307812

10/25/02196.242876.851128.102356550790.9484962055

11/1/02197.192865.71128.722501468890.5962856822

11/8/02198.492855.013129.571120830390.258111733

11/15/02199.162925.67130.008486193692.4918554675

11/22/02202.623029.831132.267119263795.7847914984

11/29/02203.043030.098132.541288595995.7932324112

12/6/02199.562904.441130.269599843391.8207238636

12/13/02194.842801.674127.188458776788.5718576173

12/20/02193.782802.794126.496507604988.6072651917

12/27/02191.732721.161125.158300150186.0265272283

1/3/03196.512866.419128.278608264290.6186999414

1/10/03196.092838.347128.00443893289.7312343808

1/17/03192.622740.778125.739278020886.6466972162

1/24/03186.712583.395121.881323846281.6712058966

1/31/03181.792578.519118.669625954781.5170564925

2/7/03179.662504.176117.2791957779.1667839016

2/14/03177.682524.784115.986683203979.8182832701

2/21/03177.642543.516115.960571838980.4104749515

2/28/03175.212484.391114.374306416978.5413027774

3/7/03170.592344.539111.358443762674.1200348385

3/14/03171.242442.988111.782753443477.2323922401

3/21/03179.192638.966116.972387231583.4280222499

3/28/03173.372504.698113.173183628279.1832863603

4/4/03177.872589.352116.110712187581.8595299328

4/11/03181.582607.445118.532541288682.4315203285

4/18/03184.962668.29120.738951628784.3550684204

4/25/03188.132644.866122.808277302783.6145442935

5/2/03190.722693.475124.498988184685.1512646353

5/9/03192.562674.331125.700110973384.5460480247

5/16/03198.322734.192129.460147529286.4384880333

5/23/03193.882651.473126.561786017483.8234173684

5/30/03198.662718.873129.682094131585.954194612

6/6/03206.222830.641134.617142111189.4876176235

6/13/03205.552826.988134.179776747889.372132026

6/20/03207.422894.632135.400483060391.5106230627

6/27/03204.932847.798133.775050590890.0300174035

7/4/03205.22824.806133.951302304389.3031504838

7/11/03211.342870.863137.959396827590.7591921383

7/18/03211.212853.197137.874534891390.2007008803

7/25/03212.592859.053138.775376982890.385831912

8/1/03214.482898.962140.009138977791.6475112743

8/8/03213.232891.288139.193158822491.404906162

8/15/03216.152972.218141.099288465393.9634195497

8/22/03223.553041.127145.929890985196.1419021771

8/29/03225.032997.595146.89601148994.7656856345

9/5/03231.083072.336150.84535544197.1285405599

9/12/03226.373009.424147.770742215595.1396465249

9/19/03228.923057.067149.435341732596.6458278338

9/26/03222.962950.722145.544748351793.283847033

10/3/03225.593010.401147.261570598695.1705333108

10/10/03228.83010.755149.357007637695.1817246334

10/17/03232.023065.28151.458972517896.9054728413

10/24/03228.782992.076149.343951955194.591208489

10/31/03234.423082.104153.025654416197.4373451907

11/7/03237.993148.973155.356093739899.5513354504

11/14/03236.293141.249154.246360728599.3071496428

11/21/03232.923065.982152.046478229696.9276658031

11/28/03235.283116.211153.58704876398.5156006721

12/5/03236.653140.125154.481363013399.2716156128

12/12/03235.133137.49153.489131144399.1883129713

12/19/03233.783168.476152.6078725765100.1679014531

12/26/03234.73179.374153.2084339709100.5124297974

1/2/04237.683239.198155.1537306613102.4037000915

1/9/04239.393254.075156.2699915138102.8740201665

1/16/04244.853321.119159.8341928324104.9935428598

1/23/04245.213322.966160.0691951172105.0519337436

1/30/04244.623292.22159.6840524838104.0799325992

2/6/04243.513294.264158.9594621059104.1445514224

2/13/04247.493332.533161.5575429206105.3543839793

2/20/04249.423398.066162.8174162804107.4261380611

2/27/04249.223388.464162.6868594556107.1225813386

Source: DATASTREAMTime Series: 139477, MSEROP$(RI)~E1;;30-10-1998;;WLast Refreshed: 05-03-2004 16:13:163 Columns285 Rows

MBD01B57768.unknown

MBD01B5E40B.unknown

MBD01B5F610.unknown

MBD01B5AD3F.unknown

MBD001B07EB.unknown

MBD014FA680.unknown

MBD01B37648.unknown

MBD0136E9C0.unknown

MBD00010BD1.unknown

MBD000A5E3D.unknown

MBD000A6E80.unknown

MBD000A3F7A.unknown

MBD00000374.unknown

MBD000002B8.unknown

MBD000002BC.unknown

Verkaufte Positionen der letzten 12 MonateDeutsche BrseBewertung/RisikoRecordatiBewertungElisaBewertungScheringbernahmeUnaxisBewertung/RisikoMcCarthy & StonebernahmeElektaBewertungPorscheRisikoGrupo Empresa EnceBewertungSBM OffshoreBewertungSulzer Bewertung

