EVLI MUTUAL FUNDS · Equity market review, 31 December, 2019 4 Fixed income market review, 31 December, 2019EQUITY FUNDS 5 Evli Emerging Frontier 6 Evli Equity Factor Europe 9 Evli

EVLI MUTUAL FUNDSANNUAL REVIEW 31 DECEMBER 2019

Contents

2

Managing Director's Review 3Equity market review, 31 December, 2019 4Fixed income market review, 31 December, 2019 5

EQUITY FUNDSEvli Emerging Frontier 6Evli Equity Factor Europe 9Evli Equity Factor USA 18Evli Europe 30Evli Finland Select 32Evli Finnish Small Cap 34Evli GEM 36Evli Global 39Evli Global X 42Evli Japan 45Evli Nordic 47Evli North America 49Evli Sweden Equity Index 53Evli Swedish Small Cap 55

BALANCED FUNDSEvli Factor Premia 57Evli Finland Mix 60Evli Global Multi Manager 30 63Evli Global Multi Manager 50 65Evli Q7 67Evli Wealth Manager 69

FIXED INCOME FUNDSEvli Corporate Bond 71Evli Emerging Markets Credit 76Evli Euro Government Bond 80Evli Euro Liquidity 82Evli European High Yield 88Evli European Investment Grade 93Evli Nordic Corporate Bond 97Evli Short Corporate Bond 103Evli Target Maturity Nordic Bond 2023 108

Portfolio management policy 112Portfolio managers 113Glossary 114

2019 was a good year on several frontsManaging Director's Review

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Despite market uncertainty, 2019 was an excellent year for investors, with valuations risingalmost across the board. It was also a successful year for Evli Fund Management Company. Weperformed well in the strategic focus areas of alternative investment products and internationalfund sales. Evli Fund Management Company's market share also grew, and the company's fundexpertise was recognized in various surveys.

Strong investment market returnsAt the beginning of the year, equity prices recovered fromthe downward trend of late 2018, but the recovery wanedduring the spring as trade disputes escalated and politicalrisks increased. During the second and third quarters, theequity markets fluctuated without clear direction, but theybegan to pick up towards the end of the year as China and theUnited States signaled that a trade deal was emerging. Bondyields continued their protracted decline, reaching recordlows in September, after which they began to rise.

Moderate economic and earnings growthAlthough valuation levels continued to rise, global economicgrowth slowed in 2019 and corporate earnings growthwas very moderate. As a result of the slowdown ineconomic growth and low inflation expectations, centralbanks attempted to strengthen the markets with theirmonetary policies. Central banks around the world loweredtheir key interest rates and sought to boost the market withpurchase programs. However, the impact of the measureswas limited.

Performance of Evli's fundsEvli Fund Management Company Ltd was the fastest-growingfund management company in Finland in 2019*). Netsubscriptions in Evli's funds during the year totaled EUR958.1 million (EUR 518.3 million), with Evli being the fourth-largest fund management company in Finland. Evli FundManagement Company's market share increased by 0.5percentage points on the previous year and was 7.7 percentat the end of December*).

Good results in strategic focus areasOne of Evli's strategic targets is to boost the internationalsales of its investment products. At the end of 2019, thecompany's funds were available to institutional clients forexample in Italy, Spain, France, Germany, Portugal and LatinAmerica in addition to Finland and Sweden. The aim isto extend the availability of products to new markets andto increase efforts in international sales. The internationalinterest in Evli's products has proven to be good. EUR 2.8billion of Evli's fund capital came from clients outside ofFinland at the end of December (2018: EUR 1.9 billion).In Finland, our key growth area is alternative investmentproducts. These products help us improve the returnpotential of our clients' asset management portfolios andbroaden their diversification. The total investment assets ofalternative investment products nearly tripled during 2019to close to EUR 870 million at the end of the year. AboutEUR 270 million of the growth came from the acquisition ofthe business of Ab Kelonia Placering Oy, which focuses onprivate equity fund investment, which was agreed upon at theend of 2018.

Evli's fund expertise was recognizedIn the first half of 2019, Evli Fund Management Companyreceived several international awards. The German LipperFund Awards gave Evli its "Best Group Bond - Overall SmallCompany" award and Evli Short Corporate Bond B wasthe best euro-denominated short-term bond fund in thecategories "Best Fund over 3 years" and "Best Fund over 5years."

*) Investment Research Finland: Fund Report December 2019

The French Lipper Fund Awards and the European LipperFund Awards also gave Evli the "Best Group Bond - OverallSmall Company" award. The awards were in recognitionof Evli's outstanding interest rate expertise and productportfolio. In addition, Evli Fund Management Companywas honored as the best fixed-income fund house at theMorningstar Awards in Spain.

Continuous product developmentOn rapidly changing markets, determined and continuousproduct development is important. Our productdevelopment starts from understanding our clients' needsand responding to them by providing high-qualityinvestment products whose long-term returns rank high intheir fund class.Evli Target Maturity Nordic Bond 2023 is a fund that investsin Nordic corporate bonds. It started operations in May. Thefund has a fixed-period investment strategy that will end onDecember 31, 2023, at the latest. The fund has an activeapproach to responsible investment and its investments areprimarily passive holdings. The fund's portfolio is managedby Juhamatti Pukka and Jani Kurppa, who were rankedamong Europe's best portfolio managers in Citywire's EuroStars comparison.When it comes to alternative investment funds, weestablished the Evli Private Equity II private equity fund andstarted the launch of the Evli Infrastructure I private equityfund.

Focus on responsibilityResponsibility has been an integral part of our fund portfoliomanagement for years, but we gave it an even moreimportant role in 2019. Last year we published our Principlesfor Climate Change that complement our existing Principlesfor Responsible Investment. We also began systematicreporting of our funds' carbon footprints and the monitoringand exclusion of thermal coal and peat companies.Responsibility has become an increasingly important factorfor our clients, and we want to give its development aneven more prominent role. Responsibility will be one of ourstrategic focus areas in the coming years.

Expectations for 2020Uncertainty and risks in the global economy areconsiderable. We started the year in a situation in whichthe previous year's solid investment returns were generatedmore through tightening valuations than driven by earningsand economic growth. This naturally increases market risks. Inaddition, the duration and economic impact of the outbreakof the coronavirus early in the year are very difficult toassess. Regardless of the numerous forces of change in ouroperating environment and growing competition we believethat, by continuing to invest in our strategic focus areas, ourbusiness will thrive also in the future.

I would like to thank all our clients for their trust in Evli's funds,and extend a warm welcome to our new clients in particular.

Helsinki, March 5, 2020

Tero TuominenManaging Director

Decade ends at record levels despite uncertaintyEquity market review, 31 December, 2019

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2019 began with the markets rising rapidly from the slump experienced in late 2018. The centralbanks and trade negotiations between the USA and China played a key role throughout theyear. The central banks' turnaround at the beginning of the year towards more expansionarymonetary policy supported the investment markets and, in the second half of the year, the globaleconomy started showing signs of stabilization. The equity markets performed very strongly andequity indexes broke all-time highs. When the central banks agreed to ease their monetary policyagain, long-term interest rates fell to record-low levels globally. The total amount of fixed-incomeinvestments with a negative interest rate grew to more than USD 15 trillion globally.

The MSCI World Index rose by 30.7 percent. The equitymarkets again produced the strongest returns in the USAat 35.0 percent (in euros). European equities rose by 28.8percent and emerging market equities rose by 22.2 percent(in euros). The Finnish equity market rose by 21.2 percent.A steeper rise was last seen in 2013, when Nasdaq OMXHelsinki rose by 31.6 percent.

Among the major corporations listed on Nasdaq OMXHelsinki, the best performers were Metso +53.6 percent,Huhtamaki +52.9 percent, Kone +39.9 percent and UPM-Kymmene +39.6 percent. Neste, Elisa, Kemira and Keskoshares also rose by more than 30 percent. The biggestdecliners were Nokia, by -34.5 percent and Wärtsilä, by-29.1 percent. The start of Nokia's 5G era came nowherenear meeting market expectations, and investors' faithin Nokia's future wavered substantially due to the weakearnings guidance issued in conjunction with its third-quarterresults. Nokia also announced that it would pause dividenddistributions in order to strengthen its cash position.

Five companies were delisted from Nasdaq OMX Helsinkiduring the year: Amer, Technopolis, Pöyry, Kotipizza andRamirent. Seven listings took place, of which one was onthe main list: the leading manufacturer of fundus camerasOptomed.

Earnings growth was near zero in 2019 and will remain lowalso in 2020The euro area economy is expected to grow by 1.2 percent.The instability of the international economy is diminishing theeconomic outlook of Finland as well. According to the Bankof Finland's forecast, Finland's GDP grew by 1.3 percent in2019. Growth is projected to slow to 0.9 percent in 2020.

Corporate earnings growth also remained moderate in 2019,near zero. Despite this, the equity markets climbed to newhighs. Corporate earnings growth expectations for 2020 arearound 3 to 5 percent, which is lower than in the last threeyears.

Corporate earnings growth in 2019 is clearly slower than inrecent yearsEconomic growth is slowing down in both the euro areaand elsewhere in the world, and uncertainty is reducingcompanies' willingness to invest, for example. The euro areaeconomy is expected to grow by 1.2 percent. The uncertaintyof the international economy is diminishing the economicoutlook of Finland as well. According to the Bank of Finland'sforecast, GDP will grow by 1.6 percent this year, and by 1.5percent next year. In 2021, growth will slow to 1.3 percent.

Companies' earnings growth outlooks are around 3-5percent this year, which is clearly lower compared with thelast three years.

In our baseline scenario for 2020, the global economy willcontinue on a slow-growth trackGlobal economic growth will recover slightly thanks toimproving growth in the emerging markets, Europe andJapan. Trade dispute resolution negotiations have madeprogress. A phase one agreement between the USA andChina has been signed.

A phase two agreement is unlikely to be reached before theUS presidential election, but the calming of trade tensionsappeases the markets. Interest rates will remain low, whileinterest rate curves will steepen somewhat. Equity marketsand their valuation levels will rise.

If new uncertainties do not emerge, global capital willgravitate toward high-risk asset classes in the hope ofreturns, even though economic growth will not yet pick upsubstantially. An unexpected turn in the fixed-income marketmay pose a challenge to the markets.

The presidential election this November may become aturning point in the USA. At the moment, President Trumpseems to be a strong candidate to win the election. Theimpeachment inquiry by the Democrats will probably bestopped by the Republican majority of the Senate. If DonaldTrump is elected for a second term, the turbulence is likely tocontinue, whereas a Democratic win could lead to a turningpoint in many respects.

In Evli Wealth Management's allocation view we are in aneutral equity position in early 2020: We are overweightingthe European equity markets and underweighting the USequity market, while emerging market equities are in aneutral weighting.

Eija KoskimiesHead of Equities

An excellent year for fixed income investmentFixed income market review, 31 December, 2019

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2019 will be remembered as one of the strongest years in all fixed income asset classes. Thestarting position for the year was interesting, as in the final quarter of 2018 the markets werevery weak and yield spreads widened substantially, being at a very wide level also in a historicalcontext. The market during the first half of 2019 was unusual in that the reasons that led to avery weak end of 2018 were still largely unresolved: The threat of trade war escalation remainedconsiderable, economic growth expectations had fallen, and political risk in Europe remainedhigh. In the first half of the year, investor sentiment was substantially boosted by corporateearnings reports, in particular, which were neutral for the most part from the fixed incomeinvestor's point of view. Supported by positive sentiment and US interest rate cuts, emergingmarket corporate bonds yielded strongly throughout the year despite the still-ongoing trade war.

Importance of central banks increased furtherInflation In the second half, the focus turned to the centralbanks once again after the ECB and the Fed lowered theirinterest rates and the ECB restarted its quantitative easingmeasures. The primary message of these measures was thatthe central banks are prepared to support the markets ifgrowth keeps on slowing down and inflation continues atan agonizingly low rate. While inflation expectations for theeuro area were around 1.6 percent at the end of 2018, theexpectations sank to slightly above 1.2 percent in the secondhalf of the year.

Interest rates crawling at a clearly negative level has againprompted a hunt for positive yields on the fixed incomemarkets, which is evidenced especially by strong demand forcrossover bonds, unrated Nordic corporate bonds and highyield bonds. Correspondingly, yield spreads have narrowedsubstantially on both the high yield and the investment grademarket. However, taking into account the factors that supportthe markets including central bank stimulus, an economy thatcontinues to grow combined with low inflation, and Europeancorporate indebtedness having remained at a moderatelevel, the corporate bond markets continue to offer healthygrowth potential.

Persistent uncertainty factors overshadow global economicdevelopmentThe gray clouds on the horizon are almost the same as inearly 2019: the trade war, fears of slowing economic growthin China, and weak economic performance in Europe. Thesame themes have continued for a long time and investorshave had a chance to assess their impacts on the markets. Ifthe above-mentioned risks were to take a turn for the worse,the impact on the fixed income markets would be substantial.Considering the record-low interest rates, the overall yieldlevel provides a fairly weak hedge against major interest ratemovements in all fixed income asset classes. A substantialnew threat to the global economy is the recent outbreakand spreading of coronavirus in China, which may have asubstantial shorter-term impact on the markets and corporateearnings. The crucial points are whether or not China will beable to control the spread of the disease, and how quicklyways of keeping the epidemic local can be found.

The long-lasting growth and central banks' ultra-expansionary monetary policy have brought about very highvaluation levels in nearly all asset classes. The reality isthat every upturn comes to an end sooner or later. Lesserconcerns can be enough to turn a market around in theshort term, but an upturn turning into a recession wouldrequire significantly weaker economic activity also in the USA.However, we do not believe that a downturn is at hand in2020, but if the economic data offer negative surprises, majormovements in yield spreads and interest rates are possiblethis year.

Nordic corporate bonds and crossover market offerattractive yieldsDuring the year, while corporate bond yield spreadscontracted strongly, the Nordic corporate bond markettightened much more moderately. Slower and smaller yieldspread movements are very typical for this market, and as aconsequence, the yield spread between the Nordic marketand the general corporate bond market offers very attractiveopportunities due to the substantial pricing differences.Nordic companies continue to have strong balance sheetsand steady earnings. The lack of a credit rating still offersexcellent opportunities to exploit broad pricing in relationto rated comparison companies. The political and economicstability of the Nordic countries has also piqued people'sinterest in the local market because in Europe, political riskshave increased in recent years. A similar relationship betweenquality and yield is difficult to find elsewhere in the corporatebond market, and we expect demand in relation to supply toremain particularly high on the Nordic market.

In the current environment, we also consider crossovercorporate bonds with short maturities, i.e. the marketbetween the BBB and BB credit qualities, to be attractive.The current interest rate environment drives investors to seekyield by either adding credit risk or substantially increasingduration. A more attractive alternative in terms of risk/rewardratio would be to increase credit risk marginally by investingin the high yield companies with the best credit quality whilekeeping interest rate risk low by investing in bonds with shortmaturities. When an investor selects the best companiesfrom the crossover market, the end result is a portfoliowith an attractive yield profile and a moderate risk profile.The negative interest environment and the ECB's purchaseprogram will result in very strong investor demand also in thefuture in a market that offers positive but rather stable yield.

Outlook for the rest of 2020We believe that the corporate bond markets are in a positionto offer attractive yields in 2020, but uncertainty factorsin the European and global economy that are persistentlyunresolved and the recently emerged coronavirus epidemiccreate risk factors for this year. The European economy is stillgrowing but the slow growth rate and stubbornly low inflationare keeping the central bank alert. Corporate fundamentalsremain strong and traditionally, as a result of these factors,the environment is ideal from the corporate bond investor'spoint of view, but due to contracted yield levels and theuncertainty factors, the selection of investments and keepingrisk moderate are especially important.

Juhamatti PukkaHead of Fixed Income

Evli Emerging Frontier 31 December 2019

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In 2019, the Evli Emerging Frontier fund returned 17.1%. While thefund does not have a benchmark, it outperformed the closest index,MSCI Frontier Emerging Markets, which returned 16.4%. However,MSCI Emerging Markets returned 21.0% mainly due to China's strongperformance. Although 1H 2019 was tough for the fund, 2H 2019performed exceptionally well, mainly due to 15 new companies weadded to the portfolio after meeting over 400 companies while livingin six of the emerging markets we invest in. The best-performingstocks in the portfolio were the Malaysian Frontken 239%, TurkishPegasus 156% and Indonesian MNCN 94%, whereas the biggestdetractors to the return came from Pakistani Engro Fertilizers -32%,Emirati Aramex -24% and Eyptian Elsewedy -23%. Indonesia weightincreased by 14%, which was offset by decreases in Vietnam andMexico weights of about 7% each. On the sector front, weights offinancials, real estate and industrials decreased and were replaced byincreases in information technology, materials and telecom.

We look forward to completing our goal to live in 12 emergingmarkets for one month each. We are excited about the enhancementswe will make to our investment process as a result of this experience,as well as the research we will conduct using the data we are collectingfrom this Project.

FUND FACTS Fund Category Equity fund investing in emerging

markets (UCITS)Launch Date 8 October 2013Fund Manager Evli Fund Management CompanyBloomberg A/B/IB EVEMFRA FH/EVEMFRB FH/EVEMFIB

FHReuters A/B/IB LP68234770/LP68234771/

LP68390100ISIN A/B/IB FI4000066907/FI4000066915/

FI4000220272Sales Registration FI/SE/NO/FR/ES/IT/COSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.90% p.a. (A, B)* / 0.95% p.a. (IB)**In addition to the fixed fee a dailydetermined performance fee of*20%/**10% of the return that exceeds8% p.a., which is used as a referencereturn, applying the High Water Markprinciple for a minimum period of 24months.

Morningstar Rating™Morningstar Category™ Global Emerging Markets Small/Mid-

Cap EquityBenchmark No official benchmark index

TOP 10 HOLDINGS % Media Nusantara Citra Tbk PT 6.83Pentamaster International Ltd 5.50Merrill-Cw21 United Intern 0Call Warrant9.12.2021

4.97

Teo Seng Capital Bhd 4.76Metrodata Electronics Tbk PT 4.70Celebi Hava Servisi AS 4.63Engro Fertilizers Ltd 4.40Egypt Kuwait Holding Co SAE 4.35Tipco Asphalt PCL 4.13Nishat Mills Ltd 3.98

SECTOR BREAKDOWN % Industrials 23.64Materials 17.22Consumer Discretionary 17.02Information Technology 16.31Consumer Staples 8.41Communication Services 7.87Real Estate 4.18Utilities 1.68Cash 3.66

PERFORMANCE SINCE LAUNCH

-20,0

0,0

20,0

40,0

60,0

80,0

01/14

01/15

01/16

01/17

01/18

01/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 3.11 - -3 Months 2.49 - -6 Months 7.19 - -1 Year 17.13 - -3 Years p.a. 0.78 - -5 Years p.a. 5.56 - -Since Launch 60.04 - -Since Launch p.a. 7.84 - -

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 130.41 / 160.04 -NAV per IA/IB unit, EUR - / 107.57 -Fund Size, EUR million 76.76 -Volatility, % 10.31 -Sharpe Ratio 1.70 -Tracking Error, % - -Information Ratio - -R2 - -Beta - -Alpha, % - -TER, % 1.90 -Portfolio Turnover 0.67 -

COUNTRY BREAKDOWN % Malaysia 20.99Indonesia 15.06Pakistan 11.65Thailand 11.39Turkey 9.88Egypt 7.59Saudi Arabia 4.97Philippines 4.67Other 10.14Cash 3.66

Evli Emerging FrontierInvestments 31 December 2019

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Quantity/

Nominal value EURRate EUR/

Market price %Market value EUR/

Change in value EUR % of Fund value

SECURITIES

Securities publicly traded on a securities exchange list 70,134,949.62 91.37

Equities 91.37Media Nusantara Citra Tbk PT 50,000,000 0.10 5,242,030.13 6.83Pentamaster International Ltd 19,636,000 0.21 4,220,948.37 5.50Teo Seng Capital Bhd 13,000,000 0.28 3,651,357.02 4.76Metrodata Electronics Tbk PT 30,000,000 0.12 3,608,317.67 4.70Celebi Hava Servisi AS 232,516 15.28 3,553,583.27 4.63Engro Fertilizers Ltd 8,000,000 0.42 3,377,801.20 4.40Egypt Kuwait Holding Co SAE 2,840,000 1.18 3,341,325.26 4.35Tipco Asphalt PCL 5,000,000 0.63 3,172,592.63 4.13Nishat Mills Ltd 5,000,000 0.61 3,051,544.15 3.98Aramex PJSC 2,800,000 0.87 2,423,834.47 3.16Almacenes Exito SA 620,000 3.76 2,331,379.59 3.04Pegasus Hava Tasimaciligi AS 160,000 12.93 2,069,291.32 2.70Frontken Corp Bhd 3,997,325 0.50 1,993,086.64 2.60Malaysian Pacific Industries B 792,279 2.49 1,973,446.72 2.57Kordsa Global Endustriyel Ipli 1,000,000 1.96 1,957,923.21 2.55AbaCore Capital Holdings Inc 125,500,000 0.02 1,895,896.74 2.47Somboon Advance Technology PCL Foreign 3,719,500 0.47 1,736,671.22 2.26Mitra Adiperkasa Tbk PT 25,000,000 0.07 1,696,423.86 2.21Johore Tin Bhd 4,386,300 0.38 1,652,211.62 2.15ElSewedy Electric Co 2,520,500 0.64 1,608,588.60 2.10Bermaz Auto Bhd 3,509,200 0.46 1,604,533.00 2.09Systems Ltd 1,902,000 0.71 1,359,415.48 1.77Descon Oxychem Ltd 8,529,500 0.14 1,153,536.82 1.50SNC Former PCL 3,800,000 0.30 1,137,344.53 1.48AAPICO Hitech PCL 2,211,977 0.44 979,830.08 1.28Oriental Weavers 1,500,000 0.59 879,054.14 1.15Nam Long Investment Corp 783,719 1.06 828,303.82 1.08JKN Global Media PCL 5,000,000 0.16 800,630.69 1.04Cebu Air Inc 500,000 1.57 786,077.82 1.02M Cash Integrasi PT 4,000,000 0.19 740,959.35 0.97Super Group Ltd/South Africa 378,000 1.81 685,037.49 0.89PetroVietnam Nhon Trach 2 Powe 820,000 0.83 682,288.96 0.89Alviva Holdings Limited 670,000 0.92 618,637.35 0.81First Philippine Holdings Corp 500,000 1.21 605,587.33 0.79Mestron Holdings Bhd 20,000,000 0.03 522,555.57 0.68Hong Leong Industries Bhd 217,500 2.27 493,455.75 0.64Property Perfect PCL 19,900,000 0.02 482,443.59 0.63Metro Retail Stores Group Inc 8,000,000 0.04 296,513.82 0.39Surya Pertiwi Tbk PT 5,000,000 0.05 270,141.43 0.35AAPICO Hitech PCL 588,023 0.44 260,474.06 0.34Thanh Cong Textile Garment Inv 288,340 0.74 212,766.24 0.28Haad Thip PCL 259,700 0.68 176,443.74 0.23Triple-S Management Corp 25 16.47 411.69 0.00Kohinoor Textile Mills Ltd 400 0.22 89.86 0.00San Miguel Corp 21 2.88 60.50 0.00Dufu Technology Corp Bhd 65 0.71 45.85 0.00First Gen Corp 53 0.42 22.48 0.00Indus Motor Co Ltd 2 6.68 13.36 0.00Citra Maharlika Nusantara Tbk 9,575,300 0.00 6.16 0.00Cotec Construction JSC 3 1.97 5.91 0.00Hoa Phat Group JSC 5 0.90 4.52 0.00Dat Xanh Croup Common Stock VND 1000 8 0.56 4.46 0.00

Evli Emerging FrontierInvestments 31 December 2019

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Quantity/




Sena Development PCL 1 0.08 0.08 0.00

TOTAL VALUE OF SECURITIES 70,134,949.62 91.37

DERIVATIVE CONTRACTS

Equity warrants 3,812,967.58 4.97Merrill-Cw21 United Intern 0Call Warrant 9.12.2021 440,000 8.67 3,812,967.58 4.97

TOTAL VALUE OF DERIVATIVE CONTRACTS 3,812,967.58 4.97

CASH AND OTHER ASSETS, NET. 2,812,066.92 3.66

31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 145,07 / 164,03 115,98 / 136,63 130,41 / 160,04NAV per IA/IB unit, EUR - / 108,17 - / 90,97 - / 107,57Fund Size, EUR 108,617,164.86 74,426,234.73 76,759,984.12Number of yield units (A) 28,039.82Number of yield units (IA) 0.00Number of growth units (B) 413,210.70Number of growth units (IB) 64,818.05Number of unitholders 1,986Commission Fees (12 months), % 0.47Commissions paid to an associated company of total commissions (12 months), % 87.65Fees paid to the management company for asset management (Year-to-Date), EUR 1,387,549.83Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Equity Factor Europe 31 December 2019

9

Evli Equity Factor Europe invests its assets in a diversified mannerin the equities of major European companies. The fund focuses onfour academically determined factors: value, low risk, momentumand quality. The fund's investment activities comply with Evli'spolicies for responsible investment, and the fund also excludesfrom its investments companies that have substantial business in thefollowing areas: weapons, alcohol, tobacco, mining of thermal coal,controversial weapons, gambling and adult entertainment. The fundalso excludes companies with the lowest ESG rating and companiesthat have very severe confirmed ESG controversies.

The fund returned 27.77% and the MSCI Europe Daily Net TRbenchmark 26.05% in 2019. Momentum was the best-performing ofthe factors emphasized by the fund. This was followed by low volatilityand quality. The value factor was at the bottom of the list. Momentumand low volatility outperformed the benchmark index.

FUND FACTS Fund Category European equity fund (UCITS)Launch Date 14 October 2015Fund Manager Mattias Lagerspetz, Peter Lindahl, Antti

SivonenBloomberg A/B/IB EVLEQAI FH/EVLEQBA FH/EVLEIBA


LP68341437ISIN A/B/IB FI4000153804/FI4000153820/

FI4000153838Sales Registration FI/SE/FR/ES/IT/CL/COSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.95% p.a. (A, B)0.65% p.a. (IA, IB)

Morningstar Rating™Morningstar Category™ Europe Large-Cap Blend EquityBenchmark MSCI Europe TR Net (EUR)

TOP 10 HOLDINGS % Croda International PLC 0.54Reckitt Benckiser Group PLC 0.54Standard Life Aberdeen PLC 0.54Givaudan SA 0.53Logitech International SA 0.52E.ON SE 0.52Skandinaviska Enskilda Banken 0.52Beiersdorf AG 0.52Sika AG 0.52Brenntag AG 0.52

SECTOR BREAKDOWN % Industrials 22.50Financials 14.27Consumer Discretionary 12.49Health Care 8.14Materials 7.54Information Technology 6.57Consumer Staples 6.50Utilities 6.07Other 14.74Cash 1.18


-20,0

0,0

20,0

40,0

01/16

04/16

07/16

10/16

01/17

04/17

07/17

10/17

01/18

04/18

07/18

10/18

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04/19

07/19

10/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 2.76 2.06 0.703 Months 7.97 5.71 2.266 Months 11.36 8.43 2.921 Year 27.77 26.05 1.723 Years p.a. 9.35 7.51 1.845 Years p.a. - - -Since Launch 35.62 30.76 4.86Since Launch p.a. 7.49 6.57 0.93

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 115.14 / 135.62 -NAV per IA/IB unit, EUR 129.40 / 134.79 -Fund Size, EUR million 336.52 -Volatility, % 10.33 10.80Sharpe Ratio 2.72 2.44Tracking Error, % 2.66 -Information Ratio 0.65 -R2 0.94 -Beta 0.93 -Alpha, % 3.64 -TER, % 0.95 -Portfolio Turnover 0.90 -

COUNTRY BREAKDOWN % United Kingdom 22.80Switzerland 12.15France 11.52Germany 10.96Sweden 10.88Spain 6.06Italy 5.27Netherlands 5.00Other 14.18Cash 1.18

Evli Equity Factor EuropeInvestments 31 December 2019

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Quantity/




SECURITIES


Equities 98.81Croda International PLC 30,100 60.50 1,821,123.15 0.54Reckitt Benckiser Group PLC 25,000 72.43 1,810,641.57 0.54Standard Life Aberdeen PLC 465,600 3.88 1,805,186.43 0.54Givaudan SA 638 2,793.07 1,781,978.39 0.53Logitech International SA 41,545 42.23 1,754,544.70 0.52E.ON SE 183,903 9.52 1,751,492.17 0.52Skandinaviska Enskilda Banken 208,200 8.39 1,746,896.70 0.52Beiersdorf AG 16,348 106.65 1,743,514.20 0.52Sika AG 10,395 167.57 1,741,941.70 0.52Brenntag AG 35,849 48.48 1,737,959.52 0.52Segro PLC 163,157 10.60 1,729,807.73 0.51Ferguson PLC 21,200 80.95 1,716,047.44 0.51ING Groep NV 160,400 10.69 1,714,355.20 0.51Deutsche Boerse AG 12,100 140.15 1,695,815.00 0.50Epiroc AB 154,200 10.89 1,679,692.32 0.50RWE AG 61,000 27.35 1,668,350.00 0.50Orkla ASA 183,869 9.02 1,658,945.76 0.49Allianz SE 7,528 218.40 1,644,115.20 0.49Pearson PLC 213,723 7.53 1,608,768.49 0.48PSP Swiss Property AG 12,934 123.11 1,592,337.53 0.47SGS SA 649 2,442.90 1,585,441.57 0.47TOTAL SA 32,200 49.20 1,584,240.00 0.47Sandvik AB 90,532 17.40 1,575,182.89 0.47Assa Abloy AB 75,100 20.86 1,566,726.70 0.47Continental AG 13,473 115.26 1,552,897.98 0.46Solvay SA 15,000 103.30 1,549,500.00 0.46Endesa SA 64,916 23.79 1,544,351.64 0.46LafargeHolcim Ltd 31,173 49.48 1,542,583.58 0.46Informa PLC 151,980 10.13 1,539,111.63 0.46NOKIA OYJ 463,300 3.30 1,527,036.80 0.45Randstad NV 27,951 54.44 1,521,652.44 0.45Nestle SA 15,663 96.55 1,512,339.03 0.45IMI PLC 107,700 13.93 1,500,487.45 0.45Geberit AG 2,993 500.56 1,498,174.14 0.45Roche Holding AG 5,166 289.35 1,494,788.91 0.44UniCredit SpA 114,700 13.02 1,493,394.00 0.44Aalberts NV 37,018 40.01 1,481,090.18 0.44Knorr-Bremse AG 16,300 90.75 1,479,225.00 0.44Zurich Insurance Group AG 4,042 365.93 1,479,081.19 0.44Amadeus IT Group SA 20,305 72.80 1,478,204.00 0.44Next PLC 17,641 82.93 1,462,983.48 0.43Edenred 31,700 46.10 1,461,370.00 0.43Scout24 AG 24,735 58.95 1,458,128.25 0.43Spirax-Sarco Engineering PLC 13,850 105.05 1,454,971.18 0.43Koninklijke Philips NV 33,406 43.52 1,453,829.12 0.43Enagas SA 63,663 22.74 1,447,696.62 0.43SSP Group Plc 188,200 7.68 1,445,559.04 0.43GlaxoSmithKline PLC 68,621 21.02 1,442,566.52 0.43Aena S. M. E. S.A 8,430 170.50 1,437,315.00 0.43KBC Groep NV 21,419 67.06 1,436,358.14 0.43Deutsche Post AG 42,200 34.01 1,435,222.00 0.43Kingfisher PLC 555,401 2.56 1,424,194.32 0.42


11

Quantity/




Svenska Handelsbanken AB 147,500 9.61 1,417,726.25 0.42Hennes & Mauritz AB 77,800 18.15 1,411,686.21 0.42Getlink SE Act 90,757 15.51 1,407,641.07 0.42VAT Group AG 9,300 150.71 1,401,616.87 0.42Henkel AG & Co KGaA 15,198 92.20 1,401,255.60 0.42Evonik Industries AG 51,485 27.21 1,400,906.85 0.42Vinci SA 14,129 99.00 1,398,771.00 0.42Svenska Cellulosa AB SCA 153,998 9.05 1,393,631.26 0.41Bellway PLC 30,893 44.99 1,389,779.24 0.41Novo Nordisk A/S 26,783 51.74 1,385,883.65 0.41BNP Paribas SA 25,900 52.83 1,368,297.00 0.41BASF SE 20,228 67.35 1,362,355.80 0.40Accor SA 32,593 41.75 1,360,757.75 0.40Cie Generale des Etablissement 12,400 109.10 1,352,840.00 0.40Koninklijke Vopak NV 27,900 48.33 1,348,407.00 0.40Red Electrica Corp SA 75,200 17.93 1,347,960.00 0.40LANXESS AG 22,444 59.82 1,342,600.08 0.40Gas Natural SDG SA 59,849 22.40 1,340,617.60 0.40Snam SpA 285,500 4.69 1,337,853.00 0.40Grifols SA 42,400 31.43 1,332,632.00 0.40Straumann Holding AG 1,518 875.79 1,329,456.15 0.40Bureau Veritas SA 57,152 23.26 1,329,355.52 0.40AP Moeller - Maersk A/S 1,100 1,208.47 1,329,321.32 0.40adidas AG 4,500 289.80 1,304,100.00 0.39AAK AB 76,809 16.96 1,302,390.76 0.39Intermediate Capital Group PLC 68,300 19.03 1,299,419.67 0.39HeidelbergCement AG 19,922 64.96 1,294,133.12 0.38SimCorp A/S 12,700 101.38 1,287,466.37 0.38FORTUM OYJ 57,747 22.00 1,270,434.00 0.38Hays PLC 591,176 2.15 1,268,631.52 0.38Daimler AG 25,475 49.37 1,257,700.75 0.37NOKIAN RENKAAT OYJ 48,905 25.63 1,253,435.15 0.37Hermes International 1,858 666.20 1,237,799.60 0.37Italgas SpA 227,100 5.44 1,236,332.40 0.37Signify NV 43,900 27.86 1,223,054.00 0.36Aviva PLC 246,504 4.95 1,219,634.75 0.36Ackermans & van Haaren NV 8,718 139.70 1,217,904.60 0.36Verbund AG 27,200 44.74 1,216,928.00 0.36AstraZeneca PLC 13,516 89.89 1,214,966.93 0.36SKF AB 67,243 18.04 1,213,210.75 0.36Cie de Saint-Gobain 33,171 36.50 1,210,741.50 0.36Schroders PLC 30,600 39.40 1,205,562.91 0.36Convivio 11,875 101.20 1,201,750.00 0.363i Group PLC 92,500 12.97 1,200,181.51 0.36Persimmon PLC 37,652 31.85 1,199,084.19 0.36Pets at Home Group Plc 361,900 3.30 1,195,717.56 0.36OMV AG 23,800 50.08 1,191,904.00 0.35Industria de Diseno Textil SA 37,300 31.45 1,173,085.00 0.35Husqvarna AB 163,700 7.15 1,169,862.80 0.35WPP PLC 92,700 12.60 1,168,270.61 0.35Neste Oyj 37,379 31.02 1,159,496.58 0.34Spectris PLC 33,700 34.34 1,157,253.14 0.34Banco Bilbao Vizcaya Argentari 232,200 4.98 1,157,052.60 0.34Kone OYJ 19,744 58.28 1,150,680.32 0.34Prysmian SpA 53,300 21.49 1,145,417.00 0.34


12

Quantity/




InterContinental Hotels Group 18,500 61.54 1,138,532.84 0.34Capgemini SA 10,431 108.90 1,135,935.90 0.34Boliden AB 47,800 23.67 1,131,523.25 0.34HOCHTIEF AG 9,922 113.70 1,128,131.40 0.34Taylor Wimpey PLC 490,463 2.29 1,120,896.66 0.33Howden Joinery Group PLC 140,472 7.95 1,116,476.24 0.33Lundin Petroleum AB 36,800 30.32 1,115,818.74 0.33Eutelsat Communications SA 77,000 14.49 1,115,730.00 0.33Smiths Group PLC 55,770 19.94 1,111,779.30 0.33Lonza Group AG 3,400 325.47 1,106,612.14 0.33Experian PLC 36,586 30.16 1,103,312.30 0.33Rightmove PLC 147,200 7.49 1,102,112.27 0.33National Express Group PLC 198,105 5.55 1,099,325.71 0.33ICA Gruppen AB 26,300 41.65 1,095,330.28 0.33Barratt Developments PLC 123,866 8.82 1,092,805.72 0.32Bovis Homes Group PLC 68,084 16.05 1,092,566.02 0.32Casino Guichard Perrachon SA 26,100 41.70 1,088,370.00 0.32Helvetia Holding AG 8,400 126.06 1,058,915.25 0.31H Lundbeck A/S 31,100 34.05 1,058,831.94 0.31Dometic Group AB 117,600 8.98 1,056,623.60 0.31Tate & Lyle PLC 117,206 8.98 1,052,884.10 0.31Lloyds Banking Group PLC 1,420,874 0.74 1,049,393.68 0.31Barry Callebaut AG 531 1,970.17 1,046,159.83 0.31Intesa Sanpaolo SpA 443,600 2.35 1,041,794.60 0.31Deutsche Pfandbriefbank AG 71,524 14.56 1,041,389.44 0.31AVEVA Group PLC 18,900 55.02 1,039,866.61 0.31Muenchener Rueckversicherungs- 3,898 263.00 1,025,174.00 0.30Freenet AG 50,100 20.44 1,024,044.00 0.30dorma+kaba Holding AG 1,600 638.14 1,021,023.12 0.30Kesko OYJ 16,122 63.08 1,016,975.76 0.30SSE PLC 59,800 17.00 1,016,515.27 0.30Adecco Group AG 18,000 56.41 1,015,457.26 0.30Wihlborgs Fastigheter AB 61,749 16.43 1,014,677.95 0.30Volvo AB 67,764 14.95 1,012,817.44 0.30Alten SA 8,981 112.50 1,010,362.50 0.30Dechra Pharmaceuticals PLC 29,400 34.27 1,007,507.26 0.30KBC Ancora 22,507 44.76 1,007,413.32 0.30Aggreko PLC 102,100 9.84 1,004,534.85 0.30AXA SA 39,800 25.11 999,378.00 0.30Rotork PLC 250,932 3.96 993,353.24 0.30Galenica AG 17,948 55.15 989,865.15 0.29Dunelm Group PLC 72,400 13.66 989,006.76 0.29Banque Cantonale Vaudoise 1,354 727.99 985,692.78 0.29Kungsleden AB 104,703 9.37 981,439.24 0.29TIETOEVRY OYJ 35,360 27.72 980,179.20 0.29Bolsas y Mercados Espanoles SH 28,400 34.38 976,392.00 0.29SpareBank 1 SR-Bank ASA 95,121 10.14 964,728.94 0.29Vivendi SA 37,327 25.82 963,783.14 0.29Acciona SA 10,256 93.80 962,012.80 0.29Altran Technologies SA 67,900 14.16 961,464.00 0.29ASML Holding NV 3,626 263.70 956,176.20 0.28CNP Assurances 53,842 17.73 954,618.66 0.28Capita PLC 489,400 1.94 949,020.09 0.28SPIE SA 52,100 18.16 946,136.00 0.28Groupe Bruxelles Lambert SA 10,045 93.96 943,828.20 0.28RELX PLC 41,800 22.52 941,213.38 0.28


13

Quantity/




Alstom SA 22,261 42.23 940,082.03 0.28Close Brothers Group PLC 49,700 18.88 938,503.77 0.28Hikma Pharmaceuticals PLC 39,600 23.53 931,685.43 0.28Proximus SADP 36,400 25.52 928,928.00 0.28Firstgroup PLC 625,400 1.48 926,740.77 0.28Saipem SpA 211,800 4.36 922,600.80 0.27Smith & Nephew PLC 42,178 21.65 913,340.73 0.27Ferrovial SA 33,836 26.97 912,556.92 0.27Halma PLC 36,150 25.00 903,913.40 0.27Telia Co AB 235,650 3.83 903,529.89 0.27EDP - Energias de Portugal SA 231,535 3.86 894,651.24 0.27CIE Automotive SA 42,376 21.08 893,286.08 0.27Recordati SpA 23,700 37.57 890,409.00 0.26Sopra Steria Group 6,181 143.50 886,973.50 0.26Axfood AB 44,551 19.85 884,431.83 0.26ConvaTec Group PLC 375,900 2.35 881,508.06 0.26Ibstock PLC 236,257 3.72 879,423.56 0.26Iren SpA 315,000 2.76 870,030.00 0.26Gerresheimer AG 12,500 69.00 862,500.00 0.26Hera SpA 220,451 3.90 859,758.90 0.26Dart Group PLC 42,685 20.02 854,459.63 0.25Gecina SA 5,344 159.60 852,902.40 0.25ALD SA 61,500 13.84 851,160.00 0.25ELISA OYJ 17,275 49.25 850,793.75 0.25Castellum AB 40,476 20.96 848,260.92 0.25Bravida Holding AB 97,867 8.66 847,906.91 0.25Swisscom AG 1,784 472.36 842,692.77 0.25Inchcape PLC 100,700 8.34 840,111.69 0.25Sweco AB 24,400 34.41 839,550.38 0.25Air Liquide SA 6,526 126.20 823,581.20 0.24Wienerberger AG 31,169 26.42 823,484.98 0.24Orange SA 62,635 13.12 821,771.20 0.24UCB SA 11,574 70.90 820,596.60 0.24Domino's Pizza Group PLC 215,478 3.78 815,318.18 0.24Sage Group PLC/The 92,013 8.85 814,392.69 0.24WH Smith PLC 26,488 30.72 813,814.41 0.24Georg Fischer AG 896 905.84 811,628.61 0.24Tecan Group AG 3,237 250.65 811,348.47 0.24DNB ASA 47,876 16.63 796,325.47 0.24Merck KGaA 7,495 105.35 789,598.25 0.23Flughafen Zuerich AG 4,800 162.83 781,580.30 0.23Akzo Nobel NV 8,600 90.64 779,504.00 0.23NCC AB 53,200 14.59 776,389.39 0.23Bayerische Motoren Werke AG 10,548 73.14 771,480.72 0.23Dialog Semiconductor PLC 17,000 45.11 766,870.00 0.23Peab AB 85,600 8.93 764,459.06 0.23Fraport AG Frankfurt Airport S 10,058 75.78 762,195.24 0.23Softcat PLC 55,800 13.61 759,608.01 0.23L E Lundbergforetagen AB 19,400 39.15 759,543.66 0.23Intertrust NV 43,800 17.31 758,178.00 0.23Bouygues SA 19,916 37.88 754,418.08 0.22Redrow PLC 85,500 8.80 752,705.77 0.22Cembra Money Bank AG 7,700 97.68 752,129.13 0.22OC Oerlikon Corp AG 71,500 10.47 748,479.98 0.22Moneysupermarket.com Group PLC 190,900 3.91 745,781.55 0.22Siegfried Holding AG 1,718 432.18 742,492.07 0.22


14

Quantity/




Telekom Austria AG 101,054 7.28 735,673.12 0.22SBM Offshore NV 44,300 16.59 734,937.00 0.22CNH Industrial NV 74,500 9.80 729,871.75 0.22Telecom Italia SpA/Milano 1,328,175 0.55 724,917.92 0.22Kemira OYJ 54,514 13.26 722,855.64 0.21Eni SpA 51,637 13.85 714,965.90 0.21Greencore Group PLC 225,300 3.17 713,241.76 0.21Koninklijke Ahold Delhaize NV 31,742 22.30 707,687.89 0.21Daetwyler Holding AG 4,100 171.77 704,247.94 0.21Wolters Kluwer NV 10,827 65.02 703,971.54 0.21Klovern AB 318,800 2.19 697,874.82 0.21Schneider Electric SE 7,582 91.50 693,753.00 0.21Repsol SA 49,537 13.93 690,050.41 0.21Unipol Gruppo SpA 134,600 5.11 688,075.20 0.20Subsea 7 SA 64,438 10.64 685,888.30 0.20Engie SA 47,428 14.40 682,963.20 0.20JM AB 25,800 26.43 681,766.03 0.20Sacyr SA 259,776 2.60 675,417.60 0.20Atea ASA 50,997 13.04 665,142.19 0.20Koninklijke DSM NV 5,679 116.10 659,331.90 0.20SIG Combibloc Group AG 45,600 14.25 649,636.10 0.19NOS SGPS SA 133,403 4.80 640,334.40 0.19Inficon Holding AG 900 708.17 637,356.18 0.19Entra ASA 43,258 14.71 636,155.58 0.19HomeServe PLC 42,384 14.94 633,070.20 0.19D'ieteren SA/NV 10,044 62.60 628,754.40 0.19Renault SA 14,853 42.18 626,499.54 0.19Bucher Industries AG 2,000 313.13 626,252.09 0.19Sodexo SA 5,900 105.65 623,335.00 0.19Iberdrola SA 67,746 9.18 621,908.28 0.18Corp Financiera Alba SA 12,789 48.55 620,905.95 0.18DiaSorin SpA 5,347 115.40 617,043.80 0.18NSI NV 14,214 43.40 616,887.60 0.18Holmen AB 22,622 27.17 614,595.98 0.18Berkeley Group Holdings PLC 10,671 57.42 612,709.87 0.18Industrivarden AB 28,300 21.52 608,992.38 0.18REN - Redes Energeticas Nacion 223,238 2.72 607,207.36 0.18alstria office REIT-AG 35,478 16.75 594,256.50 0.18John Laing Group PLC 131,378 4.49 589,941.71 0.18Koninklijke KPN NV 222,800 2.63 586,186.80 0.17Landis+Gyr Group AG 6,300 92.80 584,609.46 0.17S IMMO AG 26,208 22.30 584,438.40 0.17Barco NV 2,652 219.00 580,788.00 0.17Gjensidige Forsikring ASA 31,000 18.69 579,292.75 0.17Eurazeo SA 9,432 61.00 575,352.00 0.17Inmobiliaria Colonial Socimi S 50,564 11.36 574,407.04 0.17Cairn Energy PLC 236,684 2.42 573,357.66 0.17Essity B 19,800 28.75 569,237.65 0.17Enav SpA 106,185 5.32 564,904.20 0.17Sanofi 6,228 89.62 558,153.36 0.17Alcon Inc 11,000 50.50 555,480.81 0.17Investor AB B 11,400 48.70 555,143.03 0.16Compass Group PLC 24,821 22.33 554,349.85 0.16Befimmo SA 10,220 54.10 552,902.00 0.16YIT OYJ 92,400 5.96 550,704.00 0.16SpareBank 1 SMN 54,176 10.16 550,558.61 0.16


15

Quantity/




ALK-Abello A/S 2,500 218.81 547,025.16 0.16Britvic PLC 50,821 10.69 543,193.59 0.16Enel SpA 76,796 7.07 543,101.31 0.16Danone SA 7,340 73.90 542,426.00 0.16ASM International NV 5,400 100.15 540,810.00 0.16EMIS Group PLC 41,240 13.09 539,959.61 0.16Coface SA 49,000 10.97 537,530.00 0.16Paragon Banking Group PLC 84,317 6.37 537,040.17 0.16Emmi AG 689 776.36 534,915.21 0.16Skanska AB 26,500 20.17 534,411.66 0.16Mobimo Holding AG 2,000 265.85 531,706.09 0.16Kinnevik AB 24,359 21.81 531,378.69 0.16ACEA SpA 28,800 18.44 531,072.00 0.16BPER Banca 115,700 4.48 518,683.10 0.15ACS Actividades de Construccio 14,514 35.65 517,424.10 0.15SpareBank 1 Nord Norge 64,849 7.96 516,299.66 0.15ALSO Holding AG 3,400 150.57 511,949.10 0.15Marshalls PLC 49,800 10.16 506,093.37 0.15Orion Oyj B 12,200 41.27 503,494.00 0.15BE Semiconductor Industries NV 14,600 34.46 503,116.00 0.15Virbac SA 2,100 236.50 496,650.00 0.15Sonova Holding AG 2,421 204.11 494,156.30 0.15Intershop Holding AG 943 522.49 492,709.08 0.15Rio Tinto PLC 9,254 53.21 492,418.43 0.15Arjo AB 114,700 4.29 492,338.50 0.15Eiffage SA 4,802 102.00 489,804.00 0.15Bekaert SA 18,300 26.50 484,950.00 0.14Coca-Cola European Partners PL 10,700 45.32 484,873.53 0.14Legrand SA 6,666 72.64 484,218.24 0.14McCarthy & Stone PLC 274,800 1.76 483,844.55 0.14IMMOFINANZ AG 19,874 23.90 474,988.60 0.14Peugeot SA 22,164 21.30 472,093.20 0.14Sixt SE 7,212 65.30 470,943.60 0.14Coloplast A/S 4,235 110.60 468,374.52 0.14Deutsche EuroShop AG 17,615 26.42 465,388.30 0.14Mediaset Espana Comunicacion S 81,200 5.66 459,592.00 0.14Software AG 14,775 31.10 459,502.50 0.14Veidekke ASA 37,600 12.12 455,705.90 0.14Assicurazioni Generali SpA 24,260 18.40 446,262.70 0.13Unilever PLC 8,656 51.41 444,999.25 0.13Buzzi Unicem SpA 19,758 22.45 443,567.10 0.13RAI Way SpA 72,300 6.13 443,199.00 0.13Banca Farmafactoring SpA 81,700 5.34 436,278.00 0.13Orior AG 5,100 82.47 420,619.14 0.12Vienna Insurance Group AG Wien 16,508 25.40 419,303.20 0.12Cie d'Entreprises CFE 4,300 97.30 418,390.00 0.12Brewin Dolphin Holdings PLC 95,000 4.40 418,057.61 0.12Morgan Sindall Group PLC 21,663 19.14 414,702.33 0.12Sports Direct International PL 76,113 5.42 412,473.21 0.12Dios Fastigheter AB 49,853 8.17 407,462.63 0.12Go-Ahead Group PLC/The 14,700 26.09 383,547.59 0.11Tullow Oil PLC 501,400 0.76 379,198.98 0.11MARR SpA 18,426 20.35 374,969.10 0.11Hornbach Holding AG & Co KGaA 5,800 64.50 374,100.00 0.11CECONOMY AG 68,600 5.41 370,851.60 0.11Rhi Magnesita NV 8,100 45.47 368,318.00 0.11


