NN (L) Euro Income - X Cap EUR

Valuation Day


Net Asset Value


Risk level


Investment Scope

The fund's objective is to provide investors with capital growth and an attractive level of income. It aims to reach the objective by predominantly allocating its assets to a diversified portfolio of shares combined with a derivatives overlay, as explained below. Investments are made predominantly in ordinary shares listed or traded in Eurozone markets. We use both fundamental and quantitative research inputs to select stocks that offer an attractive return profile. The fund uses active management to target companies that offer an attractive return profile based on fundamental analysis and the input of a factor model, with stock and sector deviation limits maintained relative to the MSCI EMU (NR). Its stock-level composition will therefore materially deviate from the MSCI EMU (NR). Measured over a period of several years, the equity part of the portfolio aims to outperform the MSCI EMU (NR) index. The SMCI EMU (NR) is a broad representation of our investment universe.

The fund may also include investments into securities that are not part of the index universe. We also integrate ESG factors in our fundamental analysis. We aim to raise additional income on top of the equity dividends by selling call options (obligation to deliver underlying shares or indices at a certain price within a certain time period). Selling calls options is expected to reduce the volatility (price movements) of the total returns (including dividends) of the fund compared with the MSCI EMU (NR) index and is expected to provide some risk mitigation in negative markets. The fund will typically underperform a similar portfolio without derivatives in periods when the underlying stock prices are rising, and outperform when the underlying stock prices are falling. The underlying of the derivatives is expected to be the EuroStoxx 50 index, although other underlying indices and/or stocks/shares may be used when deemed more appropriate to reach the investment objectives. Other derivatives may also be used to reach its investment objectives, such as equity index futures. You can sell your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund does not aim to provide you with a dividend. It will reinvest all earnings.

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Past returns do not predict future returns

Historical NAV

Calendar Year Performance (NET %)

Cumulative Performance (ΝΕΤ %)

EUR 1y 3y 5y
Fund -16.01 -4.41 -4.21
Share Class Benchmark -12.47 5.84 15.92
Date Report 31/12/2022

Practical Info

ISIN Code: LU0228636659
Currency: EUR
Unit class: X CAP
Asset class: Equity
Region: Europe

Risk and Reward Profile

Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree. This fund is in thish specific risk category because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with stocks and/or financial instruments used to reach the investment objective is considered high.

These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. The Sub-Fund’s liquidity risk is set to low. Liquidity risks may arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. Investments in a specific geographic area are more concentrated than investments in various geographic areas. No guarantee is provided as to the recovery of the initial investment.

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Synthetic Risk and Reward Indicator

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