Eine unserer Erfolgsgeschichten : McCarthy & StoneWertentwicklung 31.12.2000 - 31.08.2006bernahmeKaufEine starke Marktdynamik und eine nahezu monopolistische Marktposition wurde vom Aktienmarkt ignoriert. Werthaltiger Grundbesitz und die gute Marktposition ermglichten dem Unternehmen Umsatz und Ertrag seit unserem ersten Investment zu verdoppeln. Gleichzeitig konnten Kasseposition und Eigenkapitalrendite ber 25 % gehalten werden. McCarthy & Stone wurde von einem Konsortium aus Private Equity Investoren nach einem Bieterwettstreit aufgrund des uerst hohen Cash Flow bernommen.Quelle: Datastream & Nordea Investment Funds S.A., Stand: 31.8.2006, Whrung GBP. Der Graph stellt als Indikator des Investmentszenarios nur selektierte Kufe und Verkufe dar. Daher ist der Graph kein Indikator fr alle Kufe und Verkufe dieses Unternehmens.

Chart2

288.5

280.5

272

279.5

319.5

309

271

288

311.5

240.5

244.5

265.5

281

288

287.5

290

321.5

346

307.5

289.5

330.5

314

328

316.5

311.5

313

321.5

333

358.5

422

491

475.5

487.5

475

479

501

517

552

595

599.5

576.5

548

581

541

568

600

579

550

595

617.5

693

660

544

569

555

562

565

618

639

631

649

701

756.5

801

769

766

918.5

1077

1085

SK

Sheet1

Start1/1/01

End12/30/05

FrequencyD

NameELEKTA 'B'