16

Quantity/




Sonae SGPS SA 386,947 0.91 352,121.77 0.10Valora Holding AG 1,400 248.81 348,327.38 0.10Banca Mediolanum SpA 37,800 8.86 334,719.00 0.10Bilia AB 32,800 10.13 332,136.27 0.10Piaggio & C SpA 118,200 2.75 324,813.60 0.10Alliance Pharma PLC 325,300 0.99 323,283.04 0.10Metropole Television SA 18,900 16.78 317,142.00 0.09Takkt AG 24,500 12.58 308,210.00 0.09Lindab International AB 26,400 11.39 300,776.78 0.09Crest Nicholson Holdings plc 57,700 5.10 294,415.93 0.09Fagron 14,612 19.33 282,449.96 0.08CITYCON OYJ 30,000 9.37 280,950.00 0.08IPSOS 9,700 28.95 280,815.00 0.08Nexans SA 6,200 43.49 269,638.00 0.08Premier Oil PLC 228,838 1.16 265,547.67 0.08Kaufman & Broad SA 7,104 37.00 262,848.00 0.08Uponor OYJ 22,307 11.65 259,876.55 0.08GCP Student Living PLC 111,070 2.34 259,875.19 0.08Cewe Stiftung & Co KGAA 2,448 105.80 258,998.40 0.08Fnac Darty SA 4,800 52.80 253,440.00 0.08Sagax AB 70,800 3.46 245,158.45 0.07Bonava AB 25,800 9.48 244,541.17 0.07Rieter Holding AG 1,900 127.26 241,792.65 0.07Sparebank 1 Oestlandet 25,730 9.38 241,385.08 0.07Forterra PLC 58,645 4.09 240,124.85 0.07Cloetta AB 79,100 3.02 238,860.83 0.07TomTom NV 23,600 9.42 222,312.00 0.07Fingerprint Cards AB 117,200 1.80 210,784.56 0.06Zehnder Group AG 5,000 42.02 210,102.23 0.06CropEnergies AG 19,000 10.98 208,620.00 0.06SkiStar AB 18,300 11.32 207,098.39 0.06Arnoldo Mondadori Editore SpA 99,100 2.06 204,146.00 0.06Aktia Bank 21,742 9.34 203,070.28 0.06NIBC Holding NV 26,800 7.52 201,536.00 0.06DFS Furniture PLC 58,800 3.42 200,806.62 0.06Redde Northgate PLC 54,045 3.68 198,618.07 0.06APG SGA SA 700 261.71 183,194.40 0.05Sanoma OYJ 18,898 9.45 178,491.61 0.05Matas A/S 24,100 7.37 177,712.58 0.05eDreams ODIGEO SA 40,800 4.27 174,216.00 0.05STO SE & Co KGaA 1,509 114.00 172,026.00 0.05Scandi Standard AB 24,200 7.09 171,513.18 0.05Television Francaise 1 21,600 7.40 159,840.00 0.05Solocal Group 285,100 0.55 157,375.20 0.05Corticeira Amorim SGPS SA 13,900 11.30 157,070.00 0.05Cie des Alpes 5,061 29.85 151,070.85 0.04Tikkurila Oyj 10,500 14.36 150,780.00 0.04John Menzies PLC 26,100 5.59 145,882.94 0.04TORM PLC 14,500 9.97 144,568.55 0.04Hotel Chocolat Group PLC 25,000 5.26 131,462.80 0.04Borussia Dortmund GmbH & Co KG 14,900 8.80 131,120.00 0.04Aker Solutions ASA 51,328 2.51 128,686.12 0.04Selvaag Bolig ASA 16,579 7.51 124,428.24 0.04Accell Group NV 4,700 25.80 121,260.00 0.04Dustin Group AB 16,174 7.16 115,785.88 0.03Investment AB Oresund 8,900 12.90 114,793.65 0.03


17

Quantity/




Eltel AB 61,000 1.81 110,638.42 0.03New Wave Group AB 19,000 5.70 108,234.07 0.03Surteco Group SE 3,300 22.65 74,745.00 0.02GL Events 2,800 24.05 67,340.00 0.02Kering 84 585.20 49,156.80 0.01Draegerwerk AG & Co KGaA 1,200 39.60 47,520.00 0.01Obrascon Huarte Lain SA 41,000 1.06 43,460.00 0.01Recticel SA 4,587 8.31 38,117.97 0.01La Doria SpA 3,690 9.33 34,427.70 0.01

Rights Issue 0.01Repsol Sa Dividend Right 2019/2 49,537 0.42 20,954.15 0.01



Equity futures contracts STOXX EUROPE 600 Mar20 160/ 3 326 720 *) 413.80 0.00 0.00

Currency forward contracts 5,989.03 0.001) EUR/CHF_200103 1,200,000 -598.94 0.001) EUR/GBP_200102 600,000 5,148.68 0.001) EUR/SEK_200102_2 1,000,000 -492.21 0.001) EUR/USD_200102 -1,000,000 1,931.50 0.00

TOTAL VALUE OF DERIVATIVE CONTRACTS 5,989.03 0.00

CASH AND OTHER ASSETS, NET. 3,972,320.81 1.18*) Market value of the underlying assets 1) For hedging purposes

31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 109,36 / 118,70 93,87 / 106,15 115,14 / 135,62NAV per IA/IB unit, EUR 117,27 / 117,27 100,97 / 105,19 129,40 / 134,79Fund Size, EUR 259,615,171.06 198,404,196.51 336,522,789.85Number of yield units (A) 197,128.36Number of yield units (IA) 0.00Number of growth units (B) 2,124,804.35Number of growth units (IB) 190,297.90Number of unitholders 1,830Commission Fees (12 months), % 0.10Commissions paid to an associated company of total commissions (12 months), % 46.57Fees paid to the management company for asset management (Year-to-Date), EUR 2,220,620.45Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Equity Factor USA 31 December 2019

18

Evli Equity Factor USA invests its assets in a diversified manner inthe equities of major American companies. The fund focuses onfour academically determined factors: value, low risk, momentumand quality. The fund's investment activities comply with Evli'spolicies for responsible investment, and the fund also excludesfrom its investments companies that have substantial business in thefollowing areas: weapons, alcohol, tobacco, mining of thermal coal,controversial weapons, gambling and adult entertainment. The fundalso excludes companies with the lowest ESG rating and companiesthat have very severe confirmed ESG controversies.

The fund returned 31.95% and the MSCI USA Daily Net TR benchmark33.48% in 2019, measured in euros. In the factor comparisons,low volatility jumped into first place, with the quality factor andmomentum following on its heels. The value factor provided theweakest return. All the factors underperformed the benchmark index.

FUND FACTS Fund Category American equity fund (UCITS)Launch Date 4 August 2016Fund Manager Mattias Lagerspetz, Peter Lindahl, Antti

SivonenBloomberg A/B/IB EVEFUSA FH/EVEFUSB FH/EVEFUIB


LP68377674ISIN A/B/IB FI4000210802/FI4000210810/

FI4000210836Sales Registration FI/SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.95% p.a. (A, B)0.65% p.a. (IA, IB)

Morningstar Rating™ -Morningstar Category™ US Equity Large Cap BlendBenchmark MSCI USA TR Net (USD)

TOP 10 HOLDINGS % Bristol-Myers Squibb Co 0.70Yum! Brands Inc 0.63VF Corp 0.62Ingersoll-Rand PLC 0.62American Express Co 0.61Caterpillar Inc 0.61Accenture PLC 0.61Ecolab Inc 0.59Motorola Solutions Inc 0.58UnitedHealth Group Inc 0.58

SECTOR BREAKDOWN % Information Technology 18.98Health Care 17.68Industrials 14.63Financials 12.14Consumer Discretionary 11.95Utilities 5.19Consumer Staples 4.47Energy 4.10Other 9.32Cash 1.54


-20,0

0,0

20,0

40,0

60,0

10/16

01/17

04/17

07/17

10/17

01/18

04/18

07/18

10/18

01/19

04/19

07/19

10/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 0.16 0.96 -0.803 Months 3.49 5.82 -2.326 Months 9.23 11.79 -2.571 Year 31.95 33.48 -1.533 Years p.a. 10.80 12.26 -1.465 Years p.a. - - -Since Launch 48.17 55.23 -7.06Since Launch p.a. 12.23 13.77 -1.54

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 130.99 / 148.17 -NAV per IA/IB unit, EUR 132.37 / 149.69 -Fund Size, EUR million 162.13 -Volatility, % 11.37 11.60Sharpe Ratio 2.84 2.92Tracking Error, % 2.63 -Information Ratio -0.58 -R2 0.95 -Beta 0.95 -Alpha, % 0.00 -TER, % 0.95 -Portfolio Turnover 1.21 -

COUNTRY BREAKDOWN % United States 93.71Ireland 1.85United Kingdom 0.96Bermuda 0.86Switzerland 0.70Puerto Rico 0.31Singapore 0.04Canada 0.02Cash 1.54

Evli Equity Factor USAInvestments 31 December 2019

19

Quantity/




SECURITIES


Equities 98.46Bristol-Myers Squibb Co 19,800 57.17 1,131,957.61 0.70Yum! Brands Inc 11,400 89.71 1,022,730.67 0.63VF Corp 11,290 88.76 1,002,103.14 0.62Ingersoll Rand Inc 8,439 118.38 999,030.89 0.62American Express Co 8,900 110.87 986,783.93 0.61Caterpillar Inc 7,500 131.53 986,462.42 0.61Accenture PLC 5,243 187.54 983,272.63 0.61Ecolab Inc 5,527 171.88 949,996.20 0.59Motorola Solutions Inc 6,600 143.52 947,206.98 0.58UnitedHealth Group Inc 3,573 261.83 935,509.92 0.58Southern Co/The 15,964 56.73 905,688.28 0.56Moody's Corp 4,282 211.44 905,405.79 0.56Citigroup Inc 12,688 71.15 902,782.61 0.56Thermo Fisher Scientific Inc 3,102 289.34 897,530.05 0.55Intuit Inc 3,837 233.28 895,106.35 0.55Oracle Corp 18,811 47.19 887,608.46 0.55Apple Inc 3,368 261.53 880,845.39 0.54Ross Stores Inc 8,341 103.69 864,855.02 0.53Sysco Corp 11,253 76.18 857,304.61 0.53Microsoft Corp 6,092 140.45 855,636.27 0.53FirstEnergy Corp 19,600 43.28 848,379.05 0.52Exxon Mobil Corp 13,564 62.15 842,978.20 0.52Williams Cos Inc/The 39,600 21.13 836,579.98 0.52Texas Instruments Inc 7,320 114.26 836,375.85 0.52Symantec Corp 36,700 22.73 834,150.34 0.51Lam Research Corp 3,200 260.42 833,345.21 0.51Huntington Bancshares Inc/OH 61,800 13.43 830,017.81 0.51AbbVie Inc 10,500 78.86 827,992.52 0.51Medtronic PLC 8,173 101.04 825,816.57 0.51Marvell Technology Group Ltd 34,600 23.66 818,468.12 0.50Dover Corp 7,940 102.65 815,073.39 0.50Hologic Inc 17,500 46.50 813,746.88 0.50US Bancorp 15,300 52.81 807,923.94 0.50Starbucks Corp 10,300 78.30 806,533.67 0.50Sherwin-Williams Co/The 1,546 519.72 803,484.89 0.50JPMorgan Chase & Co 6,454 124.15 801,289.28 0.49CSX Corp 12,400 64.45 799,130.74 0.49NIKE Inc 8,800 90.23 794,022.09 0.49Broadridge Financial Solutions 7,100 110.03 781,202.35 0.48PepsiCo Inc 6,335 121.72 771,111.91 0.48ANSYS Inc 3,355 229.26 769,157.95 0.47American Electric Power Co Inc 9,100 84.17 765,978.80 0.47BlackRock Inc 1,700 447.72 761,123.98 0.47S&P Global Inc 3,094 243.19 752,419.58 0.46PPL Corp 23,500 31.96 750,961.88 0.46Eversource Energy 9,900 75.77 750,082.83 0.46Visa Inc 4,470 167.35 748,052.19 0.46Maxim Integrated Products Inc 13,643 54.78 747,400.19 0.46IDEXX Laboratories Inc 3,200 232.57 744,225.15 0.46Aptiv PLC 8,703 84.58 736,127.46 0.45AmerisourceBergen Corp 9,600 75.72 726,925.54 0.45Assurant Inc 6,200 116.74 723,811.90 0.45


20

Quantity/




Essex Property Trust Inc 2,700 267.96 723,478.80 0.45BioMarin Pharmaceutical Inc 9,600 75.30 722,907.02 0.45Zoetis Inc 6,111 117.87 720,333.85 0.44Hershey Co/The 5,500 130.90 719,976.84 0.44Chubb Ltd 5,182 138.64 718,409.44 0.44Mastercard Incorporated 2,700 265.93 718,020.13 0.44ConocoPhillips 12,372 57.92 716,557.86 0.44Genuine Parts Co 7,559 94.61 715,169.73 0.44Alphabet Inc 600 1,190.79 714,474.53 0.44Danaher Corp 5,195 136.69 710,125.22 0.44Public Service Enterprise Grou 13,500 52.59 709,988.42 0.44Verisk Analytics Inc 5,320 133.01 707,596.01 0.44Arconic Inc 25,600 27.40 701,560.38 0.43LKQ Corp 22,000 31.80 699,501.25 0.43Paychex Inc 9,229 75.76 699,161.69 0.43Union Pacific Corp 4,300 161.02 692,373.53 0.43Cummins Inc 4,300 159.39 685,365.16 0.42Aramark 17,700 38.65 684,164.59 0.42Phillips 66 6,890 99.23 683,661.29 0.42Walgreens Boots Alliance Inc 13,000 52.51 682,650.52 0.42NVR Inc 200 3,391.89 678,377.27 0.42Evergy Inc 11,700 57.97 678,262.38 0.42TransUnion 8,700 76.25 663,347.88 0.41PACCAR Inc 9,300 70.45 655,174.56 0.40Service Corp International/US 15,897 41.00 651,709.04 0.40Catalent Inc 12,900 50.14 646,838.26 0.40Hartford Financial Services Gr 11,906 54.12 644,395.81 0.40IDEX Corp 4,199 153.19 643,238.33 0.40BorgWarner Inc 16,600 38.64 641,350.20 0.40West Pharmaceutical Services I 4,781 133.89 640,120.89 0.39Coca-Cola Co/The 12,962 49.30 638,979.96 0.39Mettler-Toledo International I 900 706.52 635,867.47 0.39Expedia Group Inc 6,600 96.31 635,664.41 0.39IHS Markit Ltd 9,443 67.11 633,710.41 0.39Kimberly-Clark Corp 5,100 122.51 624,781.80 0.39Nordson Corp 4,300 145.03 623,630.21 0.38Marathon Oil Corp 51,475 12.09 622,577.93 0.38Hewlett Packard Enterprise Co 43,544 14.13 615,076.45 0.38Tyler Technologies Inc 2,280 267.21 609,231.92 0.38Norfolk Southern Corp 3,521 172.90 608,774.25 0.38Fair Isaac Corp 1,821 333.70 607,670.36 0.37Voya Financial Inc 11,186 54.31 607,518.95 0.37Sempra Energy 4,500 134.91 607,107.23 0.37OGE Energy Corp 15,300 39.61 605,977.02 0.37AvalonBay Communities Inc 3,200 186.77 597,648.74 0.37International Business Machine 5,000 119.38 596,900.61 0.37Jack Henry & Associates Inc 4,600 129.74 596,795.51 0.37JM Smucker Co/The 6,400 92.74 593,544.71 0.37Truist Financial Corp 11,779 50.16 590,838.33 0.36Regions Financial Corp 38,600 15.28 589,932.31 0.36Bank of America Corp 18,800 31.37 589,718.56 0.36Bio-Techne Corp 3,000 195.50 586,506.95 0.36Teradyne Inc 9,652 60.73 586,186.21 0.36Chemed Corp 1,488 391.22 582,132.95 0.36Cognizant Technology Solutions 10,416 55.24 575,347.63 0.35


21

Quantity/




DaVita Inc 8,600 66.82 574,686.50 0.35Entergy Corp 5,367 106.70 572,645.71 0.35Mondelez International Inc 11,571 49.06 567,626.18 0.35Southwest Airlines Co 11,800 48.08 567,299.61 0.35US Foods Holding Corp 15,178 37.31 566,268.63 0.35Booz Allen Hamilton Holding Co 8,892 63.35 563,313.11 0.35Edwards Lifesciences Corp 2,700 207.78 560,993.05 0.35Omnicom Group Inc 7,700 72.16 555,623.44 0.34Cerner Corp 8,500 65.36 555,588.71 0.34Allstate Corp/The 5,539 100.15 554,738.64 0.34PNC Financial Services Group I 3,900 142.17 554,468.29 0.34Becton Dickinson and Co 2,281 242.22 552,514.76 0.34VeriSign Inc 3,200 171.61 549,141.43 0.34Copart Inc 6,719 80.99 544,198.31 0.34Crown Holdings Inc 8,300 64.61 536,232.63 0.33Equity Residential 7,400 72.07 533,316.71 0.33Lowe's Cos Inc 5,000 106.66 533,309.58 0.33WABCO Holdings Inc 4,400 120.68 530,993.94 0.33Cable One Inc 400 1,325.68 530,270.75 0.33Citrix Systems Inc 5,325 98.77 525,955.20 0.32Arch Capital Group Ltd 13,741 38.20 524,894.45 0.32Seagate Technology PLC 9,900 52.99 524,625.94 0.32Masco Corp 12,200 42.74 521,444.60 0.32Eli Lilly & Co 4,450 117.06 520,897.31 0.32Sensata Technologies Holding P 10,800 47.98 518,165.30 0.32Automatic Data Processing Inc 3,400 151.85 516,298.54 0.32Molina Healthcare Inc 4,269 120.85 515,907.21 0.32Viacomcbs Inc 13,773 37.38 514,831.50 0.32PerkinElmer Inc 5,900 86.48 510,233.35 0.31Humana Inc 1,563 326.43 510,216.21 0.31Popular Inc 9,700 52.32 507,548.09 0.31Cypress Semiconductor Corp 24,400 20.78 506,993.23 0.31Valero Energy Corp 6,055 83.41 505,032.73 0.31Mid-America Apartment Communit 4,300 117.44 504,985.75 0.31Owens Corning 8,700 58.00 504,581.40 0.31Avery Dennison Corp 4,300 116.51 501,002.85 0.31Lennox International Inc 2,300 217.29 499,760.42 0.31General Mills Inc 10,200 47.70 486,562.17 0.30Eaton Corp PLC 5,737 84.36 483,976.34 0.30Illinois Tool Works Inc 3,000 159.98 479,951.91 0.30Target Corp 4,200 114.19 479,588.53 0.30Discovery Communications Inc 16,100 29.16 469,463.84 0.29Jazz Pharmaceuticals PLC 3,500 132.95 465,336.66 0.29Cintas Corp 1,933 239.65 463,245.14 0.29Euronet Worldwide Inc 3,300 140.33 463,081.58 0.29Booking Holdings Inc 253 1,829.11 462,766.02 0.29Johnson & Johnson 3,556 129.92 461,982.29 0.28Perrigo Co PLC 9,929 46.01 456,833.04 0.28Verizon Communications Inc 8,334 54.68 455,742.43 0.28Hilton Worldwide Holdings Inc 4,600 98.78 454,387.25 0.28Cisco Systems Inc 10,626 42.71 453,885.79 0.28Syneos Health Inc 8,500 52.97 450,247.15 0.28Kansas City Southern 3,300 136.41 450,149.63 0.28Ally Financial Inc 16,504 27.22 449,200.43 0.28Devon Energy Corp 19,390 23.13 448,484.41 0.28Nuance Communications Inc 28,200 15.88 447,814.39 0.28


22

Quantity/




Hubbell Inc 3,400 131.65 447,620.24 0.28Royal Gold Inc 4,100 108.88 446,406.31 0.28TechnipFMC PLC 23,300 19.10 444,916.28 0.27Sterling Bancorp/DE 23,500 18.77 441,200.57 0.27Air Products & Chemicals Inc 2,100 209.29 439,507.48 0.27WP Carey Inc 6,100 71.29 434,845.03 0.27Tech Data Corp 3,400 127.89 434,841.47 0.27Procter & Gamble Co/The 3,900 111.24 433,835.06 0.27Chevron Corp 4,027 107.33 432,217.47 0.27Akamai Technologies Inc 5,589 76.93 429,976.68 0.27Abbott Laboratories 5,556 77.36 429,813.11 0.27Kimco Realty Corp 23,200 18.44 427,923.05 0.26Cadence Design Systems Inc 6,900 61.77 426,241.54 0.26Laboratory Corp of America Hol 2,815 150.67 424,130.34 0.26MGIC Investment Corp 33,400 12.62 421,515.85 0.26Sabre Corp 21,041 19.99 420,520.16 0.26Carlisle Cos Inc 2,906 144.14 418,869.83 0.26Hawaiian Electric Industries I 10,025 41.73 418,392.86 0.26TE Connectivity Ltd 4,900 85.36 418,254.36 0.26Agilent Technologies Inc 5,500 75.98 417,888.31 0.26j2 Global Inc 5,000 83.46 417,304.95 0.26AGCO Corp 6,000 68.80 412,807.27 0.25Arrow Electronics Inc 5,400 75.47 407,548.98 0.25Baker Hughes a GE Co 17,800 22.83 406,318.13 0.25Teleflex Inc 1,200 335.27 402,322.76 0.25Reliance Steel & Aluminum Co 3,738 106.66 398,702.24 0.25Portland General Electric Co 8,022 49.69 398,599.38 0.25Hill-Rom Holdings Inc 3,921 101.11 396,465.20 0.24Horizon Therapeutics Plc 12,200 32.24 393,338.08 0.24NorthWestern Corp 6,100 63.83 389,372.11 0.24First Hawaiian Inc 14,900 25.69 382,850.91 0.24Juniper Networks Inc 17,393 21.94 381,536.86 0.24Brixmor Property Group Inc 19,700 19.25 379,156.57 0.23Liberty Global PLC 18,700 20.25 378,729.96 0.23Amgen Inc 1,748 214.70 375,303.14 0.23Elanco Animal Health Inc 14,300 26.23 375,075.70 0.23Cooper Cos Inc/The 1,300 286.15 371,995.90 0.23Iqvia Holdings Inc 2,700 137.61 371,550.59 0.23Ball Corp 6,400 57.60 368,621.30 0.23Kinder Morgan Inc/DE 19,400 18.85 365,780.19 0.23Macquarie Infrastructure Corp 9,575 38.15 365,330.42 0.23Pool Corp 1,927 189.15 364,496.13 0.22Bank of Hawaii Corp 4,300 84.75 364,435.34 0.22Ionis Pharmaceuticals Inc 6,700 53.80 360,480.05 0.22Avnet Inc 9,431 37.80 356,476.34 0.22WEX Inc 1,900 186.55 354,447.81 0.22Waters Corp 1,700 208.10 353,762.91 0.22Quest Diagnostics Inc 3,700 95.11 351,908.62 0.22MAXIMUS Inc 5,302 66.25 351,278.75 0.22Home Depot Inc/The 1,800 194.50 350,092.63 0.22New York Community Bancorp Inc 32,700 10.71 350,065.91 0.22Merck & Co Inc 4,311 81.00 349,203.29 0.22Wyndham Hotels & Resorts Inc 6,200 55.94 346,831.14 0.21Lincoln Electric Holdings Inc 4,000 86.15 344,602.78 0.21Lithia Motors Inc 2,600 130.92 340,399.00 0.21Black Knight Inc 5,900 57.43 338,824.37 0.21


23

Quantity/




Bruker Corp 7,400 45.40 335,926.26 0.21Henry Schein Inc 5,600 59.42 332,768.08 0.21AT&T Inc 9,513 34.81 331,107.98 0.20Scotts Miracle-Gro Co/The 3,500 94.57 330,985.04 0.20TopBuild Corp 3,600 91.81 330,502.32 0.20Western Union Co/The 13,400 23.85 319,604.56 0.20Snap-on Inc 2,100 150.87 316,832.92 0.20PRA Health Sciences Inc 3,200 98.99 316,779.48 0.20Commerce Bancshares Inc/MO 5,230 60.51 316,464.37 0.20Hexcel Corp 4,818 65.29 314,577.47 0.19Washington Federal Inc 9,500 32.64 310,095.30 0.19First Industrial Realty Trust 8,300 36.97 306,851.62 0.19ManpowerGroup Inc 3,500 86.48 302,680.80 0.19DENTSPLY SIRONA Inc 6,000 50.40 302,404.70 0.19KB Home 9,800 30.52 299,114.71 0.18STERIS PLC 2,200 135.75 298,649.80 0.18Bio-Rad Laboratories Inc 900 329.56 296,604.03 0.18Synopsys Inc 2,391 123.98 296,426.08 0.18Baxter International Inc 3,962 74.47 295,068.08 0.18HD Supply Holdings Inc 8,200 35.82 293,733.52 0.18Graphic Packaging Holding Co 19,755 14.83 292,946.87 0.18Toll Brothers Inc 8,325 35.19 292,946.87 0.18AutoNation Inc 6,726 43.31 291,312.24 0.18Whirlpool Corp 2,200 131.39 289,068.40 0.18CarMax Inc 3,700 78.08 288,901.85 0.18Genesee & Wyoming Inc 2,885 99.64 287,472.21 0.18Haemonetics Corp 2,796 102.33 286,124.33 0.18United Bankshares Inc/WV 8,300 34.43 285,783.75 0.18Hanover Insurance Group Inc/Th 2,344 121.72 285,317.49 0.18Gentex Corp 11,007 25.81 284,095.89 0.18World Fuel Services Corp 7,200 38.67 278,432.49 0.17Costco Wholesale Corp 1,057 261.77 276,695.26 0.17eBay Inc 8,492 32.16 273,108.41 0.17Johnson Controls International 7,524 36.26 272,801.96 0.17Allergan plc 1,600 170.26 272,418.95 0.17Gilead Sciences Inc 4,693 57.87 271,598.81 0.17GCI Liberty Inc 4,300 63.10 271,335.06 0.17Dunkin' Brands Group Inc 4,000 67.28 269,112.93 0.17Viavi Solutions Inc 20,100 13.36 268,525.12 0.17CoreLogic Inc/United States 6,800 38.93 264,720.34 0.16Armstrong World Industries Inc 3,100 83.69 259,446.92 0.16PulteGroup Inc 7,489 34.56 258,793.37 0.16VMware Inc 1,914 135.19 258,751.39 0.16Bank OZK 9,500 27.17 258,102.51 0.16Medpace Holdings Inc 3,400 74.87 254,545.78 0.16Prestige Brands Holdings Inc 7,000 36.07 252,493.77 0.16Lennar Corp 5,000 49.69 248,441.40 0.15Tetra Tech Inc 3,204 76.74 245,864.48 0.15Regal Beloit Corp 3,200 76.25 243,990.02 0.15Asbury Automotive Group Inc 2,435 99.56 242,437.34 0.15AMERCO 700 334.72 234,301.75 0.14TRI Pointe Group Inc 16,731 13.88 232,159.76 0.14Triton International Ltd/Bermu 6,400 35.80 229,141.43 0.14EchoStar Corp 5,900 38.57 227,581.94 0.14Legg Mason Inc 7,100 31.98 227,076.06 0.14Watts Water Technologies Inc 2,524 88.85 224,255.65 0.14


24

Quantity/




Ligand Pharmaceuticals Inc 2,400 92.88 222,921.27 0.14Axalta Coating Systems Ltd 8,200 27.08 222,016.39 0.14EMCOR Group Inc 2,886 76.86 221,822.05 0.14Integer Holdings Corp 3,083 71.63 220,845.82 0.14Vishay Intertechnology Inc 11,633 18.96 220,579.42 0.14Associated Banc-Corp 11,052 19.63 216,945.21 0.13Trustmark Corp 6,996 30.74 215,026.68 0.13Builders FirstSource Inc 9,500 22.63 214,993.77 0.13Corporate Office Properties Tr 8,200 26.17 214,567.15 0.13Valmont Industries Inc 1,600 133.40 213,437.83 0.13Meritage Homes Corp 3,700 54.43 201,377.81 0.12Group 1 Automotive Inc 2,247 89.06 200,124.69 0.12Ceridian HCM Holding Inc 3,300 60.46 199,504.81 0.12HEICO Corp 1,865 101.67 189,606.12 0.12Knowles Corp 10,000 18.84 188,368.36 0.12Life Storage Inc 1,900 96.44 183,231.21 0.11Aaron's Inc 3,500 50.86 178,023.69 0.11Brady Corp 3,469 51.00 176,910.35 0.11Rambus Inc 14,300 12.27 175,438.64 0.11MDC Holdings Inc 5,000 33.99 169,932.31 0.10frontdoor Inc 4,000 42.23 168,934.81 0.10LogMeIn Inc 2,200 76.36 167,997.86 0.10Graham Holdings Co 276 569.10 157,072.71 0.10Benchmark Electronics Inc 5,100 30.60 156,070.54 0.10Rent-A-Center Inc/TX 6,000 25.69 154,114.71 0.10Sabra Health Care REIT Inc 8,100 19.01 153,949.06 0.09OSI Systems Inc 1,700 89.72 152,527.61 0.09Dolby Laboratories Inc 2,458 61.28 150,614.89 0.09Provident Financial Services I 6,785 21.95 148,958.18 0.09Brandywine Realty Trust 10,500 14.03 147,288.03 0.09International Bancshares Corp 3,823 38.36 146,648.21 0.09Cohen & Steers Inc 2,600 55.90 145,329.53 0.09Perficient Inc 3,533 41.03 144,963.76 0.09Sprint Corp 31,100 4.64 144,309.76 0.09Valley National Bancorp 14,082 10.20 143,604.29 0.09MasTec Inc 2,500 57.14 142,857.14 0.09Sensient Technologies Corp 2,400 58.86 141,268.26 0.09SPX Corp 3,092 45.32 140,114.86 0.09ESCO Technologies Inc 1,700 82.38 140,051.66 0.09Gibraltar Industries Inc 3,100 44.92 139,262.56 0.09Westamerica Bancorporation 2,300 60.36 138,823.48 0.09Flagstar Bancorp Inc 4,000 34.07 136,266.48 0.08CSG Systems International Inc 2,900 46.12 133,738.87 0.08Crane Co 1,723 76.93 132,554.99 0.08Insight Enterprises Inc 2,103 62.60 131,652.89 0.08FTI Consulting Inc 1,334 98.56 131,475.28 0.08Magellan Health Inc 1,836 69.69 127,954.22 0.08MSC Industrial Direct Co Inc 1,773 69.89 123,911.03 0.08National HealthCare Corp 1,584 76.98 121,931.88 0.08Choice Hotels International In 1,300 92.12 119,753.30 0.07Sanmina Corp 3,900 30.50 118,931.24 0.07Cogent Communications Holdings 2,000 58.61 117,224.80 0.07Knoll Inc 5,177 22.50 116,468.67 0.07MicroStrategy Inc 900 127.03 114,327.57 0.07TEGNA Inc 7,600 14.86 112,971.14 0.07American Woodmark Corp 1,200 93.08 111,695.76 0.07


25

Quantity/




Piedmont Office Realty Trust I 5,600 19.81 110,922.69 0.07Gentherm Inc 2,800 39.54 110,698.25 0.07iStar Inc 8,300 12.92 107,261.31 0.07Iridium Communications Inc 4,854 21.95 106,521.70 0.07Kearny Financial Corp/MD 8,600 12.32 105,929.82 0.07NBT Bancorp Inc 2,900 36.12 104,759.53 0.06Plexus Corp 1,525 68.53 104,500.80 0.06UniFirst Corp/MA 550 179.89 98,939.26 0.06Penske Automotive Group Inc 2,200 44.73 98,400.43 0.06Allscripts Healthcare Solution 11,069 8.74 96,760.10 0.06M/I Homes Inc 2,700 35.05 94,625.04 0.06KAR Auction Services Inc 4,857 19.41 94,259.02 0.06Sandy Spring Bancorp Inc 2,706 33.74 91,292.55 0.06Stoneridge Inc 3,487 26.11 91,057.04 0.06Halozyme Therapeutics Inc 5,500 15.79 86,849.84 0.05Stock Yards Bancorp Inc 2,300 36.57 84,109.37 0.05Laureate Education Inc 5,300 15.68 83,125.22 0.05Taylor Morrison Home Corp 4,200 19.47 81,770.57 0.05National Research Corp 1,366 58.73 80,222.69 0.05Winnebago Industries Inc 1,700 47.19 80,215.53 0.05Acushnet Holdings Corp 2,758 28.95 79,831.67 0.05White Mountains Insurance Grou 80 993.51 79,480.58 0.05Werner Enterprises Inc 2,332 32.41 75,580.23 0.05Luminex Corp 3,500 20.63 72,194.51 0.04Sonic Automotive Inc 2,600 27.61 71,784.82 0.04Capstead Mortgage Corp 10,100 7.05 71,243.32 0.04Atrion Corp 100 669.31 66,930.89 0.04Kulicke & Soffa Industries Inc 2,700 24.23 65,407.91 0.04United Community Financial Cor 6,029 10.38 62,609.67 0.04Amphastar Pharmaceuticals Inc 3,600 17.18 61,848.95 0.04ANI Pharmaceuticals Inc 1,100 54.93 60,417.71 0.04Anika Therapeutics Inc 1,300 46.18 60,032.95 0.04Inovalon Holdings Inc 3,500 16.76 58,665.84 0.04Southwestern Energy Co 26,800 2.16 57,762.74 0.04Financial Institutions Inc 1,914 28.59 54,719.81 0.03First of Long Island Corp/The 2,400 22.34 53,608.84 0.03ACCO Brands Corp 6,358 8.34 53,002.21 0.03Winmark Corp 300 176.61 52,983.61 0.03Eagle Pharmaceuticals Inc/DE 981 53.51 52,492.41 0.03America's Car-Mart Inc/TX 500 97.67 48,833.27 0.03Kforce Inc 1,329 35.36 46,990.83 0.03Ennis Inc 2,401 19.28 46,296.45 0.03AngioDynamics Inc 3,233 14.26 46,099.33 0.03Bancorp Inc/The 3,973 11.55 45,894.02 0.03TTEC Holdings Inc 1,200 35.29 42,344.14 0.03NVE Corp 637 63.59 40,507.48 0.02QAD Inc 861 45.36 39,054.80 0.02Park Aerospace Corp 2,678 14.49 38,805.72 0.02BBX Capital Corp 8,455 4.25 35,919.44 0.02Cass Information Systems Inc 688 51.43 35,380.41 0.02People's Utah Bancorp 1,304 26.83 34,980.83 0.02Independent Bank Corp/MI 1,673 20.17 33,749.06 0.02SunCoke Energy Inc 6,022 5.55 33,413.84 0.02Fossil Group Inc 4,761 7.02 33,413.50 0.02Resolute Forest Products Inc 8,116 3.74 30,359.10 0.02Shoe Carnival Inc 903 33.20 29,982.04 0.02


26

Quantity/




Movado Group Inc 1,403 19.36 27,165.32 0.02Community Trust Bancorp Inc 640 41.54 26,584.97 0.02Diplomat Pharmacy Inc 6,791 3.56 24,193.09 0.01Lands' End Inc 1,490 14.96 22,294.26 0.01Conn's Inc 1,991 11.03 21,970.51 0.01Madison Square Garden Co/The 80 262.01 20,961.17 0.01Fiesta Restaurant Group Inc 2,169 8.81 19,105.28 0.01Del Taco Restaurants Inc 2,454 7.04 17,277.23 0.01ChannelAdvisor Corp 2,037 8.05 16,400.50 0.01M&T Bank Corp 92 151.18 13,908.98 0.01Cracker Barrel Old Country Sto 91 136.93 12,460.22 0.01Universal Logistics Holdings I 664 16.89 11,212.54 0.01JB Hunt Transport Services Inc 88 104.01 9,152.69 0.01Fiserv Inc 85 102.98 8,753.61 0.01Post Holdings Inc 87 97.17 8,453.60 0.01Cullen/Frost Bankers Inc 97 87.09 8,447.33 0.01Columbia Sportswear Co 91 89.23 8,120.14 0.01CME Group Inc 41 178.77 7,329.46 0.00American Financial Group Inc/O 74 97.66 7,226.67 0.00Carter's Inc 74 97.38 7,206.23 0.00Grand Canyon Education Inc 84 85.31 7,166.33 0.00Deckers Outdoor Corp 46 150.39 6,918.03 0.00Landstar System Inc 68 101.42 6,896.29 0.00Quidel Corp 97 66.82 6,481.93 0.00Oxford Industries Inc 93 67.17 6,246.94 0.00USANA Health Sciences Inc 82 69.96 5,736.64 0.00Waste Management Inc 56 101.50 5,683.79 0.00Capital One Financial Corp 60 91.65 5,499.29 0.00Garrett Motion Inc 598 8.90 5,320.64 0.00Exponent Inc 85 61.46 5,224.31 0.00Activision Blizzard Inc 98 52.92 5,186.28 0.00Walt Disney Co/The 35 128.81 4,508.42 0.00Graco Inc 95 46.31 4,399.71 0.00Viad Corp 73 60.12 4,388.58 0.00IDACORP Inc 46 95.12 4,375.49 0.00Prosperity Bancshares Inc 66 64.03 4,225.81 0.00US Physical Therapy Inc 40 101.84 4,073.74 0.00Nucor Corp 80 50.12 4,009.98 0.00ePlus Inc 53 75.07 3,978.78 0.00Loews Corp 85 46.75 3,973.68 0.00John Wiley & Sons Inc 91 43.21 3,932.42 0.00ICF International Inc 47 81.60 3,835.18 0.00Horace Mann Educators Corp 96 38.88 3,732.95 0.00Bank of Marin Bancorp 92 40.12 3,691.31 0.00Waste Connections Inc 45 80.86 3,638.72 0.00Morningstar Inc 27 134.76 3,638.56 0.00Stewart Information Services C 97 36.33 3,523.90 0.00Analog Devices Inc 33 105.84 3,492.80 0.00First Interstate BancSystem In 92 37.34 3,434.84 0.00Otter Tail Corp 73 45.68 3,334.67 0.00Intel Corp 60 53.30 3,198.25 0.00Federal Agricultural Mortgage 43 74.37 3,197.81 0.00Hormel Foods Corp 79 40.18 3,173.93 0.00WESCO International Inc 58 52.89 3,067.88 0.00DuPont de Nemours Inc 53 57.18 3,030.46 0.00S&T Bancorp Inc 83 35.88 2,978.33 0.00


27

Quantity/




Ameren Corp 43 68.40 2,941.22 0.00Domtar Corp 82 34.06 2,792.73 0.00MTS Systems Corp 65 42.78 2,780.50 0.00Occidental Petroleum Corp 74 36.70 2,716.01 0.00HB Fuller Co 59 45.93 2,709.86 0.00Applied Industrial Technologie 45 59.40 2,672.83 0.00Weis Markets Inc 74 36.06 2,668.56 0.00NextEra Energy Partners LP 56 46.89 2,625.94 0.00Boise Cascade Co 78 32.53 2,537.71 0.00Performance Food Group Co 53 45.85 2,430.03 0.00Advanced Drainage Systems Inc 70 34.59 2,421.45 0.00IAA Inc 57 41.91 2,389.05 0.00Ensign Group Inc/The 59 40.41 2,384.07 0.00InterDigital Inc/PA 48 48.53 2,329.46 0.00PBF Energy Inc 79 27.94 2,207.19 0.00MEDNAX Inc 89 24.75 2,202.81 0.00Scholastic Corp 64 34.24 2,191.66 0.00Steel Dynamics Inc 72 30.32 2,182.83 0.00Willis Towers Watson PLC 12 179.85 2,158.25 0.00FactSet Research Systems Inc 9 238.96 2,150.61 0.00Wolverine World Wide Inc 71 30.05 2,133.54 0.00Centene Corp 38 55.99 2,127.77 0.00Enterprise Financial Services 49 42.94 2,103.93 0.00ASGN Inc 33 63.21 2,085.87 0.00Douglas Dynamics Inc 41 48.98 2,008.37 0.00ArcBest Corp 81 24.58 1,991.09 0.00New York Times Co/The 67 28.65 1,919.66 0.00MDU Resources Group Inc 72 26.46 1,905.17 0.00McCormick & Co Inc/MD 12 151.17 1,814.00 0.00Sykes Enterprises Inc 54 32.94 1,779.00 0.00Avanos Medical Inc 59 30.01 1,770.84 0.00Nasdaq Inc 18 95.39 1,716.96 0.00First Defiance Financial Corp 60 28.05 1,682.76 0.00NETGEAR Inc 75 21.83 1,637.20 0.00Cooper-Standard Holdings Inc 53 29.53 1,565.27 0.00Apollo Commercial Real Estate 96 16.29 1,563.80 0.00CTS Corp 58 26.73 1,550.21 0.00Zumiez Inc 50 30.76 1,538.12 0.00Alcoa Inc 80 19.16 1,532.60 0.00Mobile Mini Inc 45 33.76 1,519.37 0.00Chimera Investment Corp 82 18.31 1,501.53 0.00Equitable Holdings Inc 68 22.07 1,500.75 0.00Amedisys Inc 10 148.66 1,486.64 0.00ONEOK Inc 22 67.39 1,482.67 0.00Mosaic Co/The 73 19.27 1,406.95 0.00National Bank Holdings Corp 44 31.37 1,380.19 0.00Tyson Foods Inc 17 81.08 1,378.41 0.00Providence Service Corp/The 26 52.71 1,370.40 0.00Kelly Services Inc 68 20.11 1,367.51 0.00TripAdvisor Inc 49 27.06 1,325.81 0.00TriMas Corp 47 27.97 1,314.81 0.00Hillenbrand Inc 44 29.67 1,305.34 0.00Norwegian Cruise Line Holdings 25 52.02 1,300.54 0.00ServiceMaster Global Holdings 37 34.43 1,273.98 0.00Varian Medical Systems Inc 10 126.48 1,264.78 0.00Umpqua Holdings Corp 76 15.76 1,198.08 0.00


28

Quantity/




St Joe Co/The 65 17.66 1,147.98 0.00HomeTrust Bancshares Inc 46 23.90 1,099.20 0.00Tidewater Inc 63 17.17 1,081.80 0.00WesBanco Inc 31 33.66 1,043.36 0.00Triple-S Management Corp 63 16.47 1,037.47 0.00Wendy's Co/The 52 19.78 1,028.61 0.00KeyCorp 57 18.03 1,027.50 0.00Kennedy-Wilson Holdings Inc 51 19.86 1,012.91 0.00B&G Foods Inc 63 15.97 1,006.05 0.00Korn Ferry 26 37.76 981.83 0.00Comfort Systems USA Inc 22 44.40 976.75 0.00Delek US Holdings Inc 32 29.86 955.61 0.00Brookline Bancorp Inc 65 14.66 952.89 0.00American Public Education Inc 39 24.39 951.38 0.00Marten Transport Ltd 49 19.14 937.84 0.00UGI Corp 23 40.22 925.08 0.00Flowers Foods Inc 45 19.36 871.30 0.00Pennant Group Inc/The 29 29.45 854.14 0.00TJX Cos Inc/The 15 54.38 815.73 0.00Regis Corp 49 15.92 779.86 0.00TrueBlue Inc 36 21.43 771.43 0.00Invesco Mortgage Capital Inc 52 14.83 771.11 0.00Columbus McKinnon Corp/NY 20 35.65 713.04 0.00EW Scripps Co/The 50 13.99 699.59 0.00Hub Group Inc 15 45.68 685.21 0.00Zebra Technologies Corp 3 227.50 682.51 0.00SP Plus Corp 16 37.79 604.63 0.00Starwood Property Trust Inc 27 22.14 597.81 0.00Echo Global Logistics Inc 30 18.44 553.08 0.00Tenet Healthcare Corp 16 33.87 541.93 0.00Whiting Petroleum Corp 80 6.54 522.98 0.00Sonoco Products Co 9 54.97 494.73 0.00Xcel Energy Inc 8 56.55 452.37 0.00Exelon Corp 11 40.60 446.64 0.00CNX Resources Corp 53 7.88 417.75 0.00Avista Corp 9 42.83 385.47 0.00GATX Corp 5 73.79 368.94 0.00Darling Ingredients Inc 13 25.01 325.12 0.00CIT Group Inc 8 40.64 325.12 0.00Gannett Co New 57 5.68 323.89 0.00SM Energy Co 31 10.01 310.33 0.00Renewable Energy Group Inc 12 24.00 288.03 0.00Resources Connection Inc 19 14.54 276.34 0.00Dillard's Inc 4 65.44 261.77 0.00Guess? Inc 13 19.93 259.12 0.00Schnitzer Steel Industries Inc 12 19.31 231.71 0.00BankUnited Inc 7 32.56 227.93 0.00Autoliv Inc 3 75.18 225.53 0.00QEP Resources Inc 49 4.01 196.38 0.00BancFirst Corp 3 55.61 166.83 0.00Macy's Inc 11 15.14 166.55 0.00Liberty Latin America Ltd 8 17.33 138.65 0.00ITT Inc 2 65.83 131.65 0.00Team Inc 8 14.22 113.79 0.00Louisiana-Pacific Corp 4 26.43 105.70 0.00Globus Medical Inc 2 52.44 104.88 0.00


29

Quantity/




Check Point Software Technolog 1 98.82 98.82 0.00OceanFirst Financial Corp 3 22.75 68.24 0.00Midland States Bancorp Inc 2 25.79 51.59 0.00Carolina Financial Corp 1 38.50 38.50 0.00Denbury Resources Inc 19 1.26 23.86 0.00Callaway Golf Co 1 18.88 18.88 0.00



Equity futures contracts S&P500 EMINI FUT Mar20 13/ 1 870 330 *) 2,877.63 0.00 0.00

Currency forward contracts -6,272.75 0.001) EUR/USD_200102_1 3,000,000 -6,272.75 0.00

TOTAL VALUE OF DERIVATIVE CONTRACTS -6,272.75 0.00


31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 109,33 / 113,95 103,41 / 112,29 130,99 / 148,17NAV per IA/IB unit, EUR 109,80 / 114,43 104,19 / 113,10 132,37 / 149,69Fund Size, EUR 160,408,817.22 159,418,359.24 162,132,925.51Number of yield units (A) 116,909.50Number of yield units (IA) 183,096.70Number of growth units (B) 774,240.81Number of growth units (IB) 51,938.33Number of unitholders 1,798Commission Fees (12 months), % 0.10Commissions paid to an associated company of total commissions (12 months), % 34.87Fees paid to the management company for asset management (Year-to-Date), EUR 1,613,011.50Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Europe 31 December 2019

30

The fund's return was 31.97% in 2019, while the return of thebenchmark index was 26.05%. By sector, both sector weightsand stock selection improved the relative return. Positive impactscame e.g. from selection in financials and consumer staples, fromoverweights in consumer discretionary and industrials, and from anunderweight in energy. Geographically, the positive return differentialwas mainly due to stock selection in the UK. Selection in e.g. theNetherlands and Italy also helped. By stock, the top attributors wereAzimut, Barratt Developments, and BE Semiconductor Industries,while the bottom attributors were Publicis Groupe, Wärtsilä, and RoyalMail. We sold 25 stocks from the portfolio during the year and bought22 new stocks. 21 stocks remained the same. As a result of stockselection, the largest end-of-year country weights were in the UK,the Nordics, and France, and the largest sector weights in consumerdiscretionary and industrials.

