DNB Fund Technology

The fund was established in 2001 and has since delivered solid returns through various market phases. By using a bottom-up approach and building a concentrated portfolio based on high conviction, valuation discipline, and a contrarian view, the fund has achieved an annual return of 17.7% as of April 2025. In comparison, the Nasdaq Composite has delivered 11.2% over the same period.

Many technology companies operate globally and generate revenue from multiple regions, providing broad exposure and contributing to both diversification and risk reduction. This has made the sector a historically resilient and long-term winner in financial markets. The fund has demonstrated strong resilience during challenging periods and has delivered higher returns than the benchmark index in all bear markets since the dot-com bubble. In addition, the fund has had lower concentration than the benchmark: 24 companies have contributed more than 1 percentage point to returns over the past three years, compared to 10 companies in the benchmark index

The strength of the investment process lies in the stable and experienced management team, which collectively has over 75 years of industry experience. The team has managed the strategy for over 20 years with a proven track record across various market environments. The lead portfolio manager, Anders Tandberg-Johansen, has more than 25 years of industry experience and has led the management since inception.

The fund is built on a proven investment process with a clear focus on valuation, high conviction, and flexible management. The portfolio is constructed based on fundamental analysis, and the managers only invest where they have strong belief in the case – even when it goes against the tide. Investment decisions are made without strict model requirements, but with clear discipline and long-term perspective at the core.