CodeW:ELKB

CURRENCYSK

12/31/00288.5

1/31/01280.5

2/28/01272

3/30/01279.5

4/30/01319.5

5/31/01309

6/29/01271

7/31/01288

8/31/01311.5

9/28/01240.5

10/31/01244.5

11/30/01265.5

12/31/01281

1/31/02288

2/28/02287.5

3/29/02290

4/30/02321.5

5/31/02346

6/28/02307.5

7/31/02289.5

8/30/02330.5

9/30/02314

10/31/02328

11/29/02316.5

12/31/02311.5

1/31/03313

2/28/03321.5

3/31/03333

4/30/03358.5

5/30/03422

6/30/03491

7/31/03475.5

8/29/03487.5

9/30/03475

10/31/03479

11/28/03501

12/31/03517

1/30/04552

2/27/04595

3/31/04599.5

4/30/04576.5

5/31/04548

6/30/04581

7/30/04541

8/31/04568

9/30/04600

10/29/04579

11/30/04550

12/31/04595

1/31/05617.5

2/28/05693

3/31/05660

4/29/05544

5/31/05569

6/30/05555

7/29/05562

8/31/05565

9/30/05618

10/31/05639

11/30/05631

12/30/05649

1/31/06701

2/28/06756.5

3/31/06801

4/28/06769

5/31/06766

6/30/06918.5

7/31/061077

8/31/061085

Sheet1

288.5

280.5

272

279.5

319.5

309

271

288

311.5

240.5

244.5

265.5

281

288

287.5

290

321.5

346

307.5

289.5

330.5

314

328

316.5

311.5

313

321.5

333

358.5

422

491

475.5

487.5

475

479

501

517

552

595

599.5

576.5

548

581

541

568

600

579

550

595

617.5

693

660

544

569

555

562

565

618

639

631

649

701

756.5

801

769

766

918.5

1077

1085

17.31

16.69

17.31

17.47

17.31

17.31

17.31

17

17.16

16.53

16.84

16.69

16.84

18.1

18.57

18.89

19.52

19.52

19.36

19.36

19.83

20.31

21.56

23.14

24.87

23.77

23.45

23.14

22.82

22.51

22.82

23.3

23.3

22.98

22.98

22.67

24.4

24.4

22.82

23.14

23.14

23.14

23.45

23.45

25.81

25.19

25.66

24.4

26.44

25.97

26.13

27.07

22.51

22.04

22.04

22.04

19.83

21.09

23.3

22.98

23.61

23.45

23.77

23.61

23.93

23.3

22.98

22.82

22.35

22.04

22.51

22.19

21.72

21.09

19.83

19.83

19.52

20.31

19.83

21.09

21.25

20.78

21.25

21.56

21.41

21.25

20.94

20.62

20.31

20.78

20.46

20.31

21.09

21.41

20.15

19.99

18.42

19.2

19.05

20.94

20.62

20.46

20.46

20.46

20.15

20.94

20.62

20.94

20.46

20.46

20.46

21.88

19.68

20.78

21.09

20.94

20.31

20.15

19.99

20.15

19.83

20.46

21.09

21.09

25.03

25.19

24.71

24.08

25.81

25.81

26.29

25.66

25.5

25.97

26.13

25.97

26.76

27.23

27.7

27.55

27.23

27.07

26.92

26.76

25.97

25.97

25.81

25.81

26.6

26.13

27.07

27.07

26.6

25.97

26.13

25.34

24.71

25.66

26.76

27.07

26.92

26.92

27.23

27.39

29.28

29.91

30.54

29.44

28.96

29.28

29.12

28.65

29.28

29.44

28.33

28.33

28.65

28.65

28.18

27.39

27.39

28.02

27.23

27.39

26.29

26.76

26.76

26.76

26.76

26.76

26.76

26.76

26.76

27.86

28.33

27.86

27.55

27.39

27.7

27.39

29.44

28.96

29.28

28.96

29.12

30.69

31.48

30.85

32.27

31.8

31.64

31.32

31.64

31.17

31.17

31.32

32.27

31.48

32.11

32.27

31.8

31.64

31.48

31.64

31.95

34

33.69

32.58

32.58

32.43

32.27

32.9

32.58

28.33

27.7

29.28

28.33

28.33

28.49

29.12

29.75

29.59

30.38

31.17

30.85

31.32

30.54

30.54

30.22

30.85

30.85

29.59

29.75

30.06

30.54

30.54

30.54

30.06

29.91

30.06

29.28

29.59

29.91

30.54

29.91

30.22

30.06

30.06

29.59

29.44

30.22

30.06

29.91

29.91

29.28

29.59

28.96

28.33

28.33

29.59

28.65

28.96

29.12

28.81

28.81

28.49

29.28

29.59

29.75

30.06

30.85

30.85

30.85

31.32

32.43

32.27

31.48

32.11

32.11

31.17

31.17

31.48

30.54

30.85

30.85

30.85

31.32

31.01

31.17

30.54

28.81

30.22

32.9

31.64

31.8

31.8

30.85

31.64

31.48

31.17

32.43

31.48

30.54

32.11

30.85

31.32

32.11

31.8

30.85

29.91

29.59

30.06

29.59

29.44

29.44

28.65

27.39

26.44

24.4

25.34

26.76

28.96

29.59

28.02

29.44

30.69

29.91

29.59

29.59

29.75

30.85

31.48

31.32

30.54

31.17

30.54

31.48

31.01

31.8

30.54

30.54

29.75

30.54

31.17

30.69

30.69

30.69

30.69

30.54

30.22

29.28

29.12

29.44

30.06

26.29

23.93

25.34

24.71

23.3

23.61

23.61

21.72

20.78

22.04

23.14

22.98

21.72

20.46

21.09

21.56

22.35

22.82

22.51

22.04

22.35

23.14

23.3

25.03

24.71

25.19

26.6

26.44

26.76

26.29

26.13

25.5

26.76

26.6

26.13

27.07

27.07

26.92

27.7

27.7

27.7

27.07

27.07

27.55

27.55

27.39

27.86

27.07

27.23

27.39

27.23

28.02

27.39

27.55

27.07

28.18

28.96

28.81

28.33

29.44

28.81

28.65

28.81

28.33

29.75

29.75

28.96

29.44

28.81

28.33

28.33

28.65

28.33

28.33

28.33

28.33

27.07

27.7

27.7

27.7

28.02

27.7

27.7

28.96

27.86

27.55

27.39

28.33

28.33

28.33

28.33

28.18

28.02

28.33

28.02

28.18

28.02

27.7

27.07

26.92

26.44

25.81

26.44

25.34

25.5

23.61

23.93

22.67

23.93

23.45

23.45

23.3

24.24

24.24

25.03

25.19

24.56

24.24

24.4

24.24

24.24

25.03

24.87

24.87

25.19

25.34

25.34

25.03

25.5

25.66

25.66

25.81

25.81

25.97

26.29

26.76

27.39

27.07

27.07

27.39

27.23

28.02

27.86

28.18

28.65

28.33

28.33

28.96

27.86

27.7

26.92

27.55

28.02

27.39

27.86

27.7

27.7

27.7

28.02

27.86

28.33

28.33

28.33

28.65

28.02

28.02

28.81

29.12

30.54

30.06

30.22

29.28

29.12

28.33

27.86

28.33

28.02

28.81

28.02

28.33

28.65

29.12

29.59

32.74

32.27

32.27

32.58

33.21

32.74

33.69

33.69

31.8

31.8

32.58

32.74

34.31

34.16

33.53

35.26

34

32.43

32.43

29.91

29.91

30.54

30.38

30.69

31.17

31.64

32.58

32.27

31.8

31.48

31.17

31.32

31.8

31.32

31.48

32.11

32.11

32.11

32.58

32.27

31.8

31.64

31.95

32.43

32.58

32.9

33.06

33.84

34

33.53

33.37

33.06

33.37

33.53

33.69

33.69

33.69

33.37

33.84

34.31

35.26

34.47

34.47

35.1

35.89

37.15

38.72

38.56

39.04

38.25

38.56

39.98

39.82

40.61

40.14

39.35

39.19

39.04

39.82

41.24

42.03

42.97

42.81

41.87

38.72

39.82

39.98

39.51

39.51

Documents

Aktienrisiko vs. Marktrisiko: Welche Unternehmen sind Ihren Preis wirklich wert?