We focus on companies that generate cash flow and that are notexcessively dependent on debt financing.

FUND FACTS Fund Category European equity fund (UCITS)Launch Date 31 August 2000Fund Manager Hans-Kristian SjöholmBloomberg A/B/IB EVLEGRA FH/EVLEGRB FH/EVLEGIB


LP68375643ISIN A/B/IB FI0008802038/FI0008802046/

FI4000210620Sales Registration FI/SE/FR/IT (QI)/ES/PT/DE/CL/COSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a. (A, B)1.00% p.a. (IB)

Morningstar Rating™Morningstar Category™ Europe Flex-Cap EquityBenchmark MSCI Europe TR Net (EUR)

(MSDEE15N, .dMIEU00000NEU)

TOP 10 HOLDINGS % BE Semiconductor Industries NV 3.66Persimmon PLC 3.38UPM-Kymmene OYJ 3.20Next PLC 3.13Schneider Electric SE 3.11Roche Holding AG 3.10Loomis AB 3.08Barratt Developments PLC 3.04Novo Nordisk A/S 3.03Taylor Wimpey PLC 3.00

SECTOR BREAKDOWN % Consumer Discretionary 30.23Industrials 24.69Materials 11.36Information Technology 10.99Consumer Staples 6.64Health Care 6.13Financials 2.84Communication Services 2.06Other 2.60Cash 2.46


-80,0

-60,0

-40,0

-20,0

0,0

20,0

40,0

60,0

01/02

01/04

01/06

01/08

01/10

01/12

01/14

01/16

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 4.18 2.06 2.113 Months 10.94 5.71 5.236 Months 11.88 8.43 3.441 Year 31.97 26.05 5.923 Years p.a. 4.08 7.51 -3.435 Years p.a. 6.98 6.64 0.33Since Launch 40.15 43.61 -3.46Since Launch p.a. 1.76 1.89 -0.13

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 63.72 / 140.15 -NAV per IA/IB unit, EUR - / 122.11 -Fund Size, EUR million 646.72 -Volatility, % 15.13 10.80Sharpe Ratio 2.13 2.44Tracking Error, % 7.50 -Information Ratio 0.79 -R2 0.78 -Beta 1.24 -Alpha, % -0.42 -TER, % 1.60 -Portfolio Turnover 0.40 -

COUNTRY BREAKDOWN % United Kingdom 31.37Sweden 21.29France 10.20Denmark 8.67Finland 8.64Netherlands 8.11Germany 3.63Switzerland 3.10Spain 2.52Cash 2.46

Evli EuropeInvestments 31 December 2019

31

Quantity/




SECURITIES


Equities 97.54BE Semiconductor Industries NV 687,718 34.46 23,698,762.28 3.66Persimmon PLC 687,216 31.85 21,885,420.21 3.38UPM-Kymmene OYJ 670,503 30.91 20,725,247.73 3.20Next PLC 244,403 82.93 20,268,553.44 3.13Schneider Electric SE 219,741 91.50 20,106,301.50 3.11Roche Holding AG 69,244 289.35 20,035,842.70 3.10Loomis AB 539,695 36.94 19,937,256.34 3.08Barratt Developments PLC 2,226,238 8.82 19,640,947.51 3.04Novo Nordisk A/S 379,140 51.74 19,618,561.33 3.03Taylor Wimpey PLC 8,479,692 2.29 19,379,358.90 3.00SKF AB 1,068,200 18.04 19,272,663.64 2.98Burberry Group PLC 729,361 26.06 19,004,392.39 2.94Pandora A/S 476,720 38.78 18,488,909.21 2.86Sandvik AB 1,056,254 17.40 18,377,957.24 2.84Randstad NV 334,071 54.44 18,186,825.24 2.81Carlsberg A/S 135,232 133.00 17,985,727.11 2.78SSAB AB 6,088,968 2.91 17,702,614.60 2.74Boliden AB 741,483 23.67 17,552,411.22 2.71Mondi PLC 835,591 20.95 17,501,805.60 2.71Tate & Lyle PLC 1,878,059 8.98 16,870,966.18 2.61Playtech Plc 3,527,429 4.69 16,548,233.71 2.56Capgemini SA 151,106 108.90 16,455,443.40 2.54Aena S. M. E. S.A 95,462 170.50 16,276,271.00 2.52Software AG 521,674 31.10 16,224,061.40 2.51NOKIAN RENKAAT OYJ 622,196 25.63 15,946,883.48 2.47Moneysupermarket.com Group PLC 3,835,508 3.91 14,984,028.84 2.32Publicis Groupe SA 330,017 40.36 13,319,486.12 2.06Wartsila OYJ Abp 1,194,681 9.85 11,767,607.85 1.82Aalberts NV 264,163 40.01 10,569,161.63 1.63IG Group Holdings PLC 1,240,911 8.21 10,191,269.75 1.58Inchcape PLC 1,105,724 8.34 9,224,743.41 1.43AF Pöyry AB 442,967 20.82 9,224,242.77 1.43Bovis Homes Group PLC 574,546 16.05 9,219,925.96 1.43Trigano SA 90,795 94.10 8,543,809.50 1.32Jupiter Fund Management PLC 1,691,132 4.84 8,185,407.65 1.27Axfood AB 407,051 19.85 8,080,825.60 1.25Bravida Holding AB 926,886 8.66 8,030,419.25 1.24Lindab International AB 694,290 11.39 7,910,087.42 1.22Gaztransport Et Technigaz SA 88,485 85.40 7,556,619.00 1.17TIETOEVRY OYJ 267,663 27.72 7,419,618.36 1.15Jenoptik AG 285,656 25.48 7,278,514.88 1.13NetEnt AB 2,647,032 2.46 6,518,218.77 1.01Betsson AB 1,217,651 4.16 5,066,577.07 0.78



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 67,42 / 136,60 50,29 / 106,20 63,72 / 140,15NAV per IA/IB unit, EUR - / 117,59 - / 91,98 - / 122,11Fund Size, EUR 911,823,591.96 552,795,902.46 646,718,649.60Number of yield units (A) 723,100.95Number of yield units (IA) 0.00Number of growth units (B) 3,858,277.19Number of growth units (IB) 490,500.60Number of unitholders 2,606Commission Fees (12 months), % 0.04Commissions paid to an associated company of total commissions (12 months), % 33.13Fees paid to the management company for asset management (Year-to-Date), EUR 9,030,430.54Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Finland Select 31 December 2019

32

Year 2019 was a very strong year on the equity markets. TheFinnish equity market returned 20.5% (OMX Helsinki Cap GI). Theequity markets' rise was partly boosted by the central banks'continued expansionary monetary policy and investors taking thewrong position in equities after the steep decline in the final quarterof 2018.

Evli Finland Select's return of 22.15% beat the benchmark's return of20.45% in 2019. The underweight in Nokia (technological setbackstriggered a profit warning) and overweight in Kojamo (rising valuationratios) had the most positive effect on relative return. The overweightin Finnair (plans to tax flights in the EU weighed on the share price,for example) and overweight in Telia (weak Q4 2018 report) had themost negative impact on relative return.

Some of the holdings we sold from the portfolio during the yearinclude: Amer Sports, Cargotec, DNA, Elisa, Metsä Board, Kesko, Teliaand Orion. New holdings in the portfolio include Kesko, Outotec,Rovio, Adapteo, Tokmanni and Terveystalo. We increased Nordea'sweight in the portfolio and reduced that of Nokia.

FUND FACTS Fund Category Finnish equity fund (UCITS)Launch Date 16 October 1989Fund Manager Janne KujalaBloomberg A/B EVLSELA FH / EVLSELB FHReuters A/B LP60062039 / LP60080997ISIN A/B FI0008801220 / FI0008800107Sales Registration FI/SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.80% p.a.

Morningstar Rating™Morningstar Category™ Finland EquityBenchmark OMX Helsinki Cap Yield

(HEXYP, .OMXHCAPGI)

TOP 10 HOLDINGS % Neste Oyj 9.79NORDEA BANK ABP 8.44UPM-Kymmene OYJ 7.73Kone OYJ 7.46FORTUM OYJ 6.01Sampo Oyj 4.76STORA ENSO OYJ R 4.61TERVEYSTALO OYJ 4.58Kojamo Oyj 4.07HUHTAMÄKI OYJ 4.00

SECTOR BREAKDOWN % Industrials 24.16Materials 19.69Financials 13.22Energy 9.81Communication Services 6.85Utilities 6.02Consumer Discretionary 5.27Health Care 4.59Other 8.08Cash 2.31


-500

0

500

1000

1500

2000

2500

3000

01/90

01/92

01/94

01/96

01/98

01/00

01/02

01/04

01/06

01/08

01/10

01/12

01/14

01/16

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 3.81 4.01 -0.203 Months 6.49 4.54 1.956 Months 8.86 6.49 2.381 Year 22.15 20.45 1.713 Years p.a. 9.46 8.89 0.575 Years p.a. 11.05 11.13 -0.08Since Launch 2792.22 704.39 2087.83Since Launch p.a. 11.77 7.14 4.63

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 16.07 / 42.63 -Fund Size, EUR million 175.85 -Volatility, % 12.82 13.20Sharpe Ratio 1.75 1.57Tracking Error, % 2.75 -Information Ratio 0.62 -R2 0.96 -Beta 0.95 -Alpha, % 2.74 -TER, % 1.89 -Portfolio Turnover 0.60 -

COUNTRY BREAKDOWN % Finland 94.37Sweden 3.31Cash 2.31

Evli Finland SelectInvestments 31 December 2019

33

Quantity/




SECURITIES


Equities 97.51Neste Oyj 555,000 31.02 17,216,100.00 9.79NORDEA BANK ABP 2,050,000 7.24 14,842,000.00 8.44UPM-Kymmene OYJ 440,000 30.91 13,600,400.00 7.73Kone OYJ 225,000 58.28 13,113,000.00 7.46FORTUM OYJ 480,000 22.00 10,560,000.00 6.01Sampo Oyj 215,000 38.91 8,365,650.00 4.76STORA ENSO OYJ R 625,000 12.97 8,103,125.00 4.61TERVEYSTALO OYJ 720,000 11.18 8,049,600.00 4.58Kojamo Oyj 442,000 16.20 7,160,400.00 4.07HUHTAMÄKI OYJ 170,000 41.38 7,034,600.00 4.00METSO OYJ 195,000 35.18 6,860,100.00 3.90Tokmanni Group Corp 490,000 12.62 6,183,800.00 3.52NOKIA OYJ 1,790,000 3.30 5,899,840.00 3.36VALMET 270,000 21.36 5,767,200.00 3.28Alma Media OYJ 635,000 7.96 5,054,600.00 2.87Sanoma OYJ 530,000 9.45 5,005,850.00 2.85Outotec OYJ 860,000 5.76 4,951,880.00 2.82FINNAIR OYJ 700,000 5.88 4,116,000.00 2.34AHLSTROM-MUNKSJÖ OYJ 284,000 14.32 4,066,880.00 2.31ADAPTEO OYJ 320,000 11.00 3,519,031.85 2.00NOHO PARTNERS 297,200 10.30 3,061,160.00 1.74CAVERION OYJ 400,000 7.19 2,876,000.00 1.64ROVIO ENTERTAINMENT OYJ 445,000 4.42 1,965,120.00 1.12SSAB AB 600,000 2.92 1,751,405.44 1.00CRAMO OYJ 91,500 13.24 1,211,460.00 0.69RELAIS GROUP OYJ 137,033 8.25 1,130,522.25 0.64



Equity Options 325,000.00 0.18Nokia Oyj December 20 Call 4,4 18.12.2020 25,000 0.13 325,000.00 0.18



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 14,86 / 36,29 13,71 / 34,90 16,07 / 42,63Fund Size, EUR 123,900,577.99 157,777,548.52 175,847,774.29Number of yield units (A) 422,028.59Number of growth units (B) 3,965,923.53Number of unitholders 1,952Commission Fees (12 months), % 0.17Commissions paid to an associated company of total commissions (12 months), % 63.42Fees paid to the management company for asset management (Year-to-Date), EUR 3,105,177.63Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Finnish Small Cap 31 December 2019

34

Year 2019 was a very strong year on the equity markets. The Finnishequity market returned 20.5% (OMX Helsinki Cap GI). The return ofsmall and mid caps was better than that of the overall market asthe return of the benchmark index was 34.0%. The equity markets'rise was partly boosted by the central banks' continued expansionarymonetary policy and investors taking the wrong position in equitiesafter the steep decline in the final quarter of 2018.

Evli Finnish Small Cap's return of 39.75% outperformed thebenchmark's 34.04% return in 2019. The overweight in Talenom(good sales growth and improving profitability) and Revenio Group(major acquisition and good profit performance) had the mostpositive effect on relative return. The underweight in Kojamo (strongforeign investor demand) and underweight in Vaisala (good profitperformance) had most negative impact on relative return.

During the year, we sold the following holdings from the portfolio:Amer Sports, Kotipizza Group, DNA and Lehto Group. New holdingsin the portfolio include Olvi, Adapteo, Kojamo and Marimekko. Weincreased the portfolio weightings of Terveystalo and Tokmanni, forexample.

FUND FACTS Fund Category Finnish Equity fund (UCITS)Launch Date 4 December 1992Fund Manager Janne KujalaBloomberg A/B - / CARSUOS FHReuters A/B - / LP60047076ISIN A/B - / FI0008804422Sales Registration FI/SE/DKSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a.

Morningstar Rating™Morningstar Category™ Finland EquityBenchmark Carnegie Small CSX Return Finland

TOP 10 HOLDINGS % Kojamo Oyj 7.78TERVEYSTALO OYJ 7.68Talenom Oyj 7.14VALMET 6.52REVENIO GROUP OYJ 5.20QT Group Oyj 5.08Tokmanni Group Corp 4.50METSÄ BOARD OYJ B 4.45Cargotec Oyj 4.11Detection Technology Oy 3.86

SECTOR BREAKDOWN % Industrials 38.18Health Care 14.36Consumer Discretionary 12.49Information Technology 10.61Real Estate 7.78Materials 7.56Communication Services 3.58Consumer Staples 3.57Cash 1.88


-200

0

200

400

600

800

1000

1200

1400

01/96

01/98

01/00

01/02

01/04

01/06

01/08

01/10

01/12

01/14

01/16

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 5.11 3.07 2.043 Months 15.11 10.18 4.936 Months 13.47 9.06 4.411 Year 39.75 34.04 5.713 Years p.a. 10.36 7.15 3.225 Years p.a. 15.70 13.78 1.92Since Launch 1340.60 852.01 488.59Since Launch p.a. 11.25 9.42 1.83

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR - / 410.28 -Fund Size, EUR million 252.19 -Volatility, % 13.99 13.16Sharpe Ratio 2.87 2.61Tracking Error, % 4.58 -Information Ratio 1.25 -R2 0.89 -Beta 1.00 -Alpha, % 5.55 -TER, % 1.69 -Portfolio Turnover 0.11 -

COUNTRY BREAKDOWN % Finland 98.12Cash 1.88

Evli Finnish Small CapInvestments 31 December 2019

35

Quantity/




SECURITIES


Equities 98.12Kojamo Oyj 1,211,000 16.20 19,618,200.00 7.78TERVEYSTALO OYJ 1,731,999 11.18 19,363,748.82 7.68Talenom Oyj 400,000 45.00 18,000,000.00 7.14VALMET 770,000 21.36 16,447,200.00 6.52REVENIO GROUP OYJ 500,000 26.25 13,125,000.00 5.20QT GROUP OYJ 610,000 21.00 12,810,000.00 5.08Tokmanni Group Corp 900,000 12.62 11,358,000.00 4.50METSÄ BOARD OYJ B 1,870,000 6.00 11,210,650.00 4.45Cargotec Oyj 343,000 30.24 10,372,320.00 4.11Detection Technology Oy 380,672 25.60 9,745,203.20 3.86ASIAKASTIETO GROUP OYJ 289,071 31.50 9,105,736.50 3.61Sanoma OYJ 954,611 9.45 9,016,300.89 3.58OLVI OYJ A-SARJA 218,723 41.20 9,011,387.60 3.57NOHO PARTNERS 862,000 10.30 8,878,600.00 3.52MARIMEKKO OYJ 245,894 35.80 8,803,005.20 3.49CAVERION OYJ 1,210,000 7.19 8,699,900.00 3.45Ponsse Oy 279,000 31.00 8,649,000.00 3.43Konecranes OYJ 293,000 27.40 8,028,200.00 3.18HUHTAMÄKI OYJ 190,000 41.38 7,862,200.00 3.12ADAPTEO OYJ 410,000 11.00 4,508,759.56 1.79Gofore Oyj 560,000 7.50 4,200,000.00 1.67GLASTON OYJ ABP 2,977,263 1.26 3,736,465.07 1.48ORIOLA OYJ B 1,834,000 2.03 3,713,850.00 1.47CRAMO OYJ 243,023 13.24 3,217,624.52 1.28Consti Yhtiot Oy 454,200 6.40 2,906,880.00 1.15EEZY OYJ 412,165 6.35 2,617,247.75 1.04Verkkokauppa.com Oyj 694,000 3.53 2,449,820.00 0.97



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR - / 326,38 - / 293,59 - / 410,28Fund Size, EUR 208,524,636.88 178,305,285.66 252,193,677.83Number of yield units (A) 0.00Number of growth units (B) 614,681.21Number of unitholders 1,945Commission Fees (12 months), % 0.08Commissions paid to an associated company of total commissions (12 months), % 35.22Fees paid to the management company for asset management (Year-to-Date), EUR 3,302,778.15Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli GEM 31 December 2019

36

The fund's return was 19.01% in 2019, while the return of thebenchmark index was 21.06%. In terms of sectors, stock selectionweakened the return differential. The most negative selection impactscame from consumer discretionary, energy, and materials, and themost positive ones from information technology. Sector weightsimproved the relative return. The fund benefitted especially froman overweight in information technology and from an underweightin financials, while an overweight in materials had the mostharmful impact. Geographically, stock selection weakened the returndifferential, whereas country weights and -to a smaller extent- alsocurrency weights improved it. The most harmful effects came fromselection in Russia, China, South Africa, and India. The most beneficialimpacts came from selection in South Korea and Taiwan and fromoverweights in Taiwan and Russia. By stock, the most negativeattribution effects came from the fact that Alibaba and TaiwanSemiconductor were not in the portfolio and from our investment inTruworths. The top attributors were DB HiTek, Yageo, and MacronixInternational. We sold 39 stocks from the portfolio during the yearand bought 40 new stocks. 21 stocks remained the same. As a resultof stock selection, the largest end-of-year country weights were inTaiwan, South Korea, and China, and the largest sector weights ininformation technology and materials.

FUND FACTS Fund Category Equity fund investing in emerging

markets (UCITS)Launch Date 25 January 2016Fund Manager Hans-Kristian Sjöholm, Wilhelm Bruun,

Marjaana Haataja, Kati ViljakainenBloomberg A/B EVLGEMA FH / EVLGEMB FHReuters A/B LP68352956 / LP68352955ISIN A/B FI4000153689 / FI4000153697Sales Registration FI/SE/NO/DKSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.80% p.a.

Morningstar Rating™Morningstar Category™ Global Emerging Markets EquityBenchmark MSCI Emerging Markets TR Net (USD)

TOP 10 HOLDINGS % DB HiTek Co Ltd 3.11Yageo Corp 3.08Macronix International 2.44Soulbrain Co Ltd 2.30China Medical System Holdings 2.30Grendene SA 2.11KCE Electronics PCL 2.09United Integrated Services Co 2.04Elan Microelectronics Corp 1.97Media Nusantara Citra Tbk PT 1.96

SECTOR BREAKDOWN % Information Technology 33.08Materials 21.13Energy 9.19Consumer Discretionary 8.26Industrials 7.28Communication Services 5.08Consumer Staples 3.45Health Care 3.10Other 6.26Cash 3.17


-20,0

0,0

20,0

40,0

60,0

80,0

07/16

01/17

07/17

01/18

07/18

01/19

07/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 8.83 5.45 3.383 Months 12.71 8.60 4.116 Months 11.83 8.34 3.491 Year 19.01 21.06 -2.053 Years p.a. 7.14 9.27 -2.125 Years p.a. - - -Since Launch 60.87 65.16 -4.29Since Launch p.a. 12.85 13.60 -0.76

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 142.27 / 160.87 -Fund Size, EUR million 130.98 -Volatility, % 12.80 12.99Sharpe Ratio 1.51 1.65Tracking Error, % 4.37 -Information Ratio -0.47 -R2 0.89 -Beta 0.93 -Alpha, % -0.52 -TER, % 1.80 -Portfolio Turnover 0.55 -

COUNTRY BREAKDOWN % Taiwan 24.54South Korea 16.34China 15.68Russia 10.51Brazil 6.85South Africa 4.80Thailand 4.36India 4.09Other 9.66Cash 3.17

Evli GEMInvestments 31 December 2019

37

Quantity/




SECURITIES


Equities 96.83DB HiTek Co Ltd 191,258 21.28 4,070,679.08 3.11Yageo Corp 310,000 13.01 4,033,757.55 3.08Macronix International 2,880,000 1.11 3,190,083.78 2.44Soulbrain Co Ltd 46,439 65.01 3,018,899.16 2.30China Medical System Holdings 2,349,000 1.28 3,013,526.68 2.30Grendene SA 1,014,800 2.72 2,761,447.43 2.11KCE Electronics PCL 3,732,100 0.73 2,736,703.84 2.09United Integrated Services Co 458,000 5.84 2,672,933.84 2.04Elan Microelectronics Corp 948,000 2.72 2,574,363.30 1.97Media Nusantara Citra Tbk PT 24,528,900 0.10 2,571,624.66 1.96SK Hynix Inc 35,418 72.57 2,570,110.70 1.96Astral Foods Ltd 185,325 13.84 2,564,406.02 1.96Asia Optical Co Inc 792,000 3.22 2,546,921.72 1.94Geely Automobile Holdings Ltd 1,430,000 1.74 2,491,840.11 1.90Samsung Electronics Co Ltd 57,099 43.03 2,456,975.77 1.88Sinotruk Hong Kong Ltd 1,286,600 1.90 2,444,971.12 1.87Sino-American Silicon Products 816,000 2.96 2,415,144.97 1.84Holy Stone Enterprise Co Ltd 691,000 3.45 2,386,726.73 1.82Eregli Demir ve Celik Fabrikal 1,733,941 1.35 2,346,338.45 1.79Bolsa Mexicana de Valores SAB 1,202,254 1.95 2,345,012.30 1.79Anhui Conch Cement Co Ltd 358,300 6.49 2,326,988.90 1.78Radiant Opto-Electronics Corp 649,000 3.57 2,318,956.51 1.77Lukoil PJSC 25,818 88.63 2,288,301.91 1.75Alrosa PAO 1,814,893 1.21 2,198,658.50 1.68Phison Electronics Corp 214,000 10.14 2,169,689.31 1.66Inter RAO UES PJSC 29,774,000 0.07 2,156,944.39 1.65Getac Technology Corp 1,525,000 1.39 2,120,573.77 1.62Cielo SA 1,135,000 1.85 2,105,131.72 1.61Enauta Participacoes SA 592,500 3.55 2,100,710.92 1.60LG Uplus Corp 189,156 10.95 2,071,317.33 1.58EVERTEC Inc 66,600 30.32 2,019,116.49 1.54Vodacom Group Ltd 274,304 7.35 2,015,368.16 1.54Chong Hong Construction Co Ltd 830,000 2.42 2,009,256.11 1.53Cia Hering 265,700 7.54 2,004,190.79 1.53CNOOC Ltd 1,342,000 1.48 1,988,642.35 1.52Highland Gold Mining Ltd 854,291 2.32 1,982,668.80 1.51Tingyi Cayman Islands Holding 1,281,000 1.52 1,948,049.28 1.49Huchems Fine Chemical Corp 117,630 16.31 1,918,521.37 1.46MOL Hungarian Oil & Gas PLC 214,204 8.88 1,901,234.85 1.45PTT Exploration & Production P 509,600 3.73 1,898,922.40 1.45Novolipetsk Steel PJSC 915,530 2.06 1,890,453.66 1.44Coretronic Corp 1,633,000 1.15 1,884,189.38 1.44Graphite India Ltd 490,452 3.79 1,859,796.83 1.42West China Cement Ltd 12,703,000 0.15 1,859,154.30 1.42China Petroleum & Chemical Cor 3,461,000 0.54 1,855,981.36 1.42Severstal PAO 135,842 13.47 1,829,901.11 1.40S&T Motiv Co Ltd 55,467 32.97 1,828,558.96 1.40Grand Pacific Petrochemical 3,281,000 0.55 1,817,129.32 1.39Hindustan Zinc Ltd 672,915 2.62 1,764,100.25 1.35Handsome Co Ltd 71,227 24.33 1,732,934.67 1.32LOTTE Fine Chemical Co Ltd 49,654 34.82 1,728,821.55 1.32Wipro Ltd 562,380 3.07 1,728,541.98 1.32

Evli GEMInvestments 31 December 2019

38

Quantity/




JSE Ltd 223,577 7.62 1,702,788.29 1.30China Oriental Group Co Ltd 4,239,000 0.37 1,565,543.38 1.20Tekfen Holding AS 509,691 2.89 1,474,015.32 1.13Evraz PLC 297,983 4.77 1,422,576.77 1.09Sino-Thai Engineering & Constr 2,541,100 0.43 1,079,987.05 0.82Sihuan Pharmaceutical Holdings 9,848,000 0.11 1,047,201.26 0.80

Securities traded on another marketplace 900.00 0.00

Equities 0.00Anthousa Ltd 90,000 0.01 900.00 0.00



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 138,25 / 144,03 124,53 / 135,17 142,27 / 160,87Fund Size, EUR 160,698,663.96 188,762,725.58 130,980,483.00Number of yield units (A) 155,556.78Number of growth units (B) 676,235.26Number of unitholders 1,853Commission Fees (12 months), % 0.13Commissions paid to an associated company of total commissions (12 months), % 15.77Fees paid to the management company for asset management (Year-to-Date), EUR 3,006,857.74Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Global 31 December 2019

39

The fund's return was 28.11% in 2019, while the return of thebenchmark index was 30.21%. By sector, stock selection weakenedthe return differential. The most negative selection effects came frominformation technology, health care, and communication services,and the most positive ones from industrials. Sector weights improvedthe relative return in the aggregate, and the most beneficial sectorweight was a lack of investments in energy. Geographically, the neteffects of stock selection as well as country and currency weightswere rather small. The most negative impacts came from selectionin the US and from an overweight in Japan and the most positiveones from selection in the UK and Italy. By stock, the most negativeattribution effects came from Apple not being in the portfolio,from our investment in United Therapeutics, and from the fact thatMicrosoft was not in the portfolio. The top attributors were Generac,LAM Research, and Azimut. We sold 27 stocks from the portfolioduring the year and bought 27 new stocks. 45 stocks remained thesame. As a result of stock selection, the largest end-of-year sectorweights were in industrials, consumer discretionary, and informationtechnology, and the largest country weights in the US, Japan, and theUK.

FUND FACTS Fund Category International equity fund (UCITS)Launch Date 8 April 1994Fund Manager Hans-Kristian SjöholmBloomberg A/B/IB EVLGLOA FH/EVLGLOB FH/EVLGLIB


LP68466517ISIN A/B/IB FI0008800131/FI0008801188/

FI4000301312Sales Registration FI/SE/NO/DK/FR/ES/IT/PT/CL/COSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a. (A, B)1.00% p.a. (IB)

Morningstar Rating™Morningstar Category™ Global Flex-Cap EquityBenchmark MSCI World TR Net (USD)

(NDDUWI, .dMIWO00000NUS)

TOP 10 HOLDINGS % Skyworks Solutions Inc 2.12Generac Holdings Inc 2.05Lam Research Corp 1.92JCU Corp 1.83Persimmon PLC 1.74NIC Inc 1.66Amgen Inc 1.65Sirius XM Holdings Inc 1.61Intel Corp 1.60Steven Madden Ltd 1.60

SECTOR BREAKDOWN % Industrials 26.82Consumer Discretionary 20.23Information Technology 17.94Health Care 12.30Communication Services 6.42Consumer Staples 4.84Materials 4.39Financials 3.60Cash 3.47


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Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 1.34 1.07 0.273 Months 8.38 5.42 2.966 Months 13.24 10.41 2.821 Year 28.11 30.21 -2.103 Years p.a. 6.57 10.25 -3.685 Years p.a. 10.17 10.45 -0.28Since Launch 316.74 368.95 -52.22Since Launch p.a. 5.70 6.19 -0.49

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 7.14 / 24.65 -NAV per IA/IB unit, EUR - / 115.14 -Fund Size, EUR million 177.92 -Volatility, % 12.22 10.43Sharpe Ratio 2.33 2.93Tracking Error, % 4.79 -Information Ratio -0.44 -R2 0.85 -Beta 1.08 -Alpha, % -4.58 -TER, % 1.60 -Portfolio Turnover 0.34 -

COUNTRY BREAKDOWN % United States 55.42Japan 12.13United Kingdom 9.91Sweden 6.19Netherlands 2.95Denmark 2.89France 2.52Switzerland 1.45Other 3.07Cash 3.47

Evli GlobalInvestments 31 December 2019

40

Quantity/




SECURITIES


Equities 96.53Skyworks Solutions Inc 35,032 107.66 3,771,524.90 2.12Generac Holdings Inc 40,727 89.59 3,648,672.01 2.05Lam Research Corp 13,121 260.42 3,416,975.77 1.92JCU Corp 122,400 26.58 3,252,926.02 1.83Persimmon PLC 97,391 31.85 3,101,561.90 1.74NIC Inc 148,277 19.91 2,951,541.64 1.66Amgen Inc 13,658 214.70 2,932,431.47 1.65Sirius XM Holdings Inc 450,000 6.37 2,865,603.85 1.61Intel Corp 53,483 53.30 2,850,870.64 1.60Steven Madden Ltd 74,159 38.31 2,840,736.19 1.60Helen of Troy Ltd 17,707 160.13 2,835,359.40 1.59Burberry Group PLC 108,737 26.06 2,833,275.45 1.59Deluxe Corp 61,751 44.46 2,745,466.62 1.54Aalberts NV 68,549 40.01 2,742,645.49 1.54Rockwell Automation Inc 15,157 180.50 2,735,900.60 1.54Next PLC 32,600 82.93 2,703,546.36 1.52Schneider Electric SE 29,195 91.50 2,671,342.50 1.50USANA Health Sciences Inc 38,128 69.96 2,667,397.93 1.50SKF AB 146,600 18.04 2,644,984.54 1.49Gentex Corp 101,955 25.81 2,631,506.86 1.48Roche Holding AG 8,917 289.35 2,580,145.71 1.45Eaton Corp PLC 30,525 84.36 2,575,105.09 1.45Pandora A/S 66,392 38.78 2,574,919.58 1.45Novo Nordisk A/S 49,689 51.74 2,571,152.33 1.45Loomis AB 69,500 36.94 2,567,448.87 1.44Randstad NV 45,932 54.44 2,500,538.08 1.41Citrix Systems Inc 25,113 98.77 2,480,434.36 1.39Jupiter Fund Management PLC 508,154 4.84 2,459,564.15 1.38AbbVie Inc 31,182 78.86 2,458,901.21 1.38Meitec Corp 48,500 50.45 2,446,609.25 1.38Robert Half International Inc 43,181 56.24 2,428,642.81 1.37Shionogi & Co Ltd 43,600 55.51 2,420,083.91 1.36National Beverage Corp 52,924 45.44 2,404,865.05 1.35Cummins Inc 14,966 159.39 2,385,389.53 1.34Mondi PLC 113,500 20.95 2,377,305.33 1.34Axfood AB 119,644 19.85 2,375,187.14 1.33KDDI Corp 88,900 26.68 2,372,103.22 1.33BorgWarner Inc 61,280 38.64 2,367,586.75 1.33Maxim Integrated Products Inc 42,976 54.78 2,354,340.72 1.32j2 Global Inc 28,048 83.46 2,340,913.86 1.32Kokuyo Co Ltd 174,400 13.40 2,337,471.32 1.31Allison Transmission Holdings 53,887 43.04 2,319,041.54 1.30Johnson & Johnson 17,744 129.92 2,305,234.49 1.30McKesson Corp 18,636 123.19 2,295,806.48 1.29Booking Holdings Inc 1,250 1,829.11 2,286,393.39 1.29NTT DOCOMO Inc 91,500 24.92 2,280,114.32 1.28Southwest Airlines Co 47,295 48.08 2,273,765.68 1.28Crane Co 29,552 76.93 2,273,514.21 1.28Ai Holdings Corp 141,800 15.97 2,264,591.86 1.27United Therapeutics Corp 28,517 78.45 2,237,065.69 1.26Open Text Corp 56,905 39.28 2,235,056.52 1.26Lear Corp 18,000 122.19 2,199,501.25 1.24

Evli GlobalInvestments 31 December 2019

41

Quantity/




Playtech Plc 465,677 4.69 2,184,631.31 1.23Acuity Brands Inc 17,773 122.91 2,184,426.43 1.23Packaging Corp of America 21,831 99.74 2,177,461.43 1.22F5 Networks Inc 17,144 124.38 2,132,311.72 1.20Aena S. M. E. S.A 12,423 170.50 2,118,121.50 1.19Trust Tech Inc 202,300 10.43 2,110,720.62 1.19Cognizant Technology Solutions 38,184 55.24 2,109,166.08 1.19Nexon Co Ltd 175,700 11.89 2,089,717.22 1.17Henry Schein Inc 35,015 59.42 2,080,691.84 1.17Diamond Hill Investment Group 16,546 125.10 2,069,871.00 1.16Ruth's Hospitality Group Inc 105,828 19.38 2,051,430.73 1.15Moneysupermarket.com Group PLC 502,573 3.91 1,963,382.25 1.10NetEnt AB 770,809 2.46 1,898,088.76 1.07Evercore Inc 28,270 66.58 1,882,316.71 1.06Cisco Systems Inc 43,821 42.71 1,871,798.33 1.05Publicis Groupe SA 44,744 40.36 1,805,867.84 1.02Betsson AB 366,500 4.16 1,524,985.81 0.86Walgreens Boots Alliance Inc 22,005 52.51 1,155,517.28 0.65Computershare Ltd 107,784 10.50 1,131,592.68 0.64



Currency forward contracts -736.93 0.001) EUR/SEK_200102_1 1,500,000 -736.93 0.00

TOTAL VALUE OF DERIVATIVE CONTRACTS -736.93 0.00

CASH AND OTHER ASSETS, NET. 6,182,881.29 3.481) For hedging purposes

31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 6,76 / 21,49 5,81 / 19,24 7,14 / 24,65NAV per IA/IB unit, EUR - / - - / 89,34 - / 115,14Fund Size, EUR 258,207,924.52 212,318,667.06 177,917,307.74Number of yield units (A) 5,502,564.31Number of yield units (IA) 0.00Number of growth units (B) 5,174,149.73Number of growth units (IB) 16,266.72Number of unitholders 893Commission Fees (12 months), % 0.04Commissions paid to an associated company of total commissions (12 months), % 29.12Fees paid to the management company for asset management (Year-to-Date), EUR 2,990,690.93Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Global X 31 December 2019

42

The fund's return was 28.53% in 2019, while the benchmarkindex returned 30.21%. By sector, stock selection weakened thereturn differential. The most negative selection effects came frominformation technology, health care, and communication services,and the most positive ones from industrials. Sector weights improvedthe relative return in the aggregate, and the most beneficial sectorweight was a lack of investments in energy. Geographically, the neteffects of stock selection as well as country and currency weightswere rather small. The most negative impacts came from selectionin the US and from an overweight in Japan and the most positiveones from selection in the UK and Italy. By stock, the most negativeattribution effects came from Apple not being in the portfolio,from our investment in United Therapeutics, and from the fact thatMicrosoft was not in the portfolio. The top attributors were Generac,LAM Research, and Azimut. We sold 25 stocks from the portfolioduring the year and bought 24 new stocks. 44 stocks remained thesame. As a result of stock selection, the largest end-of-year sectorweights were in industrials, information technology, and consumerdiscretionary, and the largest country weights in the US, Japan, andthe UK.

FUND FACTS Fund Category International equity fund (UCITS)Launch Date 31 May 2018Fund Manager Wilhelm Bruun, Marjaana HaatajaBloomberg A/B/IB EVLGLXA FH/EVLGLXB FH/EVLGXIB


LP68492840ISIN A/B/IB FI4000320940/FI4000320957/

FI4000320965Sales Registration FI/SE/NO/DKSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a. (A, B)1.00% p.a. (IB)

Morningstar Rating™ -Morningstar Category™ Global Flex-Cap EquityBenchmark MSCI World TR Net (USD)

(NDDUWI, .dMIWO00000NUS)

TOP 10 HOLDINGS % Skyworks Solutions Inc 2.15Generac Holdings Inc 2.12Lam Research Corp 2.00JCU Corp 1.91Persimmon PLC 1.79Shionogi & Co Ltd 1.72Amgen Inc 1.69NIC Inc 1.69Sirius XM Holdings Inc 1.69Intel Corp 1.67

SECTOR BREAKDOWN % Industrials 27.38Information Technology 19.25Consumer Discretionary 16.17Health Care 12.94Communication Services 6.99Consumer Staples 5.73Materials 4.64Financials 3.56Cash 3.34


-15,0

-10,0

-5,0

0,0

5,0

10,0

15,0

20,0

25,0

06/18

07/18

08/18

09/18

10/18

11/18

12/18

01/19

02/19

03/19

04/19

05/19

06/19

07/19

08/19

09/19

10/19

11/19

12/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 1.37 1.07 0.303 Months 8.58 5.42 3.166 Months 14.01 10.41 3.601 Year 28.53 30.21 -1.693 Years p.a. - - -5 Years p.a. - - -Since Launch 14.65 20.57 -5.91Since Launch p.a. 9.00 12.51 -3.51

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 110.06 / 114.65 -NAV per IA/IB unit, EUR - / 115.75 -Fund Size, EUR million 10.02 -Volatility, % 11.98 10.43Sharpe Ratio 2.41 2.93Tracking Error, % 4.39 -Information Ratio -0.38 -R2 0.87 -Beta 1.07 -Alpha, % -3.86 -TER, % 1.60 -Portfolio Turnover 0.34 -

COUNTRY BREAKDOWN % United States 56.55Japan 13.36United Kingdom 8.70Sweden 4.18Netherlands 2.97Denmark 2.87France 2.62Switzerland 1.48Other 3.93Cash 3.34

Evli Global XInvestments 31 December 2019

43

Quantity/




SECURITIES


Equities 96.66Skyworks Solutions Inc 2,004 107.66 215,749.48 2.15Generac Holdings Inc 2,376 89.59 212,862.34 2.12Lam Research Corp 771 260.42 200,784.11 2.00JCU Corp 7,200 26.58 191,348.59 1.91Persimmon PLC 5,638 31.85 179,550.53 1.79Shionogi & Co Ltd 3,100 55.51 172,070.19 1.72Amgen Inc 789 214.70 169,401.70 1.69NIC Inc 8,505 19.91 169,297.07 1.69Sirius XM Holdings Inc 26,528 6.37 168,930.53 1.69Intel Corp 3,142 53.30 167,481.92 1.67Helen of Troy Ltd 1,027 160.13 164,449.88 1.64Steven Madden Ltd 4,223 38.31 161,766.33 1.61Rockwell Automation Inc 889 180.50 160,468.14 1.60Deluxe Corp 3,593 44.46 159,745.78 1.59Schneider Electric SE 1,742 91.50 159,393.00 1.59Aalberts NV 3,949 40.01 157,999.49 1.58USANA Health Sciences Inc 2,256 69.96 157,827.57 1.58Next PLC 1,900 82.93 157,568.65 1.57Burberry Group PLC 5,987 26.06 155,998.60 1.56NTT DOCOMO Inc 6,200 24.92 154,499.55 1.54KDDI Corp 5,700 26.68 152,092.11 1.52Gentex Corp 5,837 25.81 150,655.74 1.50Roche Holding AG 513 289.35 148,437.23 1.48SKF AB 8,130 18.04 146,682.98 1.46Novo Nordisk A/S 2,832 51.74 146,541.56 1.46Eaton Corp PLC 1,735 84.36 146,365.51 1.46Meitec Corp 2,900 50.45 146,292.10 1.46Citrix Systems Inc 1,463 98.77 144,501.87 1.44AbbVie Inc 1,819 78.86 143,439.85 1.43Pandora A/S 3,643 38.78 141,288.59 1.41Walgreens Boots Alliance Inc 2,680 52.51 140,731.03 1.40Open Text Corp 3,568 39.28 140,140.26 1.40Robert Half International Inc 2,480 56.24 139,483.43 1.39Kokuyo Co Ltd 10,400 13.40 139,390.49 1.39Randstad NV 2,560 54.44 139,366.40 1.39BorgWarner Inc 3,599 38.64 139,049.36 1.39National Beverage Corp 3,057 45.44 138,909.99 1.39Packaging Corp of America 1,379 99.74 137,543.83 1.37Axfood AB 6,896 19.85 136,900.22 1.37Mondi PLC 6,489 20.95 135,914.85 1.36Ai Holdings Corp 8,500 15.97 135,747.75 1.36Maxim Integrated Products Inc 2,474 54.78 135,532.37 1.35j2 Global Inc 1,619 83.46 135,123.34 1.35Loomis AB 3,650 36.94 134,837.24 1.35Cummins Inc 843 159.39 134,363.45 1.34McKesson Corp 1,080 123.19 133,047.38 1.33Booking Holdings Inc 72 1,829.11 131,696.26 1.31Johnson & Johnson 1,013 129.92 131,605.19 1.31Allison Transmission Holdings 3,037 43.04 130,698.11 1.30Jupiter Fund Management PLC 26,996 4.84 130,665.89 1.30Southwest Airlines Co 2,716 48.08 130,575.06 1.30Crane Co 1,695 76.93 130,400.87 1.30

Evli Global XInvestments 31 December 2019

44

Quantity/




Computershare Ltd 12,401 10.50 130,194.47 1.30United Therapeutics Corp 1,636 78.45 128,338.87 1.28Lear Corp 1,034 122.19 126,349.13 1.26Trust Tech Inc 12,000 10.43 125,203.40 1.25Acuity Brands Inc 1,018 122.91 125,119.34 1.25Cognizant Technology Solutions 2,259 55.24 124,780.17 1.25Aena S. M. E. S.A 722 170.50 123,101.00 1.23Henry Schein Inc 2,070 59.42 123,005.34 1.23F5 Networks Inc 986 124.38 122,635.29 1.22Nexon Co Ltd 10,200 11.89 121,315.40 1.21Diamond Hill Investment Group 952 125.10 119,093.27 1.19Moneysupermarket.com Group PLC 28,658 3.91 111,957.09 1.12Evercore Inc 1,606 66.58 106,933.17 1.07Cisco Systems Inc 2,496 42.71 106,615.75 1.06Publicis Groupe SA 2,559 40.36 103,281.24 1.03


CASH AND OTHER ASSETS, NET. 334,437.78 3.34

31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR - / - 89,21 / 89,21 110,06 / 114,65NAV per IA/IB unit, EUR - / - - / 89,52 - / 115,75Fund Size, EUR - 5,605,326.93 10,017,574.47Number of yield units (A) 7,969.41Number of yield units (IA) 0.00Number of growth units (B) 59,702.21Number of growth units (IB) 100.00Number of unitholders 34Commission Fees (12 months), % 0.06Commissions paid to an associated company of total commissions (12 months), % 28.78Fees paid to the management company for asset management (Year-to-Date), EUR 123,792.13Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Japan 31 December 2019

45

The fund's return was 19.79% in 2019, while the return of thebenchmark index was 22.50%. By sector, the net effect of stockselection on the return differential was negative. The most harmfulimpacts came from selection in health care, communication services,and industrials. On the other hand, selection in e.g. consumerdiscretionary, materials, and information technology benefitted thefund. Sector weights, such as underweights in consumer staplesand financials, improved the return differential in the aggregate. Bystock, the most negative attribution effects came from Daiichi Sankyomissing from the portfolio, from our investment in Marvelous, andfrom the fact that Sony was not in the portfolio. The top attributorswere Fukui Computer, Showa, and JCU. We sold 58 stocks fromthe portfolio during the year and bought 31 new stocks. 13 stocksremained the same. As a result of stock selection, the largest end-of-year sector weight was in industrials and small and mid caps had animportant role in the portfolio.


FUND FACTS Fund Category Equity fund investing in Japan (UCITS)Launch Date 25 August 2005Fund Manager Hans-Kristian SjöholmBloomberg A/B EVLJQIA FH / EVLJQIB FHReuters A/B LP65011806 / LP65011807ISIN A/B FI0008807714 / FI0008807722Sales Registration FI/SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a.

Morningstar Rating™Morningstar Category™ Japan Small/Mid-Cap EquityBenchmark MSCI Japan TR Net (USD)

(NDDUJN, .dMIJP00000NUS)

TOP 10 HOLDINGS % JCU Corp 3.47Fukui Computer Holdings Inc 3.42Japan Aviation Electronics Ind 3.04Tomy Co Ltd 2.61T-Gaia Corp 2.60Osaka Soda Co Ltd 2.59MINEBEA MITSUMI Inc 2.57Yellow Hat Ltd 2.57Max Co Ltd 2.53Meitec Corp 2.48

SECTOR BREAKDOWN % Industrials 41.26Consumer Discretionary 14.48Information Technology 13.43Communication Services 13.06Materials 12.61Health Care 4.26Cash 0.89


-60,0

-40,0

-20,0

0,0

20,0

40,0

60,0

80,0

100,0

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

01/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -0.47 0.04 -0.513 Months 7.80 4.39 3.416 Months 11.52 12.16 -0.631 Year 19.79 22.50 -2.713 Years p.a. 2.35 6.62 -4.275 Years p.a. 9.78 9.37 0.41Since Launch 72.53 83.58 -11.05Since Launch p.a. 3.87 4.32 -0.45


COUNTRY BREAKDOWN % Japan 99.11Cash 0.89

Evli JapanInvestments 31 December 2019

46

Quantity/




SECURITIES


Equities 99.11JCU Corp 41,400 26.54 1,098,785.71 3.47Fukui Computer Holdings Inc 37,200 29.08 1,081,779.99 3.42Japan Aviation Electronics Ind 52,900 18.17 961,136.04 3.04Tomy Co Ltd 71,100 11.61 825,290.98 2.61T-Gaia Corp 37,900 21.74 823,963.13 2.60Osaka Soda Co Ltd 31,800 25.80 820,550.52 2.59MINEBEA MITSUMI Inc 43,700 18.65 815,102.30 2.57Yellow Hat Ltd 50,800 16.04 814,786.92 2.57Max Co Ltd 44,500 17.97 799,768.48 2.53Meitec Corp 15,600 50.38 785,900.14 2.48Aeon Delight Co Ltd 24,000 32.15 771,646.79 2.44Noritake Co Ltd/Nagoya Japan 20,100 38.34 770,565.50 2.43KDDI Corp 28,800 26.65 767,439.59 2.42Lintec Corp 38,200 20.02 764,772.41 2.42Shionogi & Co Ltd 13,700 55.43 759,424.13 2.40Brother Industries Ltd 40,800 18.60 759,005.54 2.40Stanley Electric Co Ltd 28,900 26.05 752,822.54 2.38Kokuyo Co Ltd 55,600 13.39 744,208.27 2.35Tamron Co Ltd 35,500 20.63 732,527.90 2.31NTT DOCOMO Inc 29,400 24.89 731,648.94 2.31FUJIFILM Holdings Corp 17,000 42.84 728,313.33 2.30Ai Holdings Corp 45,300 15.95 722,489.94 2.28Kinden Corp 51,500 13.93 717,172.78 2.27Takuma Co Ltd 66,600 10.75 715,773.66 2.26Toei Co Ltd 5,300 133.03 705,065.63 2.23Tanseisha Co Ltd 65,000 10.82 703,369.97 2.22Seino Holdings Co Ltd 56,900 12.10 688,430.99 2.17Shibuya Corp 27,300 25.11 685,426.32 2.17Nippon Television Holdings Inc 57,100 11.98 683,834.69 2.16Trust Tech Inc 65,600 10.42 683,531.61 2.16NOF Corp 22,800 29.90 681,703.24 2.15KAWADA TECHNOLOGIES Inc 12,200 55.05 671,578.45 2.12Rheon Automatic Machinery Co L 51,600 12.92 666,575.04 2.11Nexon Co Ltd 54,100 11.88 642,588.45 2.03Koito Manufacturing Co Ltd 15,200 41.78 635,011.24 2.01Tokai Carbon Co Ltd 69,800 8.97 626,090.61 1.98Sumitomo Heavy Industries Ltd 24,400 25.64 625,607.31 1.98Kyudenko Corp 23,600 26.50 625,394.33 1.98Nichiha Corp 28,300 21.99 622,209.44 1.97Persol Holdings Co Ltd 36,500 16.80 613,233.93 1.94Marvelous Inc 101,200 5.96 603,503.15 1.91Alfresa Holdings Corp 32,300 18.25 589,502.10 1.86Hosokawa Micron Corp 9,300 38.46 357,673.03 1.13



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 110,76 / 181,87 84,16 / 144,03 96,77 / 172,53Fund Size, EUR 41,590,331.93 35,236,718.32 31,658,281.69Number of yield units (A) 22,586.57Number of growth units (B) 170,824.33Number of unitholders 161Commission Fees (12 months), % 0.08Commissions paid to an associated company of total commissions (12 months), % 20.00Fees paid to the management company for asset management (Year-to-Date), EUR 527,288.55Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Nordic 31 December 2019

47

The fund's return was 22.29% in 2019, while the return of thebenchmark index was 25.30%. By sector, stock selection had anegative net effect on the return differential. Harmful impacts cameespecially from consumer discretionary but also from consumerstaples and health care. On the other hand, selection in e.g. industrialswas beneficial. Sector weights in the aggregate improved the relativereturn. Positive effects came e.g. from a lack of investments infinancials and from an overweight in industrials. Geographically, thenet effect of stock selection was negative. Selection in Denmark hurtrelative performance the most, while selection in Sweden helped.Effects of the individual country and currency weights were lesspronounced and, in the aggregate, not far from neutral. By stock, thebottom attributors were NetEnt, Kindred Group, and Columbus. Themost positive attribution effects came from the fact that Nokia was notin the portfolio and from our investments in Lindab and Sweco. Wesold 22 stocks from the portfolio during the year and bought 18 newstocks. 26 stocks remained the same. As a result of stock selection,the largest end-of-year country weight was in Sweden and the largestsector weight in industrials.

FUND FACTS Fund Category Nordic equity fund (UCITS)Launch Date 29 September 2006Fund Manager Wilhelm BruunBloomberg A/B EVDIAAA FH / EVDIBBB FHReuters A/B LP65035386 / LP65035387ISIN A/B FI0008810890 / FI0008810908Sales Registration FI/SE/NO/DK/FR/ES/DESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a.

Morningstar Rating™Morningstar Category™ Nordic EquityBenchmark VINX Benchmark Cap EUR_NI

(.VINXBCAPEURNI)

TOP 10 HOLDINGS % Sweco AB 3.38Atlas Copco AB 3.13Lifco AB 3.12Nolato AB 3.00AF Pöyry AB 2.96Lindab International AB 2.94Dometic Group AB 2.72Europris ASA 2.70Indutrade AB 2.63ELISA OYJ 2.63

SECTOR BREAKDOWN % Industrials 43.92Consumer Discretionary 18.82Consumer Staples 11.68Information Technology 7.68Materials 6.68Health Care 5.88Communication Services 2.63Energy 1.98Cash 0.74


-10...

-50,0

0,0

50,0

100,0

150,0

200,0

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

01/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 4.31 3.78 0.523 Months 11.95 8.60 3.356 Months 5.39 10.08 -4.691 Year 22.29 25.30 -3.013 Years p.a. 6.74 8.60 -1.865 Years p.a. 11.49 8.66 2.83Since Launch 176.93 146.73 30.20Since Launch p.a. 7.98 7.05 0.94


COUNTRY BREAKDOWN % Sweden 58.46Finland 16.44Denmark 11.79Norway 8.97United Kingdom 2.28Malta 1.33Cash 0.74

Evli NordicInvestments 31 December 2019

48

Quantity/




SECURITIES


Equities 99.26Sweco AB 82,818 34.55 2,861,036.48 3.38Atlas Copco AB 74,289 35.73 2,654,497.34 3.13Lifco AB 48,298 54.71 2,642,263.29 3.12Nolato AB 48,259 52.60 2,538,586.25 3.00AF Pöyry AB 119,884 20.91 2,506,468.77 2.96Lindab International AB 217,758 11.44 2,490,899.55 2.94Dometic Group AB 255,050 9.02 2,300,806.18 2.72Europris ASA 655,078 3.50 2,290,762.97 2.70Indutrade AB 69,604 32.06 2,231,460.09 2.63ELISA OYJ 45,201 49.25 2,226,149.25 2.63UPM-Kymmene OYJ 70,075 30.91 2,166,018.25 2.56Loomis AB 58,391 37.09 2,165,731.60 2.56Sandvik AB 122,910 17.47 2,147,127.38 2.53SKF AB 117,352 18.11 2,125,795.02 2.51ICA Gruppen AB 50,194 41.81 2,098,857.12 2.48Axfood AB 104,744 19.93 2,087,746.60 2.46Carlsberg A/S 15,620 133.05 2,078,190.76 2.45Trelleborg AB 125,883 16.12 2,029,302.34 2.40Bravida Holding AB 226,466 8.70 1,969,956.46 2.33Salmar ASA 43,140 45.54 1,964,647.34 2.32Novo Nordisk A/S 37,587 51.76 1,945,633.63 2.30Concentric AB 127,002 15.21 1,931,339.40 2.28Lassila & Tikanoja OYJ 122,600 15.74 1,929,724.00 2.28Hexagon AB 37,820 50.21 1,899,029.64 2.24KNOW IT AB 93,949 19.94 1,873,480.32 2.21LeoVegas AB 637,579 2.82 1,799,509.44 2.12Rockwool International A/S 8,486 211.26 1,792,732.18 2.12SSAB AB 564,547 3.14 1,773,725.43 2.09TIETOEVRY OYJ 63,939 27.72 1,772,389.08 2.09Boliden AB 72,238 23.77 1,716,892.18 2.03Aker BP ASA 57,515 29.19 1,678,965.05 1.98Leroy Seafood Group ASA 281,096 5.91 1,661,082.74 1.96Pandora A/S 42,778 38.80 1,659,679.56 1.96VALMET 77,089 21.36 1,646,621.04 1.94NOKIAN RENKAAT OYJ 61,319 25.63 1,571,605.97 1.86H Lundbeck A/S 45,649 34.06 1,554,725.64 1.84Wartsila OYJ Abp 156,260 9.85 1,539,161.00 1.82Dustin Group AB 210,431 7.19 1,512,479.93 1.79Orexo AB 246,965 6.01 1,483,357.97 1.75NetEnt AB 589,199 2.47 1,456,711.22 1.72Betsson AB 276,911 4.18 1,156,841.22 1.37Kindred Group PLC 205,396 5.49 1,126,813.50 1.33Fiskars OYJ Abp 95,155 11.26 1,071,445.30 1.26Columbus A/S 741,175 1.29 957,532.37 1.13



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 158,42 / 249,04 138,27 / 226,45 162,33 / 276,93Fund Size, EUR 105,493,801.62 80,802,693.33 84,710,831.45Number of yield units (A) 29,589.67Number of growth units (B) 288,549.05Number of unitholders 1,359Commission Fees (12 months), % 0.04Commissions paid to an associated company of total commissions (12 months), % 37.73Fees paid to the management company for asset management (Year-to-Date), EUR 1,282,054.90Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli North America 31 December 2019

49

The fund's return was 29.78% in 2019, while the return of thebenchmark index was 33.30%. By sector, stock selection weakenedthe return differential in the aggregate. The most harmful selectioneffects came from consumer discretionary, financials, and industrials,and the most beneficial ones from energy. The net effect ofsector weights on the return differential was positive due to e.g.underweights in health care and energy and an overweight ininformation technology. By stock, the most negative attribution effectscame from Apple not being in the portfolio, from our investmentin Nautilus, and from the fact that Microsoft was missing fromthe portfolio. The top attributors were Cirrus Logic, Teradyne, andGenerac. We sold 38 stocks from the portfolio during the year andbought 55 new stocks. 45 stocks remained the same. As a resultof stock selection, the largest end-of-year sector weights were inindustrials, consumer discretionary, and information technology, andsmall and medium-sized companies had an important role in theportfolio.


FUND FACTS Fund Category Equity fund investing in North America

(UCITS)Launch Date 6 October 2003Fund Manager Hans-Kristian SjöholmBloomberg A/B SPEVUQA FH / SPEVUQB FHReuters A/B LP65011227 / LP65011228ISIN A/B FI0008806922 / FI0008806930Sales Registration FI/SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a.

Morningstar Rating™Morningstar Category™ US Flex-Cap EquityBenchmark MSCI North America TR Net (USD)

(NDDUNA, .dMINA00000NUS)

TOP 10 HOLDINGS % Generac Holdings Inc 1.67Cirrus Logic Inc 1.60Perficient Inc 1.44Teradyne Inc 1.43Lam Research Corp 1.40Applied Materials Inc 1.31Hibbett Sports Inc 1.29Malibu Boats Inc 1.27Innoviva Inc 1.27Skyworks Solutions Inc 1.26

SECTOR BREAKDOWN % Industrials 26.22Consumer Discretionary 23.31Information Technology 22.79Health Care 9.32Materials 6.51Consumer Staples 3.89Financials 3.49Communication Services 2.08Energy 0.97Cash 1.41


-50,0

0,0

50,0

100,0

150,0

200,0

250,0

300,0

01/04

01/05

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

01/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 0.42 0.95 -0.533 Months 6.70 5.61 1.096 Months 13.66 11.52 2.141 Year 29.78 33.30 -3.533 Years p.a. 6.08 11.85 -5.775 Years p.a. 8.74 12.23 -3.49Since Launch 203.11 261.83 -58.72Since Launch p.a. 7.06 8.24 -1.17


COUNTRY BREAKDOWN % United States 95.81Canada 2.78Cash 1.41

Evli North AmericaInvestments 31 December 2019

50

Quantity/




SECURITIES


Equities 98.59Generac Holdings Inc 6,823 89.59 611,262.53 1.67Cirrus Logic Inc 7,996 73.40 586,881.33 1.60Perficient Inc 12,881 41.03 528,524.82 1.44Teradyne Inc 8,632 60.73 524,239.47 1.43Lam Research Corp 1,965 260.42 511,726.04 1.40Applied Materials Inc 8,829 54.36 479,980.55 1.31Hibbett Sports Inc 18,983 24.97 474,067.79 1.29Malibu Boats Inc 12,770 36.47 465,738.78 1.27Innoviva Inc 36,859 12.61 464,840.97 1.27Skyworks Solutions Inc 4,293 107.66 462,181.90 1.26Amgen Inc 2,140 214.70 459,467.22 1.25Sleep Number Corp 10,393 43.85 455,781.37 1.24Gentex Corp 17,220 25.81 444,456.36 1.21NIC Inc 22,262 19.91 443,138.31 1.21Williams-Sonoma Inc 6,770 65.41 442,811.54 1.21Steven Madden Ltd 11,465 38.31 439,178.53 1.20USANA Health Sciences Inc 6,265 69.96 438,293.33 1.20Rockwell Automation Inc 2,385 180.50 430,502.27 1.17Biogen Inc 1,624 264.28 429,185.54 1.17Gibraltar Industries Inc 9,479 44.92 425,828.96 1.16Micron Technology Inc 8,668 47.90 415,180.83 1.13Intel Corp 7,727 53.30 411,881.86 1.12Advanced Energy Industries Inc 6,461 63.41 409,710.72 1.12Masco Corp 9,578 42.74 409,376.75 1.12McKesson Corp 3,308 123.19 407,519.20 1.11Las Vegas Sands Corp 6,615 61.49 406,750.62 1.11Curtiss-Wright Corp 3,233 125.48 405,679.88 1.11Deckers Outdoor Corp 2,689 150.39 404,403.76 1.10Huntsman Corp 18,447 21.52 396,935.80 1.08Sirius XM Holdings Inc 61,833 6.37 393,753.07 1.07AbbVie Inc 4,888 78.86 385,450.23 1.05National Beverage Corp 8,463 45.44 384,558.48 1.05Artisan Partners Asset Managem 13,268 28.79 381,921.77 1.04Haverty Furniture Cos Inc 21,173 17.96 380,163.59 1.04Shoe Carnival Inc 11,448 33.20 380,104.60 1.04MKS Instruments Inc 3,851 97.98 377,314.31 1.03MSC Industrial Direct Co Inc 5,369 69.89 375,227.49 1.02Kimberly-Clark Corp 3,052 122.51 373,889.03 1.02Citrix Systems Inc 3,782 98.77 373,551.66 1.02Booking Holdings Inc 203 1,829.11 371,310.29 1.01Deluxe Corp 8,326 44.46 370,176.27 1.01Electronic Arts Inc 3,862 95.75 369,793.04 1.01Cummins Inc 2,307 159.39 367,706.38 1.00EMCOR Group Inc 4,776 76.86 367,090.13 1.00Comfort Systems USA Inc 8,253 44.40 366,416.15 1.00Carter's Inc 3,749 97.38 365,083.42 1.00Heidrick & Struggles Internati 12,535 28.95 362,831.76 0.99Johnson & Johnson 2,746 129.92 356,750.11 0.97j2 Global Inc 4,270 83.46 356,378.43 0.97Henry Schein Inc 5,987 59.42 355,764.73 0.97REX American Resources Corp 4,862 73.00 354,906.95 0.97Open Text Corp 9,019 39.28 354,239.08 0.97


51

Quantity/




Maxim Integrated Products Inc 6,465 54.78 354,170.07 0.97Kohl's Corp 7,801 45.38 353,990.87 0.97Quanex Building Products Corp 23,169 15.21 352,446.13 0.96Packaging Corp of America 3,530 99.74 352,088.26 0.96Steel Dynamics Inc 11,582 30.32 351,132.24 0.96Korn Ferry 9,222 37.76 348,247.95 0.95Southwest Airlines Co 7,226 48.08 347,398.90 0.95Insteel Industries Inc 18,025 19.14 344,992.21 0.94Urban Outfitters Inc 13,898 24.73 343,736.60 0.94Westlake Chemical Corp 5,472 62.48 341,878.16 0.93Allison Transmission Holdings 7,944 43.04 341,872.18 0.93BorgWarner Inc 8,767 38.64 338,717.90 0.92Kforce Inc 9,517 35.36 336,502.40 0.92Crane Co 4,339 76.93 333,810.85 0.91Interfor Corp 33,072 10.07 333,028.04 0.91Magna International Inc 6,786 48.87 331,653.11 0.90Rambus Inc 26,778 12.27 328,524.18 0.90Ruth's Hospitality Group Inc 16,947 19.38 328,510.38 0.90Diamond Hill Investment Group 2,617 125.10 327,381.39 0.89Eagle Materials Inc 4,052 80.74 327,176.99 0.89TriMas Corp 11,596 27.97 324,394.69 0.88CH Robinson Worldwide Inc 4,624 69.65 322,049.16 0.88Cognizant Technology Solutions 5,830 55.24 322,031.17 0.88La-Z-Boy Inc 11,474 28.04 321,697.11 0.88Acuity Brands Inc 2,591 122.91 318,452.08 0.87TrueBlue Inc 14,649 21.43 313,907.14 0.86Robert Half International Inc 5,567 56.24 313,106.56 0.85Resources Connection Inc 21,176 14.54 307,983.68 0.84H&R Block Inc 14,723 20.91 307,887.46 0.84Cheesecake Factory Inc/The 8,800 34.61 304,567.15 0.83Moelis & Co 10,703 28.43 304,274.81 0.83Lear Corp 2,474 122.19 302,309.23 0.82Expedia Group Inc 3,065 96.31 295,198.70 0.81Echo Global Logistics Inc 15,810 18.44 291,473.99 0.79Sturm Ruger & Co Inc 6,892 41.89 288,680.76 0.79F5 Networks Inc 2,310 124.38 287,309.85 0.78Cisco Systems Inc 6,722 42.71 287,127.82 0.78Myers Industries Inc 19,178 14.86 284,902.96 0.78United Therapeutics Corp 3,631 78.45 284,840.11 0.78InterDigital Inc/PA 5,690 48.53 276,138.31 0.75Supernus Pharmaceuticals Inc 13,001 21.13 274,655.97 0.75ArcBest Corp 11,062 24.58 271,919.49 0.74Evercore Inc 4,007 66.58 266,800.25 0.73NetApp Inc 4,802 55.44 266,231.30 0.73Hillenbrand Inc 8,534 29.67 253,177.36 0.69Walgreens Boots Alliance Inc 4,340 52.51 227,900.25 0.62



Currency forward contracts -117.40 0.001) EUR/USD_200102_2 -170,000 -117.40 0.00


CASH AND OTHER ASSETS, NET. 517,562.36 1.411) For hedging purposes


52

31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 141,90 / 253,07 125,68 / 233,57 156,56 / 303,11Fund Size, EUR 30,438,738.99 26,997,466.29 36,663,629.13Number of yield units (A) 59,467.74Number of growth units (B) 90,240.84Number of unitholders 239Commission Fees (12 months), % 0.04Commissions paid to an associated company of total commissions (12 months), % 32.70Fees paid to the management company for asset management (Year-to-Date), EUR 530,349.80Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Sweden Equity Index 31 December 2019

53

Evli Sweden Equity Index is an index fund that aims to follow itsbenchmark index as closely as possible and invests on the basis ofthe composition of the index. The fund returned 29.97% and thebenchmark 30.73% in 2019.

Sweden's economic growth slowed from the previous year asglobal trade wars weakened both exports and the confidenceof the corporate sector and consumers. The Swedish PurchasingManagers' Index weakened throughout the year, although recoverywas observed towards the end of the year. Sweden's GDP growthremained below 2%.

FUND FACTS Fund Category Swedish equity index fund (UCITS)Launch Date 30 May 2013Fund Manager Evli Fund Management CompanyBloomberg A/B -/ EVLSWEB FHReuters A/B - / LP68212591ISIN A/B - / FI4000058821Sales Registration FI/SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.50% p.a.

Morningstar Rating™Morningstar Category™ Sweden Large-Cap EquityBenchmark SIX30 Return Index

TOP 10 HOLDINGS % Atlas Copco AB 10.40Hennes & Mauritz AB 6.56Volvo AB 6.11Telefonaktiebolaget LM Ericsso 5.91Investor AB B 5.49Assa Abloy AB 5.46Sandvik AB 5.40Svenska Handelsbanken AB 4.63Essity B 4.54Skandinaviska Enskilda Banken 4.50

SECTOR BREAKDOWN % Industrials 37.75Financials 22.74Information Technology 10.24Consumer Discretionary 9.21Consumer Staples 6.48Communication Services 6.14Health Care 4.06Materials 3.26Cash 0.13


-20,0

0,0

20,0

40,0

60,0

80,0

100,0

07/13

01/14

07/14

01/15

07/15

01/16

07/16

01/17

07/17

01/18

07/18

01/19

07/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 2.36 2.40 -0.053 Months 7.99 8.10 -0.126 Months 9.57 9.83 -0.261 Year 29.97 30.73 -0.763 Years p.a. 9.05 9.38 -0.335 Years p.a. 7.44 7.91 -0.47Since Launch 75.50 80.49 -4.99Since Launch p.a. 8.91 9.37 -0.46

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, SEK - / 1.754.99 -Fund Size, SEK million 1.850.93 -Volatility, % 14.68 14.73Sharpe Ratio 2.06 2.11Tracking Error, % 0.08 -Information Ratio -9.03 -R2 1.00 -Beta 1.00 -Alpha, % -0.66 -TER, % 0.50 -Portfolio Turnover -0.01 -

COUNTRY BREAKDOWN % Sweden 89.89Finland 3.11United Kingdom 3.02Switzerland 2.84United States 1.02Cash 0.13

Evli Sweden Equity IndexInvestments 31 December 2019

54

Quantity/

Nominal value SEKRate SEK/

Market price %Market value SEK/

Change in value SEK % of Fund value

SECURITIES

Securities publicly traded on a securities exchange list 1,848,479,078.94 99.87

Equities 99.87Atlas Copco AB 366,329 373.60 136,860,514.40 7.39Hennes & Mauritz AB 637,438 190.48 121,419,190.24 6.56Volvo AB 720,518 156.90 113,049,274.20 6.11Telefonaktiebolaget LM Ericsso 1,340,838 81.56 109,358,747.28 5.91Investor AB B 198,732 511.20 101,591,798.40 5.49Assa Abloy AB 461,523 219.00 101,073,537.00 5.46Sandvik AB 547,384 182.65 99,979,687.60 5.40Svenska Handelsbanken AB 848,487 100.90 85,612,338.30 4.63Essity B 278,355 301.80 84,007,539.00 4.54Skandinaviska Enskilda Banken 945,335 88.08 83,265,106.80 4.50Hexagon AB 152,768 525.00 80,203,200.00 4.33Telia Co AB 1,842,357 40.25 74,154,869.25 4.01Swedbank AB 492,864 139.45 68,729,884.80 3.71Nordea Bank Abp 740,798 75.64 56,033,960.72 3.03AstraZeneca PLC 59,360 940.20 55,810,272.00 3.02Atlas Copco AB 171,093 325.20 55,639,443.60 3.01ABB Ltd 233,136 225.10 52,478,913.60 2.84Alfa Laval AB 182,899 235.90 43,145,874.10 2.33Tele2 AB 290,091 135.85 39,408,862.35 2.13Skanska AB 174,634 211.70 36,970,017.80 2.00Swedish Match AB 74,280 482.80 35,862,384.00 1.94SKF AB 183,980 189.40 34,845,812.00 1.88Electrolux AB 131,190 229.90 30,160,581.00 1.63Boliden AB 118,669 248.50 29,489,246.50 1.59Svenska Cellulosa AB SCA 278,947 95.00 26,499,965.00 1.43Securitas AB 152,575 161.45 24,633,233.75 1.33Kinnevik AB 105,526 229.00 24,165,454.00 1.31Getinge AB 110,762 174.00 19,272,588.00 1.04Autoliv Inc 23,935 791.00 18,932,585.00 1.02SSAB AB 131,245 32.85 4,311,398.25 0.23Nordea Bank Abp 20,000 75.64 1,512,800.00 0.08

TOTAL VALUE OF SECURITIES 1,848,479,078.94 99.87


31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, SEK - / 1 462,11 - / 1 350,33 - / 1 754,99Fund Size, SEK 1,652,421,596.86 1,448,312,682.52 1,850,929,706.23Number of yield units (A) 0.00Number of growth units (B) 1,054,665.44Number of unitholders 169Commission Fees (12 months), % 0.01Commissions paid to an associated company of total commissions (12 months), % 37.94Fees paid to the management company for asset management (Year-to-Date), SEK 8,457,546.49Fees paid to the custodian for custodian services (Year-to-Date), SEK -Fees paid to other Evli funds (Year-to-Date), SEK -

Evli Swedish Small Cap 31 December 2019

55

Year 2019 was a very strong year on the equity markets. The equitiesof Swedish small and mid caps returned 43.2% (Carnegie SwedishSmall Cap Index). The equity markets' rise was partly boosted by thecentral banks' continued expansionary monetary policy and investorstaking the wrong position in equities after the steep decline in the finalquarter of 2018.

Evli Swedish Small Cap's return of 41.58% fell short of the benchmarkreturn of 43.16% in 2019. The fund's underweight in EvolutionGaming (the fund does not invest in companies operating inthe gambling market) and underweight in Getinge (good profitperformance buoyed the share price) had the most negative impacton relative return. The overweight in Beijer Ref and the overweightin the Bygghemma Group (strong profit performance supported theshare price rise in both) had the most positive effect on relative return.

Some of the holdings we sold from the portfolio during the yearinclude: Vitrolife, Concentric, EQT Addtech, Boozt, Cellavision andAttendo. New holdings in the portfolio include Adapteo, Bravida,EQT, Sinch, Storytel and Cellavision. We increased the portfolioweightings of Bygghemma, Lagercrantz and Lifco, for example.

FUND FACTS Fund Category Swedish smaller companies fund

(UCITS)Launch Date 29 May 2008Fund Manager Evli Fund Management CompanyBloomberg A/B EVSWSCA FH / EVSWSCB FHReuters A/B LP65163349 / LP68021299ISIN A/B FI0008813134 / FI0008813142Sales Registration FI/SE/DKSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a.

Morningstar Rating™Morningstar Category™ Sweden Small/Mid-Cap EquityBenchmark Carnegie Small Cap Return Index

Sweden

TOP 10 HOLDINGS % Beijer Ref AB 5.43Thule Group AB 4.84Lagercrantz Group AB 4.82AAK AB 4.67Lifco AB 4.66Bygghemma Group First AB 4.55Kungsleden AB 3.95NCAB Group AB 3.87JM AB 3.79Embracer Group AB 3.31

SECTOR BREAKDOWN % Industrials 31.14Information Technology 24.72Consumer Discretionary 14.48Real Estate 8.88Communication Services 4.92Consumer Staples 4.67Health Care 4.23Financials 2.51Materials 1.79Cash 2.66


-100

0

100

200

300

400

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

01/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 5.98 5.16 0.823 Months 10.10 12.63 -2.536 Months 6.52 14.87 -8.351 Year 41.58 43.16 -1.573 Years p.a. 14.15 15.86 -1.705 Years p.a. 14.26 17.80 -3.54Since Launch 397.59 350.42 47.17Since Launch p.a. 14.84 13.86 0.98

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, SEK 3296.99/4975.91 -Fund Size, SEK million 834.68 -Volatility, % 11.81 10.49Sharpe Ratio 3.55 4.15Tracking Error, % 5.28 -Information Ratio -0.30 -R2 0.80 -Beta 1.01 -Alpha, % -1.90 -TER, % 1.67 -Portfolio Turnover 0.53 -

COUNTRY BREAKDOWN % Sweden 94.50Finland 2.84Cash 2.66

Evli Swedish Small CapInvestments 31 December 2019

56

Quantity/

Nominal value SEKRate SEK/

Market price %Market value SEK/

Change in value SEK % of Fund value

SECURITIES


Equities 97.34Beijer Ref AB 165,000 274.80 45,342,000.00 5.43Thule Group AB 187,000 216.00 40,392,000.00 4.84Lagercrantz Group AB 275,000 146.40 40,260,000.00 4.82AAK AB 219,000 178.00 38,982,000.00 4.67Lifco AB 68,000 572.00 38,896,000.00 4.66Bygghemma Group First AB 650,000 58.40 37,960,000.00 4.55Kungsleden AB 335,000 98.40 32,964,000.00 3.95NCAB Group AB 207,000 156.00 32,292,000.00 3.87JM AB 114,000 277.40 31,623,600.00 3.79Embracer Group AB 390,000 70.78 27,604,200.00 3.31Elekta AB 215,000 123.35 26,520,250.00 3.18MIPS AB 131,000 198.40 25,990,400.00 3.11Bravida Holding AB 279,000 90.95 25,375,050.00 3.04Troax Group AB 207,000 120.80 25,005,600.00 3.00ADAPTEO OYJ 206,000 114.98 23,685,880.00 2.84Nordic Entertainment Group AB 78,000 302.80 23,618,400.00 2.83Munters Group AB 480,000 49.06 23,548,800.00 2.82Dometic Group AB 242,000 94.32 22,825,440.00 2.73Fastighets AB Balder 50,000 433.20 21,660,000.00 2.60TF Bank AB 180,000 116.50 20,970,000.00 2.51Tobii AB 530,000 37.56 19,906,800.00 2.38Fabege AB 125,000 155.70 19,462,500.00 2.33AF Pöyry AB 89,000 218.60 19,455,400.00 2.33KNOW IT AB 86,000 208.50 17,931,000.00 2.15Storytel AB 122,000 143.20 17,470,400.00 2.09HMS Networks AB 101,000 172.80 17,452,800.00 2.09Nordic Waterproofing Holding A 180,000 96.20 17,316,000.00 2.07Granges AB 151,000 98.95 14,941,450.00 1.79CLX Communications AB 45,000 286.50 12,892,500.00 1.54Green Landscaping Holding AB 336,199 36.80 12,372,123.20 1.48Indutrade AB 30,000 335.20 10,056,000.00 1.20Eolus Vind AB 90,000 109.60 9,864,000.00 1.18Systemair AB 50,000 180.50 9,025,000.00 1.08Swedish Orphan Biovitrum AB 57,000 154.50 8,806,500.00 1.06



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, SEK 2607,20/3625,29 2426,08/3514,53 3296,99/4975,91Fund Size, SEK 719,651,366.60 498,539,531.33 834,677,660.70Number of yield units (A) 1,048.88Number of growth units (B) 167,048.64Number of unitholders 1,710Commission Fees (12 months), % 0.15Commissions paid to an associated company of total commissions (12 months), % 49.53Fees paid to the management company for asset management (Year-to-Date), SEK 12,362,708.84Fees paid to the custodian for custodian services (Year-to-Date), SEK -Fees paid to other Evli funds (Year-to-Date), SEK -

Evli Factor Premia 31 December 2019

57

The fund invests its assets in a market-neutral manner in manydifferent asset classes and uses factors or investment strategies withbroad academic approval. The fund uses eight factors: carry, trend,value, momentum, quality, low risk, volatility and size. The fund's goalis a return that is independent of conventional asset classes at an 8%volatility level using short-selling and leveraging with derivatives.

2019 was a narrowly profitable year for the fund with a return of 0.46%.The carry factor was profitable for the fund, but the return of the valuefactor was also satisfactory. Overall return was substantially hamperedby the poor performance of momentum.

FUND FACTS Fund Category Global alternative investment fund

(AIF)Launch Date 1 November 2017Fund Manager Mattias Lagerspetz, Peter Lindahl, Antti

SivonenBloomberg A/B/IB EVLFPRA FH/EVLFPRB FH/EVLFPIB FHReuters A/B/IB LP68451227/LP68451226/

LP68451228ISIN A/B/IB FI4000282751/FI4000282777/

FI4000282785Sales Registration FISubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.00% p.a. (A, B) / 0.50% p.a. (IA, IB)In addition to the fixed fee a dailydetermined performance fee of10% of the return that exceeds thereturn of the reference value applyingthe High Water Mark principle for aminimum period of 24 months. Thereference value is ICE BofAML EuroCurrency 3-month Deposit OfferedRate Constant Maturity Index + 3% peryear.

Morningstar Rating™ -Morningstar Category™ Alt - MultistrategyBenchmark No official bencmark

TOP 10 HOLDINGS % EURO-BUND FUTURE Mar20 58.29Evli Euro Liquidity B 32.72Euro-BTP Future Mar20 20.08C$ CURRENCY FUT Mar20 17.10BP CURRENCY FUT Mar20 17.08TRY/USD Future Mar20 12.50RUSSIAN RUBLE FUT Mar20 8.87NEW ZEALAND $ FUT Mar20 8.40JPN YEN CURR FUT Mar20 8.13LIVE CATTLE FUTR Feb20 6.81

RISK ALLOCATION OF INVESTMENTS % Money Market 96.61Bonds 31.70Equities 23.12


-15,0

-10,0

-5,0

0,0

5,0

10,0

01/18

04/18

07/18

10/18

01/19

04/19

07/19

10/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -2.11 0.22 -2.333 Months -3.47 0.65 -4.126 Months -3.53 1.35 -4.881 Year 0.46 2.71 -2.263 Years p.a. - - -5 Years p.a. - - -Since Launch -11.41 5.99 -17.39Since Launch p.a. -5.44 2.72 -8.17

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 81.63 / 88.59 -NAV per IA/IB unit, EUR 89.55 / 89.55 -Fund Size, EUR million 16.46 -Volatility, % 6.66 -Sharpe Ratio 0.12 -Tracking Error, % - -Information Ratio - -R2 - -Beta - -Alpha, % - -TER, % 1.05 -Portfolio Turnover - -

Evli Factor PremiaInvestments 31 December 2019

58

Quantity/




UNITS IN MUTUAL FUNDS

Fixed Income Funds 5,385,857.21 32.72

Money Market 32.72Evli Euro Liquidity B 213,183 25.26 5,385,857.21 32.72



Fixed income futures contracts INR/USD Standard Jan20 12/ 748 343 *) 124.72 0.00 0.00BRAZIL REAL FUT Mar20 -65/ -1 449 011 *) 22.29 0.00 0.0010YR MINI JGB FUT Mar20 2/ 250 005 *) 1.25 0.00 0.00LONG GILT FUTURE Mar20 -21/ -3 290 046 *) 155.25 0.00 0.00US 10YR NOTE (CBT)Mar20 -19/ -2 179 336 *) 114.38 0.00 0.00EURO-BUND FUTURE Mar20 56/ 9 593 468 *) 170.49 0.00 0.00Euro-BTP Future Mar20 23/ 3 304 531 *) 142.46 0.00 0.00SWEDISH KRONA FUT Mar20 -7/ -1 338 778 *) 9.56 0.00 0.00RUSSIAN RUBLE FUT Mar20 41/ 1 460 178 *) 1.42 0.00 0.00SA RAND CURR(CME) Mar20 23/ 725 920 *) 6.31 0.00 0.00PLN/USD Future Mar20 -7/ -822 382 *) 0.23 0.00 0.00AUDUSD Crncy Fut Mar20 -46/ -2 883 399 *) 62.68 0.00 0.00C$ CURRENCY FUT Mar20 41/ 2 814 825 *) 68.65 0.00 0.00JPN YEN CURR FUT Mar20 13/ 1 338 078 *) 82.34 0.00 0.00NORWEGIAN KRONE Mar20 -7/ -1 420 698 *) 10.15 0.00 0.00CHF CURRENCY FUT Mar20 -25/ -2 894 549 *) 92.63 0.00 0.00TRY/USD Future Mar20 28/ 2 057 232 *) 0.15 0.00 0.00BP CURRENCY FUT Mar20 38/ 2 811 587 *) 118.38 0.00 0.00MEXICAN PESO FUT Mar20 30/ 699 902 *) 4.67 0.00 0.00CAN 10YR BOND FUT Mar20 -26/ -2 461 133 *) 94.37 0.00 0.00HUNGARIAN FORINT Mar20 -17/ -1 545 262 *) 0.30 0.00 0.00KRW/USD Jan20 -111/ -2 140 813 *) 0.77 0.00 0.00NEW ZEALAND $ FUT Mar20 23/ 1 382 704 *) 60.12 0.00 0.00

Equity futures contracts DAX Mini Future Mar20 5/ 331 225 *) 13,246.50 0.00 0.00SPI 200 FUTURES Mar20 4/ 418 203 *) 4,131.29 0.00 0.00S&P/TSX 60 IX FUT Mar20 3/ 417 996 *) 694.93 0.00 0.00AMSTERDAM IDX FUT Mar20 3/ 362 748 *) 602.53 0.00 0.00FTSE 100 IDX FUT Mar20 3/ 267 384 *) 8,861.48 0.00 0.00XAK Technology Mar20 5/ 410 803 *) 822.76 0.00 0.00XAP Cons Staples Mar20 -6/ -339 496 *) 565.19 0.00 0.00XAE Energy Mar20 -7/ -390 056 *) 554.77 0.00 0.00XAV Health Care Mar20 -4/ -367 036 *) 918.77 0.00 0.00CAC40 10 EURO FUT Mar20 6/ 358 684 *) 5,963.00 0.00 0.00EURO STOXX 50 Mar20 7/ 262 161 *) 3,729.00 0.00 0.00OMX STOCKHOLM 30 JAN20 Fut 15/ 253 179 *) 168.44 0.00 0.00NIKKEI 225 (CME) Mar20 2/ 210 693 *) 20,889.74 0.00 0.00XAU Utilities Mar20 -8/ -466 334 *) 581.31 0.00 0.00S&P500 EMINI FUT Mar20 2/ 287 743 *) 2,877.63 0.00 0.00FTSE/MIB IDX FUT Mar20 3/ 352 596 *) 23,410.00 0.00 0.00MSCI SING IX ETS Jan20 11/ 271 161 *) 246.07 0.00 0.00XAF Financial Mar20 5/ 422 014 *) 337.64 0.00 0.00XAI Emini Industr Mar20 5/ 364 891 *) 730.23 0.00 0.00Emini S&P ReEstateMar20 9/ 376 516 *) 167.17 0.00 0.00

Other derivates NATURAL GAS FUTR Feb20 -31/ -604 373 *) 1.95 0.00 0.00CBOE VIX FUTURE Jan20 -20/ -245 458 *) 13.03 0.00 0.00LIVE CATTLE FUTR Feb20 25/ 1 121 527 *) 112.15 0.00 0.00

Evli Factor PremiaInvestments 31 December 2019

59

Quantity/




SILVER FUTURE Mar20 8/ 638 440 *) 15.96 0.00 0.00SOYBEAN OIL FUTR Mar20 30/ 557 410 *) 30.97 0.00 0.00SUGAR #11 (WORLD) Mar20 -65/ -870 125 *) 11.95 0.00 0.00CORN FUTURE Mar20 -56/ -966 958 *) 345.34 0.00 0.00WHEAT FUTURE(CBT) Mar20 -22/ -547 404 *) 497.64 0.00 0.00COTTON NO.2 FUTR Mar20 -22/ -676 478 *) 61.50 0.00 0.00LEAN HOGS FUTURE Feb20 -17/ -432 570 *) 63.61 0.00 0.00GOLD 100 OZ FUTR Feb20 2/ 271 304 *) 1,356.52 0.00 0.00SOYBEAN FUTURE Mar20 -10/ -425 499 *) 851.00 0.00 0.00WTI CRUDE FUTURE Feb20 12/ 652 583 *) 54.38 0.00 0.00

Currency forward contracts -267.99 0.001) EUR/USD_200518 17,600 -267.99 0.00



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 101,17 / 101,17 84,65 / 88,19 81,63 / 88,59NAV per IA/IB unit, EUR 101,25 / 101,25 88,70 / 88,70 89,55 / 89,55Fund Size, EUR 10,556,979.08 15,377,464.15 16,458,790.21Number of yield units (A) 9,843.91Number of yield units (IA) 0.00Number of growth units (B) 118,779.86Number of growth units (IB) 57,138.62Number of unitholders 56Commission Fees (12 months), % 0.17Commissions paid to an associated company of total commissions (12 months), % 100.00Fees paid to the management company for asset management (Year-to-Date), EUR 134,056.40Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR 14,764.67

Evli Finland Mix 31 December 2019

60

Year 2019 was a very strong year on the equity markets. TheFinnish equity market returned 20.45% (OMX Helsinki Cap GI).The equity markets' rise was partly boosted by the central banks'continued expansionary monetary policy and investors taking thewrong position in equities after the steep decline in the final quarterof 2018.

Evli Finland Mix returned 10.60% and the benchmark 9.29% in2019. In the equity portfolio the fund's overweights in QT Companyand Outotec had the most positive effect on relative return. Thefund's underweight in UPM-Kymmene and Kone shares had the mostnegative impact on the relative return of the equity portfolio.

The return of the fixed income portfolio in relation to the index waspositively influenced by the emphasis on Finnish corporate bondsand the substantially lower interest rate risk than that of the index.Activity in the Finnish corporate bond market was slightly lower thanexpected, but the market still offered numerous attractively pricedopportunities for picking new bonds into the portfolio.

The main changes to the asset class allocation in 2019 were shiftingfrom neutral equity weighting to underweight in March, and raisingthe equity weighting back to neutral weighting in September.

FUND FACTS Fund Category Finnish balanced fund (UCITS)Launch Date 1 November 1995Fund Manager Janne Kujala, Juhamatti PukkaBloomberg A/B EVLMIXA FH / EVLMIXB FHReuters A/B LP60047387 / LP60080987ISIN A/B FI0008800149 / FI0008801212Sales Registration FI/SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.83% p.a.

Morningstar Rating™Morningstar Category™ EUR Moderate AllocationBenchmark OMX Helsinki Cap Yield

(HEXYP, .OMXHCAPGI) 40%Citigroup Finland GBI All MaturitiesEUR (SBFMEU) 40%3 month Euribor 20%

TOP 10 EQUITY HOLDINGS % Neste Oyj 6.29QT Group Oyj 4.63NORDEA BANK ABP 4.34NOHO PARTNERS 3.36Tokmanni Group Corp 2.89YIT OYJ 2.76TERVEYSTALO OYJ 2.71Talenom Oyj 2.41Kojamo Oyj 2.36RAISIO OYJ VAIHTO-OSAKE 2.32

RISK ALLOCATION OF INVESTMENTS % Bonds 52.36Equities 44.34Money Market 3.30


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PERFORMANCE % Fund Benchmark Difference 1 Month 2.40 1.11 1.293 Months 3.99 0.71 3.276 Months 4.86 2.27 2.591 Year 10.60 9.29 1.313 Years p.a. 4.25 4.12 0.145 Years p.a. 5.94 5.23 0.72Since Launch 452.47 380.85 71.62Since Launch p.a. 7.32 6.71 0.61


Evli Finland MixInvestments 31 December 2019

61

Quantity/




SECURITIES


Fixed Income Investments 45.84Teollisuuden Voi 8.5.2024 2% Callable Fixed 700,000 104.44 740,110.57 3.26Citycon Treasury 16.9.2022 2.375% Callable 634,000 104.52 667,030.40 2.94Neste Oyj 07.06.2024 1.5% Callable Fixed 600,000 104.14 629,918.16 2.78Cargotec Oyj 28.03.2024 2.375% Callable Fixed 500,000 104.66 532,334.81 2.35Dna Oyj 27.03.2025 1.375% Callable Fixed 500,000 104.74 528,940.78 2.33Fortum Oyj 27.2.2026 1.625% Callable Fixed 500,000 104.37 528,668.90 2.33Cramo Oyj 28.2.2022 2.375% At Maturity Fixed 500,000 102.48 522,360.48 2.30Ahlstrom Munksjo 09.06.2022 1.875% Callable Fixed 500,000 102.88 519,626.02 2.29Pohjolan Voima 1.75 PCT 8.6.2023 500,000 102.72 518,544.86 2.29Sponda Oyj 20.05.2020 2.375% At Maturity Fixed 500,000 100.67 510,645.20 2.25YIT EUR 100.000.000 3.15% due 2021 500,000 101.70 509,375.00 2.25Lassila&Tikanoja EUR 50 mio 1.25% 500,000 101.15 507,518.03 2.24Teollisuuden Voi 9.3.2026 1.125% Callable Fixed 500,000 98.40 493,741.68 2.18Finnair Oyj 29.03.2022 2.25% Callable Fixed 450,000 102.85 470,487.91 2.07Sato-Oyj 31.5.2024 1.375% Callable Fixed 400,000 101.95 410,999.85 1.81Konecranes Oyj 09.06.2022 1.75% Callable Fixed 350,000 102.93 363,678.67 1.60Citycon Treasury 1.10.2024 2.5% Callable 300,000 105.15 317,320.75 1.40Outokumpu Oyj 26.2.2020 3.25% Convertible Fixed 300,000 100.20 303,964.81 1.34Outokumpu Oyj 18.6.2024 4.125% Callable Fixed 300,000 100.52 301,991.88 1.33Pohjolan Voima 20/01/25 300,000 99.68 299,469.78 1.32Hkscan Oyj 21.09.2022 2.625% Callable Fixed 250,000 91.25 229,935.96 1.01Caverion 28.03.2023 3.25% Callable Fixed 150,000 104.00 159,702.87 0.70Vvo-Yhtyma Oyj 17.10.2023 1.625% Callable Fixed 150,000 103.69 156,034.49 0.69Kemira Oy 30.5.2024 1.75% Callable Fixed 100,000 102.74 103,764.01 0.46Huhtamaki Oyj 14.05.2020 3.375% At Maturity Fixed 66,000 101.19 68,190.62 0.30

Equities 44.34Neste Oyj 46,000 31.02 1,426,920.00 6.29QT GROUP OYJ 50,000 21.00 1,050,000.00 4.63NORDEA BANK ABP 136,000 7.24 984,640.00 4.34NOHO PARTNERS 74,000 10.30 762,200.00 3.36Tokmanni Group Corp 52,000 12.62 656,240.00 2.89YIT OYJ 105,000 5.96 625,800.00 2.76TERVEYSTALO OYJ 55,000 11.18 614,900.00 2.71Talenom Oyj 12,126 45.00 545,670.00 2.41Kojamo Oyj 33,000 16.20 534,600.00 2.36RAISIO OYJ VAIHTO-OSAKE 155,000 3.40 527,000.00 2.32STORA ENSO OYJ R 37,000 12.97 479,705.00 2.12VALMET 22,000 21.36 469,920.00 2.07HUHTAMÄKI OYJ 9,000 41.38 372,420.00 1.64Uponor OYJ 30,000 11.65 349,500.00 1.54Kamux Corp 45,000 7.40 333,000.00 1.47SSAB AB 110,000 2.93 321,750.00 1.42

Securities traded on another marketplace 2,058,344.06 9.08

Fixed Income Investments 9.08Mercada Oy 24.10.2022 1.875% At Maturity Fixed 1,000,000 103.38 1,037,233.61 4.57Rettig 25.04.2022 2.375% Callable Fixed 600,000 103.25 629,233.61 2.77Uni Prop Finland 02.11.2023 1.875% Callable Fixed 200,000 102.13 204,868.51 0.90Dna Ltd 12.03.2021 2.875% At Maturity Fixed 177,000 103.35 187,008.33 0.82



Evli Finland MixInvestments 31 December 2019

62

31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 3,36 / 8,33 3,13 / 8,09 3,31 / 8,95Fund Size, EUR 22,346,528.13 23,292,389.43 22,675,612.46Number of yield units (A) 945,464.32Number of growth units (B) 2,183,760.63Number of unitholders 409Commission Fees (12 months), % 0.12Commissions paid to an associated company of total commissions (12 months), % 59.08Fees paid to the management company for asset management (Year-to-Date), EUR 417,462.00Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Global Multi Manager 30 31 December 2019

63

Year 2019 will go down in history as an exceptionally brilliantinvestment year, as both equities and fixed income instruments endedthe year with very strong returns. The developed markets' MSCIWorld Index climbed as much as 30.2% in euros and the emergingmarkets' MSCI Emerging Markets Index returned 21.1% during theyear. Supported by the more expansionary monetary policy of thecentral banks and improved risk sentiment, various fixed income assetclass also performed well. European high yield corporate bonds roseby 11.4% and euro area government bonds rose by 6.7% in 2019.

Evli Global Multi Manager 30 returned 10.09%, and the benchmarkindex 7.08% during the year. The outperformance was largely due tothe emphasis on risk-bearing fixed income asset classes, such as highyield corporate bonds and emerging market corporate bonds, andequity fund selection that was very successful. However, the absenceof euro area government bonds from the portfolio and the emphasison emerging equity markets weakened the fund's relative return.

The fund's equity portfolio was geographically widely diversifiedthroughout the year with the biggest weightings in Europe. The fixed-income portfolio's biggest weights during the year were in corporatebonds and money market funds.

FUND FACTS Fund Category International allocation fund (UCITS)Launch Date 21 February 2002, current investment

strategy since 31 August 2017Fund Manager Evli Fund Management CompanyBloomberg A/B EVLG40A FH / EVLG40B FH.Reuters A/B LP65011223 / LP60070955ISIN A/B FI0008805643 / FI0008805650Sales Registration FI/SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.75% p.a

Morningstar Rating™Morningstar Category™ EUR Moderate Allocation - GlobalBenchmark 3-month Euribor index 70%

MSCI Europe TR Net 30%

TOP 10 HOLDINGS % Evli Short Corporate Bond B 17.76Evli European High Yield B 15.98Evli Nordic Corporate Bond B 14.48Evli Emerging Markets Credit B 7.77Evli Equity Factor Europe B 6.61Evli European Investment Grade B 6.29Evli Euro Liquidity B 5.56Evli Europe B 5.36Evli Finnish Small Cap B 3.83iShares MSCI Europe UCITS ETF 2.66

RISK ALLOCATION OF INVESTMENTS % Bonds 58.93Equities 31.18Money Market 9.90


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%

PERFORMANCE % Fund Benchmark Difference 1 Month 1.37 0.60 0.773 Months 2.72 1.64 1.096 Months 3.60 2.40 1.211 Year 10.09 7.08 3.013 Years p.a. 2.71 1.71 1.005 Years p.a. 2.52 3.50 -0.98Since Launch 88.68 137.37 -48.69Since Launch p.a. 3.62 4.96 -1.34


Evli Global Multi Manager 30Investments 31 December 2019

64

Quantity/






Other fixed income investments 32.24Evli Short Corporate Bond B 123,707 29.69 3,672,863.83 17.76Evli Nordic Corporate Bond B 20,904 143.23 2,994,024.67 14.48

High Yield 15.98Evli European High Yield B 11,064 298.61 3,303,721.05 15.98

Emerging market bonds 7.77Evli Emerging Markets Credit B 13,777 116.57 1,605,962.19 7.77

Investment Grade 6.29Evli European Investment Grade B 6,091 213.57 1,300,956.80 6.29

Money Market 5.56Evli Euro Liquidity B 45,520 25.26 1,150,023.56 5.56

Equity Funds 6,447,420.22 31.18

Europe 17.24Evli Equity Factor Europe B 10,080 135.62 1,367,099.64 6.61Evli Europe B 7,914 140.15 1,109,210.41 5.36iShares MSCI Europe UCITS ETF 9,713 56.64 550,144.32 2.66Evli Swedish Small Cap B 640 474.00 303,185.87 1.47db x-trackers Euro Stoxx 50 UC 4,222 55.63 234,869.86 1.14

Finland 5.32Evli Finnish Small Cap B 1,933 410.28 792,990.51 3.83Evli Finland Select B 7,201 42.63 306,999.90 1.48

Emerging Markets 5.27Evli Emerging Frontier B 2,907 160.04 465,200.32 2.25iShares Core MSCI EM IMI UCITS 13,561 27.13 367,842.13 1.78Evli GEM B 1,590 160.87 255,746.08 1.24

North America 3.36iShares Core S&P 500 UCITS ETF 1,345 287.70 386,956.50 1.87Evli Equity Factor USA B 2,073 148.17 307,174.68 1.49



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 93,31 / 180,38 85,10 / 171,39 89,93 / 188,68Fund Size, EUR 19,463,506.11 19,526,519.76 20,678,661.38Number of yield units (A) 14,634.59Number of growth units (B) 102,620.81Number of unitholders 471Commission Fees (12 months), % 0.01Commissions paid to an associated company of total commissions (12 months), % 97.64Fees paid to the management company for asset management (Year-to-Date), EUR 152,068.06Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR 166,107.07

Evli Global Multi Manager 50 31 December 2019

65

Year 2019 will go down in history as an exceptionally brilliantinvestment year, as both equities and fixed income instruments endedthe year with very strong returns. The developed markets' MSCIWorld Index climbed as much as 30.2% in euros and the emergingmarkets' MSCI Emerging Markets Index returned 21.1% during theyear. Supported by the more expansionary monetary policy of thecentral banks and improved risk sentiment, various fixed income assetclass also performed well. European high yield corporate bonds roseby 11.4% and euro area government bonds rose by 6.7% in 2019.

Evli Global Multi Manager 50 returned 14.88%, and the benchmarkindex 12.26% during the year. The outperformance was largely due tothe emphasis on risk-bearing fixed income asset classes, such as highyield corporate bonds and emerging market corporate bonds, andequity fund selection that was very successful. However, the absenceof euro area government bonds from the portfolio and the emphasison emerging equity markets weakened the fund's relative return.

The fund's equity portfolio was geographically widely diversifiedthroughout the year with the biggest weightings in Europe. The fixed-income portfolio's biggest weights during the year were in corporatebonds and money market funds.

FUND FACTS Fund Category International allocation fund (UCITS)Launch Date 16 November 1999, current

investment strategy since 31 August2017

Fund Manager Evli Fund Management CompanyBloomberg A/B EVLG75A FH / EVLG75B FHReuters A/B LP65011224 / LP60048920ISIN A/B FI0008801246 / FI0008801253Sales Registration FISubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.75% p.a.

Morningstar Rating™Morningstar Category™ EUR Aggressive Allocation – GlobalBenchmark 3-month Euribor index 50%

MSCI Europe TR Net 50%

TOP 10 HOLDINGS % Evli Short Corporate Bond B 14.00Evli European High Yield B 11.87Evli Equity Factor Europe B 11.66Evli Nordic Corporate Bond B 11.18Evli Europe B 9.10Evli European Investment Grade B 5.48Evli Finnish Small Cap B 5.14Evli Emerging Markets Credit B 5.10Evli Equity Factor USA B 3.51iShares Core S&P 500 UCITS ETF 3.49

RISK ALLOCATION OF INVESTMENTS % Equities 50.90Bonds 45.02Money Market 4.08


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Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 1.98 1.02 0.963 Months 4.36 2.80 1.566 Months 5.55 4.12 1.431 Year 14.88 12.26 2.623 Years p.a. 3.82 2.98 0.855 Years p.a. 3.79 5.46 -1.68Since Launch 81.11 130.20 -49.09Since Launch p.a. 2.99 4.23 -1.23


Evli Global Multi Manager 50Investments 31 December 2019

66

Quantity/





Equity Funds 7,557,019.90 50.90

Europe 27.65Evli Equity Factor Europe B 12,759 135.62 1,730,468.50 11.66Evli Europe B 9,636 140.15 1,350,510.02 9.10db x-trackers Euro Stoxx 50 UC 7,070 55.63 393,304.10 2.65iShares MSCI Europe UCITS ETF 5,827 56.64 330,041.28 2.22Evli Swedish Small Cap B 634 474.00 300,353.46 2.02

Emerging Markets 8.77Evli GEM B 2,292 160.87 368,648.47 2.48JPM Emerging Markets Opportunities I Acc EUR 2,225 158.21 351,964.57 2.37Evli Emerging Frontier B 1,970 160.04 315,301.99 2.12iShares Core MSCI EM IMI UCITS 9,822 27.13 266,421.75 1.79

Finland 7.48Evli Finnish Small Cap B 1,859 410.28 762,833.82 5.14Evli Finland Select B 8,161 42.63 347,918.41 2.34

North America 7.00Evli Equity Factor USA B 3,515 148.17 520,818.13 3.51iShares Core S&P 500 UCITS ETF 1,802 287.70 518,435.40 3.49


Other fixed income investments 25.18Evli Short Corporate Bond B 70,005 29.69 2,078,439.88 14.00Evli Nordic Corporate Bond B 11,594 143.23 1,660,508.11 11.18


Investment Grade 5.48Evli European Investment Grade B 3,809 213.57 813,587.23 5.48

Emerging market bonds 5.10Evli Emerging Markets Credit B 6,493 116.57 756,847.95 5.10



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 79,92 / 168,78 71,66 / 157,67 79,02 / 181,12Fund Size, EUR 13,976,537.03 12,428,230.02 14,847,176.02Number of yield units (A) 1,662.77Number of growth units (B) 81,246.89Number of unitholders 515Commission Fees (12 months), % 0.02Commissions paid to an associated company of total commissions (12 months), % 98.19Fees paid to the management company for asset management (Year-to-Date), EUR 100,707.65Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR 117,917.25

Evli Q7 31 December 2019

67

The non-UCITS fund Evli Q7 invests globally in equities, fixed incomeinstruments and commodities. The investments are made primarilythrough mutual funds, ETFs, index derivatives and other liquidinvestments. The aim of the fund is to maximize return with theportfolio's target-oriented 7% deviation risk (volatility) by following aquantitative investment strategy.

In the second half of 2019, the capital markets continued to performstrongly. In an environment of slowing cyclical economic growth,monetary policy stimulus by central banks became the main reasonfor the strong development of capital markets. Both the equity andfixed income markets performed very positively, as in the first half.The returns of the key asset classes clearly exceeded the long-termaverage return.

Evli Q7's performance was strong in 2019 with a return of 12.52%. Thefund does not have an official benchmark index. In the second half,the fund's investments focused on equities and gold. At the end ofthe year, the fund's average equity weighting was about 53% and theweighting of gold, invested in through an ETF, was about 10%.

FUND FACTS Fund Category International balanced fund (AIF)Launch Date 7 October 2016Fund Manager Evli Fund Management CompnayBloomberg A/B/IB EVLIQ7A FH/EVLIQ7B FH/EVLQ7IB FHReuters A/B/IB LP68389655/LP68389656/

LP68446916ISIN A/B/IB FI4000220256/FI4000220264/


0.30% p.a. (A, B, IA, IB) + a dailydetermined performance fee of 20%(A, B) / 10% (IA, IB) of the return thatexceeds 3% p.a., which is used as areference return, applying the HighWater Mark principle for a minimumperiod of 24 months.

Morningstar Rating™ -Morningstar Category™ EUR Flexible Allocation – GlobalBenchmark No official benchmark index

TOP 10 HOLDINGS % Evli Euro Liquidity B 41.48Evli Short Corporate Bond B 13.39Evli Finland Select B 9.24Evli Emerging Markets Credit B 6.59Evli European High Yield B 5.51Xetra-Gold 4.70Evli Finnish Small Cap B 4.10iShares MSCI Japan UCITS ETF D 0.90STOXX EUROPE 600 Mar20 0.00EURO E-MINI FUT Mar20 0.00

RISK ALLOCATION OF INVESTMENTS % Money Market 56.36Bonds 24.69Equities 14.25Alternative investments 4.70


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PERFORMANCE % Fund Benchmark Difference 1 Month 1.78 - -3 Months 3.78 - -6 Months 5.56 - -1 Year 12.52 - -3 Years p.a. 4.04 - -5 Years p.a. - - -Since Launch 15.49 - -Since Launch p.a. 4.56 - -

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 106.43 / 115.49 -NAV per IA/IB unit, EUR 106.90 / 106.90 -Fund Size, EUR million 31.48 -Volatility, % 5.15 -Sharpe Ratio 2.50 -Tracking Error, % - -Information Ratio - -R2 - -Beta - -Alpha, % - -TER, % 0.61 -Portfolio Turnover 3.99 -

Evli Q7Investments 31 December 2019

68

Quantity/






Money Market 41.48Evli Euro Liquidity B 455,065 25.26 11,496,763.05 36.52Evli Euro Liquidity B 61,781 25.26 1,560,838.69 4.96

Other fixed income investments 13.39Evli Short Corporate Bond B 141,963 29.69 4,214,867.83 13.39

Emerging market bonds 6.59Evli Emerging Markets Credit B 17,807 116.57 2,075,662.31 6.59


Equity Funds 4,485,480.52 14.25

Finland 13.35Evli Finland Select B 68,261 42.63 2,909,946.56 9.24Evli Finnish Small Cap B 3,149 410.28 1,292,170.46 4.10

Japan 0.90iShares MSCI Japan UCITS ETF D 21,000 13.49 283,363.50 0.90

Alternative investment funds 1,478,864.00 4.70

Other alternative investments 4.70Xetra-Gold 34,000 43.50 1,478,864.00 4.70



Fixed income futures contracts EURO-BUND FUTURE Mar20 28/ 4 796 734 *) 170.49 0.00 0.00EURO E-MINI FUT Mar20 -140/ -8 792 082 *) 1.00 0.00 0.00

Equity futures contracts STOXX EUROPE 600 Mar20 307/ 6 383 144 *) 413.80 0.00 0.00MSCI EmgMkt Mar20 131/ 6 502 514 *) 997.68 0.00 0.00S&P500 EMINI FUT Mar20 28/ 4 028 404 *) 2,877.63 0.00 0.00

TOTAL VALUE OF DERIVATIVE CONTRACTS 0.00 0.00

CASH AND OTHER ASSETS, NET. 4,430,672.15 14.07*) Market value of the underlying assets

31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 107,80 / 107,80 98,54 / 102,65 106,43 / 115,49NAV per IA/IB unit, EUR 99,75 / 99,75 95,01 / 95,01 106,90 / 106,90Fund Size, EUR 24,445,109.44 28,047,310.81 31,479,035.42Number of yield units (A) 21,194.13Number of yield units (IA) 0.00Number of growth units (B) 152,019.30Number of growth units (IB) 109,128.67Number of unitholders 63Commission Fees (12 months), % 0.29Commissions paid to an associated company of total commissions (12 months), % 99.88Fees paid to the management company for asset management (Year-to-Date), EUR 88,225.88Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR 137,095.77

Evli Wealth Manager 31 December 2019

69

The markets were very strong in 2019. Equities were the best-performing asset class, with the developed markets' MSCI WorldIndex rising by as much as 30.2% in euros and the emerging markets'MSCI Emerging Markets Index rising by 21.1%. Euro area governmentbonds rose strongly, yielding 6.7% despite a weak second half-year.European high yield corporate bonds yielded 11.4%. The singlecurrency, the euro, depreciated by 1.9% against the US dollar.

Evli Wealth Manager returned 12.98% and the benchmark 6.72%during 2019. The outperformance was due to the strong rise of theequity markets.

We adjusted the fund's equity weighting tactically during the firsthalf. We took profits by reducing the equity weighting in February,but raised it again in April. We reduced the weight of the emergingmarkets in equity investments during the spring. In the second half,equity investments were either underweight or at the neutral weightof the end of the year. In fixed-income investments we overweightedshort-term corporate bonds and European high yield corporatebonds throughout the year.

FUND FACTS Fund Category International balanced fundLaunch Date 21 November 2006Fund Manager Evli Fund Management CompanyBloomberg A/B -Reuters A/B -ISIN A/B -/ FI0008811450Sales Registration FISubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.29% p.a.

Morningstar Rating™ -Benchmark Citigroup EMU Government Bond

index

TOP 10 HOLDINGS % Evli Nordic Corporate Bond B 15.58Evli European High Yield B 11.97Invesco Physical Gold ETC 10.94Evli Short Corporate Bond B 9.38Vanguard Health Care ETF 8.33iShares Core MSCI Japan IMI UC 6.88Evli Equity Factor USA B 6.73Vanguard Small-Cap Value ETF 6.70Evli Europe B 6.17Evli Equity Factor Europe B 5.65

RISK ALLOCATION OF INVESTMENTS % Equities 49.82Bonds 33.91Alternative investments 10.94Money Market 5.32


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Fund Benchmark

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PERFORMANCE % Fund Benchmark Difference 1 Month 1.68 -1.03 2.713 Months 3.79 -3.01 6.806 Months 4.66 0.71 3.951 Year 12.98 6.72 6.273 Years p.a. 2.83 2.54 0.295 Years p.a. 4.45 2.49 1.96Since Launch 69.84 73.79 -3.95Since Launch p.a. 4.12 4.30 -0.18

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR - / 169.84 -Fund Size, EUR million 49.17 -Volatility, % 5.55 4.03Sharpe Ratio 2.40 1.76Tracking Error, % 7.23 -Information Ratio 0.87 -R2 0.01 -Beta -0.16 -Alpha, % 14.46 -TER, % 0.57 -Portfolio Turnover 0.43 -

Evli Wealth ManagerInvestments 31 December 2019

70

Quantity/




SECURITIES


ETF 42.07Invesco Physical Gold ETC 41,000 131.25 5,381,250.00 10.94Vanguard Health Care ETF 24,000 170.77 4,098,468.12 8.33iShares Core MSCI Japan IMI UC 85,000 39.80 3,383,255.00 6.88Vanguard Small-Cap Value ETF 27,000 122.08 3,296,125.76 6.70db x-trackers MSCI Emerging Ma 56,000 47.21 2,643,760.00 5.38Vanguard Energy ETF 26,000 72.58 1,887,014.61 3.84

Equities 0.14Fondia Oyj 6,540 10.40 68,016.00 0.14


Units in mutual funds 55.48Evli Nordic Corporate Bond B 53,476 143.23 7,659,144.03 15.58Evli European High Yield B 19,715 298.61 5,887,100.10 11.97Evli Short Corporate Bond B 155,309 29.69 4,611,127.36 9.38Evli Equity Factor USA B 22,326 148.17 3,308,153.93 6.73Evli Europe B 21,663 140.15 3,036,172.87 6.17Evli Equity Factor Europe B 20,494 135.62 2,779,536.66 5.65



Fixed income futures contracts EURO E-MINI FUT Mar20 84/ 5 275 249 *) 1.00 0.00 0.00

Equity futures contracts S&P500 EMINI FUT Mar20 -40/ -5 754 863 *) 2,877.63 0.00 0.00MSCI EmgMkt Mar20 40/ 1 985 501 *) 997.68 0.00 0.00STOXX EUROPE 600 Mar20 230/ 4 782 160 *) 413.80 0.00 0.00

TOTAL VALUE OF DERIVATIVE CONTRACTS 0.00 0.00

CASH AND OTHER ASSETS, NET. 1,135,833.72 2.31*) Market value of the underlying assets

31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR - / 160,65 - / 150,32 - / 169,84Fund Size, EUR 69,839,120.37 51,388,076.40 49,174,958.16Number of yield units (A) 0.00Number of growth units (B) 289,534.68Number of unitholders 63Commission Fees (12 months), % 0.07Commissions paid to an associated company of total commissions (12 months), % 97.99Fees paid to the management company for asset management (Year-to-Date), EUR 140,113.80Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR 254,876.14

Evli Corporate Bond 31 December 2019

71

Year 2019 was a good year for corporate bond investors. EvliCorporate Bond returned 6.10% and the benchmark 7.36% in 2019.Especially long-term corporate bonds performed well during thereview period. The fund's shorter duration than that of the indexand its overweight in unrated short-term bonds hampered relativereturns, causing the fund to fall short of the benchmark return. Thefund celebrated its 20th anniversary in September and has returned4.77% p.a. since its launch.

The share of investment grade bonds in the portfolio was fairly staticduring the year. In the second half of the year, we increased the weightof BB-rated loans and reduced the weight of B-rated loans becausewe felt that the European Central Bank's corporate loan purchasessupport BBB- and BB-rated loans. BBB-rated loans were overweighedthroughout the year, as were BB-rated loans in the second half. We willcontinue to overweigh Nordic companies and the subordinated loansof selected banks. The yield spreads of Nordic unrated corporatebonds did not contract as much as those of rated corporate bondsin 2019 and the former were inexpensive in our opinion. The fund'sduration was around four years throughout the year. The fund startedthis year with the same interest rate risk as last year. At the end of theperiod under review, the fund's return level (YTM) was 1.80% and themodified duration was 3.96 years.

FUND FACTS Fund Category European corporate bond fund

(UCITS)Launch Date 15 September 1999Fund Manager Mikael Lundström, Jani KurppaBloomberg A/B/IB EVLCOBA FH/EVLCOBB FH/EVLCOIB


LP68425006ISIN A/B/IB FI0008801089/FI0008801097/

FI4000243217Sales Registration FI/SE/DK/FR/ES/IT/DE/CLSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.85% p.a. (A, B)0.45 % p.a. (IB)

Morningstar RatingMorningstar Category™ EUR Corporate BondBenchmark ICE BofAML EMU Corporate Index

75%ICE BofAML Euro High Yield BB-BRated Constrained Index 25%

TOP 10 HOLDINGS % Storebrand Livsf 4.4.2043 6,875% Callable VAR 2.15Vattenfall Ab 19.3.2077 3% Callable VAR 1.74Neste Oyj 07.06.2024 1,5% Callable Fixed 1.67Huhtamaki Oyj 04.10.2024 1,625% Callable Fixed 1.56Metsa Board Oyj 29.09.2027 2,75% CallableFixed

1.47

Tele2 Ab 15.5.2024 1,125% Callable Fixed 1.45Kommunal Landsp 10.6.2045 4,25% CallableVariable

1.44

Iss Global A/S 2.12.2024 2,125% Callable 1.42Kemira Oy 30.5.2024 1,75% Callable Fixed 1.40Mercada Oy 24.10.2022 1,875% At Maturity Fixed 1.37

SECTOR BREAKDOWN % Banks 15.19Utility 12.95Real Estate 7.81Telecommunications 7.10Basic Industry 6.93Financial Services 6.62Health Care 6.60Insurance 6.57Other 26.74Cash 3.49


-50,0

0,0

50,0

100,0

150,0

200,0

01/00

01/02

01/04

01/06

01/08

01/10

01/12

01/14

01/16

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 0.23 0.23 0.013 Months 0.16 0.08 0.086 Months 1.38 1.38 0.001 Year 6.10 7.36 -1.263 Years p.a. 2.54 2.97 -0.435 Years p.a. 2.59 2.90 -0.31Since Launch 157.65 168.33 -10.67Since Launch p.a. 4.77 4.98 -0.21

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 116.47 / 257.65 -NAV per IA/IB unit, EUR 100.27 / 106.43 -Fund Size, EUR million 378.00 -Volatility, % 1.41 1.88Sharpe Ratio 4.60 4.11Tracking Error, % 0.71 -Information Ratio -1.77 -R2 0.89 -Beta 0.71 -Alpha, % 0.98 -TER, % 0.86 -Portfolio Turnover 0.11 -Modified Duration 3.97 -

ASSET ALLOCATION BY CREDIT RATING

AA 0,59 %

A 12,29 %

BBB 40,64 %

BB 23,33 %

B 3,94 %

Not Rated 19,21 %

Evli Corporate BondInvestments 31 December 2019

72

Quantity/




SECURITIES


Fixed Income Investments 93.53Storebrand Livsf 4.4.2043 6.875% Callable VAR 6,633,000 117.43 8,126,917.79 2.15Vattenfall Ab 19.3.2077 3% Callable VAR 6,000,000 107.42 6,586,287.54 1.74Neste Oyj 07.06.2024 1.5% Callable Fixed 6,000,000 104.14 6,299,181.64 1.67Huhtamaki Oyj 04.10.2024 1.625% Callable Fixed 5,710,000 103.12 5,910,461.56 1.56Metsa Board Oyj 29.09.2027 2.75% Callable Fixed 4,950,000 111.50 5,553,839.14 1.47Tele2 Ab 15.5.2024 1.125% Callable Fixed 5,300,000 103.06 5,499,384.26 1.45Kommunal Landsp 10.6.2045 4.25% Callable Variable 4,700,000 113.83 5,461,252.07 1.44Iss Global A/S 2.12.2024 2.125% Callable 5,000,000 107.15 5,365,668.72 1.42Kemira Oy 30.5.2024 1.75% Callable Fixed 5,100,000 102.74 5,291,964.28 1.40Adler Real Est 27.4.2023 1.875% Callable Fixed 5,000,000 101.97 5,161,824.59 1.37Smurfit Kappa Aq 15.1.2026 2.875% At Maturity Fixed 4,490,000 109.95 4,995,740.50 1.32Muni Finance Plc 29.12.2049 4.5% Perp/Call VAR 4,400,000 108.51 4,922,537.51 1.30Vivion 8.8.2024 3% At Maturity Fixed 4,700,000 101.68 4,834,773.66 1.28Statkraft As 20.3.2025 1.125% Callable Fixed 4,500,000 104.10 4,723,969.43 1.25Cnp Assurances 20.10.2022 1.875% At Maturity Fixed 4,300,000 104.46 4,507,640.66 1.19Teollisuuden Voi 8.5.2024 2% Callable Fixed 4,200,000 104.44 4,440,663.44 1.17Tennet Hld Bv 2.995% Perp/Call Variable 4,000,000 107.09 4,353,279.67 1.15Molnlycke Hld 28.2.2025 1.875% At Maturity Fixed 4,000,000 106.27 4,313,596.71 1.14Dna Oyj 27.03.2025 1.375% Callable Fixed 4,000,000 104.74 4,231,526.23 1.12Finnair Oyj 29.03.2022 2.25% Callable Fixed 4,000,000 102.85 4,182,114.75 1.11Orange 15.7.2024 1.125% Callable Fixed 4,000,000 104.03 4,181,778.69 1.11Lincoln Fin 1.4.2024 3.625% Callable Fixed 4,000,000 103.52 4,176,487.22 1.10Cargotec Oyj 28.03.2022 1.75% Callable Fixed 4,000,000 102.55 4,155,329.40 1.10Veolia Envrnmt 14.1.2024 0.892% Callable Fixed 4,000,000 102.84 4,147,911.45 1.10Hsbc Holdings 6.9.2024 0.875% At Maturity Fixed 4,000,000 102.57 4,113,692.90 1.09Citigroup Inc 26.10.2023 0.75% Callable Fixed 4,000,000 102.07 4,088,369.84 1.08Volvo Car Ab 27.2.2023 2.235% At Maturity Floating 40,000,000 102.09 3,916,697.82 1.04Cramo Oyj 28.2.2022 2.375% At Maturity Fixed 3,600,000 102.48 3,760,995.45 0.99Lhc Three Plc 15.8.2024 4.125% Callable Pay-In-Kind 3,500,000 103.25 3,655,999.38 0.97Merck Fin Servic 5.7.2027 0.375% Callable Fixed 3,500,000 99.53 3,490,109.06 0.92Telia Co Ab 20.2.2034 2.125% Callable Fixed 3,000,000 110.06 3,356,582.47 0.89Elec De France 4% Perp/Call Variable 3,000,000 109.00 3,298,852.46 0.87Telefonica Emis 12.3.2029 1.788% Callable Fixed 3,000,000 108.28 3,291,547.87 0.87Aker 22.11.2024 3.77% At Maturity Floating 32,000,000 100.23 3,269,495.52 0.86Societe Generale 6.75% Perp/Call Variable 3,000,000 106.60 3,245,148.69 0.86Nykredit 3.6.2036 4% Callable VAR 3,020,000 105.04 3,241,789.13 0.86Innogy Finance 31.7.2029 1.5% Callable Fixed 3,000,000 106.92 3,226,411.48 0.85Holcim Finance L 3% Perp/Call Variable 3,000,000 105.38 3,205,446.39 0.85Intrum 15.7.2022 2.75% Callable Fixed 3,125,000 101.34 3,190,840.28 0.84Statnett Sf 26.4.2030 1.25% Callable Fixed 3,000,000 104.83 3,170,322.30 0.84Bnp Paribas 20.3.2026 2.875% Callable VAR 3,000,000 103.25 3,164,897.54 0.84Societe Generale 15.2.2024 1.25% At Maturity Fixed 3,000,000 103.34 3,133,033.97 0.83Loxam Sas 14.1.2025 3.25% Callable Fixed 3,000,000 103.14 3,122,517.50 0.83Kbc Group Nv 4.25% Perp/Call Variable 3,000,000 103.11 3,117,108.52 0.82Cte Co Transp El 29.9.2024 0.875% At Maturity Fixed 3,000,000 103.01 3,097,030.08 0.82Caverion 28.03.2023 3.25% Callable Fixed 2,900,000 104.00 3,087,588.80 0.82Balder 14.3.2022 1.125% Callable Fixed 3,000,000 101.80 3,080,776.23 0.82Fortum Oyj 27.2.2023 0.875% Callable Fixed 3,000,000 101.70 3,073,078.77 0.81Nordea Bank Ab 7.9.2026 1% Callable Variable 3,000,000 101.24 3,046,566.23 0.81Op Corporate Bk 19.6.2024 0.375% At Maturity Fixed 3,000,000 99.93 3,003,863.85 0.79Intrum Ab 15.9.2027 3% Callable Fixed 3,000,000 98.12 2,968,760.00 0.79Volvo Treas Ab 10.3.2078 4.85% Callable VAR 2,500,000 111.65 2,889,310.11 0.76


73

Quantity/




B2 Holding Asa 14.11.2022 3.921% Callable Floating 3,000,000 94.25 2,842,857.25 0.75Engie 3.25% Perp/Call Variable 2,500,000 109.66 2,816,442.12 0.75Suominen Oyj 03.10.2022 2.5% At Maturity Fixed 2,750,000 100.75 2,787,342.90 0.74Allianz Se 7.7.2045 2.241% Callable VAR 2,500,000 107.13 2,705,444.06 0.72Yit-Yhtyma Oy 11.6.2023 4.25% Callable Fixed 2,500,000 104.75 2,624,652.78 0.69Ing Groep Nv 26.9.2029 1.625% Callable Variable 2,500,000 103.38 2,595,180.74 0.69Dnb Bank Asa 1.3.2027 1.25% Callable Variable 2,500,000 102.00 2,576,141.67 0.68Deutsch Bahn Fin 1.6% Perp/Call Variable 2,500,000 102.67 2,574,787.43 0.68Zf Europe 23.2.2026 2% Callable Fixed 2,500,000 102.19 2,564,077.05 0.68Bank Of Ireland 19.12.2022 10% 2,000,000 127.29 2,552,317.38 0.68Ellevio Ab 28.2.2024 2.24% At Maturity Fixed 25,000,000 104.73 2,550,822.86 0.67Pohjolan Voima 20/01/25 2,400,000 99.68 2,395,758.25 0.63Cargotec Oyj 23.9.2026 1.625% At Maturity Fixed 2,400,000 97.18 2,342,797.18 0.62B2 Holding Asa 28.5.2024 6.038% Callable Floating 2,400,000 96.44 2,328,410.00 0.62Nordea Bank Ab 3.5% Perp/Call Variable 2,200,000 101.75 2,300,352.46 0.61Rci Banque 10.11.2021 0.625% Callable Fixed 2,250,000 100.88 2,271,737.03 0.60Merck 12.12.2074 3.375% Callable VAR 2,000,000 112.48 2,253,124.10 0.60Softbank Grp Cor 15.4.2028 5% Callable Fixed 2,000,000 110.19 2,224,593.33 0.59Cooperatieve Rab 4.625% Perp/Call Variable 2,000,000 109.96 2,199,625.46 0.58Ing Groep Nv 11.04.2028 3% 2,000,000 107.62 2,195,578.69 0.58Abn Amro Bank Nv 4.75% Perp/Call Variable 2,000,000 108.10 2,188,158.90 0.58Fresenius Medica 30.11.2026 0.625% Callable Fixed 2,200,000 99.36 2,187,100.29 0.58Nidda Healthcare 30.9.2024 3.5% Callable Fixed 2,100,000 103.09 2,183,395.03 0.58Deutsch Bahn Fin 18.12.2028 1.125% At Maturity Fixed 2,000,000 107.47 2,150,259.18 0.57Telia Co Ab 4.4.2078 3% Callable Variable 2,000,000 105.23 2,149,026.23 0.57Jyske Bank A/S 5.4.2029 2.25% Callable Variable 2,000,000 104.77 2,128,576.72 0.56Zuercher Kbk 15.6.2027 2.625% Callable Variable 2,000,000 104.91 2,126,705.08 0.56Nidda Healthcare 30.9.2024 3.5% Callable Fixed 2,000,000 103.22 2,081,820.00 0.55Cred Suis Gp Fun 14.4.2022 1.25% 2,000,000 102.77 2,073,307.87 0.55Securitas Ab 20.2.2024 1.125% Callable Fixed 2,000,000 102.47 2,068,836.16 0.55Citycon Treasury 1.10.2024 2.5% Callable 1,950,000 105.15 2,062,584.90 0.55Sampo Oyj 23.5.2049 3.375% Callable Variable 1,800,000 112.02 2,053,172.36 0.54Koninklijke Kpn 2% Perp/Call Variable 2,000,000 101.81 2,041,917.78 0.54Vivendi Sa 11.6.2025 0.625% Callable Fixed 2,000,000 100.81 2,023,173.06 0.54Ellevio Ab 12.2.2025 2.875% At Maturity Fixed 20,000,000 102.57 2,011,974.49 0.53Swedavia Ab 1.561% Perp/Call Floating 20,000,000 100.24 1,921,559.40 0.51Rsa Insurance 5.073% Perp/Call Floating 19,000,000 104.40 1,899,510.84 0.50Color Group As 23.11.2023 4.43% At Maturity Floating 18,000,000 101.50 1,864,155.34 0.49Sato-Oyj 31.5.2024 1.375% Callable Fixed 1,800,000 101.95 1,849,499.31 0.49Polygon Ab 23.2.2023 4% Callable Fixed 1,800,000 101.75 1,847,500.00 0.49Thermo Fisher 23.1.2026 1.4% Callable Fixed 1,700,000 105.63 1,818,078.27 0.48Mandatum Life 4.10.2049 1.875% Callable Variable 1,750,000 102.00 1,792,889.34 0.47HUHTAMAKI OYJ 175M 1.125 20.11.26 1,800,000 99.04 1,784,934.44 0.47Norske Skog 30.6.2022 5.68% At Maturity Floating 1,700,000 102.75 1,751,000.00 0.46Ssab Ab 6.9.2023 2.875% At Maturity Fixed 1,700,000 102.00 1,749,490.44 0.46Billerudkor 21.2.2022 1.625% At Maturity Fixed 17,000,000 101.44 1,673,118.37 0.44Fortum Oyj 27.2.2029 2.125% Callable Fixed 1,500,000 107.67 1,641,919.93 0.43Vier Gas Transpo 10.9.2029 0.125% Callable Fixed 1,700,000 95.74 1,628,230.27 0.43Goldman Sachs Gp 27.7.2026 1.625% At Maturity Fixed 1,500,000 106.52 1,608,210.94 0.43Vonovia Bv 29.12.2049 4% Perp/Call Variable 1,500,000 106.94 1,606,440.08 0.42Elia System Op 2.75% Perp/Call Variable 1,500,000 105.23 1,581,380.33 0.42B2 Holding Asa 8.12.2020 7.5% Callable FRN 1,500,000 103.83 1,564,325.00 0.41Vvo-Yhtyma Oyj 17.10.2023 1.625% Callable Fixed 1,500,000 103.69 1,560,344.88 0.41Ssab Ab 26.6.2024 2.67% At Maturity Floating 16,000,000 100.88 1,545,206.31 0.41Sponda Oyj 20.05.2020 2.375% At Maturity Fixed 1,510,000 100.67 1,542,148.52 0.41


74

Quantity/




Postnl 23.9.2026 0.625% Callable Fixed 1,500,000 99.32 1,492,350.86 0.39Dh Europe 18.3.2026 0.2% Callable Fixed 1,500,000 98.74 1,481,937.46 0.39Cembrit Group 20.3.2021 5.5% Callable Floating 1,400,000 99.25 1,391,852.78 0.37Kojamo Oyj 7.3.2025 1.625% Callable Fixed 1,300,000 103.80 1,366,644.86 0.36Gn Store Nord 6.12.2023 0.75% Callable Fixed 1,300,000 99.74 1,297,233.98 0.34Jyske Bank A/S 4.75% Perp/Call Variable 1,100,000 104.75 1,166,747.94 0.31Casino Guichard 25.1.2023 4.561% At Maturity Fixed 1,100,000 98.08 1,125,570.63 0.30Vodafone Group 3.1.2079 3.1% Callable Variable 1,000,000 104.97 1,080,425.21 0.29Quatrim 15.1.2024 5.875% Callable Fixed 1,000,000 105.32 1,059,707.78 0.28Thyssenkrupp 22.2.2024 2.875% Callable Fixed 1,000,000 103.11 1,055,715.34 0.28Hi Bidco As 30.10.2022 6.34% Callable Floating 14,000,000 73.00 1,055,603.86 0.28Koninklijke Kpn 9.4.2025 0.625% Callable Fixed 1,000,000 101.10 1,015,572.35 0.27Ax V Inv1 Hold 29.6.2022 5% Callable Floating 1,000,000 101.50 1,015,138.89 0.27La Fin Atalian 15.5.2024 4% Callable Fixed 1,250,000 80.27 1,009,675.00 0.27Husqvarna Ab 1.3.2024 0.92% At Maturity Floating 10,000,000 102.22 979,399.69 0.26Infront Asa 15.5.2023 575% Callable Floating 900,000 102.00 924,612.50 0.24Ing Groep Nv 13.11.2030 1% Callable Variable 900,000 99.23 894,232.33 0.24Kb Act Sys Bv 15.7.2025 5% Callable Fixed 750,000 102.42 785,337.50 0.21Aib Group Plc 5.25% Perp/Call Variable 600,000 108.45 657,799.50 0.17Skf Ab 15.11.2029 0.875% Callable Fixed 600,000 99.72 598,997.84 0.16Norlandia Health 20.12.2021 4.5% Callable Floating 7,000,000 82.00 556,474.07 0.15Vvo-Yhtyma Oyj 17.10.2023 1.625% Callable Fixed 500,000 103.69 520,114.96 0.14Rossini Sarl 30.10.2025 3.44% Callable Floating 500,000 101.55 511,101.81 0.14Sato-Oyj 24.3.2021 2.375% Callable 474,000 102.26 493,395.69 0.13Allianz Finance 8.7.2041 5.75% Callable VAR 300,000 108.46 333,675.08 0.09Citycon Treasury 16.9.2022 2.375% Callable 250,000 104.52 263,024.60 0.07Scan Transgroup 4.11.2024 6.75% Callable Floating 200,000 100.00 202,137.50 0.05


Fixed Income Investments 2.98Mercada Oy 24.10.2022 1.875% At Maturity Fixed 5,000,000 103.38 5,186,168.03 1.37Netflix Inc 15.6.2030 3.625% Callable Fixed 2,000,000 102.60 2,065,010.28 0.55Assemblin Fin 15.5.2025 5% Callable Floating 2,000,000 100.66 2,020,184.44 0.53Rettig 25.04.2022 2.375% Callable Fixed 1,900,000 103.25 1,992,573.09 0.53



Currency forward contracts 1,037,600.21 0.271) EUR/NOK_200127 -36,500,000 -45,277.40 -0.011) EUR/NOK_200127_1 -27,500,000 -94,441.93 -0.021) EUR/NOK_200127_3 1,800,000 2,583.13 0.001) EUR/NOK_200207 928,579 3,238.89 0.001) EUR/NOK_200207_1 18,500 -0.12 0.001) EUR/SEK_200129_10 48,000,000 -6,364.45 0.001) EUR/SEK_200129_4 1,398,428,121 1,289,822.45 0.341) EUR/SEK_200129_5 276,499,209 255,025.54 0.071) EUR/SEK_200129_7 30,000,000 876.18 0.001) EUR/SEK_200129_8 8,000,000 -2,443.46 0.001) EUR/SEK_200129_9 8,000,000 -2,443.47 0.001) EUR/SEK_200220 -11,000,000 -21,097.77 -0.011) EUR/SEK_200220_1 -180,500,000 -339,506.44 -0.091) EUR/SEK_200220_6 -4,400,000 -1,330.58 0.001) EUR/SEK_200220_7 5,000,000 -1,040.36 0.00




75

31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 119,96 / 249,66 113,18 / 242,85 116,47 / 257,65NAV per IA/IB unit, EUR - / 102,31 - / 99,91 100,27 / 106,43Fund Size, EUR 389,915,036.19 299,637,925.13 377,999,946.19Number of yield units (A) 309,363.49Number of yield units (IA) 50,107.00Number of growth units (B) 568,749.92Number of growth units (IB) 192,845.34Number of unitholders 414Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 2,818,580.38Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli Emerging Markets Credit 31 December 2019

76

Year 2019 was one of the most profitable in history for the emergingmarkets and emerging market corporate bonds. Dollar-denominatedbonds and Fed monetary policy turned out to be the driving forcesbehind the market from the beginning of the year onwards. The globaltrade war also caused volatility on the markets. The fund returned7.45% while the benchmark index returned 9.81%. The main reasonfor the fund's underperformance in relation to the benchmark indexwas the lower duration of the fund compared to the index, whichbecame more significant as interest rates fell. However, during theyear we raised the fund's duration to 4.86 years.

The fund maintained its relative overweight in Asia in relationto its benchmark index during the year. The fund also achievedits best relative returns in Asia and partly in Africa. We alsomoderately increased investments in the Middle East. Still lookingfrom a geographical perspective, the fund lagged most behind itsbenchmark index in investments in Russia and Peru, which the fundlacked almost completely. Other hot potatoes on the market duringthe year were investments in Argentina and Turkey. The fund wasunderweight in both countries at the end of the year.

The direction of dollar-denominated bonds will largely determineemerging market trends in 2020. There is still value in corporate bondcredit risk premiums, but the importance of company selection is likelyto increase.

FUND FACTS Fund Category Corporate bond fund investing in

emerging markets (UCITS)Launch Date 10 October 2013Fund Manager Juha MäntykorpiBloomberg A/B/IB EVEMCDA FH/EVEMCDB FH/EVEMCIB


LP68425009ISIN A/B/IB FI4000066881/FI4000066899/

FI4000243225Sales Registration FI/SE/CLSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1% p.a. (A, B)0.55% p.a. (IB)

Morningstar Rating™Morningstar Category™ Global Emerging Markets Corporate

Bonds - euro biasBenchmark J.P Morgan CEMBI Broad Diversified

EUR-hedged

TOP 10 HOLDINGS % Mih Bv 21.7.2025 5,5% Callable Fixed 2.30Fortune Star 6.5.2023 4,35% At Maturity Fixed 1.93Parkway Pantai 4,25% Perp/Call Variable 1.91United Overseas 3,875% Perp/Call Variable 1.82Burgan Bank 5,749% Perp/Call Variable 1.81Banco Merc Norte 7,625% Perp/Call Variable 1.65Gohl Capital Ltd 24.1.2027 4,25% At MaturityFixed

1.61

Petron Corp 4,6% Perp/Call Variable 1.54Dp World Plc 25.9.2026 2,375% At Maturity Fixed 1.54Tnb Global Vc 19.10.2026 3,244% At MaturityFixed

1.53

SECTOR BREAKDOWN % Financials 38.73Utilities 13.29Oil & Gas 7.57Consumer Goods 7.15Industrials 5.07TMT 4.73Transport 4.58Real Estate 4.11Other 10.03Cash 4.74


-5,0

0,0

5,0

10,0

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30,0

01/14

07/14

01/15

07/15

01/16

07/16

01/17

07/17

01/18

07/18

01/19

07/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 0.71 0.72 -0.013 Months 1.43 1.51 -0.076 Months 1.93 2.45 -0.531 Year 7.45 9.81 -2.363 Years p.a. 1.87 3.61 -1.745 Years p.a. 2.23 3.89 -1.66Since Launch 16.55 28.63 -12.08Since Launch p.a. 2.49 4.13 -1.64

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 94.06 / 116.57 -NAV per IA/IB unit, EUR - / 103.96 -Fund Size, EUR million 175.50 -Volatility, % 1.29 1.64Sharpe Ratio 6.08 6.20Tracking Error, % 0.72 -Information Ratio -3.27 -R2 0.82 -Beta 0.71 -Alpha, % 0.58 -TER, % 1.02 -Portfolio Turnover 0.41 -Modified Duration 4.67 -


AA 1,40 %

A 8,59 %

BBB 33,43 %

BB 29,77 %

B 7,45 %

CCC 2,14 %

Not Rated 17,22 %

Evli Emerging Markets CreditInvestments 31 December 2019

77

Quantity/




SECURITIES


Fixed Income Investments 93.30Mih Bv 21.7.2025 5.5% Callable Fixed 4,000,000 111.00 4,038,998.20 2.30Fortune Star 6.5.2023 4.35% At Maturity Fixed 3,300,000 102.09 3,390,337.50 1.93Parkway Pantai 4.25% Perp/Call Variable 3,700,000 99.77 3,345,917.61 1.91United Overseas 3.875% Perp/Call Variable 3,500,000 101.53 3,187,179.08 1.82Burgan Bank 5.749% Perp/Call Variable 3,500,000 101.83 3,172,683.17 1.81Banco Merc Norte 7.625% Perp/Call Variable 3,000,000 106.75 2,898,491.06 1.65Gohl Capital Ltd 24.1.2027 4.25% At Maturity Fixed 3,000,000 104.28 2,834,060.36 1.62Petron Corp 4.6% Perp/Call Variable 3,000,000 99.30 2,706,869.65 1.54Dp World Plc 25.9.2026 2.375% At Maturity Fixed 2,500,000 107.33 2,699,086.00 1.54Tnb Global Vc 19.10.2026 3.244% At Maturity Fixed 3,000,000 100.09 2,690,059.35 1.53Indorama Global 12.9.2024 4.375% At Maturity Fixed 3,000,000 98.97 2,678,167.01 1.53Dno Asa 29.5.2024 8.375% Callable Fixed 2,700,000 99.75 2,415,271.66 1.38Saudi Arab Oil 16.4.2039 4.25% At Maturity Fixed 2,500,000 106.89 2,398,415.63 1.37Qiib Tier 1 Suk 4.875% Perp/Call Variable 2,650,000 100.72 2,388,766.73 1.36Hidrovias Int 24.1.2025 5.95% Callable Fixed 2,500,000 103.63 2,363,823.85 1.35Emirates Telecom 18.6.2026 2.75% At Maturity Fixed 2,000,000 114.83 2,326,013.55 1.33Taqa Abu Dhabi 3.10.2049 4% At Maturity Fixed 2,500,000 102.98 2,313,421.76 1.32Listrindo Cap 14.9.2026 4.95% Callable Fixed 2,500,000 101.65 2,294,678.63 1.31Boad 22.10.2031 4.7% Callable Fixed 2,500,000 101.43 2,277,058.17 1.30Afreximbank 21.9.2029 3.994% Callable Fixed 2,500,000 101.22 2,276,732.87 1.30Ep Infrastructur 30.7.2026 1.698% Callable Fixed 2,250,000 99.60 2,257,120.33 1.29Bk Of East Asia 5.5% Perp/Call Variable 2,500,000 100.83 2,253,667.27 1.28Esic Sukuk 30.7.2024 3.939% At Maturity Fixed 2,500,000 99.57 2,252,542.73 1.28Energuate Trust 3.5.2027 5.875% Callable Fixed 2,400,000 103.21 2,225,105.50 1.27Tmb Bank Pcl/Ky 4.9% Perp/Call Variable 2,500,000 99.46 2,222,093.63 1.27Ne Property 22.5.2023 2.625% Callable Fixed 2,000,000 104.92 2,130,427.70 1.21Mumtalakat Sukuk 27.2.2024 5.625% At Maturity Fixed 2,200,000 105.37 2,101,386.32 1.20Ecopetrol Sa 28.5.2045 5.875% 2,000,000 117.31 2,097,876.30 1.20Banco General 7.8.2027 4.125% Callable Fixed 2,200,000 104.83 2,085,163.29 1.19Bright Food Sing 19.6.2024 1.375% At Maturity Fixed 2,000,000 102.21 2,058,751.64 1.17Empresa Metro 25.1.2047 5% Callable Fixed 2,000,000 113.38 2,057,060.06 1.17Africa Finance 13.4.2024 3.875% At Maturity Fixed 2,200,000 103.86 2,050,346.33 1.17Banco De Bogota 3.8.2027 4.375% At Maturity Fixed 2,100,000 105.72 2,009,842.99 1.15Kookmin Bank 1.2.2029 4.5% At Maturity Fixed 2,000,000 108.70 1,968,476.81 1.12Tencent Holdings 11.4.2029 3.975% Callable Fixed 2,000,000 107.62 1,931,581.79 1.10Gnl Quintero Sa 31.7.2029 4.634% Sinkable Fixed 2,000,000 106.15 1,924,398.36 1.10Usiminas Intl 18.7.2026 5.875% Callable Fixed 2,000,000 104.00 1,898,775.93 1.08Ictsi Treasury 16.1.2023 4.625% 2,000,000 104.37 1,895,770.40 1.08China Const Bank 27.2.2029 4.25% Callable Variable 2,000,000 104.86 1,892,852.91 1.08Bk Of East Asia 5.875% Perp/Call Variable 2,000,000 103.66 1,874,944.61 1.07Icd Funding Ltd 21.5.2024 4.625% At Maturity Fixed 2,000,000 104.52 1,869,937.53 1.07Eastn/Sthn Afri 23.5.2024 4.875% At Maturity Fixed 2,000,000 104.16 1,863,474.43 1.06Access Bank Plc 19.10.2021 10.5% At Maturity Fixed 1,850,000 110.78 1,858,594.25 1.06Global Prime Cap 26.4.2021 7.25% Callable Fixed 2,000,000 102.89 1,854,889.86 1.06Celtic Resources 9.10.2024 4.125% At Maturity Fixed 2,000,000 102.96 1,849,695.09 1.05Bank Mandiri Pt 11.4.2024 3.75% At Maturity Fixed 2,000,000 103.05 1,849,406.51 1.05Castle Peak Pwr 25.7.2027 3.25% At Maturity Fixed 2,000,000 101.80 1,837,448.69 1.05Banistmo Sa 19.9.2022 3.65% At Maturity Fixed 2,000,000 100.99 1,816,398.61 1.04Dbs Group Hldgs 29.12.2049 3.6% Perp Call Variable 2,000,000 100.60 1,811,199.14 1.03Braskem Nl 10.1.2028 4.5% At Maturity Fixed 2,000,000 99.57 1,810,647.20 1.03Adecoagro Sa 21.9.2027 6% Callable Fixed 2,000,000 100.04 1,810,575.99 1.03Aeropuertos Domi 30.3.2029 6.75% Call/Sink Fixed 1,850,000 109.42 1,802,090.71 1.03


78

Quantity/




Nat Bk Abu Dhabi 29.12.2049 5.25% Perp/Call Variable 2,000,000 100.55 1,793,547.29 1.02Well Hope Dev 3.875% Perp/Call Variable 2,000,000 99.20 1,779,795.89 1.01Wanda Properties 5.12.2022 6.95% At Maturity Fixed 2,000,000 98.93 1,769,974.87 1.01Enel Americas 25.10.2026 4% Callable 1,900,000 103.41 1,761,459.39 1.00Cemex Sab 19.3.2026 3.125% Callable Fixed 1,500,000 103.44 1,564,691.04 0.89Dp World Plc 25.9.2048 5.625% At Maturity Fixed 1,500,000 114.92 1,554,447.28 0.89Koc Hldg 11.3.2025 6.5% Callable Fixed 1,500,000 105.24 1,431,590.70 0.82Banco Brasl (Ci) 20.3.2024 4.75% At Maturity Fixed 1,500,000 104.95 1,419,030.24 0.81Qib Sukuk Ltd 26.3.2024 3.982% At Maturity Fixed 1,500,000 104.03 1,402,996.68 0.80Itau Unibanco/Ky 6.125% Perp/Call Variable 1,500,000 104.27 1,396,433.50 0.80Vedanta Resource 7.6.2021 8.25% At Maturity Fixed 1,500,000 103.62 1,390,769.38 0.79Bancolombia 18.10.2027 4.875% Callable Variable 1,500,000 102.11 1,376,600.19 0.78Kib Tier 1 Sukuk 5.625% Perp/Call Variable 1,500,000 102.72 1,375,805.66 0.78Agile Group 21.5.2020 9% Callable Fixed 1,500,000 101.94 1,374,330.09 0.78Azure Power 3.11.2022 5.5% Callable Fixed 1,500,000 101.99 1,373,553.37 0.78Country Garden 25.7.2022 4.75% Callable Fixed 1,500,000 100.74 1,372,542.58 0.78Hyundai Capital 29.8.2027 3.625% At Maturity Fixed 1,500,000 101.26 1,368,419.87 0.78Oil & Gas Hlding 7.11.2024 7.625% At Maturity Fixed 1,300,000 115.95 1,354,828.09 0.77Teva Pharmaceuci 1.10.2046 4.1% At Maturity Fixed 2,000,000 71.87 1,297,598.34 0.74Neerg Energy 13.2.2022 6% Callable Fixed 1,350,000 100.41 1,234,148.94 0.70Is Bankasi 25.6.2021 5% At Maturity Fixed 1,300,000 100.55 1,164,473.24 0.66Aes Argentina 2.2.2024 7.75% Callable Fixed 1,500,000 83.66 1,159,673.88 0.66Nbk Tier 1 Fnc 5.75% Perp/Call Variable 1,200,000 102.37 1,107,398.73 0.63Perusahaan Listr 25.10.2025 2.875% At Maturity Fixed 1,000,000 109.93 1,104,592.98 0.63Ep Infrastructur 26.4.2024 1.659% Callable Fixed 1,000,000 102.04 1,031,676.64 0.59Sappi Papier Hol 15.4.2026 3.125% Callable Fixed 1,000,000 99.26 999,060.42 0.57Sisecam 14.3.2026 6.95% Callable Fixed 1,000,000 105.68 958,999.28 0.55Rio Energy Sa 1.2.2025 6.875% Callable Fixed 1,700,000 60.43 957,625.09 0.55Koc Hldg 15.3.2023 5.25% Callable Fixed 1,000,000 102.24 923,762.57 0.53Royal Capital 29.12.2049 5.5% Perp/Call VAR 1,000,000 102.46 919,578.72 0.52Ahli United Bank 6.875% Perp/Call Variable 1,000,000 100.55 905,527.74 0.52Axis Bank/Dubai 8.8.2022 3% At Maturity Fixed 1,000,000 100.29 903,359.14 0.51Genneia Sa 20.1.2022 8.75% Callable Fixed 1,200,000 77.88 873,489.42 0.50Teva Pharmaceuci 1.10.2026 3.15% At Maturity Fixed 1,000,000 83.14 747,091.16 0.43Eastn/Sthn Afri 14.3.2022 5.375% At Maturity Fixed 700,000 103.96 657,709.84 0.37Generacion Medit 27.7.2023 9.625% Callable Fixed 1,000,000 62.27 590,782.74 0.34Country Garden 17.9.2025 6.15% Callable Fixed 500,000 104.70 473,865.33 0.27Jx Railway Invst 21.2.2022 4.85% At Maturity Fixed 500,000 102.75 465,098.00 0.27Glenmark Pharma 2.8.2021 4.5% Callable Fixed 500,000 99.86 452,802.02 0.26


Fixed Income Investments 1.98Boc Aviation 11.9.2029 3% Callable Fixed 2,000,000 98.01 1,761,120.51 1.00Credito Real Sa 1.2.2027 5% Callable Fixed 1,500,000 105.10 1,594,971.20 0.91Energocenter receivables 12,483,166 61.85 110,459.64 0.06



Currency forward contracts 1,888,130.04 1.081) EUR/SEK_200130 1,842,000 4,883.81 0.001) EUR/SEK_200130_3 -270,000 -587.02 0.001) EUR/SEK_200130_6 224,000 432.69 0.001) EUR/USD_200117 -57,400,000 446,592.61 0.251) EUR/USD_200123 -51,200,000 556,013.45 0.321) EUR/USD_200123_1 -1,000,000 6,817.43 0.001) EUR/USD_200123_2 -1,700,000 18,864.94 0.011) EUR/USD_200214 2,000,000 -31,260.81 -0.02


79

Quantity/




1) EUR/USD_200214_1 1,800,000 -28,649.21 -0.021) EUR/USD_200214_2 -56,300,000 872,638.98 0.501) EUR/USD_200214_3 600,000 -6,745.04 0.001) EUR/USD_200214_4 -1,500,000 22,919.25 0.011) EUR/USD_200214_5 -1,000,000 17,348.07 0.011) EUR/USD_200214_6 -500,000 4,581.16 0.001) EUR/USD_200214_7 -800,000 4,279.73 0.00



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 98,53 / 114,87 90,23 / 108,47 94,05 / 116,55NAV per IA/IB unit, EUR - / 101,54 - / 96,31 - / 103,95Fund Size, EUR 215,104,692.01 152,711,176.01 175,470,501.00Number of yield units (A) 77,408.09Number of yield units (IA) 0.00Number of growth units (B) 1,337,227.32Number of growth units (IB) 117,052.17Number of unitholders 1,592Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 1,652,622.66Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli Euro Government Bond 31 December 2019

80

The yield on the German 10-year government bond reached a record-low level during the review period, but it started to rise immediatelyafter the QE program was implemented in early September. With theexception of a slight break in November, the upward trend continuedthroughout the remainder of the year. Long-term US interest rates alsorose at the same time, but the US interest rate differential in relationto Germany narrowed substantially.

Evli Euro Government Bond returned 5.99% and the benchmark6.72% in 2019. We continued to overweight small euro countriesin the portfolio. During the review period, we raised Spain to anoverweight position. In addition, we neutralized Italy's substantialunderweight, but again reduced its weighting to underweight, wherewe have since remained. Italy's yield spread in relation to Germanycontinued to widen under political pressure. The yield spreads ofother euro countries in relation to Germany remained very stable. Wekept the fund's interest rate risk at a moderate underweight.

Inflation in Europe has stabilized at a low level and the trade warhas slightly eased. In 2019, government bonds produced quite goodreturns in view of the high risk, which was again generously supportedby the central bank. More support is needed for 2020 in order tosqueeze further returns from government bonds. However, it seemsthat the support may remain a pipe dream.

FUND FACTS Fund Category Euro-zone long-term fixed income

fund (UCITS)Launch Date 16 December 1994Fund Manager Juhana HeikkiläBloomberg A/B/IB EVLEGBA FH/EVLEGBB FH/EVEGBIB


EVLEUOBLIB.HEISIN A/B/IB FI0008800487/FI0008800495/

FI0008812847Sales Registration FI/SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.65% p.a. (A, B)0.30% p.a. (IA, IB)

Morningstar Rating™Morningstar Category™ EUR Government BondBenchmark Citigroup EMU Government Bond

(SBEGEU, SBEGEU=)

TOP 10 HOLDINGS % France O.A.T. 25.11.2028 0,75% At Maturity Fixed 9.19Spanish Gov't 30.4.2025 1,6% At Maturity Fixed 6.50Btps 01.05.2023 4,5% At Maturity Fixed 6.19Spanish Gov't 31.10.2028 5,15% At MaturityFixed

6.14

Btps 1.12.2025 2% At Maturity Fixed 5.78France O.A.T. 25.5.2030 2,5% At Maturity Fixed 5.43Deutschland Rep 4.7.2039 4,25% 4.90Btps 1.12.2028 2.8% At Maturity Fixed 4.90Spanish Gov't 30.4.2026 1,95% At Maturity Fixed 4.87Deutschland Rep 4.7.2028 4,75% 4.70

COUNTRY BREAKDOWN % Spain 20.90Italy 18.44France 17.90Germany 9.60Belgium 5.81Portugal 3.74Finland 3.40Ireland 2.32Austria 1.99Cash 15.88


-50

0

50

100

150

200

250

300

350

01/96

01/98

01/00

01/02

01/04

01/06

01/08

01/10

01/12

01/14

01/16

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -0.69 -1.03 0.343 Months -2.38 -3.01 0.636 Months 0.94 0.71 0.221 Year 5.99 6.72 -0.733 Years p.a. 1.95 2.54 -0.595 Years p.a. 1.86 2.49 -0.63Since Launch 243.62 309.07 -65.45Since Launch p.a. 5.05 5.78 -0.73

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 20.70 / 51.25 -NAV per IA/IB unit, EUR 33.69 / 53.42 -Fund Size, EUR million 92.69 -Volatility, % 3.27 4.03Sharpe Ratio 1.94 1.76Tracking Error, % 0.93 -Information Ratio -0.78 -R2 0.98 -Beta 0.80 -Alpha, % 0.67 -TER, % 0.66 -Portfolio Turnover -0.20 -Modified Duration 6.32 -

Evli Euro Government BondInvestments 31 December 2019

81

Quantity/




SECURITIES


Fixed Income Investments 84.12France O.A.T. 25.11.2028 0.75% At Maturity Fixed 8,000,000 106.38 8,516,221.64 9.19Spanish Gov't 30.4.2025 1.6% At Maturity Fixed 5,500,000 108.52 6,027,672.10 6.50Btps 01.05.2023 4.5% At Maturity Fixed 5,000,000 113.93 5,733,337.91 6.19Spanish Gov't 31.10.2028 5.15% At Maturity Fixed 4,000,000 141.40 5,690,493.33 6.14Btps 1.12.2025 2% At Maturity Fixed 5,000,000 106.96 5,355,946.72 5.78France O.A.T. 25.5.2030 2.5% At Maturity Fixed 4,000,000 124.40 5,036,229.29 5.43Deutschland Rep 4.7.2039 4.25% 2,500,000 179.61 4,542,504.10 4.90Btps 1.12.2028 2.8% At Maturity Fixed 4,000,000 113.24 4,538,900.33 4.90Spanish Gov't 30.4.2026 1.95% At Maturity Fixed 4,000,000 111.54 4,513,693.11 4.87Deutschland Rep 4.7.2028 4.75% 3,000,000 143.01 4,360,261.97 4.70Portuguese Ot's 17.10.2028 2.125% At Maturity Fixed 3,000,000 114.99 3,462,853.52 3.74Belgium Kingdom 22.6.2026 1% At Maturity Fixed 3,000,000 107.63 3,244,577.70 3.50France O.A.T. 25.5.2022 0% At Maturity Fixed 3,000,000 101.37 3,041,190.00 3.28Irish Govt 15.5.2026 1% At Maturity Fixed 2,000,000 107.09 2,154,368.31 2.32Belgian 0345 22.6.2028 0.8% At Maturity Fixed 2,000,000 106.67 2,141,813.44 2.31Finnish Gov'T 15.09.2028 0.5% At Maturity Fixed 2,000,000 104.47 2,092,303.50 2.26Spanish Gov't 31.10.2023 4.4% 1,500,000 117.52 1,773,860.00 1.91Btps 01.09.2044 4.75% At Maturity Fixed 1,000,000 144.88 1,464,559.84 1.58Spanish Gov't 31.10.2046 2.9% At Maturity Fixed 1,000,000 136.56 1,370,443.33 1.48Finnish Gov'T 15.09.2022 1.625% At Maturity Fixed 1,000,000 105.89 1,063,610.68 1.15Rep Of Austria 15.7.2023 0% At Maturity Fixed 1,000,000 101.66 1,016,640.00 1.10Rep Of Austria 15.3.2037 4.15% 500,000 162.88 830,882.95 0.90



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 20,74 / 48,28 20,14 / 48,35 20,70 / 51,25NAV per IA/IB unit, EUR 33,50 / 49,97 32,66 / 50,22 33,69 / 53,42Fund Size, EUR 43,479,803.52 55,506,819.32 92,689,010.55Number of yield units (A) 243,925.24Number of yield units (IA) 41,567.80Number of growth units (B) 1,322,405.81Number of growth units (IB) 345,736.21Number of unitholders 288Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 460,273.38Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli Euro Liquidity 31 December 2019

82

Year 2019 was substantially more profitable than expected for EvliEuro Liquidity. The ECB's need for interest rate hikes anticipated earlyin the year disappeared in the spring and turned into a new QEprogram, which was quickly discounted on the markets as ultra-lowinterest rates and, once put into effect, led to a gradual rise in interestrates from the beginning of September. At the end of the reviewperiod, the yield on the German two-year government bond was inthe middle of the trend lines, within which it has been moving mostlysince 2016. The Nordic investment space has shown its strengths alsoin this environment by offering better returns and lower volatility. For2020, no significant movement is foreseeable at the shorter end of thecurve due to the large liquidity surplus.

In 2019, Evli Euro Liquidity returned 0.68%, while the benchmarkindex (3-month Euribor) remained negative (-0.34%). The share ofinvestments denominated in Swedish krona rose to nearly one third ofthe portfolio, but hedging the krona quickly became more expensive,making it more difficult to add these to the portfolio. The share ofFinnish commercial papers decreased due to weak supply. The fund'sinterest rate risk approached the index due to weak supply and, inmany cases, poor return/risk ratio and not so much in terms of upwardpressure on interest rates.

FUND FACTS Fund Category Euro-zone short-term fixed income

fund (UCITS)Launch Date 31 January 1996Fund Manager Juhana HeikkiläBloomberg A/B/IB CARLIKV FH/CARLIKB FH/CARLIIB FHReuters A/B/IB LP60047538/LP65011142/

LP68468792ISIN A/B/IB FI0008804455/FI0008804463/


0.30% p.a. (A, B)0.15% p.a. (IB)

Morningstar Rating™Morningstar Category™ EUR Money Market, DynamicBenchmark 3 month Euribor

TOP 10 HOLDINGS % Aker Bp Asa 2.7.2020 8.36% At Maturity Floating 3.91Nordea Bank 9.9.2022 1,522% At MaturityFloating

3.27

B2 Holding Asa 8.12.2020 7,5% Callable FRN 2.94Outokumpu Oyj 26.2.2020 3,25% ConvertibleFixed

2.37

Sponda Oyj 20.05.2020 2,375% At Maturity Fixed 2.02Volvo Treas Ab 21.2.2022 0,46% At MaturityFloating

1.61

Yritystodistus Boliden 04.02.2020 1.61Intrum Ab 6.7.2020 1,548% Callable Floating 1.60Teollisuuden Voi 17.3.2020 0,868% At MaturityFloating

1.57

Oma 03.04.2020 0,652% At Maturity Floating 1.45

COUNTRY BREAKDOWN % Sweden 28.71Finland 28.31Norway 10.97Denmark 6.24Iceland 1.64Estonia 1.34Cash 22.79


-20,0

0,0

20,0

40,0

60,0

80,0

01/98

01/00

01/02

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01/10

01/12

01/14

01/16

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Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 0.05 -0.04 0.093 Months 0.13 -0.11 0.246 Months 0.17 -0.20 0.361 Year 0.68 -0.34 1.023 Years p.a. 0.34 -0.34 0.675 Years p.a. 0.49 -0.24 0.73Since Launch 76.79 61.79 15.01Since Launch p.a. 2.41 2.03 0.38

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 18.06 / 25.26 -NAV per IA/IB unit, EUR - / 101.00 -Fund Size, EUR million 2.076.59 -Volatility, % 0.12 0.02Sharpe Ratio 8.60 0.38Tracking Error, % 0.12 -Information Ratio 8.60 -R2 0.02 -Beta 0.91 -Alpha, % 1.02 -TER, % 0.30 -Portfolio Turnover 0.81 -Modified Duration 0.25 -

Evli Euro LiquidityInvestments 31 December 2019

83

Quantity/




SECURITIES


Fixed Income Investments 57.32Nordea Bank 9.9.2022 1.522% At Maturity Floating 690,000,000 102.87 67,992,971.31 3.27Aker Bp Asa 2.7.2020 8.36% At Maturity Floating 584,000,000 110.00 66,447,157.35 3.20B2 Holding Asa 8.12.2020 7.5% Callable FRN 58,500,000 103.83 61,008,675.00 2.94Outokumpu Oyj 26.2.2020 3.25% Convertible Fixed 48,600,000 100.20 49,242,299.18 2.37Sponda Oyj 20.05.2020 2.375% At Maturity Fixed 41,160,000 100.67 42,036,313.27 2.02Volvo Treas Ab 21.2.2022 0.46% At Maturity Floating 350,000,000 99.97 33,506,057.17 1.61Teollisuuden Voi 17.3.2020 0.868% At Maturity Floating 339,000,000 100.13 32,501,020.36 1.57Oma 03.04.2020 0.652% At Maturity Floating 30,000,000 100.19 30,093,564.17 1.45Sato-Oyj 10.9.2020 2.25% Callable 29,245,000 100.94 29,721,846.92 1.43Intrum Ab 6.7.2020 1.548% Callable Floating 301,000,000 100.35 29,032,439.13 1.40Landsbankinn Hf 22.6.2020 0.823% At Maturity Floating 300,000,000 100.13 28,756,586.21 1.38Scania Cv Ab 15.9.2020 0.25% At Maturity Fixed 300,000,000 99.73 28,655,968.26 1.38Stora Enso Oyj 20.8.2021 0.774% At Maturity Floating 290,000,000 100.62 27,956,093.72 1.35Akelius Resident 23.9.2020 3.375% 26,654,000 102.40 27,537,022.99 1.33Teollisuuden Voi 15.2.2022 1.094% At Maturity Floating 257,000,000 100.53 24,765,202.24 1.19Savings Bnk Fin 6.9.2021 0.38% At Maturity Fixed 24,000,000 100.34 24,109,304.92 1.16Swedish Match 6.9.2021 0.75% At Maturity Fixed 250,000,000 99.19 23,790,148.91 1.15Scania Cv Ab 22.8.2022 0.633% At Maturity Floating 248,000,000 99.97 23,747,599.36 1.14Eesti Energia As 18.11.2020 4.5% At Maturity Fixed 21,784,000 103.89 22,747,438.47 1.10Peab Finans Ab 6.9.2021 0.74% At Maturity Floating 224,000,000 100.40 21,541,393.95 1.04Aker 29.5.2020 5.12% At Maturity Floating 207,500,000 101.25 21,430,300.05 1.03Alandsbanken Ab 13.09.2021 0.5% At Maturity Fixed 21,000,000 99.92 21,014,050.49 1.01Dsv As 24.6.2020 3.5% At Maturity Fixed 138,000,000 101.42 19,066,373.24 0.92Intrum 15.7.2022 2.75% Callable Fixed 18,655,500 101.34 19,048,550.65 0.92Intrum Ab 22.11.2021 1.839% Callable Floating 180,000,000 100.10 17,278,984.74 0.83Electrolux Ab 17.6.2022 0.723% At Maturity Floating 175,000,000 100.79 16,885,134.54 0.81Volvo Car Ab 7.3.2022 1.847% At Maturity Floating 167,000,000 102.16 16,351,732.15 0.79Aker 6.6.2020 5.66% At Maturity Floating 149,000,000 101.50 15,415,658.67 0.74Huhtamaki Oyj 14.05.2020 3.375% At Maturity Fixed 14,635,000 101.19 15,120,753.64 0.73Vvo-Yhtyma Oyj 29.05.2020 3.25% At Maturity Fixed 14,400,000 101.30 14,862,676.72 0.72Aker Bp Asa 2.7.2020 8.36% At Maturity Floating 129,500,000 110.00 14,734,429.58 0.71Arla Foods 31.5.2021 1.875% At Maturity Fixed 149,000,000 101.63 14,648,555.55 0.71Saab Ab 27.3.2020 0.413% At Maturity Fixed 144,000,000 99.96 13,819,814.71 0.67Cargotec Oyj 31.3.2020 3.375% At Maturity Fixed 12,620,000 100.80 13,040,480.81 0.63Odfjell Se 25.1.2021 6.83% At Maturity Floating 115,000,000 102.50 12,120,753.60 0.58Ikano Bank Ab 14.5.2021 0.824% At Maturity Floating 124,000,000 100.29 11,914,920.32 0.57Saab Ab 28.9.2022 1.167% At Maturity Floating 123,000,000 100.33 11,810,830.62 0.57Postnord Ab 13.9.2021 0.413% At Maturity Floating 120,000,000 100.25 11,518,695.32 0.55Energi Danmark A 22.6.2020 2.177% At Maturity Floating 83,000,000 100.65 11,185,809.18 0.54Saab Ab 27.9.2021 0.967% At Maturity Floating 108,000,000 100.28 10,365,965.58 0.50Volvo Treas Ab 10.8.2020 0.031% At Maturity Floating 10,000,000 100.10 10,010,400.00 0.48Swedish Match 9.6.2020 1.45% At Maturity Fixed 100,000,000 100.21 9,667,858.21 0.47Ellevio Ab 28.2.2020 0.258% At Maturity Floating 100,000,000 100.09 9,586,453.90 0.46Saab Ab 27.3.2020 0.366% At Maturity Floating 100,000,000 100.06 9,576,986.39 0.46Volvo Treas Ab 17.9.2020 0.245% At Maturity Fixed 100,000,000 99.83 9,560,811.71 0.46YIT EUR 100.000.000 3.15% due 2021 9,000,000 101.70 9,168,750.00 0.44Aker 7.9.2022 6.46% At Maturity Floating 79,000,000 109.13 8,785,990.95 0.42B2 Holding Asa 4.10.2021 7% At Maturity Floating 7,700,000 103.62 8,110,187.56 0.39Af Poyry Ab 27.6.2022 1.378% At Maturity Floating 84,000,000 100.29 8,064,302.46 0.39Color Group As 17.12.2020 6.27% At Maturity Floating 76,000,000 103.25 7,986,670.92 0.38Ikano Bank Ab 26.1.2021 1.089% At Maturity Floating 80,000,000 100.67 7,722,714.58 0.37Iss Global A/S 7.1.2021 1.125% Callable Fixed 6,720,000 100.87 6,852,412.54 0.33


84

Quantity/




Betsson Ab 26.9.2022 3.959% Callable Floating 70,000,000 101.00 6,769,485.65 0.33Boliden Ab 9.4.2020 1.9% At Maturity Floating 70,000,000 100.34 6,751,520.68 0.33Hexagon 10.3.2022 0.855% At Maturity Floating 65,000,000 101.36 6,310,078.66 0.30Ssab Ab 5.4.2022 3.563% At Maturity Floating 59,000,000 104.05 5,914,388.08 0.28Nibe Industrier 28.5.2020 1.23% At Maturity Floating 55,000,000 100.35 5,288,925.67 0.25Swedish Match 29.1.2021 0.81% At Maturity Fixed 55,000,000 99.70 5,287,063.58 0.25Luminor Bk Eston 18.10.2021 1.5% At Maturity Fixed 5,000,000 101.29 5,079,663.93 0.24Ikano Bank Ab 22.1.2020 0.327% At Maturity Floating 50,000,000 100.02 4,792,796.54 0.23Intrum Ab 6.7.2020 1.548% Callable Floating 44,000,000 100.35 4,243,944.59 0.20Stena Metall Fin 27.11.2020 3.1% At Maturity Floating 41,000,000 101.77 4,006,466.49 0.19Color Group As 2.6.2020 6.46% At Maturity Floating 35,000,000 101.43 3,623,499.81 0.17Ocean Yield Asa 23.9.2021 6.05% Callable Floating 34,500,000 101.88 3,573,334.13 0.17Yara Intl Sa 13.12.2022 0.948% At Maturity Floating 37,000,000 100.81 3,571,605.20 0.17Nibe Industrier 28.5.2020 1.8% At Maturity Fixed 34,000,000 100.48 3,304,038.82 0.16Husqvarna Ab 3.5.2021 1.423% At Maturity Floating 30,000,000 101.46 2,919,826.34 0.14Hexagon 24.5.2021 1.123% At Maturity Floating 30,000,000 100.73 2,895,468.30 0.14Landsbankinn Hf 29.11.2020 0.851% At Maturity Floating 30,000,000 100.00 2,873,415.90 0.14Islandsbanki 28.7.2020 1.155% At Maturity Floating 25,000,000 100.23 2,403,100.05 0.12Akelius Resident 4.10.2021 0.864% Callable Floating 22,000,000 100.55 2,121,305.95 0.10Ncc Treasury Ab 30.9.2022 0.848% At Maturity Floating 22,000,000 99.91 2,103,657.74 0.10Teollisuuden Voi 17.3.2021 2.5% 2,000,000 102.87 2,096,960.87 0.10Norske Skog 30.6.2022 5.68% At Maturity Floating 1,000,000 102.75 1,030,000.00 0.05Sagax Ab 1.2.2021 2.203% Callable Floating 10,000,000 100.93 970,320.05 0.05Nibe Industrier 21.6.2021 1.069% At Maturity Floating 5,000,000 100.84 482,689.44 0.02


Fixed Income Investments 19.89Yritystodistus GN Store Nord A/S 24.02.2020 30,000,000 99.93 29,977,833.00 1.44Yritystodistus Arjo AB 05.03.2020 250,000,000 99.90 23,902,913.55 1.15Yritystodistus Boliden 04.02.2020 200,000,000 99.96 19,134,586.07 0.92Yritystodistus Loomis 16.03.2020 200,000,000 99.90 19,121,604.23 0.92Hexagon 24.5.2021 1.125% At Maturity Fixed 150,000,000 100.59 14,536,875.75 0.70Yritystodistus Boliden 04.02.2020 150,000,000 99.96 14,350,939.55 0.69Yritystodistus Arla Foods 24.02.2020 150,000,000 99.93 14,346,346.35 0.69Yritystodistus Patria 13.01.2020 10,000,000 99.99 9,999,371.20 0.48Yritystodistus NEOT 23.01.2020 10,000,000 99.99 9,998,731.20 0.48Yritystodistus Elisa 03.02.2020 10,000,000 99.98 9,998,187.00 0.48Yritystodistus Huhtamäki 28.02.2020 10,000,000 99.97 9,997,149.10 0.48Yritystodistus Danish Agro 16.01.2020 100,000,000 99.97 9,568,174.59 0.46Yritystodistus Bonnier 28.01.2020 100,000,000 99.96 9,566,627.30 0.46Yritystodistus Bonnier 28.01.2020 100,000,000 99.96 9,566,627.30 0.46Yritystodistus Cloetta AB 27.03.2020 100,000,000 99.85 9,556,595.24 0.46Yritystodistus Danish Agro 16.03.2020 100,000,000 99.84 9,555,361.20 0.46Yritystodistus Arla Foods 22.05.2020 100,000,000 99.81 9,552,953.51 0.46Yritystodistus SSAB AB 18.06.2020 100,000,000 99.78 9,549,224.30 0.46Yritystodistus Arjo AB 05.06.2020 100,000,000 99.76 9,547,680.07 0.46Yritystodistus PKC Group 27.01.2020 7,000,000 99.98 6,998,729.71 0.34Yritystodistus Sanoma 05.03.2020 7,000,000 99.95 6,996,791.20 0.34Yritystodistus Tornator 20.03.2020 7,000,000 99.91 6,993,882.84 0.34Yritystodistus NEOT 18.02.2020 6,000,000 99.95 5,997,198.48 0.29Yritystodistus Hoist Finance 14.01.2020 5,000,000 99.99 4,999,606.40 0.24Yritystodistus Sagax 19.02.2020 5,000,000 99.99 4,999,444.50 0.24Yritystodistus YIT 24.01.2020 5,000,000 99.99 4,999,300.95 0.24Yritystodistus Konecranes 04.05.2020 5,000,000 99.95 4,997,290.45 0.24Yritystodistus Stockmann 28.01.2020 5,000,000 99.93 4,996,533.50 0.24Yritystodistus Tornator 29.04.2020 5,000,000 99.91 4,995,299.00 0.24


85

Quantity/




Yritystodistus Stockmann 18.02.2020 5,000,000 99.86 4,992,842.65 0.24Yritystodistus Konecranes 02.10.2020 5,000,000 99.84 4,992,115.80 0.24Yritystodistus NEOT 27.07.2020 5,000,000 99.68 4,984,200.90 0.24Yritystodistus Bravida AB 30.01.2020 50,000,000 99.95 4,782,930.63 0.23Yritystodistus Arla Foods 15.04.2020 50,000,000 99.90 4,780,405.99 0.23Yritystodistus Boliden 07.02.2020 45,000,000 99.95 4,304,516.16 0.21Yritystodistus Sato 11.03.2020 4,000,000 99.99 3,999,459.92 0.19Yritystodistus Sagax 25.03.2020 4,000,000 99.99 3,999,435.64 0.19Yritystodistus Ramirent 29.05.2020 4,000,000 99.85 3,994,086.88 0.19Yritystodistus YIT 14.02.2020 3,000,000 99.97 2,999,115.27 0.14Yritystodistus YIT 25.03.2020 3,000,000 99.94 2,998,231.86 0.14Saab Ab 27.9.2021 0.967% At Maturity Floating 30,000,000 100.28 2,879,434.88 0.14Yritystodistus St1 Nordic Oy 02.01.2020 2,500,000 100.00 2,499,975.83 0.12Yritystodistus St1 Nordic Oy 20.01.2020 2,500,000 99.98 2,499,584.80 0.12Yritystodistus Elisa 26.02.2020 2,500,000 99.96 2,498,915.87 0.12Yritystodistus Ramirent 31.03.2020 2,500,000 99.94 2,498,440.08 0.12Yritystodistus Konecranes 03.08.2020 2,500,000 99.92 2,498,086.45 0.12Yritystodistus SSAB AB 18.06.2020 2,500,000 99.90 2,497,515.80 0.12Yritystodistus Sanoma 20.01.2020 2,000,000 99.99 1,999,856.68 0.10Yritystodistus Finnlines 30.01.2020 2,000,000 99.99 1,999,813.36 0.10Yritystodistus Sagax 28.02.2020 2,000,000 99.98 1,999,626.40 0.10Yritystodistus Ingman Group 05.02.2020 2,000,000 99.97 1,999,376.20 0.10Yritystodistus Sanoma 11.03.2020 2,000,000 99.95 1,998,981.00 0.10Yritystodistus NEOT 14.05.2020 2,000,000 99.90 1,997,948.48 0.10Yritystodistus PunaMusta Media 06.03.2020 2,000,000 99.89 1,997,860.96 0.10Yritystodistus NEOT 15.05.2020 2,000,000 99.88 1,997,625.96 0.10Yritystodistus Finnlines 09.06.2020 2,000,000 99.86 1,997,197.70 0.10Yritystodistus Kunta-asunnot 18.06.2020 2,000,000 99.54 1,990,874.70 0.10Yritystodistus YIT 03.02.2020 1,500,000 99.98 1,499,699.73 0.07Yritystodistus Tornator 20.03.2020 1,500,000 99.91 1,498,689.18 0.07Yritystodistus Ingman Group 09.03.2020 1,500,000 99.91 1,498,667.19 0.07Yritystodistus Ingman Group 03.03.2020 1,500,000 99.90 1,498,547.16 0.07Yritystodistus Kunta-asunnot 19.08.2020 1,500,000 99.19 1,487,781.79 0.07Dna Ltd 12.03.2021 2.875% At Maturity Fixed 1,000,000 103.35 1,056,544.26 0.05Yritystodistus Elisa 14.01.2020 1,000,000 99.99 999,917.40 0.05Yritystodistus Wiklöf Holding 16.01.2020 1,000,000 99.98 999,764.94 0.05Yritystodistus NEOT 24.02.2020 1,000,000 99.96 999,566.30 0.05Yritystodistus Sanoma 13.05.2020 1,000,000 99.91 999,096.12 0.05Yritystodistus Teknos 30.03.2020 1,000,000 99.91 999,083.34 0.05Yritystodistus Ingman Group 17.04.2020 1,000,000 99.91 999,061.49 0.05Yritystodistus Ingman Group 06.03.2020 1,000,000 99.90 998,985.36 0.05Yritystodistus Wiklöf Holding 05.03.2020 1,000,000 99.90 998,982.70 0.05Yritystodistus Ponsse 20.05.2020 1,000,000 99.86 998,637.23 0.05Yritystodistus Kunta-asunnot 31.07.2020 1,000,000 99.32 993,167.89 0.05Hexagon 16.11.2020 0.66% At Maturity Fixed 10,000,000 100.03 958,163.45 0.05Tornator Oyj 4.12.2020 4.513% At Maturity Floating 105,000 103.38 110,578.69 0.01



Currency forward contracts -19,585,154.20 -0.941) EUR/DKK_200113 -103,000,000 30,405.42 0.001) EUR/DKK_200113_1 23,100,000 -9,368.95 0.001) EUR/DKK_200113_2 -46,200,000 17,322.79 0.001) EUR/DKK_200113_3 -15,500,000 5,940.20 0.001) EUR/DKK_200320 -81,200,000 467.38 0.001) EUR/NOK_200103 -41,000,000 -108,607.41 -0.011) EUR/NOK_200103_1 -78,000,000 -217,721.71 -0.01


86

Quantity/




1) EUR/NOK_200127_2 -912,000,000 -2,585,902.25 -0.121) EUR/NOK_200318 -484,300,000 -961,183.86 -0.051) EUR/NOK_200403 -119,000,000 -1,476.56 0.001) EUR/SEK_200102 -41,000,000 -134,584.01 -0.011) EUR/SEK_200107 423,550,000 1,422,590.49 0.071) EUR/SEK_200107_1 -517,000,000 -1,921,759.60 -0.091) EUR/SEK_200107_10 -196,000,000 -152,594.67 -0.011) EUR/SEK_200107_11 29,500,000 -3,356.07 0.001) EUR/SEK_200107_2 -20,600,000 -85,347.50 0.001) EUR/SEK_200107_4 17,300,000 61,194.07 0.001) EUR/SEK_200107_5 -386,000,000 -897,023.62 -0.041) EUR/SEK_200107_6 -10,000,000 -20,830.64 0.001) EUR/SEK_200107_7 -20,000,000 -41,222.03 0.001) EUR/SEK_200107_8 -28,400,000 -31,367.35 0.001) EUR/SEK_200107_9 -7,000,000 -7,040.02 0.001) EUR/SEK_200108 -250,000,000 -553,843.43 -0.031) EUR/SEK_200110 -272,000,000 -493,527.35 -0.021) EUR/SEK_200113 -25,000,000 -60,420.53 0.001) EUR/SEK_200113_1 -944,000,000 -2,224,429.33 -0.111) EUR/SEK_200113_2 -52,000,000 -78,212.46 0.001) EUR/SEK_200113_3 -10,000,000 -11,911.54 0.001) EUR/SEK_200113_4 -20,000,000 -16,278.05 0.001) EUR/SEK_200113_5 -41,000,000 -40,435.42 0.001) EUR/SEK_200113_6 -26,000,000 -25,641.97 0.001) EUR/SEK_200113_7 -16,000,000 150.83 0.001) EUR/SEK_200115 -200,000,000 -530,258.20 -0.031) EUR/SEK_200117 -453,000,000 -1,512,216.57 -0.071) EUR/SEK_200117_1 -100,000,000 -354,347.47 -0.021) EUR/SEK_200120 -475,000,000 -1,068,350.00 -0.051) EUR/SEK_200120_1 -1,291,000,000 -2,401,946.35 -0.121) EUR/SEK_200120_2 -68,000,000 -123,856.01 -0.011) EUR/SEK_200120_3 -225,000,000 -510,437.11 -0.021) EUR/SEK_200120_4 -8,000,000 -12,039.41 0.001) EUR/SEK_200120_5 -10,000,000 -10,062.05 0.001) EUR/SEK_200120_6 -30,000,000 716.60 0.001) EUR/SEK_200127 -38,000,000 -57,582.78 0.001) EUR/SEK_200127_1 -70,000,000 -104,004.55 -0.011) EUR/SEK_200129 -280,000,000 -630,744.91 -0.031) EUR/SEK_200129_1 -350,000,000 -930,326.64 -0.041) EUR/SEK_200129_2 -56,000,000 -146,818.06 -0.011) EUR/SEK_200131 -50,000,000 -97,985.26 0.001) EUR/SEK_200204 -268,000,000 -732,584.00 -0.041) EUR/SEK_200205 -350,000,000 -969,167.07 -0.051) EUR/SEK_200210_1 -45,000,000 -3,869.57 0.001) EUR/SEK_200225 -250,000,000 -32,787.21 0.001) EUR/SEK_200228 -152,000,000 -157,370.90 -0.011) EUR/SEK_200309 -100,000,000 -71,374.22 0.001) EUR/SEK_200312 -10,000,000 -253.81 0.001) EUR/SEK_200317 -100,000,000 1,937.75 0.001) EUR/SEK_200318 -250,000,000 26,970.74 0.001) EUR/SEK_200320 -124,000,000 -11,525.87 0.001) EUR/SEK_200402 -41,000,000 1,143.88 0.00

TOTAL VALUE OF DERIVATIVE CONTRACTS -19,585,154.20 -0.94



87

31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 18,02 / 25,08 17,99 / 25,09 18,06 / 25,26NAV per IA/IB unit, EUR - / - - / 100,16 - / 101,00Fund Size, EUR 1,554,852,238.03 1,762,272,690.32 2,076,586,106.72Number of yield units (A) 634,274.89Number of yield units (IA) 0.00Number of growth units (B) 78,381,930.93Number of growth units (IB) 462,704.52Number of unitholders 1,424Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 5,741,858.59Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli European High Yield 31 December 2019

88

Year 2019 was a good year for corporate bond investors. EvliEuropean High Yield returned 7.82% and its benchmark 11.39% in2019. Especially long-term high yield bonds performed well duringthe review period. The fund's shorter duration compared to the indexand its overweight in unrated short-term bonds hampered relativereturns, causing the fund to fall short of the benchmark return. Wehave generally been able to bring significant added value to the fundthrough company selection, but last year company selection was lesssuccessful, and the resulting relative return remained negative.

During the year, we significantly increased the weight of BB-ratedloans, and their share in the portfolio was 48% at the end of thereview period. CCC-rated loans were underweighted throughout theyear. We will continue to overweight Nordic companies and thesubordinated loans of selected banks. The yield spreads of Nordicunrated corporate bonds did not contract as much as those of ratedcorporate bonds in 2019 and the former were inexpensive in ouropinion. The duration of the fund was slightly over 3 years throughoutthe year. The fund started this year with the same interest rate risk aslast year. The fund's return level (YTM) was 4.40% and the modifiedduration was 3.26 years.


(UCITS)Launch Date 15 March 2001Fund Manager Mikael LundströmBloomberg A/B/IB EVLEHYA FH/EVLEHYB FH/EVEHYIB


LP68405588ISIN A/B/IB FI0008803911/FI0008803929/

FI4000233259Sales Registration FI/SE/DK/FR/ES/IT (QI)/PT/DE/CL/COSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.95% p.a. (A, B)0.50% p.a. (IB)

Morningstar RatingMorningstar Category™ EUR High Yield BondBenchmark ICE BofAML European Currency

Developed Markets High YieldConstrained Index

TOP 10 HOLDINGS % Nidda Healthcare 30.9.2024 3,5% Callable Fixed 2.10Telefonica Europ 3% Perp/Call Variable 2.03Lhc Three Plc 15.8.2024 4,125% Callable Pay-In-Kind

1.94

Storebrand Livsf 4.4.2043 6,875% Callable VAR 1.77Lincoln Fin 1.4.2024 3,625% Callable Fixed 1.65Intesa Sanpaolo 13.9.2023 6,625% 1.44Vivion 8.8.2024 3% At Maturity Fixed 1.43Kbc Group Nv 4,25% Perp/Call Variable 1.41Thyssenkrupp 22.2.2024 2,875% Callable Fixed 1.26Lloyds Bk Gr Plc 6,375% Perp/Call Variable 1.26

SECTOR BREAKDOWN % Banks 13.81Basic Industry 10.33Financial Services 10.01Telecommunications 8.54Car Industry 6.82Health Care 6.70Retail 5.66Real Estate 4.49Other 30.72Cash 2.92


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Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 1.10 1.09 0.013 Months 1.21 1.85 -0.646 Months 1.60 3.29 -1.691 Year 7.82 11.39 -3.573 Years p.a. 3.33 4.64 -1.315 Years p.a. 4.27 4.85 -0.58Since Launch 198.61 245.20 -46.59Since Launch p.a. 5.99 6.81 -0.82

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 146.89 / 298.61 -NAV per IA/IB unit, EUR - / 111.22 -Fund Size, EUR million 886.22 -Volatility, % 2.88 3.16Sharpe Ratio 2.83 3.71Tracking Error, % 0.82 -Information Ratio -4.36 -R2 0.94 -Beta 0.88 -Alpha, % -2.18 -TER, % 0.96 -Portfolio Turnover 0.25 -Modified Duration 3.20 -


BBB 4,82 %

BB 49,07 %

B 29,66 %

CCC 3,77 %

CC 0,14 %

Not Rated 12,54 %

Evli European High YieldInvestments 31 December 2019

89

Quantity/




SECURITIES


Fixed Income Investments 93.42Nidda Healthcare 30.9.2024 3.5% Callable Fixed 17,900,000 103.22 18,632,289.00 2.10Telefonica Europ 3% Perp/Call Variable 17,200,000 104.45 18,002,949.57 2.03Lhc Three Plc 15.8.2024 4.125% Callable Pay-In-Kind 16,500,000 103.25 17,235,425.63 1.94Storebrand Livsf 4.4.2043 6.875% Callable VAR 12,767,000 117.43 15,642,448.27 1.77Lincoln Fin 1.4.2024 3.625% Callable Fixed 14,000,000 103.52 14,617,705.28 1.65Intesa Sanpaolo 13.9.2023 6.625% 10,500,000 119.37 12,741,017.01 1.44Vivion 8.8.2024 3% At Maturity Fixed 12,300,000 101.68 12,652,705.52 1.43Kbc Group Nv 4.25% Perp/Call Variable 12,000,000 103.11 12,468,434.10 1.41Thyssenkrupp 22.2.2024 2.875% Callable Fixed 10,570,000 103.11 11,158,911.17 1.26Lloyds Bk Gr Plc 6.375% Perp/Call Variable 10,870,000 102.40 11,138,168.87 1.26Abn Amro Bank Nv 4.75% Perp/Call Variable 10,000,000 108.10 10,940,794.51 1.23Teollisuuden Voi 8.5.2024 2% Callable Fixed 10,200,000 104.44 10,784,468.36 1.22Iho Verwaltungs 15.9.2026 3.75% Callable Pay-In-Kind 10,000,000 105.49 10,596,075.00 1.20Eircom Finance 15.5.2026 3.5% Callable Fixed 9,500,000 105.26 10,040,977.50 1.13Pinnacle Bidco P 15.2.2025 6.375% Callable Fixed 7,909,000 104.48 9,939,823.61 1.12Teollisuuden Voi 9.3.2026 1.125% Callable Fixed 10,000,000 98.40 9,874,833.61 1.11Quintiles Ims 15.3.2025 3.25% Callable Fixed 9,500,000 101.93 9,773,402.08 1.10Holcim Finance L 3% Perp/Call Variable 9,000,000 105.38 9,616,339.18 1.09Garfunkelux Hold 1.11.2022 8.5% Callable Fixed 8,000,000 98.48 9,396,329.76 1.06Tim S.P.A. 11.4.2024 4% Callable Fixed 7,800,000 110.68 8,858,401.18 1.00Tennet Hld Bv 2.995% Perp/Call Variable 8,000,000 107.09 8,706,559.34 0.98Sunshine Mid 15.5.2026 6.5% Callable Fixed 8,000,000 106.71 8,601,640.00 0.97Dkt Finance 17.6.2023 7% Callable Fixed 8,000,000 105.78 8,482,862.22 0.96Rossini Sarl 30.10.2025 6.75% Callable Fixed 7,500,000 111.15 8,420,325.00 0.95Intrum Ab 15.7.2026 3.5% Callable Fixed 8,000,000 102.08 8,283,066.67 0.93Adler Real Est 27.4.2023 1.875% Callable Fixed 8,000,000 101.97 8,258,919.34 0.93Unicredit Spa 7.5% Perp/Call Variable 7,000,000 116.89 8,222,463.93 0.93La Fin Atalian 15.5.2024 4% Callable Fixed 9,935,000 80.27 8,024,896.90 0.91Telecom Italia 19.1.2024 3.625% At Maturity Fixed 7,000,000 109.88 7,932,211.10 0.90Volvo Treas Ab 10.3.2078 4.85% Callable VAR 6,800,000 111.65 7,858,923.50 0.89Solvay Fin 29.11.2049 5.425% Perp/Call Variable 6,756,000 115.16 7,829,008.04 0.88Softbank Grp Cor 15.4.2028 5% Callable Fixed 7,000,000 110.19 7,786,076.67 0.88Transcom Holding 22.3.2023 6.5% Callable Fixed 8,000,000 95.50 7,741,111.11 0.87Progroup 31.3.2026 3% Callable Fixed 7,600,000 100.98 7,731,480.00 0.87Intrum 15.7.2022 2.75% Callable Fixed 7,475,000 101.34 7,632,489.94 0.86Arqiva Broad Fin 30.9.2023 6.75% Callable Fixed 6,000,000 106.38 7,625,376.17 0.86Telecom Italia 15.4.2025 2.75% Callable Fixed 7,000,000 105.67 7,533,578.63 0.85Dnb Bank Asa 4.875% Perp/Call Variable 8,385,000 100.11 7,521,568.20 0.85B2 Holding Asa 28.5.2024 6.038% Callable Floating 7,700,000 96.44 7,470,315.42 0.84Upc Holding Bv 15.6.2029 3.875% Callable Fixed 7,000,000 104.49 7,415,668.75 0.84Virgin Media Rec 15.9.2024 5.5% Callable Fixed 6,000,000 102.74 7,362,375.79 0.83Skandinav Enskil 5.125% Perp/Call Variable 8,200,000 100.01 7,357,953.23 0.83Wizink 1.8.2023 6.5% Callable PIK 8,750,000 82.06 7,345,960.42 0.83Volvo Car Ab 24.1.2025 2% Callable Fixed 6,950,000 103.01 7,288,916.27 0.82Ax V Inv1 Hold 29.6.2022 5% Callable Floating 7,100,000 101.50 7,207,486.11 0.81Bausch Health Cos Inc 15.5.2023 4.5% Callable Fixed 7,000,000 101.26 7,127,645.00 0.80Dsv Miljo As 10.5.2021 5.9% Callable Floating 7,000,000 100.00 7,057,361.11 0.80Maxeda Diy 15.7.2022 6.125% Callable Fixed 7,000,000 96.98 6,984,830.42 0.79Unicredit Spa 20.2.2029 4.875% Callable Variable 6,000,000 111.04 6,913,970.14 0.78Rsa Insurance 5.073% Perp/Call Floating 68,000,000 104.40 6,798,249.34 0.77Enquest Plc 15.10.2023 7% Call/Ext Pay-In-Kind 8,728,725 87.29 6,782,809.12 0.77Smurfit Kappa Aq 1.2.2024 2.375% Callable Fixed 6,200,000 107.24 6,709,887.14 0.76


90

Quantity/




Nmg Finco Plc 1.8.2022 5% Callable Fixed 5,750,000 96.96 6,696,364.24 0.76Kirk Beauty Zero 15.7.2022 6.25% Callable 6,500,000 99.83 6,675,342.92 0.75Loxam Sas 14.1.2025 3.25% Callable Fixed 6,400,000 103.14 6,661,370.67 0.75Societe Generale 6.75% Perp/Call Variable 6,000,000 106.60 6,490,297.38 0.73Smurfit Kappa Aq 15.1.2026 2.875% At Maturity Fixed 5,810,000 109.95 6,464,421.45 0.73William Hill 7.9.2023 4.875% At Maturity Fixed 5,000,000 106.72 6,365,574.43 0.72Monitchem Hold 3 15.3.2025 5.25% Callable Fixed 6,000,000 104.62 6,350,535.74 0.72Iceland Bondco 15.3.2025 4.625% Callable Fixed 6,000,000 87.09 6,212,910.47 0.70Quatrim 15.1.2024 5.875% Callable Fixed 5,750,000 105.32 6,093,319.72 0.69Drax Finco Plc 1.5.2022 4.25% Callable Fixed 5,000,000 102.02 6,039,490.50 0.68Ssab Ab 26.6.2024 2.67% At Maturity Floating 62,000,000 100.88 5,987,674.46 0.68Citycon Oyj 4.496% Perp/Call Variable 5,800,000 100.58 5,861,426.75 0.66B2 Holding Asa 8.12.2020 7.5% Callable FRN 5,500,000 103.83 5,735,858.33 0.65Hi Bidco As 30.10.2022 6.34% Callable Floating 73,000,000 73.00 5,504,220.13 0.62Ocean Yield Asa 12.12.2024 6.09% At Maturity Floating 54,000,000 99.88 5,493,169.02 0.62Walnut Bidco 1.8.2024 6.75% Callable Fixed 5,000,000 106.62 5,469,600.00 0.62Banco Bilbao Viz 5.875% Perp/Call Variable 5,000,000 109.02 5,456,699.04 0.62Laeringsverkst 1.6.2022 4.9% Callable Floating 54,000,000 99.00 5,453,454.50 0.62Consus Real Est 15.5.2024 9.625% Callable Fixed 5,000,000 107.64 5,441,906.25 0.61Goodvalley A/S 26.5.2021 4.5% Callable Floating 5,500,000 98.75 5,431,891.55 0.61Raiffeisen Bk In 6.125% Perp/Call Variable 5,000,000 108.06 5,416,537.98 0.61Kaefer Isolierte 10.1.2024 5.5% Callable Fixed 5,000,000 105.42 5,400,961.11 0.61Cbr Fashion Fin 1.10.2022 5.125% Callable Fixed 5,150,000 102.71 5,354,816.22 0.60Banco Santander 6.25% Perp/Call Variable 5,000,000 106.28 5,331,270.33 0.60Faurecia 15.6.2026 3.125% Callable Fixed 5,000,000 106.13 5,313,160.42 0.60Hema Bondco I 15.7.2022 6.25% Callable Floating 6,500,000 80.39 5,311,982.36 0.60Ikb Deut Industr 23.7.2022 4.5% At Maturity Fixed 5,000,000 104.22 5,309,025.00 0.60Silgan Holdings Inc 15.03.2025 3.25% Callable 5,050,000 102.25 5,211,393.79 0.59Ml 33 Holding As 27.12.2021 5.5% At Maturity Fixed 50,000,000 101.00 5,130,200.64 0.58Nidda Healthcare 30.9.2024 3.5% Callable Fixed 4,900,000 103.09 5,094,588.40 0.57Ssab Ab 6.9.2023 2.875% At Maturity Fixed 4,800,000 102.00 4,939,737.70 0.56Sas Ab 24.11.2022 5.375% Callable Fixed 49,000,000 103.25 4,867,242.98 0.55Cembrit Group 20.3.2021 5.5% Callable Floating 4,800,000 99.25 4,772,066.67 0.54Premier Foods 15.7.2022 5.374% Callable Floating 4,000,000 100.23 4,771,986.64 0.54Air Baltic 30.7.2024 6.75% Callable Fixed 4,500,000 102.60 4,744,717.38 0.54Dof Subsea Asa 14.3.2022 9.5% At Maturity Fixed 7,700,000 66.00 4,716,855.55 0.53Aker Solutions 25.7.2022 3.97% At Maturity Floating 45,000,000 102.25 4,713,625.57 0.53Frontmatec Group 10.10.2024 5.325% Callable Floating 4,550,000 101.50 4,677,842.36 0.53Intrum 15.7.2024 3.125% Callable Fixed 4,500,000 101.94 4,651,528.12 0.52Scan Transgroup 4.11.2024 6.75% Callable Floating 4,600,000 100.00 4,649,162.50 0.52Casino Guichard 25.1.2023 4.561% At Maturity Fixed 4,500,000 98.08 4,604,607.12 0.52Kb Act Sys Bv 15.7.2025 5% Callable Fixed 4,230,000 102.42 4,429,303.50 0.50Radisson Hld 15.7.2023 6.875% Callable Fixed 4,000,000 107.09 4,409,681.67 0.50Lsf9 Balta Issue 15.9.2022 7.75% Callable Fixed 4,565,160 94.23 4,404,896.26 0.50Polygon Ab 23.2.2023 4% Callable Fixed 4,200,000 101.75 4,310,833.33 0.49Banco Bilbao Viz 5.875% Perp/Call Variable 4,000,000 106.75 4,293,467.72 0.48Jaguar Land Rovr 15.11.2024 5.875% Callable Fixed 4,000,000 104.23 4,191,474.44 0.47Elis Sa 11.4.2024 1.75% Callable Fixed 4,000,000 103.49 4,190,091.80 0.47Aker Solutions 3.6.2024 4.47% At Maturity Floating 40,000,000 100.75 4,106,847.76 0.46Ia Hedin 5.10.2022 3.813% Callable Floating 40,000,000 98.50 3,802,973.60 0.43B2 Holding Asa 23.5.2023 4.75% Callable Floating 4,100,000 92.00 3,791,475.00 0.43Sunborn Finance 09.02.2023 4.85% Callable Floating 3,600,000 97.50 3,534,250.00 0.40Stonegate Pub Co 15.3.2022 7.191% Callable Floating 2,900,000 100.38 3,433,823.62 0.39Vallourec Sa 15.10.2023 6.375% Callable Fixed 4,000,000 83.70 3,400,925.00 0.38Norske Skog 30.6.2022 5.68% At Maturity Floating 3,300,000 102.75 3,399,000.00 0.38


91

Quantity/




Monte Dei Paschi 18.1.2028 5.375% Callable Variable 4,000,000 78.13 3,329,437.26 0.38SRV Group Plc EUR 100 000 000 Fixed 3,200,000 94.00 3,178,109.29 0.36Iqvia Inc 15.1.2028 2.25% Callable Fixed 3,000,000 103.21 3,121,987.50 0.35Zf Europe 23.2.2026 2% Callable Fixed 3,000,000 102.19 3,076,892.47 0.35Stockmann Oyj 11.01.2022 4.75% Callable Fixed 3,000,000 99.39 3,048,901.67 0.34Suominen Oyj 03.10.2022 2.5% At Maturity Fixed 3,000,000 100.75 3,040,737.70 0.34B&M European 1.2.2022 4.125% Callable Fixed 2,375,000 101.04 2,869,728.94 0.32Odfjell Se 13.6.2022 6.28% At Maturity Floating 28,000,000 99.75 2,845,713.47 0.32Promontoria 15.8.2023 6.75% Callable Fixed 3,000,000 89.02 2,746,447.50 0.31Norlandia Health 20.12.2021 4.5% Callable Floating 33,000,000 82.00 2,623,377.78 0.30Infront Asa 15.5.2023 575% Callable Floating 2,400,000 102.00 2,465,633.33 0.28Cma Cgm Sa 15.1.2025 5.25% Callable Fixed 3,000,000 79.55 2,419,312.50 0.27Boparan Finance 15.7.2021 4.375% Callable 3,000,000 72.52 2,224,544.17 0.25Metalcorp Group 6.6.2022 7% Callable Fixed 2,291,000 92.63 2,133,091.73 0.24Vallourec Sa 30.9.2024 2.25% At Maturity Fixed 3,000,000 70.32 2,126,627.21 0.24Loxam Sas 15.4.2025 6% Callable Fixed 2,000,000 104.46 2,114,220.00 0.24Loxam Sas 15.7.2026 3.75% Callable Fixed 2,000,000 105.21 2,107,453.33 0.24B2 Holding Asa 4.10.2021 7% At Maturity Floating 2,000,000 103.62 2,106,542.22 0.24Aib Group Plc 5.25% Perp/Call Variable 1,900,000 108.45 2,083,031.75 0.24Monitchem Hold 2 15.9.2026 9.5% Callable Fixed 2,000,000 100.87 2,061,808.13 0.23Casino Guichard 5.8.2026 4.048% Callable Fixed 2,000,000 84.85 1,729,737.92 0.20Rossini Sarl 30.10.2025 3.44% Callable Floating 1,500,000 101.55 1,533,305.42 0.17Outokumpu Oyj 26.2.2020 3.25% Convertible Fixed 1,500,000 100.20 1,519,824.05 0.17Hkscan Oyj 21.09.2022 2.625% Callable Fixed 1,519,000 91.25 1,397,090.91 0.16Hema Bondco Ii 15.1.2023 8.5% Callable Fixed 2,600,000 45.09 1,276,035.22 0.14


Fixed Income Investments 3.66Netflix Inc 15.6.2030 3.625% Callable Fixed 10,000,000 102.60 10,325,051.39 1.17Crystal Almond S 15.10.2024 4.25% Callable Fixed 7,000,000 102.62 7,243,586.39 0.82Assemblin Fin 15.5.2025 5% Callable Floating 5,500,000 100.66 5,555,507.22 0.63Nortal As 28.5.2024 4.75% Callable Fixed 4,600,000 101.75 4,699,922.22 0.53Vivion 1.11.2025 3.5% At Maturity Fixed 2,400,000 102.89 2,483,106.49 0.28Swedish Atp Mgmt 14.8.2022 6% Callable Pay-In-Kind 27,988,470 78.00 2,150,088.24 0.24



Currency forward contracts 264,380.41 0.031) EUR/GBP_200313 -61,500,000 596,092.41 0.071) EUR/NOK_200213 -291,500,000 -811,830.10 -0.091) EUR/NOK_200213_1 -46,000,000 -132,408.72 -0.011) EUR/NOK_200213_2 7,500,000 7,458.73 0.001) EUR/NOK_200320 16,000 31.59 0.001) EUR/NOK_200320_1 577,600 1,140.39 0.001) EUR/NOK_200320_2 25,000 36.95 0.001) EUR/NOK_200320_3 25,000 -0.04 0.001) EUR/SEK_200122 -353,000,000 -1,030,379.31 -0.121) EUR/SEK_200122_1 20,000,000 38,564.68 0.001) EUR/SEK_200227 20,492,104 32,409.38 0.001) EUR/SEK_200227_1 788,905,131 1,247,696.68 0.141) EUR/SEK_200227_2 505,765 799.89 0.001) EUR/SEK_200227_6 110,000 85.71 0.001) EUR/SEK_200227_7 9,000,000 7,013.02 0.001) EUR/SEK_200227_8 10,400 8.10 0.001) EUR/USD_200313 -29,700,000 307,661.05 0.03




92

31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 151,33 / 289,33 140,45 / 276,95 146,89 / 298,61NAV per IA/IB unit, EUR - / 106,80 - / 102,69 - / 111,22Fund Size, EUR 831,781,136.49 743,704,771.45 886,221,385.38Number of yield units (A) 386,764.38Number of yield units (IA) 0.00Number of growth units (B) 2,402,764.26Number of growth units (IB) 286,914.89Number of unitholders 2,549Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 8,072,317.97Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli European Investment Grade 31 December 2019

93

In 2019, yield spreads in the corporate bond market narrowed sharplywhile government bond rates declined.

Evli European Investment Grade returned an excellent 5.46%, but fellshort of the benchmark return of 6.38% in 2019. The reasons for thiswere its shorter duration compared to the benchmark as interest ratesdeclined and its overweight in Nordic companies' bonds, which didnot increase in price as much as European bonds.

We retained an overweight in Nordic corporate bonds throughout theyear and reduced the weighting of banks' subordinated loans. Thefund's duration was underweighted at roughly a year compared withthe index. At the end of the review period, the fund's return level wasabout 1.1% and its duration was 4.5 years.


(UCITS)Launch Date 7 May 2001Fund Manager Jani KurppaBloomberg EVLEIGA FH/EVLEIGB FH/EVLEIIB FHReuters LP60057930/LP60080983/

LP68425000ISIN FI0008803937/FI0008803945/

FI4000243209Sales Registration FI/SE/ES/CLSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.75% p.a. (A, B)0.40% p.a. (IB)

Morningstar Rating™Morningstar Category™ EUR Corporate BondBenchmark ICE BofAML EMU Non-Financial

Corporate Index 80%ICE BofAML EMU Financial CorporateIndex 20%

TOP 10 HOLDINGS % Vattenfall Ab 19.3.2077 3% Callable VAR 2.80Kemira Oy 30.5.2024 1,75% Callable Fixed 2.29Dna Oyj 27.03.2025 1,375% Callable Fixed 2.14Mercada Oy 24.10.2022 1,875% At Maturity Fixed 1.91Neste Oyj 07.06.2024 1,5% Callable Fixed 1.86Kommunal Landsp 10.6.2045 4,25% CallableVariable

1.70

Vvo-Yhtyma Oyj 17.10.2023 1,625% CallableFixed

1.67

Transmssn Financ 24.5.2023 1,5% At MaturityFixed

1.64

Merck 12.12.2074 3,375% Callable VAR 1.55Tele2 Ab 15.5.2024 1,125% Callable Fixed 1.53

SECTOR BREAKDOWN % Utility 15.34Telecommunications 13.92Banks 12.47Real Estate 10.75Basic Industry 5.83Health Care 5.40Services 5.11Capital Goods 4.66Other 22.38Cash 4.14


-20,0

0,0

20,0

40,0

60,0

80,0

100,0

120,0

140,0

01/02

01/04

01/06

01/08

01/10

01/12

01/14

01/16

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -0.07 -0.06 0.003 Months -0.37 -0.52 0.156 Months 0.88 0.83 0.051 Year 5.46 6.38 -0.923 Years p.a. 2.37 2.45 -0.075 Years p.a. 2.13 2.32 -0.18Since Launch 113.57 136.15 -22.58Since Launch p.a. 4.15 4.71 -0.56

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 105.07 / 213.57 -NAV per IA/IB unit, EUR - / 106.42 -Fund Size, EUR million 434.97 -Volatility, % 1.56 2.06Sharpe Ratio 3.74 3.28Tracking Error, % 0.72 -Information Ratio -1.28 -R2 0.92 -Beta 0.73 -Alpha, % 0.92 -TER, % 0.76 -Portfolio Turnover -0.09 -Modified Duration 4.62 -


AA 1,52 %

A 17,61 %

BBB 68,05 %

BB 1,83 %

Not Rated 11,00 %

Evli European Investment GradeInvestments 31 December 2019

94

Quantity/




SECURITIES


Fixed Income Investments 93.46Vattenfall Ab 19.3.2077 3% Callable VAR 11,100,000 107.42 12,184,631.95 2.80Kemira Oy 30.5.2024 1.75% Callable Fixed 9,104,000 102.74 9,446,675.06 2.17Dna Oyj 27.03.2025 1.375% Callable Fixed 8,800,000 104.74 9,309,357.70 2.14Neste Oyj 07.06.2024 1.5% Callable Fixed 7,700,000 104.14 8,083,949.77 1.86Kommunal Landsp 10.6.2045 4.25% Callable Variable 6,360,000 113.83 7,390,119.82 1.70Vvo-Yhtyma Oyj 17.10.2023 1.625% Callable Fixed 7,000,000 103.69 7,281,609.43 1.67Transmssn Financ 24.5.2023 1.5% At Maturity Fixed 6,810,000 104.14 7,153,682.84 1.64Merck 12.12.2074 3.375% Callable VAR 6,000,000 112.48 6,759,372.30 1.55Tele2 Ab 15.5.2024 1.125% Callable Fixed 6,400,000 103.06 6,640,765.90 1.53Ibm Corp 31.1.2023 0.375% At Maturity Fixed 6,000,000 101.06 6,084,249.04 1.40Telefonica Emis 12.3.2029 1.788% Callable Fixed 5,500,000 108.28 6,034,504.43 1.39Storebrand Livsf 4.4.2043 6.875% Callable VAR 4,900,000 117.43 6,003,602.77 1.38Nykredit 3.6.2036 4% Callable VAR 5,500,000 105.04 5,903,920.60 1.36Metsa Board Oyj 29.09.2027 2.75% Callable Fixed 5,250,000 111.50 5,890,435.45 1.35Deutsche Tel Fin 30.1.2024 0.875% At Maturity Fixed 5,500,000 102.93 5,705,319.52 1.31Dnb Bank Asa 1.3.2027 1.25% Callable Variable 5,500,000 102.00 5,667,511.67 1.30Zf Europe 23.2.2026 2% Callable Fixed 5,500,000 102.19 5,640,969.52 1.30Iss Global A/S 2.12.2024 2.125% Callable 5,000,000 107.15 5,365,668.72 1.23Vonovia Bv 29.12.2049 4% Perp/Call Variable 5,000,000 106.94 5,354,800.27 1.23Siemens Finan 28.2.2028 0.9% At Maturity Fixed 5,000,000 104.67 5,270,976.03 1.21Sato-Oyj 31.5.2024 1.375% Callable Fixed 5,100,000 101.95 5,240,248.05 1.20Veolia Envrnmt 14.1.2024 0.892% Callable Fixed 5,000,000 102.84 5,184,889.32 1.19Orange 29.12.2049 5.25% Perp/Call VAR 4,250,000 116.94 5,169,888.05 1.19Cte Co Transp El 29.9.2024 0.875% At Maturity Fixed 5,000,000 103.01 5,161,716.80 1.19Fortum Oyj 27.2.2029 2.125% Callable Fixed 4,500,000 107.67 4,925,759.79 1.13Ubs Ag 12.2.2026 4.75% Callable VAR 4,500,000 104.89 4,908,772.50 1.13Gas Nat Fenosa F 29.1.2028 1.5% Callable Fixed 4,500,000 106.46 4,852,926.99 1.12Op Corporate Bk 12.11.2029 0.625% At Maturity Fixed 5,000,000 96.60 4,834,283.74 1.11Muni Finance Plc 29.12.2049 4.5% Perp/Call VAR 4,250,000 108.51 4,754,723.73 1.09Statkraft As 20.3.2025 1.125% Callable Fixed 4,500,000 104.10 4,723,969.43 1.09Huhtamaki Oyj 04.10.2024 1.625% Callable Fixed 4,325,000 103.12 4,476,838.22 1.03Cooperatieve Rab 4.625% Perp/Call Variable 4,000,000 109.96 4,399,250.93 1.01Ing Groep Nv 11.04.2028 3% 4,000,000 107.62 4,391,157.38 1.01Tennet Hld Bv 2.995% Perp/Call Variable 4,000,000 107.09 4,353,279.67 1.00Innogy Finance 31.7.2029 1.5% Callable Fixed 4,000,000 106.92 4,301,881.97 0.99Deutsch Bahn Fin 18.12.2028 1.125% At Maturity Fixed 4,000,000 107.47 4,300,518.36 0.99Stora Enso Oyj 16.6.2023 2.125% Callable Fixed 4,000,000 105.81 4,278,543.61 0.98Danone 30.5.2024 1.25% Callable 4,000,000 105.32 4,242,171.58 0.98Deutsche Bank Ag 20.1.2022 1.5% At Maturity Fixed 4,000,000 101.31 4,108,952.33 0.94Rentokil Initial 30.5.2026 0.875% Callable Fixed 4,000,000 100.47 4,039,480.11 0.93Elisa Oyj 26.2.2026 1.125% Callable Fixed 3,850,000 102.32 3,976,022.63 0.91Dsv As 20.9.2024 1.75% Callable Fixed 3,700,000 104.49 3,884,212.08 0.89Citycon Treasury 1.10.2024 2.5% Callable 3,500,000 105.15 3,702,075.46 0.85Sampo Oyj 23.5.2049 3.375% Callable Variable 3,200,000 112.02 3,650,084.20 0.84Zuercher Kbk 15.6.2027 2.625% Callable Variable 3,382,000 104.91 3,596,258.29 0.83Tieto Oyj 12.09.2024 1.375% Callable Fixed 3,500,000 101.61 3,570,813.80 0.82Philips Nv 22.5.2026 0.5% Callable Fixed 3,500,000 101.26 3,554,867.57 0.82Balder 23.1.2026 1.875% Callable Fixed 3,300,000 103.76 3,481,891.03 0.80Sagax Ab 13.3.2025 2.25% Callable Fixed 3,150,000 105.15 3,368,932.23 0.77Coca-Cola Co/The 22.9.2026 1.875% At Maturity Fixed 3,000,000 111.16 3,350,258.85 0.77Cargotec Oyj 28.03.2022 1.75% Callable Fixed 3,200,000 102.55 3,324,263.52 0.76Telia Co Ab 4.4.2078 3% Callable Variable 3,070,000 105.23 3,298,755.26 0.76


95

Quantity/




Tele2 Ab 15.5.2028 2.125% Callable Fixed 3,000,000 108.07 3,282,251.48 0.75Fresenius Medica 30.11.2026 0.625% Callable Fixed 3,300,000 99.36 3,280,650.43 0.75Teollisuuden Voi 13.1.2023 2.625% At Maturity Fixed 3,000,000 106.09 3,258,735.21 0.75Molnlycke Hld 28.2.2025 1.875% At Maturity Fixed 3,000,000 106.27 3,235,197.53 0.74Societe Generale 15.2.2024 1.25% At Maturity Fixed 3,000,000 103.34 3,133,033.97 0.72Solvay Sa 2.12.2022 1.625% Callable 3,000,000 104.02 3,124,402.70 0.72Wendel Sa 26.4.2026 1.375% Callable Fixed 3,000,000 102.98 3,117,373.52 0.72Sap Se 10.12.2024 0.75% Callable Fixed 3,000,000 103.24 3,098,370.98 0.71Verizon Comm Inc 8.4.2027 0.875% Callable Fixed 3,000,000 102.47 3,093,309.59 0.71Elisa Oyj 17.3.2024 0.875% Callable Fixed 3,000,000 101.98 3,080,067.46 0.71Vivendi Sa 11.6.2025 0.625% Callable Fixed 3,000,000 100.81 3,034,759.59 0.70Bnp Paribas 15.7.2025 0.5% Callable Variable 3,000,000 100.32 3,016,406.23 0.69Suez 1.625% Perp/Call Variable 3,000,000 99.82 3,009,101.64 0.69Teliasonera Ab 14.2.2024 3.625% 2,500,000 114.76 2,948,327.05 0.68Sato-Oyj 24.3.2021 2.375% Callable 2,793,000 102.26 2,907,287.27 0.67Engie 3.25% Perp/Call Variable 2,500,000 109.66 2,816,442.12 0.65Goldman Sachs Gp 27.7.2026 1.625% At Maturity Fixed 2,500,000 106.52 2,680,351.57 0.62Cargotec Oyj 28.03.2024 2.375% Callable Fixed 2,500,000 104.66 2,661,674.04 0.61Sagax Ab 17.1.2024 2% Callable Fixed 2,500,000 104.21 2,652,921.23 0.61Elia System Op 2.75% Perp/Call Variable 2,500,000 105.23 2,635,633.88 0.61Pepsico Inc 18.3.2027 0.75% Callable Fixed 2,500,000 103.35 2,598,479.10 0.60Deutsch Bahn Fin 1.6% Perp/Call Variable 2,500,000 102.67 2,574,787.43 0.59Fortum Oyj 27.2.2023 0.875% Callable Fixed 2,500,000 101.70 2,560,898.97 0.59Merck Fin Servic 5.7.2027 0.375% Callable Fixed 2,500,000 99.53 2,492,935.04 0.57Euroclear Invsts 11.4.2048 2.625% Callable Variable 2,200,000 108.83 2,435,959.74 0.56Statnett Sf 26.4.2030 1.25% Callable Fixed 2,300,000 104.83 2,430,580.43 0.56Vier Gas Transpo 10.9.2029 0.125% Callable Fixed 2,500,000 95.74 2,394,456.28 0.55HUHTAMAKI OYJ 175M 1.125 20.11.26 2,400,000 99.04 2,379,912.59 0.55Esb Finance Ltd 12.1.2024 3.494% 2,000,000 113.40 2,335,642.58 0.54Rci Banque 10.11.2021 0.625% Callable Fixed 2,250,000 100.88 2,271,737.03 0.52Allianz Se 7.7.2045 2.241% Callable VAR 2,000,000 107.13 2,164,355.25 0.50Jyske Bank A/S 5.4.2029 2.25% Callable Variable 2,000,000 104.77 2,128,576.72 0.49Medtronic Global 7.3.2027 1.125% Callable Fixed 2,000,000 104.88 2,116,041.15 0.49Bnp Paribas 20.3.2026 2.875% Callable VAR 2,000,000 103.25 2,109,931.69 0.49Kojamo Oyj 7.3.2025 1.625% Callable Fixed 2,000,000 103.80 2,102,530.55 0.48Kojamo Oyj 19.6.2024 1.5% Callable Fixed 2,000,000 103.83 2,092,583.61 0.48Orange 12.5.2025 1% Callable Fixed 2,000,000 103.73 2,087,312.24 0.48Vonovia Bv 6.12.2024 1.25% At Maturity Fixed 2,000,000 104.13 2,084,207.65 0.48Sanofi 5.4.2024 0.625% Callable 2,000,000 102.80 2,065,221.31 0.47Merck 25.6.2079 1.625% Callable Variable 2,000,000 102.86 2,058,394.37 0.47Koninklijke Kpn 9.4.2025 0.625% Callable Fixed 2,000,000 101.10 2,031,144.70 0.47Deutsch Bahn Fin 0.95% Perp/Call Variable 2,000,000 101.00 2,023,801.53 0.47Citycon Treasury 8.9.2026 1.25% Callable Fixed 2,000,000 94.40 1,895,866.89 0.44Mandatum Life 4.10.2049 1.875% Callable Variable 1,750,000 102.00 1,792,889.34 0.41Nordea Bank Ab 3.5% Perp/Call Variable 1,700,000 101.75 1,777,545.08 0.41Orange 2.375% Perp/Call Variable 1,600,000 105.38 1,713,010.54 0.39Lassila&Tikanoja EUR 50 mio 1.25% 1,600,000 101.15 1,624,057.70 0.37Ing Groep Nv 13.11.2030 1% Callable Variable 1,600,000 99.23 1,589,746.36 0.37Sika Capital Bv 29.4.2027 0.875% Callable Fixed 1,500,000 102.89 1,552,156.72 0.36Coca-Cola Co/The 8.3.2024 0.5% At Maturity Fixed 1,500,000 102.00 1,536,091.56 0.35Postnl 23.9.2026 0.625% Callable Fixed 1,500,000 99.32 1,492,350.86 0.34Dh Europe 18.3.2026 0.2% Callable Fixed 1,500,000 98.74 1,481,937.46 0.34Cargotec Oyj 23.9.2026 1.625% At Maturity Fixed 1,500,000 97.18 1,464,248.24 0.34Psa Banque Franc 12.4.2022 0.5% Callable Fixed 1,300,000 100.91 1,316,526.77 0.30Citycon Treasury 16.9.2022 2.375% Callable 1,250,000 104.52 1,315,123.02 0.30


96

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Allianz Finance 8.7.2041 5.75% Callable VAR 900,000 108.46 1,001,025.25 0.23Castellum Ab 4.9.2026 0.75% Callable Fixed 1,000,000 98.42 986,598.03 0.23Skf Ab 15.11.2029 0.875% Callable Fixed 700,000 99.72 698,830.81 0.16Stora Enso Oyj 7.6.2027 2.5% Callable Fixed 510,000 108.75 561,851.37 0.13Kemira Oy 30.5.2024 1.75% Callable Fixed 500,000 102.74 518,820.03 0.12


Fixed Income Investments 2.40Mercada Oy 24.10.2022 1.875% At Maturity Fixed 8,000,000 103.38 8,297,868.85 1.91Dna Ltd 12.03.2021 2.875% At Maturity Fixed 2,046,000 103.35 2,161,689.56 0.50



Currency forward contracts 158,306.14 0.041) EUR/SEK_200129_3 176,000,000 162,331.37 0.041) EUR/SEK_200129_6 -5,000,000 -4,025.23 0.00



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 108,23 / 206,96 102,72 / 202,52 105,07 / 213,57NAV per IA/IB unit, EUR - / 102,36 - / 100,55 - / 106,42Fund Size, EUR 294,120,514.98 256,967,497.17 434,970,671.91Number of yield units (A) 254,125.95Number of yield units (IA) 0.00Number of growth units (B) 1,835,630.11Number of growth units (IB) 10.00Number of unitholders 1,644Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 2,722,182.89Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli Nordic Corporate Bond 31 December 2019

97

In 2019, yield spreads in the corporate bond market narrowed sharplywhile government bond rates declined. The Nordic corporate bondmarket was more stable than other markets.

Evli Nordic Corporate Bond returned an exceptional 3.39%, beatingthe benchmark index's 2.75% return in 2019. Bonds with slightlyhigher risk produced the best returns in the portfolio.

In terms of sectors, we added service sector bonds to the fund duringthe year and from a geographical viewpoint, we added bonds ofSwedish and Norwegian companies to the fund. The fund seekssteady returns with a moderate risk. At the end of the review period,the fund's return level was about 1.65% and its duration was 2.1 years.

FUND FACTS Fund Category Nordic corporate bond fund (UCITS)Launch Date 16 April 2007, current investment

strategy since 31 August 2017Fund Manager Jani KurppaBloomberg A/B/IB EVLALBA FH/EVLALBB FH/EVLALIB FHReuters A/B/IB LP65067690/LP65067691/

LP65067693ISIN A/B/IB FI0008811989/FI0008811997/

FI0008812011Sales Registration FI/DK/FR/ES/IT/DESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.75% p.a. (A, B)0.40% p.a. (IA, IB)

Morningstar RatingMorningstar Category EUR Flexible BondBenchmark ICE BofAML 1-5 Year Euro Corporate

Index

TOP 10 HOLDINGS % Ellevio Ab 12.2.2025 2,875% At Maturity Fixed 2.22Kemira Oy 30.5.2024 1,75% Callable Fixed 2.01Vattenfall Ab 19.3.2077 3,125% Callable Variable 1.77Mercada Oy 24.10.2022 1,875% At Maturity Fixed 1.76Aker 31.1.2023 3,51% Callable Floating 1.63Telia Co Ab 4.10.2077 2.804% Callable Floating 1.60Marine Harvest 12.6.2023 2,15% CallableFloating

1.60

Neste Oyj 07.06.2024 1,5% Callable Fixed 1.59Finnair Oyj 7,875% Perp/Call Variable 1.32Sato-Oyj 31.5.2024 1,375% Callable Fixed 1.29

ASSET ALLOCATION BY FIXED INCOME CLASSES Money Market 1.47Government Bonds 1.18Investment Grade 22.74High Yield 16.07Other 52.87Cash 5.67


-20,0

0,0

20,0

40,0

60,0

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

01/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 0.09 0.09 0.003 Months -0.01 -0.07 0.066 Months 0.77 0.31 0.461 Year 3.39 2.75 0.643 Years p.a. 2.28 0.72 1.555 Years p.a. 2.23 0.39 1.84Since Launch 43.23 16.50 26.73Since Launch p.a. 2.87 1.21 1.66

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 90.36 / 143.23 -NAV per IA/IB unit, EUR 104.64 / 149.84 -Fund Size, EUR million 1.032.74 -Volatility, % 0.56 0.90Sharpe Ratio 6.81 3.47Tracking Error, % 0.51 -Information Ratio 1.27 -R2 0.74 -Beta 0.53 -Alpha, % 2.08 -TER, % 0.75 -Portfolio Turnover 0.03 -Modified Duration 2.34 -

Evli Nordic Corporate BondInvestments 31 December 2019

98

Quantity/




SECURITIES


Fixed Income Investments 89.37Ellevio Ab 12.2.2025 2.875% At Maturity Fixed 228,000,000 102.57 22,936,509.20 2.22Kemira Oy 30.5.2024 1.75% Callable Fixed 20,000,000 102.74 20,752,801.09 2.01Vattenfall Ab 19.3.2077 3.125% Callable Variable 180,500,000 103.38 18,279,453.34 1.77Aker 31.1.2023 3.51% Callable Floating 160,500,000 102.50 16,826,800.56 1.63Telia Co Ab 4.10.2077 2.804% Callable Floating 166,700,000 102.89 16,511,790.16 1.60Mowi ASA 12.6.2023 2.15% Callable FRN 16,200,000 101.75 16,501,882.50 1.60Neste Oyj 07.06.2024 1.5% Callable Fixed 15,100,000 104.14 15,852,940.46 1.54Finnair Oyj 7.875% Perp/Call Variable 12,800,000 104.75 13,625,573.77 1.32Sato-Oyj 31.5.2024 1.375% Callable Fixed 12,989,000 101.95 13,346,192.53 1.29Huhtamaki Oyj 04.10.2024 1.625% Callable Fixed 12,405,000 103.12 12,840,503.62 1.24Dsv As 20.9.2024 1.75% Callable Fixed 12,015,000 104.49 12,613,191.40 1.22Konecranes Oyj 09.06.2022 1.75% Callable Fixed 12,050,000 102.93 12,520,937.05 1.21Vvo-Yhtyma Oyj 17.10.2023 1.625% Callable Fixed 12,005,000 103.69 12,487,960.17 1.21Finnair Oyj 29.03.2022 2.25% Callable Fixed 11,895,000 102.85 12,436,563.75 1.20Vestas Wind Syst 11.3.2022 2.75% Callable Fixed 11,084,000 104.90 11,872,685.35 1.15Cargotec Oyj 23.9.2026 1.625% At Maturity Fixed 11,700,000 97.18 11,421,136.25 1.11Cramo Oyj 28.2.2022 2.375% At Maturity Fixed 10,534,000 102.48 11,005,090.58 1.07HUHTAMAKI OYJ 175M 1.125 20.11.26 9,800,000 99.04 9,717,976.41 0.94Volvo Car Ab 7.3.2022 1.847% At Maturity Floating 99,000,000 102.16 9,693,541.81 0.94Tieto Oyj 12.09.2024 1.375% Callable Fixed 8,600,000 101.61 8,773,999.62 0.85Ssab Ab 26.6.2024 2.67% At Maturity Floating 90,000,000 100.88 8,691,785.51 0.84Kojamo Oyj 7.3.2025 1.625% Callable Fixed 8,250,000 103.80 8,672,938.50 0.84Metsa Board Oyj 29.09.2027 2.75% Callable Fixed 7,710,000 111.50 8,650,525.20 0.84Aker Solutions 3.6.2024 4.47% At Maturity Floating 84,000,000 100.75 8,624,380.31 0.84Fortum Oyj 27.2.2023 0.875% Callable Fixed 8,100,000 101.70 8,297,312.67 0.80Citycon Treasury 1.10.2024 2.5% Callable 7,830,000 105.15 8,282,071.68 0.80Caverion 28.03.2023 3.25% Callable Fixed 7,500,000 104.00 7,985,143.44 0.77Intrum Ab 15.9.2027 3% Callable Fixed 8,000,000 98.12 7,916,693.33 0.77Cargotec Oyj 28.03.2022 1.75% Callable Fixed 7,400,000 102.55 7,687,359.39 0.74Intrum Ab 15.7.2026 3.5% Callable Fixed 7,000,000 102.08 7,247,683.33 0.70Ax V Inv1 Hold 29.6.2022 5% Callable Floating 6,970,000 101.50 7,075,518.06 0.69Af Poyry Ab 27.6.2024 1.928% At Maturity Floating 72,000,000 100.49 6,926,255.38 0.67Outokumpu Oyj 18.6.2024 4.125% Callable Fixed 6,730,000 100.52 6,774,684.40 0.66Muni Finance Plc 29.12.2049 4.5% Perp/Call VAR 6,050,000 108.51 6,768,489.07 0.66Nibe Industrier 3.6.2024 1.121% At Maturity Floating 70,000,000 100.60 6,745,829.85 0.65Coor Service 20.3.2024 2.243% At Maturity Floating 68,000,000 102.07 6,647,122.68 0.64Yit-Yhtyma Oy 11.6.2023 4.25% Callable Fixed 6,302,000 104.75 6,616,224.72 0.64Fortum Varme 24.2.2025 0.529% At Maturity Floating 68,000,000 101.33 6,601,328.79 0.64Loomis A 18.9.2023 1.127% At Maturity Floating 68,000,000 100.20 6,523,879.75 0.63Dsv As 18.3.2022 3.5% At Maturity Fixed 44,410,000 106.06 6,467,305.59 0.63Aker 22.11.2024 3.77% At Maturity Floating 63,000,000 100.23 6,436,819.31 0.62Sponda Oyj 20.05.2020 2.375% At Maturity Fixed 6,265,000 100.67 6,398,384.42 0.62Ahlstrom Munksjo 09.06.2022 1.875% Callable Fixed 6,150,000 102.88 6,391,400.10 0.62Verisure Holding 15.5.2023 3.5% Callable Fixed 6,000,000 102.81 6,185,576.67 0.60Bilia Ab 11.10.2023 0.937% At Maturity Floating 64,000,000 100.49 6,172,907.38 0.60Nibe Industrier 4.9.2023 0.677% At Maturity Floating 64,000,000 100.58 6,165,564.77 0.60Tele2 Ab 24.2.2023 2% At Maturity Fixed 60,000,000 103.24 6,026,300.17 0.58Pohjolan Voima 1.75 PCT 8.6.2023 5,800,000 102.72 6,015,120.42 0.58Arla Foods 3.4.2024 1.181% At Maturity Floating 62,000,000 100.76 5,994,878.92 0.58Teollisuuden Voi 9.3.2026 1.125% Callable Fixed 6,000,000 98.40 5,924,900.16 0.57Color Group As 23.9.2022 4.48% At Maturity Floating 57,000,000 102.00 5,909,331.44 0.57Dometic Group Ab 13.9.2023 3% Callable Fixed 5,350,000 106.52 5,746,512.18 0.56


99

Quantity/




Suominen Oyj 03.10.2022 2.5% At Maturity Fixed 5,585,000 100.75 5,660,840.03 0.55Boliden Ab 19.6.2024 1.427% At Maturity Floating 58,000,000 100.42 5,577,017.02 0.54Cargotec Oyj 23.1.2025 1.25% At Maturity Fixed 5,600,000 98.54 5,537,338.30 0.54Tele2 Ab 15.5.2024 1.125% Callable Fixed 5,300,000 103.06 5,499,384.26 0.53Kommunal Landsp 10.6.2045 4.25% Callable Variable 4,700,000 113.83 5,461,252.07 0.53Nordic Ent Group 23.5.2024 1.354% At Maturity Floating 56,000,000 100.67 5,403,587.85 0.52Teollisuuden Voi 13.1.2023 2.625% At Maturity Fixed 4,900,000 106.09 5,322,600.84 0.52Fjord 1 Asa 22.11.2022 4.31% At Maturity Floating 51,500,000 100.75 5,298,357.89 0.51Gn Store Nord 6.12.2023 0.75% Callable Fixed 5,200,000 99.74 5,188,935.93 0.50Nassa Topco 6.4.2024 2.875% Callable Fixed 5,000,000 101.84 5,158,085.42 0.50Lassila&Tikanoja EUR 50 mio 1.25% 5,000,000 101.15 5,075,180.33 0.49Ssab Ab 6.9.2023 2.875% At Maturity Fixed 4,900,000 102.00 5,042,648.91 0.49Digiplex Norway 30.4.2024 5.04% Callable Floating 46,000,000 103.50 4,877,964.12 0.47Arla Foods 3.7.2023 1.507% At Maturity Fixed 50,000,000 101.06 4,871,271.82 0.47Stockmann Oyj 11.01.2022 4.75% Callable Fixed 4,750,000 99.39 4,827,427.64 0.47Color Group As 23.11.2023 4.43% At Maturity Floating 46,500,000 101.50 4,815,734.62 0.47Indutrade Ab 26.9.2024 1.32% At Maturity Floating 50,000,000 100.35 4,802,976.80 0.47Postnord Ab 13.9.2023 0.713% At Maturity Floating 50,000,000 100.24 4,799,264.98 0.46Volvo Car Ab 27.2.2023 2.235% At Maturity Floating 49,000,000 102.09 4,797,954.84 0.46Nrc Group Asa 13.9.2024 5.62% Callable Floating 46,250,000 101.75 4,791,487.05 0.46Heimstaden Bosta 5.9.2023 2.125% Callable Fixed 4,500,000 105.13 4,761,553.65 0.46Intrum 15.7.2022 2.75% Callable Fixed 4,550,000 101.34 4,645,863.44 0.45Caverion 4.625% Perp/Call Variable 4,500,000 100.63 4,640,720.33 0.45Polygon Ab 23.2.2023 4% Callable Fixed 4,500,000 101.75 4,618,750.00 0.45Billerudkor 20.3.2023 0.577% At Maturity Floating 48,000,000 100.36 4,612,073.33 0.45Mandatum Life 4.10.2049 1.875% Callable Variable 4,500,000 102.00 4,610,286.89 0.45Sagax Ab 13.3.2025 2.25% Callable Fixed 4,300,000 105.15 4,598,859.87 0.45Pohjolan Voima 20/01/25 4,600,000 99.68 4,591,869.97 0.44Stora Enso Oyj 20.2.2024 1.374% At Maturity Floating 44,000,000 102.24 4,312,711.46 0.42Teollisuuden Voi 8.5.2024 2% Callable Fixed 4,053,000 104.44 4,285,240.22 0.41Bonheur Asa 4.9.2024 4.09% At Maturity Floating 42,000,000 100.15 4,284,368.90 0.41Ericsson Lm 1.3.2024 1.875% At Maturity Fixed 4,000,000 105.14 4,268,180.00 0.41Citycon Oyj 4.496% Perp/Call Variable 4,200,000 100.58 4,244,481.44 0.41Hexagon 26.11.2024 1.073% At Maturity Floating 44,000,000 99.72 4,203,494.14 0.41Stena Metall Fin 27.11.2020 3.1% At Maturity Floating 43,000,000 101.77 4,201,903.88 0.41Citycon Treasury 15.1.2027 2.375% Callable Fixed 4,000,000 100.00 4,090,975.89 0.40Stena Metall Fin 1.6.2023 1.752% At Maturity Floating 42,000,000 100.50 4,046,771.02 0.39Arla Foods 3.7.2023 0.593% At Maturity Floating 42,000,000 100.25 4,038,220.83 0.39Hexagon 4.4.2023 0.442% At Maturity Floating 40,000,000 100.46 3,853,321.33 0.37Intrum Ab 3.7.2023 3.399% Callable Floating 39,000,000 102.02 3,837,105.89 0.37Arla Foods 31.5.2021 1.875% At Maturity Fixed 38,600,000 101.63 3,794,860.70 0.37Aker Bp Asa 15.6.2024 4.75% Callable Fixed 4,000,000 104.10 3,713,982.61 0.36Ocean Yield Asa 12.12.2024 6.09% At Maturity Floating 36,000,000 99.88 3,662,112.68 0.35Vattenfall Ab 19.3.2077 2.331% Callable Floating 37,400,000 101.93 3,649,436.12 0.35Bewi Group Ab 19.4.2022 4.377% At Maturity Floating 3,500,000 103.50 3,641,945.22 0.35Aktia Bank 18.9.2029 1.375% Callable Variable 3,600,000 98.64 3,564,993.00 0.35Stora Enso Oyj 16.6.2023 2.125% Callable Fixed 3,329,000 105.81 3,560,817.92 0.34Austevoll Sea 21.6.2023 3.21% At Maturity Floating 34,500,000 101.00 3,541,011.98 0.34Polygon Ab 23.2.2023 4% Callable Fixed 3,300,000 101.75 3,387,083.33 0.33Citycon Treasury 8.9.2026 1.25% Callable Fixed 3,500,000 94.40 3,317,767.05 0.32Aker Solutions 25.7.2022 3.97% At Maturity Floating 31,000,000 102.25 3,247,164.29 0.31Storebrand Livsf 27.3.2048 2.116% Callable Floating 34,000,000 99.64 3,243,336.44 0.31Neste Oil 2.125 due 2022 3,000,000 103.72 3,161,938.11 0.31Austevoll Sea 4.5.2021 3.94% At Maturity Floating 30,000,000 102.00 3,129,553.51 0.30Sas Ab 24.11.2022 5.375% Callable Fixed 31,000,000 103.25 3,079,276.17 0.30


100

Quantity/




Storebrand Livsf 16.9.2049 2.424% Callable Floating 32,000,000 100.43 3,078,863.52 0.30Trelleborg 17.10.2024 0.835% At Maturity Floating 32,000,000 100.06 3,069,951.31 0.30Laeringsverkst 1.6.2022 4.9% Callable Floating 30,000,000 99.00 3,029,696.94 0.29Stora Enso Oyj 21.3.2028 2.5% Callable Fixed 2,700,000 109.35 3,005,011.48 0.29Smakraft As 2.11.2023 1.585% Callable Floating 3,000,000 99.50 2,992,153.50 0.29Hexagon 10.3.2022 1.5% At Maturity Fixed 30,000,000 101.40 2,946,117.18 0.29Kemira Oyj EUR 150m 2.25 due 2022 2,770,000 103.81 2,915,071.26 0.28Sveaskog Ab 16.10.2024 1.125% At Maturity Fixed 30,000,000 100.64 2,896,242.08 0.28Swedavia Ab 1.561% Perp/Call Floating 30,000,000 100.24 2,882,339.10 0.28Elkem Asa 6.12.2021 2.46% At Maturity Floating 28,000,000 101.00 2,877,259.54 0.28Nykredit 6.25% Perp/Call Variable 2,600,000 104.20 2,738,373.28 0.27Hexagon 10.3.2022 0.855% At Maturity Floating 28,000,000 101.36 2,718,187.73 0.26Bewi Group Ab 22.11.2023 2.996% At Maturity Floating 2,700,000 100.25 2,715,428.77 0.26Frontmatec Group 10.10.2024 5.325% Callable Floating 2,600,000 101.50 2,673,052.78 0.26Felleskjopet Agr 25.4.2024 3.25% At Maturity Floating 26,000,000 99.63 2,647,748.92 0.26Indutrade Ab 23.2.2023 1.028% At Maturity Floating 27,000,000 100.57 2,601,735.25 0.25Stillfront Group 30.6.2024 4.716% Callable Floating 26,250,000 102.37 2,573,134.72 0.25Skandinav Enskil 5.125% Perp/Call Variable 2,800,000 100.01 2,512,471.84 0.24Nordic Ent Group 23.5.2022 0.904% At Maturity Floating 26,000,000 100.43 2,501,716.78 0.24Outokumpu Tech 16.09.2020 3.75% At Maturity Fixed 2,400,000 102.35 2,482,513.57 0.24Volvo Car Ab 7.3.2022 2.5% At Maturity Fixed 25,000,000 101.61 2,479,918.90 0.24Cargotec Oyj 28.03.2024 2.375% Callable Fixed 2,325,000 104.66 2,475,356.86 0.24Heimstaden Bosta 7.12.2021 1.75% Callable Fixed 2,400,000 102.80 2,469,858.10 0.24Sanolium Ab 26.9.2024 4.193% At Maturity Floating 25,000,000 102.00 2,441,666.56 0.24Nibe Industrier 11.4.2022 0.994% At Maturity Floating 25,000,000 101.63 2,438,299.15 0.24Ia Hedin 5.10.2022 3.813% Callable Floating 25,000,000 98.50 2,376,858.50 0.23Aak Ab 10.12.2021 0.684% At Maturity Floating 24,000,000 100.75 2,315,687.65 0.22Sampo Oyj 23.5.2049 3.375% Callable Variable 2,000,000 112.02 2,281,302.62 0.22Stora Enso Oyj 7.6.2027 2.5% Callable Fixed 2,000,000 108.75 2,203,338.69 0.21Cibus Nor Re 26.5.2021 4.168% Callable Floating 2,100,000 102.75 2,166,114.71 0.21Billerudkor 21.2.2022 1.625% At Maturity Fixed 22,000,000 101.44 2,165,212.01 0.21Sagax Ab 15.2.2022 1.675% Callable Floating 22,000,000 102.01 2,157,014.71 0.21Sydbank A/S 5.25% Perp/Call Variable 2,000,000 105.25 2,140,665.76 0.21Ocean Yield Asa 25.5.2023 5.14% Callable Floating 21,000,000 99.13 2,125,170.46 0.21Sagax Ab 17.1.2024 2% Callable Fixed 2,000,000 104.21 2,122,336.99 0.21Postnord Ab 28.5.2024 1.219% At Maturity Floating 22,000,000 100.46 2,117,747.75 0.21Fortum Oyj 27.2.2026 1.625% Callable Fixed 2,000,000 104.37 2,114,675.62 0.20Dometic Group Ab 8.5.2026 3% Callable Fixed 2,000,000 103.75 2,113,852.46 0.20Y Foundation 4.10.2023 3.125% At Maturity Fixed 2,000,000 103.95 2,093,987.32 0.20Dsv As 24.6.2020 3.5% At Maturity Fixed 15,000,000 101.42 2,072,431.88 0.20Ellevio Ab 28.2.2024 1.056% At Maturity Floating 21,000,000 102.84 2,069,562.56 0.20Nokia Oyj 15.3.2024 2% Callable Fixed 1,950,000 104.51 2,068,972.70 0.20Dna Oyj 27.03.2025 1.375% Callable Fixed 1,900,000 104.74 2,009,974.96 0.19Sas Ab 24.11.2022 5.375% Callable Fixed 20,000,000 103.25 1,986,629.79 0.19Castellum Ab 4.9.2026 0.75% Callable Fixed 2,000,000 98.42 1,973,196.07 0.19Castellum Ab 17.5.2023 1.65% At Maturity Fixed 20,000,000 101.74 1,967,040.24 0.19Tele2 Ab 24.2.2023 0.824% At Maturity Floating 20,000,000 102.52 1,965,245.10 0.19Husqvarna Ab 1.3.2024 0.92% At Maturity Floating 20,000,000 102.22 1,958,799.37 0.19Molnlycke Hld 5.9.2029 0.875% Callable Fixed 2,000,000 96.92 1,943,974.26 0.19Logent 31.10.2024 5.875% Callable Floating 20,000,000 100.37 1,940,269.25 0.19Yara Intl Sa 13.12.2022 1.52% At Maturity Floating 19,000,000 100.44 1,940,028.39 0.19Castellum Ab 20.11.2023 2.125% Callable Fixed 1,800,000 106.34 1,918,332.84 0.19Aak Ab 20.11.2024 1.004% At Maturity Floating 20,000,000 99.98 1,916,055.90 0.19Nordea Bank Ab 26.9.2028 1.223% Callable Floating 20,000,000 99.83 1,911,171.30 0.19Ssab Ab 5.4.2022 3.563% At Maturity Floating 19,000,000 104.05 1,904,633.45 0.18B2 Holding Asa 14.11.2022 3.921% Callable Floating 2,000,000 94.25 1,895,238.17 0.18


101

Quantity/




Elisa Oyj 26.2.2026 1.125% Callable Fixed 1,800,000 102.32 1,858,919.67 0.18Stockholm Exer 11.9.2026 0.893% At Maturity Fixed 20,000,000 96.66 1,855,337.18 0.18B2 Holding Asa 23.5.2023 4.75% Callable Floating 2,000,000 92.00 1,849,500.00 0.18Felleskjopet Agr 25.4.2022 2.83% At Maturity Floating 18,000,000 100.16 1,841,332.45 0.18Kojamo Oyj 19.6.2024 1.5% Callable Fixed 1,700,000 103.83 1,778,696.07 0.17Dnb Bank Asa 4.875% Perp/Call Variable 1,900,000 100.11 1,704,350.57 0.17Zetadisplay Ab 20.3.2023 4.722% Callable Floating 17,500,000 100.63 1,687,775.58 0.16European Energy 20.9.2023 5.032% Callable Floating 1,500,000 104.63 1,571,669.88 0.15Nordea Bank Ab 3.5% Perp/Call Variable 1,500,000 101.75 1,568,422.13 0.15Infront Asa 15.5.2023 575% Callable Floating 1,500,000 102.00 1,541,020.83 0.15Epiroc Ab 6.12.2023 1.553% At Maturity Fixed 15,000,000 102.27 1,469,716.51 0.14Capnor Weasel 12.6.2025 5.375% Callable Floating 1,400,000 99.75 1,400,471.53 0.14Peab Finans Ab 6.9.2021 0.74% At Maturity Floating 14,000,000 100.40 1,346,337.13 0.13Intrum Ab 22.11.2021 1.839% Callable Floating 14,000,000 100.10 1,343,921.03 0.13Postnord Ab 14.3.2022 0.778% At Maturity Floating 14,000,000 100.24 1,343,551.45 0.13Akelius Resident 12.11.2024 1.082% At Maturity Floating 14,000,000 99.83 1,339,537.95 0.13Storebrand Livsf 4.4.2043 6.875% Callable VAR 1,000,000 117.43 1,225,225.05 0.12Tomra Systems 14.11.2024 2.58% At Maturity Floating 12,000,000 100.10 1,223,716.21 0.12Sbab Bank Ab 3.654% Perp/Call Floating 12,000,000 102.25 1,177,454.84 0.11Husqvarna Ab 14.2.2023 1.375% At Maturity Fixed 11,000,000 101.51 1,081,407.45 0.10Nykredit 3.6.2036 4% Callable VAR 1,000,000 105.04 1,073,440.11 0.10Yara Intl Sa 13.12.2024 2.45% At Maturity Fixed 10,000,000 98.86 1,004,897.51 0.10Fortum Varme 24.2.2025 1.75% At Maturity Fixed 10,000,000 103.08 1,000,770.44 0.10Castellum Ab 1.9.2022 1.305% At Maturity Floating 10,000,000 102.85 985,762.85 0.10Opus Group Ab 31.5.2022 3.35% Callable Floating 10,000,000 102.50 984,237.34 0.10Sunborn Finance 09.02.2023 4.85% Callable Floating 1,000,000 97.50 981,736.11 0.10Elekta Ab 28.3.2022 1.731% At Maturity Floating 10,000,000 102.08 976,983.84 0.09B2 Holding Asa 28.5.2024 6.038% Callable Floating 1,000,000 96.44 970,170.83 0.09Teollisuuden Voi 4.2.2025 2.125% Callable 900,000 105.12 963,371.10 0.09Ica Gruppen Ab 4.3.2022 0.601% At Maturity Floating 10,000,000 100.51 962,493.78 0.09Af Poyry Ab 20.6.2023 1.22% At Maturity Floating 10,000,000 98.99 947,800.34 0.09Stockholm Exer 11.9.2023 0.624% At Maturity Floating 8,000,000 100.40 769,007.22 0.07Volvofinans 11.4.2028 1.659% Callable Floating 8,000,000 99.41 763,430.51 0.07Volvo Car Ab 24.1.2025 2% Callable Fixed 700,000 103.01 734,135.45 0.07Topdanmark A/S 2.442% Perp/Call Floating 5,000,000 99.00 664,012.06 0.06Capman Oyj 16.04.2023 4.125% Callable Fixed 600,000 100.88 610,389.34 0.06Citycon Treasury 16.9.2022 2.375% Callable 559,000 104.52 588,123.01 0.06Coor Service 20.3.2024 2.243% At Maturity Floating 6,000,000 102.07 586,510.82 0.06Neste Oyj 07.06.2024 1.5% Callable Fixed 500,000 104.14 524,931.80 0.05Crayon Group 21.11.2022 5.33% Callable Floating 5,000,000 100.13 511,301.16 0.05Konecranes Oyj 09.06.2022 1.75% Callable Fixed 200,000 102.93 207,816.38 0.02


Fixed Income Investments 5.40Mercada Oy 24.10.2022 1.875% At Maturity Fixed 17,500,000 103.38 18,151,588.11 1.76Rettig 25.04.2022 2.375% Callable Fixed 8,110,000 103.25 8,505,140.92 0.82Rettig Group Ltd EUR 90.000.000 Notes due 2023 8,275,000 101.43 8,504,366.27 0.82Uni Prop Finland 02.11.2023 1.875% Callable Fixed 7,100,000 102.13 7,272,832.04 0.70LOCALTAPIOLA MUTUAL LIFE INSURANCE23.11.2043 6,000,000 101.28 6,098,603.01 0.59Assemblin Fin 15.5.2025 5% Callable Floating 4,000,000 100.66 4,040,368.89 0.39Dna Ltd 12.03.2021 2.875% At Maturity Fixed 1,632,000 103.35 1,724,280.24 0.17Ahlstrom-Munksjo Hybrid Cap Sec 1,000,000 100.38 1,005,689.50 0.10Rettig Group 30.4.2023 2% Callable Fixed 500,000 101.43 513,858.99 0.05



Currency forward contracts -4,627,121.09 -0.451) EUR/DKK_200212 -81,000,000 4,519.04 0.00


102

Quantity/




1) EUR/NOK_200130 100,000 146.25 0.001) EUR/NOK_200330 -890,000,000 -2,388,295.74 -0.231) EUR/NOK_200330_1 -50,000,000 -115,797.31 -0.011) EUR/SEK_200210 -1,500,000,000 -1,189,359.14 -0.121) EUR/SEK_200311 -1,530,000,000 -950,779.02 -0.091) EUR/SEK_200316 99,000,000 2,284.63 0.001) EUR/USD_200213 -3,100,000 -19,575.35 0.001) EUR/USD_200213_1 -2,900,000 4,301.37 0.001) EUR/USD_200213_2 -1,000,000 2,279.81 0.001) EUR/USD_200213_3 -2,000,000 23,154.37 0.00

TOTAL VALUE OF DERIVATIVE CONTRACTS -4,627,121.09 -0.45


31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 93,16 / 138,92 90,10 / 138,53 90,36 / 143,23NAV per IA/IB unit, EUR 103,91 / 144,32 103,97 / 144,41 104,64 / 149,84Fund Size, EUR 107,342,341.70 571,590,735.08 1,032,738,359.67Number of yield units (A) 460,888.36Number of yield units (IA) 222,714.67Number of growth units (B) 3,856,509.32Number of growth units (IB) 2,711,577.76Number of unitholders 2,159Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 4,811,370.96Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli Short Corporate Bond 31 December 2019

103

Year 2019 was a very good year for the corporate bond market, withreturns substantially exceeding most forecasts. The end of 2018 wasvery weak, which partly explains the 2019 returns. Demand for short-term corporate bonds remained extremely high throughout the year,owing to the increasingly negative ECB deposit facility interest rate,the uncertainty brought by slow economic growth and the restartingof the ECB's purchase program.

The fund returned 3.44% and the benchmark -0.34% in 2019. Thesectors that produced the best returns were retail, financial servicesand telecommunications. Media, insurance and leisure produced theweakest returns. The main changes to the fund's weightings werethe reduction of the bank weight from over 18% to about 11%,and smaller increases in the weightings of the automotive, financialservices and energy sectors.

At the outset of 2020, corporate bond market pricing is much tighterthan a year ago but given the strong fundamentals of Europeancompanies and the high demand for short-term corporate bonds, weexpect this year to continue to offer attractive returns, especially forNordic corporate bonds.

FUND FACTS Fund Category Short-maturity corporate bond fund

(UCITS)Launch Date 30 September 1997 (investment

strategy was amended as of 17 May2004 and 1 June 2012)

Fund Manager Juhamatti PukkaBloomberg A/B/IB EVLEBFA FH/EVLEBFB FH/EVLEIBE FHReuters A/B/IB LP60080972/LP60047901/

LP68405589ISIN A/B/IB FI0008800503/FI0008800511/

FI4000233242Sales Registration FI/SE/DK/FR/ES/IT (QI)/PT/DE/CLSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.55% p.a. (A, B)0.35% (IB)

Morningstar Rating™Morningstar Category™ EUR Corporate Bond - Short TermBenchmark 3 month Euribor

TOP 10 HOLDINGS % Vestas Wind Syst 11.3.2022 2,75% Callable Fixed 2.49Bank Of Ireland 19.12.2022 10% 2.00Fortum Oyj 27.2.2023 0,875% Callable Fixed 1.99Commerzbank Ag 16.3.2021 7,75% 1.96Neste Oil 2.125 due 2022 1.95Outokumpu Oyj 26.2.2020 3,25% ConvertibleFixed

1.92

Ellevio Ab 12.2.2025 2,875% At Maturity Fixed 1.74Ferrari Nv 16.3.2023 1,5% At Maturity Fixed 1.72Iliad 25.11.2021 0,625% Callable Fixed 1.55Balder 14.3.2022 1,125% Callable Fixed 1.45

ASSET ALLOCATION BY FIXED INCOME CLASSES Money Market 5.68Investment Grade 31.70High Yield 30.22Other 27.56Cash 4.83


-20,0

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Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 0.25 -0.04 0.293 Months 0.26 -0.11 0.376 Months 0.82 -0.20 1.021 Year 3.44 -0.34 3.783 Years p.a. 1.24 -0.34 1.575 Years p.a. 1.58 -0.24 1.81Since Launch 76.53 62.58 13.95Since Launch p.a. 2.58 2.21 0.38

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 15.89 / 29.69 -NAV per IA/IB unit, EUR - / 104.29 -Fund Size, EUR million 1.806.90 -Volatility, % 0.68 0.02Sharpe Ratio 5.58 0.38Tracking Error, % 0.68 -Information Ratio 5.58 -R2 0.09 -Beta 10.40 -Alpha, % 3.78 -TER, % 0.55 -Portfolio Turnover 0.45 -Modified Duration 2.05 -

Evli Short Corporate BondInvestments 31 December 2019

104

Quantity/




SECURITIES


Fixed Income Investments 93.01Vestas Wind Syst 11.3.2022 2.75% Callable Fixed 42,076,000 104.90 45,069,930.43 2.49Bank Of Ireland 19.12.2022 10% 28,257,000 127.29 36,060,416.06 2.00Fortum Oyj 27.2.2023 0.875% Callable Fixed 35,075,000 101.70 35,929,412.59 1.99Commerzbank Ag 16.3.2021 7.75% 30,700,000 109.09 35,377,056.09 1.96Neste Oil 2.125 due 2022 33,400,000 103.72 35,202,911.01 1.95Outokumpu Oyj 26.2.2020 3.25% Convertible Fixed 34,200,000 100.20 34,651,988.32 1.92Ellevio Ab 12.2.2025 2.875% At Maturity Fixed 312,000,000 102.57 31,386,802.06 1.74Ferrari Nv 16.3.2023 1.5% At Maturity Fixed 29,788,000 103.27 31,115,807.42 1.72Iliad 25.11.2021 0.625% Callable Fixed 28,000,000 100.11 28,048,573.11 1.55Balder 14.3.2022 1.125% Callable Fixed 25,500,000 101.80 26,186,597.95 1.45Campari Milano 30.9.2020 2.75% 25,136,000 101.90 25,786,332.88 1.43Neste Oyj 07.06.2024 1.5% Callable Fixed 24,500,000 104.14 25,721,658.36 1.42Sato-Oyj 31.5.2024 1.375% Callable Fixed 25,000,000 101.95 25,687,490.44 1.42Konecranes Oyj 09.06.2022 1.75% Callable Fixed 23,800,000 102.93 24,730,149.52 1.37Hoist Finance Ab 3.4.2023 2.75% At Maturity Fixed 23,000,000 103.00 24,160,054.64 1.34Akelius Resident 23.1.2022 1.5% At Maturity Fixed 23,026,000 102.85 24,006,327.22 1.33Sponda Oyj 20.05.2020 2.375% At Maturity Fixed 23,000,000 100.67 23,489,679.43 1.30Intrum 15.7.2024 3.125% Callable Fixed 21,688,000 101.94 22,418,298.22 1.24Barclays Bk Plc 14.1.2021 6% 20,029,000 106.08 22,401,607.90 1.24Mylan Nv 23.11.2020 1.25% Callable Fixed 21,800,000 100.93 22,030,596.35 1.22Cargotec Oyj 28.03.2022 1.75% Callable Fixed 21,048,000 102.55 21,865,343.30 1.21Telecom Italia 16.1.2023 3.25% 19,600,000 107.34 21,647,324.71 1.20Adler Real Est 6.12.2021 1.5% Callable Fixed 21,000,000 101.79 21,396,366.39 1.18Landsbankinn Hf 15.3.2021 1.625% At Maturity Fixed 20,400,000 101.75 21,019,957.67 1.16Finnair Oyj 29.03.2022 2.25% Callable Fixed 20,050,000 102.85 20,962,850.20 1.16Adler Real Est 27.4.2023 1.875% Callable Fixed 20,000,000 101.97 20,647,298.36 1.14Ck Hutchison 17.10.2023 0.375% Callable Fixed 20,000,000 100.17 20,049,168.85 1.11Citycon Treasury 16.9.2022 2.375% Callable 19,000,000 104.52 19,989,869.89 1.11Stora Enso Oyj 16.6.2023 2.125% Callable Fixed 18,560,000 105.81 19,852,442.33 1.10Citycon Treasury 1.10.2024 2.5% Callable 17,650,000 105.15 18,669,037.70 1.03Fce Bank Plc 11.2.2021 1.66% At Maturity Fixed 18,115,000 101.53 18,658,447.52 1.03Zf Na Capital 27.4.2023 2.75% At Maturity Fixed 17,000,000 107.24 18,547,065.96 1.03Fiat Chrysler 15.7.2022 4.75% At Maturity Fixed 16,000,000 111.24 18,149,328.96 1.00Tesco Corp Treas 24.10.2023 1.375% Callable Fixed 17,000,000 103.93 17,711,358.96 0.98Aker 31.1.2023 3.51% Callable Floating 166,000,000 102.50 17,403,419.90 0.96Pvh Corp 15.7.2024 3.625% Callable Fixed 15,000,000 111.60 16,990,011.28 0.94Volvo Car Ab 2.4.2024 2.125% Callable Fixed 16,000,000 104.03 16,898,246.56 0.94Barclays Bk Plc 30.3.2022 6.625% At Maturity Fixed 14,000,000 114.21 16,689,106.23 0.92Heimstaden Bosta 7.12.2021 1.75% Callable Fixed 16,190,000 102.80 16,661,251.09 0.92Thyssenkrupp 22.2.2024 2.875% Callable Fixed 15,610,000 103.11 16,479,716.50 0.91Aker 22.11.2024 3.77% At Maturity Floating 160,000,000 100.23 16,347,477.61 0.90Loxam Sas 14.1.2025 3.25% Callable Fixed 15,600,000 103.14 16,237,091.00 0.90Ball Corp 15.3.2024 0.875% Callable Fixed 16,000,000 100.75 16,135,718.70 0.89Volvo Car Ab 27.2.2023 2.235% At Maturity Floating 164,000,000 102.09 16,058,461.08 0.89Sixt Leasing 3.2.2021 1.125% Callable Fixed 15,228,000 100.39 15,443,202.93 0.85Teollisuuden Voi 8.5.2024 2% Callable Fixed 14,564,000 104.44 15,398,529.14 0.85Akelius Resident 14.3.2024 1.125% Callable Fixed 14,131,000 101.92 14,529,570.65 0.80Teollisuuden Voi 13.1.2023 2.625% At Maturity Fixed 13,235,000 106.09 14,376,453.48 0.80Intrum 15.7.2022 2.75% Callable Fixed 13,950,000 101.34 14,243,911.00 0.79Verisure Holding 15.5.2023 3.5% Callable Fixed 13,200,000 102.81 13,608,268.67 0.75Lincoln Fin 1.4.2024 3.625% Callable Fixed 13,000,000 103.52 13,573,583.47 0.75Heimstaden Bosta 5.9.2023 2.125% Callable Fixed 12,500,000 105.13 13,226,537.91 0.73


105

Quantity/




Ryanair 10.3.2023 1.125% At Maturity Fixed 12,600,000 102.33 13,008,093.34 0.72Telecom Italia 15.4.2025 2.75% Callable Fixed 11,300,000 105.67 12,161,348.37 0.67Ssab Ab 6.9.2023 2.875% At Maturity Fixed 11,700,000 102.00 12,040,610.66 0.67Cramo Oyj 28.2.2022 2.375% At Maturity Fixed 11,500,000 102.48 12,014,291.03 0.66Ferrari Nv 16.1.2021 0.25% At Maturity Fixed 11,909,000 100.23 11,965,215.37 0.66Ssab Ab 26.6.2024 2.67% At Maturity Floating 122,000,000 100.88 11,782,198.13 0.65Elis Sa 11.4.2024 1.75% Callable Fixed 11,000,000 103.49 11,522,752.46 0.64Mowi ASA 12.6.2023 2.15% Callable FRN 11,200,000 101.75 11,408,708.89 0.63B2 Holding Asa 14.11.2022 3.921% Callable Floating 11,900,000 94.25 11,276,667.09 0.62Rabobank 19.3.2020 6.875% At Maturity Fixed 10,500,000 101.33 11,205,290.45 0.62Bank Of Amer Crp 7.2.2022 0.736% Callable Variable 11,000,000 100.88 11,169,221.29 0.62Pohjolan Voima 20/01/25 11,000,000 99.68 10,980,558.63 0.61Adler Real Est 17.4.2022 1.5% Callable Fixed 10,500,000 101.18 10,735,134.59 0.59Abn Amro Bank Nv 27.4.2021 6.375% At Maturity Fixed 9,355,000 108.27 10,532,670.28 0.58Elis Sa 15.2.2023 1.875% Callable Fixed 10,000,000 103.44 10,507,869.86 0.58Deutsche Bank Ag 20.1.2022 1.5% At Maturity Fixed 10,000,000 101.31 10,272,380.82 0.57Vvo-Yhtyma Oyj 29.05.2020 3.25% At Maturity Fixed 9,875,000 101.30 10,192,286.99 0.56Sas Ab 24.11.2022 5.375% Callable Fixed 100,000,000 103.25 9,933,148.94 0.55Aker Solutions 25.7.2022 3.97% At Maturity Floating 94,000,000 102.25 9,846,240.09 0.54B2 Holding Asa 28.5.2024 6.038% Callable Floating 9,700,000 96.44 9,410,657.08 0.52Pohjolan Voima 1.75 PCT 8.6.2023 8,950,000 102.72 9,281,953.05 0.51Digiplex Norway 30.4.2024 5.04% Callable Floating 86,000,000 103.50 9,119,672.04 0.50Cargotec Oyj 23.1.2025 1.25% At Maturity Fixed 8,700,000 98.54 8,602,650.58 0.48Ford Motor Cred 17.2.2023 1.514% At Maturity Fixed 8,000,000 100.88 8,135,611.62 0.45Thyssenkrupp 6.3.2023 1.875% Callable Fixed 8,000,000 100.17 8,061,380.98 0.45Stora Enso Oyj 20.2.2024 1.374% At Maturity Floating 79,000,000 102.24 7,743,277.40 0.43B&M European 1.2.2022 4.125% Callable Fixed 6,200,000 101.04 7,491,502.92 0.41Laeringsverkst 1.6.2022 4.9% Callable Floating 73,000,000 99.00 7,372,262.56 0.41Intrum Ab 22.11.2021 1.839% Callable Floating 76,000,000 100.10 7,295,571.34 0.40Nidda Healthcare 30.9.2024 3.5% Callable Fixed 7,000,000 103.09 7,277,983.42 0.40Landsbankinn Hf 14.3.2022 1.375% At Maturity Fixed 7,000,000 102.33 7,240,169.62 0.40Billerudkor 21.2.2022 1.625% At Maturity Fixed 73,000,000 101.44 7,184,567.11 0.40YIT EUR 100.000.000 3.15% due 2021 7,000,000 101.70 7,131,250.00 0.39Color Group As 23.11.2023 4.43% At Maturity Floating 68,000,000 101.50 7,042,364.60 0.39Ford Motor Cred 15.11.2023 0.422% At Maturity Floating 7,144,000 94.55 6,757,646.13 0.37Coor Service 20.3.2024 2.243% At Maturity Floating 68,000,000 102.07 6,647,122.68 0.37Castellum Ab 20.11.2023 2.125% Callable Fixed 6,200,000 106.34 6,607,590.88 0.37Gn Store Nord 6.12.2023 0.75% Callable Fixed 6,600,000 99.74 6,585,957.15 0.36Iliad 14.10.2024 1.5% Callable Fixed 6,500,000 99.84 6,510,508.69 0.36Vonovia Bv 3.7.2023 0.875% Callable Fixed 6,300,000 102.06 6,456,789.27 0.36Zf Europe 23.10.2023 1.25% Callable Fixed 6,300,000 102.11 6,447,965.31 0.36Nmg Finco Plc 1.8.2022 5% Callable Fixed 5,500,000 96.96 6,405,217.96 0.35B2 Holding Asa 23.5.2023 4.75% Callable Floating 6,700,000 92.00 6,195,825.00 0.34Abn Amro Bank Nv 6.7.2022 7.125% At Maturity Fixed 5,000,000 117.01 6,023,858.20 0.33Postnord Ab 13.9.2023 0.713% At Maturity Floating 60,000,000 100.24 5,759,117.97 0.32Sato-Oyj 24.3.2021 2.375% Callable 5,491,000 102.26 5,715,687.22 0.32Tim S.P.A. 11.4.2024 4% Callable Fixed 5,000,000 110.68 5,678,462.30 0.31Lincoln Fin 1.4.2024 3.566% Callable Floating 5,500,000 100.58 5,584,870.27 0.31Frontmatec Group 10.10.2024 5.325% Callable Floating 5,200,000 101.50 5,346,105.56 0.30Cargotec Oyj 31.3.2020 3.375% At Maturity Fixed 5,100,000 100.80 5,269,924.89 0.29Volvo Car Ab 24.1.2025 2% Callable Fixed 5,000,000 103.01 5,243,824.66 0.29Bank Of Amer Crp 14.9.2022 1.625% At Maturity Fixed 5,000,000 104.28 5,238,025.41 0.29Fce Bank Plc 24.6.2021 1.875% At Maturity Fixed 5,000,000 101.96 5,146,518.03 0.28Dkt Finance 17.6.2023 7% Callable Fixed 4,800,000 105.78 5,089,717.33 0.28Dna Oyj 27.03.2025 1.375% Callable Fixed 4,800,000 104.74 5,077,831.48 0.28


106

Quantity/




Intrum Ab 3.7.2023 3.399% Callable Floating 51,000,000 102.02 5,017,753.86 0.28Aker Solutions 3.6.2024 4.47% At Maturity Floating 48,000,000 100.75 4,928,217.32 0.27Fce Bank Plc 13.9.2021 0.869% At Maturity Fixed 4,800,000 100.41 4,831,910.43 0.27Nrc Group Asa 13.9.2024 5.62% Callable Floating 46,250,000 101.75 4,791,487.05 0.27Ahlstrom Munksjo 09.06.2022 1.875% Callable Fixed 4,575,000 102.88 4,754,578.13 0.26Sato-Oyj 10.9.2020 2.25% Callable 4,641,000 100.94 4,716,672.65 0.26Societe Generale 1.4.2022 1% At Maturity Fixed 4,500,000 102.16 4,631,068.52 0.26Iliad 25.4.2025 1.875% Callable Fixed 4,500,000 100.47 4,578,693.20 0.25Sagax Ab 15.2.2022 1.675% Callable Floating 43,000,000 102.01 4,215,983.30 0.23B2 Holding Asa 4.10.2021 7% At Maturity Floating 4,000,000 103.62 4,213,084.44 0.23Ryanair 17.6.2021 1.875% 4,000,000 102.82 4,153,088.85 0.23Hoist Finance Ab 4.10.2021 1.125% At Maturity Fixed 4,000,000 100.50 4,030,819.67 0.22Ia Hedin 5.10.2022 3.813% Callable Floating 42,000,000 98.50 3,993,122.29 0.22Cibus Nor Re 26.5.2021 4.168% Callable Floating 3,700,000 102.75 3,816,487.82 0.21Outokumpu Oyj 18.6.2024 4.125% Callable Fixed 3,300,000 100.52 3,321,910.63 0.18Polygon Ab 23.2.2023 4% Callable Fixed 3,200,000 101.75 3,284,444.44 0.18Volvo Car Ab 18.5.2021 3.25% At Maturity Fixed 2,900,000 104.18 3,032,244.83 0.17Savings Bnk Fin 6.9.2021 0.38% At Maturity Fixed 3,000,000 100.34 3,013,663.11 0.17Kemira Oyj EUR 150m 2.25 due 2022 2,500,000 103.81 2,630,930.74 0.15Thyssenkrupp 3.3.2022 1.375% Callable Fixed 2,100,000 100.41 2,132,577.71 0.12Volvo Car Ab 7.3.2022 1.847% At Maturity Floating 20,000,000 102.16 1,958,291.28 0.11Zetadisplay Ab 20.3.2023 4.722% Callable Floating 17,500,000 100.63 1,687,775.58 0.09Ica Gruppen Ab 15.1.2021 0.465% At Maturity Fixed 16,000,000 99.92 1,536,950.40 0.09Norlandia Health 20.12.2021 4.5% Callable Floating 15,000,000 82.00 1,192,444.44 0.07Kemira Oy 30.5.2024 1.75% Callable Fixed 500,000 102.74 518,820.03 0.03


Fixed Income Investments 1.97Mercada Oy 24.10.2022 1.875% At Maturity Fixed 17,500,000 103.38 18,151,588.11 1.00Uni Prop Finland 02.11.2023 1.875% Callable Fixed 10,000,000 102.13 10,243,425.41 0.57Iliad 5.12.2022 2.125% Callable Fixed 4,600,000 103.70 4,776,913.99 0.26Rettig 25.04.2022 2.375% Callable Fixed 2,300,000 103.25 2,412,062.16 0.13



Fixed income futures contracts EURO-BOBL FUTURE Mar20 -500/ -66 917 830 *) 133.63 0.00 0.00

Currency forward contracts 3,338,158.55 0.181) EUR/GBP_200124 -11,000,000 -222,372.35 -0.011) EUR/GBP_200124_1 -1,000,000 -23,925.01 0.001) EUR/NOK_200124 -30,000,000 -124,014.44 -0.011) EUR/NOK_200124_1 -620,000,000 -2,584,170.70 -0.141) EUR/NOK_200124_2 -75,000,000 -193,909.62 -0.011) EUR/NOK_200124_3 -35,000,000 -80,968.18 0.001) EUR/SEK_200130_1 2,555,800,000 7,509,526.72 0.421) EUR/SEK_200130_4 7,000,000 17,852.77 0.001) EUR/SEK_200130_5 140,000,000 270,436.50 0.011) EUR/SEK_200130_8 -213,000,000 -316,235.29 -0.021) EUR/SEK_200130_9 -52,469,000 -42,192.76 0.001) EUR/SEK_200220_2 -1,440,250,000 -2,811,025.85 -0.161) EUR/SEK_200220_3 180,000,000 349,959.28 0.021) EUR/SEK_200220_4 -43,000,000 -87,029.46 0.001) EUR/SEK_200220_5 -35,000,000 -41,911.00 0.001) EUR/SEK_200227_5 22,000,000 20,206.48 0.001) EUR/SEK_200305 1,707,800,000 1,718,680.89 0.101) EUR/SEK_200305_1 30,000,000 1,799.59 0.001) EUR/SEK_200305_2 105,000,000 -7,826.42 0.001) EUR/SEK_200305_3 10,000,000 2,958.11 0.00


107

Quantity/




1) EUR/SEK_200305_4 102,000,000 -17,680.71 0.00



31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR 16,12 / 29,06 15,64 / 28,70 15,89 / 29,69NAV per IA/IB unit, EUR - / 101,67 - / 100,62 - / 104,29Fund Size, EUR 1,557,455,101.74 1,772,019,083.73 1,806,904,554.04Number of yield units (A) 2,543,879.98Number of yield units (IA) 0.00Number of growth units (B) 38,915,047.51Number of growth units (IB) 1,812,171.17Number of unitholders 2,579Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 9,385,361.71Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli Target Maturity Nordic Bond 2023 31 December 2019

108

In 2019, yield spreads in the corporate bond market narrowed sharplywhile government bond rates declined. The Nordic corporate bondmarket was more stable than other markets.

Evli Target Maturity Nordic Bond 2023 is a fixed-period fund thatinvests in Nordic corporate bonds. The fund started operations onMay 6, 2019. By the end of the review period, the fund had completedjust under eight months of investment activities. All of the fund's assetswere invested in September 2019. New investments were made onthe primary and the secondary market. The majority of the fund'sinvestments were in unrated Nordic corporate bonds. The highestcountry weight was in Sweden, about 42%.

The fund returned 0.73% by the end of December from the start of itsoperations. The fund does not have an official benchmark index.

FUND FACTS Fund Category Nordic corporate bond fund (UCITS)Launch Date 6 May 2019Fund Manager Jani Kurppa, Juhamatti PukkaBloomberg A/B/CB/IB EVTM23A FH/EVTM23B FH/EVT23CB

FH/EVT23IB FHReuters A/B/CB/IB LP68550702/LP68550703/

LP68550701/LP68550706ISIN A/B/CB/IB FI4000363981/FI4000363999/

FI4000364039/FI4000364013Sales Registration FI/FR/ES/IT/DESubscription Fee 0-2%Redemption Fee 0-2%Management and CustodyFee

0.85% p.a. (A, B)0.60% p.a. (CA, CB)0.45% p.a. (IA, IB)

Morningstar Rating™ -Morningstar Category™ EAA Fund Fixed Term BondBenchmark No official benchmark index

TOP 10 HOLDINGS % Mercada Oy 24.10.2022 1,875% At Maturity Fixed 2.81Nrc Group Asa 13.9.2024 5,62% Callable Floating 2.77Cargotec Oyj 28.03.2024 2,375% Callable Fixed 2.74Zetadisplay Ab 20.3.2023 4,722% CallableFloating

2.61

Loomis A 18.9.2023 1,127% At Maturity Floating 2.60Marine Harvest 12.6.2023 2,15% CallableFloating

2.48

Citycon Treasury 1.10.2024 2,5% Callable 2.38Sanolium Ab 26.9.2024 4,193% At MaturityFloating

2.15

Stora Enso Oyj 20.2.2024 1,374% At MaturityFloating

2.12

Outokumpu Oyj 18.6.2024 4,125% Callable Fixed 2.04

ASSET ALLOCATION BY CREDIT RATING % Money Market 1.24Investment Grade 9.69High Yield 19.70Other 67.51Cash 1.85


-1,0

0,0

1,0

2,0

06/19

07/19

08/19

09/19

10/19

11/19

12/19

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 0.26 - -3 Months 0.46 - -6 Months 0.86 - -1 Year - - -3 Years p.a. - - -5 Years p.a. - - -Since Launch 0.73 - -Since Launch p.a. 1.12 - -

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 100.73 / 100.73 -NAV per IA/IB unit, EUR 100.99 / 100.99 -Fund Size, EUR million 73.88 -Volatility, % - -Sharpe Ratio - -Tracking Error, % - -Information Ratio - -R2 - -Beta - -Alpha, % - -TER, % - -Portfolio Turnover - -

Evli Target Maturity Nordic Bond 2023Investments 31 December 2019

109

Quantity/




SECURITIES


Fixed Income Investments 94.62Nrc Group Asa 13.9.2024 5.62% Callable Floating 19,750,000 101.75 2,046,094.47 2.77Cargotec Oyj 28.03.2024 2.375% Callable Fixed 1,900,000 104.66 2,022,872.27 2.74Zetadisplay Ab 20.3.2023 4.722% Callable Floating 20,000,000 100.63 1,928,886.38 2.61Loomis A 18.9.2023 1.127% At Maturity Floating 20,000,000 100.20 1,919,223.63 2.60Mowi ASA 12.6.2023 2.15% Callable FRN 1,800,000 101.75 1,833,542.50 2.48Citycon Treasury 1.10.2024 2.5% Callable 1,660,000 105.15 1,755,841.51 2.38Sanolium Ab 26.9.2024 4.193% At Maturity Floating 16,250,000 102.00 1,587,083.27 2.15Stora Enso Oyj 20.2.2024 1.374% At Maturity Floating 16,000,000 102.24 1,568,258.71 2.12Outokumpu Oyj 18.6.2024 4.125% Callable Fixed 1,500,000 100.52 1,509,959.38 2.04Finnair Oyj 29.03.2022 2.25% Callable Fixed 1,300,000 102.85 1,359,187.30 1.84Kemira Oy 30.5.2024 1.75% Callable Fixed 1,300,000 102.74 1,348,932.07 1.83Boliden Ab 19.6.2024 1.427% At Maturity Floating 14,000,000 100.42 1,346,176.52 1.82Sato-Oyj 31.5.2024 1.375% Callable Fixed 1,216,000 101.95 1,249,439.53 1.69Sas Ab 24.11.2022 5.375% Callable Fixed 12,000,000 103.25 1,191,977.88 1.61Hexagon Composit 15.3.2023 5.27% Callable Floating 11,500,000 101.25 1,184,871.06 1.60Ssab Ab 26.6.2024 2.67% At Maturity Floating 12,000,000 100.88 1,158,904.73 1.57Hexagon 4.4.2023 0.442% At Maturity Floating 12,000,000 100.46 1,155,996.40 1.56Yit-Yhtyma Oy 11.6.2023 4.25% Callable Fixed 1,096,000 104.75 1,150,647.78 1.56B2 Holding Asa 28.5.2024 6.038% Callable Floating 1,100,000 96.44 1,067,187.92 1.44Hoist Finance Ab 3.4.2023 2.75% At Maturity Fixed 1,000,000 103.00 1,050,437.16 1.42Y Foundation 4.10.2023 3.125% At Maturity Fixed 1,000,000 103.95 1,046,993.66 1.42Ahlstrom Munksjo 09.06.2022 1.875% Callable Fixed 1,000,000 102.88 1,039,252.05 1.41Infront Asa 15.5.2023 575% Callable Floating 1,000,000 102.00 1,027,347.22 1.39Ax V Inv1 Hold 29.6.2022 5% Callable Floating 1,008,000 101.50 1,023,260.00 1.38Ocean Yield Asa 25.5.2023 5.14% Callable Floating 10,000,000 99.13 1,011,985.94 1.37Laeringsverkst 1.6.2022 4.9% Callable Floating 10,000,000 99.00 1,009,898.98 1.37Intrum Ab 3.7.2023 3.399% Callable Floating 10,000,000 102.02 983,873.30 1.33Caverion 28.03.2023 3.25% Callable Fixed 910,000 104.00 968,864.07 1.31Heimstaden 31.5.2023 3.348% Callable Floating 10,000,000 101.10 967,682.75 1.31Nibe Industrier 3.6.2024 1.121% At Maturity Floating 10,000,000 100.60 963,689.98 1.30Indutrade Ab 26.9.2024 1.32% At Maturity Floating 10,000,000 100.35 960,595.36 1.30Dkt Finance 17.6.2023 7% Callable Fixed 900,000 105.78 954,322.00 1.29Ia Hedin 5.10.2022 3.813% Callable Floating 10,000,000 98.50 950,743.40 1.29Fjord 1 Asa 22.11.2022 4.31% At Maturity Floating 9,000,000 100.75 925,926.62 1.25Sponda Oyj 20.05.2020 2.375% At Maturity Fixed 900,000 100.67 919,161.37 1.24Logent 31.10.2024 5.875% Callable Floating 8,750,000 100.37 848,867.80 1.15Digiplex Norway 30.4.2024 5.04% Callable Floating 8,000,000 103.50 848,341.58 1.15European Energy 20.9.2023 5.032% Callable Floating 800,000 104.63 838,223.93 1.13Bewi Group Ab 19.4.2022 4.377% At Maturity Floating 800,000 103.50 832,444.62 1.13Color Group As 23.11.2023 4.43% At Maturity Floating 8,000,000 101.50 828,513.48 1.12Nassa Topco 6.4.2024 2.875% Callable Fixed 800,000 101.84 825,293.67 1.12Verisure Holding 15.5.2023 3.5% Callable Fixed 800,000 102.81 824,743.56 1.12Felleskjopet Agr 25.4.2022 2.83% At Maturity Floating 8,000,000 100.16 818,369.98 1.11Bonheur Asa 4.9.2024 4.09% At Maturity Floating 8,000,000 100.15 816,070.26 1.10Volvo Car Ab 27.2.2023 2.235% At Maturity Floating 8,000,000 102.09 783,339.56 1.06Af Poyry Ab 27.6.2024 1.928% At Maturity Floating 8,000,000 100.49 769,583.93 1.04Ncc Treasury Ab 30.9.2024 1.119% At Maturity Floating 8,000,000 99.90 764,890.73 1.04Volvo Car Ab 2.4.2024 2.125% Callable Fixed 700,000 104.03 739,298.29 1.00Color Group As 23.9.2022 4.48% At Maturity Floating 7,000,000 102.00 725,707.37 0.98Polygon Ab 23.2.2023 4% Callable Fixed 700,000 101.75 718,472.22 0.97Dsv Miljo As 10.5.2021 5.9% Callable Floating 700,000 100.00 705,736.11 0.96Tele2 Ab 24.2.2023 0.824% At Maturity Floating 7,000,000 102.52 687,835.79 0.93


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Frontmatec Group 10.10.2024 5.325% Callable Floating 650,000 101.50 668,263.19 0.90Cramo Oyj 28.2.2022 2.375% At Maturity Fixed 625,000 102.48 652,950.60 0.88Ssab Ab 6.9.2023 2.875% At Maturity Fixed 600,000 102.00 617,467.21 0.84Heimstaden Bosta 5.9.2023 2.125% Callable Fixed 500,000 105.13 529,061.52 0.72Intrum 15.7.2024 3.125% Callable Fixed 500,000 101.94 516,836.46 0.70Intrum 15.7.2022 2.75% Callable Fixed 500,000 101.34 510,534.44 0.69Stockmann Oyj 11.01.2022 4.75% Callable Fixed 500,000 99.39 508,150.28 0.69Scan Transgroup 4.11.2024 6.75% Callable Floating 500,000 100.00 505,343.75 0.68Bewi Group Ab 22.11.2023 2.996% At Maturity Floating 500,000 100.25 502,857.18 0.68Smakraft As 2.11.2023 1.585% Callable Floating 500,000 99.50 498,692.25 0.67Cembrit Group 20.3.2021 5.5% Callable Floating 500,000 99.25 497,090.28 0.67Fng Nordic 25.7.2024 6.699% Callable Floating 5,000,000 101.50 491,722.57 0.67Stillfront Group 30.6.2024 4.716% Callable Floating 5,000,000 102.37 490,120.90 0.66Walnut Bidco 1.8.2024 6.75% Callable Fixed 400,000 106.62 437,568.00 0.59Dometic Group Ab 13.9.2023 3% Callable Fixed 400,000 106.52 429,645.77 0.58Pohjolan Voima 1.75 PCT 8.6.2023 400,000 102.72 414,835.89 0.56Gn Store Nord 6.12.2023 0.75% Callable Fixed 400,000 99.74 399,148.92 0.54Coor Service 20.3.2024 2.243% At Maturity Floating 4,000,000 102.07 391,007.22 0.53Nordic Ent Group 23.5.2024 1.354% At Maturity Floating 4,000,000 100.67 385,970.56 0.52Postnord Ab 14.3.2022 0.778% At Maturity Floating 4,000,000 100.24 383,871.85 0.52Sagax Ab 17.1.2024 2% Callable Fixed 300,000 104.21 318,350.55 0.43Glx Holding 8.12.2023 6.01% Callable Floating 3,000,000 102.88 314,655.35 0.43Polygon Ab 23.2.2023 4% Callable Fixed 300,000 101.75 307,916.67 0.42Crayon Group 21.11.2022 5.33% Callable Floating 3,000,000 100.13 306,780.70 0.42Transcom Holding 22.3.2023 6.5% Callable Fixed 300,000 95.50 290,291.67 0.39Norske Skog 30.6.2022 5.68% At Maturity Floating 200,000 102.75 206,000.00 0.28Postnord Ab 28.5.2024 1.219% At Maturity Floating 2,000,000 100.46 192,522.52 0.26Af Poyry Ab 20.6.2023 1.22% At Maturity Floating 2,000,000 98.99 189,560.07 0.26B2 Holding Asa 23.5.2023 4.75% Callable Floating 200,000 92.00 184,950.00 0.25Cibus Nor Re 26.5.2021 4.168% Callable Floating 100,000 102.75 103,148.32 0.14Suominen Oyj 03.10.2022 2.5% At Maturity Fixed 100,000 100.75 101,357.92 0.14


Fixed Income Investments 4.55Mercada Oy 24.10.2022 1.875% At Maturity Fixed 2,000,000 103.38 2,074,467.21 2.81Rettig Group Ltd EUR 90.000.000 Notes due 2023 1,050,000 101.43 1,079,103.88 1.46Rettig 25.04.2022 2.375% Callable Fixed 200,000 103.25 209,744.54 0.28



Currency forward contracts -757,894.41 -1.031) EUR/NOK_200214 -103,000,000 -316,295.98 -0.431) EUR/NOK_200214_1 -3,000,000 -6,831.77 -0.011) EUR/NOK_200214_2 700,000 2,094.21 0.001) EUR/NOK_200214_3 800,000 1,815.61 0.001) EUR/NOK_200214_4 -2,500,000 -3,672.63 0.001) EUR/SEK_200214 -247,000,000 -608,433.78 -0.821) EUR/SEK_200214_1 8,000,000 14,454.07 0.021) EUR/SEK_200214_2 900,000 820.38 0.001) EUR/SEK_200227_3 35,000,000 55,354.41 0.071) EUR/SEK_200227_4 65,000,000 102,801.07 0.14

TOTAL VALUE OF DERIVATIVE CONTRACTS -757,894.41 -1.03



111

31 Dec 2017 31 Dec 2018 31 Dec 2019NAV per A/B unit, EUR - / - - / - 100,73 / 100,73NAV per IA/IB unit, EUR - / - - / - 100,99 / 100,99Fund Size, EUR - - 73,884,176.73Number of yield units (A) 201,183.82Number of yield units (IA) 33,576.95Number of growth units (B) 180,891.32Number of growth units (IB) 188,433.68Number of unitholders 37Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 305,485.44Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Portfolio management policy

112

According to Evli's investment philosophy, our investment activities are systematic, rigorous, and well planned in advance. Webelieve that active portfolio management coupled with efficient risk management yields the best result in the long run andenables us to add value to our clients' investment operations.

Evli's fund management is largely based on teamwork, and on a mutually agreed investment strategy. During the investmentprocess, we draw up separate strategies for allocation, fixed income investments, and equity investments. Decision-making isdivided up between different teams. Our allocation committee is responsible for the allocation strategy, our equity team is incharge of the investment strategy for equity portfolios, and the fixed income team draws up the fixed income strategy.

CORPORATE GOVERNANCE EVENTS ON JANUARY 1 - DECEMBER 31, 2019

Evli Fund Management Company Ltd participated, on behalf of the funds, in the following general meetings in the first half ofthe year: Cargotec, Caverion, Consti Yhtiöt, Cramo, Detection Technology, DNA, Glaston, NoHo Partners, Oriola, Outokumpu,QT Group, Revenio Group, Sanoma, Talenom, Valmet, Verkkokauppa.com and VMP.

INVESTMENT RESEARCH COSTS CHARGED FROM THE EVLI FUNDS ON JANUARY 1 - DECEMBER 31, 2019

Evli Corporate Bond EUR 51,230.00Evli Emerging Markets Credit EUR 25,859.00Evli Euro Government Bond EUR 4,873.00Evli Euro Liquidity EUR 26,860.00Evli European High Yield EUR 92,022.00Evli European Investmen Grade EUR 27,033.00Evli Finland Mix EUR 12,576.00Evli Finland Select EUR 160,912.00Evli Finnish Small Cap EUR 178,653.00Evli Nordic Corporate Bond EUR 16,894.00Evli Short Corporate Bond EUR 80,271.00Evli Swedish Small Cap SEK 508,094.00

Portfolio managers

113

BRUUN WILHELMM.Sc. (Econ. & Bus. Adm.), Swedish School of Economics and BusinessAdministration 2009

Evli Fund Management Company Ltd, Portfolio Manager 2012 -Evli Fund Management Company Ltd, Analyst, Portfolio Manager2010 - 2012Evli Fund Management Company Ltd, Analyst 2009 - 2010Carnegie Asset Management Finland Ltd., Analyst 2007 - 2009

HAATAJA MARJAANAM.Sc. (Econ. & Bus. Adm.), Helsinki School of Economics 1993

Evli Fund Management Company Ltd, Portfolio Manager 2007 -Evli Investment Management Ltd, Portfolio Manager 2001 - 2007Evli Asset Management Ltd, Product Manager of Foreign Funds 2000- 2001Bank of Finland, Portfolio Manager 1999 - 2000Bank of Finland, Dealer 1994 - 1999

HEIKKILÄ JUHANAM.Sc. (Econ. & Bus. Adm.), Helsinki School of Economics 1994

Evli Fund Management Company Ltd, Senior Portfolio Manager 2009 -Carnegie Asset Management Finland, Head of Fixed Income 2006 -2009Sampo Bank, Hedge Fund Manager 2004 - 2006Etera Mutual Pension Insurance Company, Fixed Income PortfolioManager 2002 - 2004ABB Investment Management/Gyllenberg, Senior Portfolio Manager1997 - 2002Erik Selin Bankers Ltd, Portfolio Manager 1996 - 1997Kemira Oyj, Treasury, Trader/Head Trader 1994 - 1995

KUJALA JANNEM.Sc. (Econ. & Bus. Adm.), University of Tampere 2001CFA, CFA Institute 2004

Evli Fund Management Company Ltd, Senior Portfolio Manager 2009 -Carnegie Asset Management Finland, Head of Equities 2007 - 2009Carnegie Asset Management Finland, Portfolio Manager 2000 - 2009

KURPPA JANIM.Sc. (Econ. & Bus. Adm.), Turku School of Economics 2001

Evli Fund Management Company Ltd, Senior Portfolio Manager 2013 -eQ Asset Management Ltd., Senior Portfolio Manager 2007 - 2013Fides Asset Management, Portfolio Manager 2005 - 2007State Treasury, Portfolio Manager 2002 - 2005HEX Plc, Derivatives Specialist 2001 - 2002

LAGERSPETZ MATTIASB.Soc.Sc., University of Helsinki 2014

Evli Fund Management Company Ltd, Junior Portfolio Manager 2015 -Evli Fund Management Company Ltd, Trainee 2015SEB, Junior Client Associate 2015Swedbank, Intern 2012, 2014Valuatum Ltd., Junior Operations Specialist 2013

LINDAHL PETERM.Sc. (Econ. & Bus. Adm.), Swedish School of Economics and BusinessAdministration 1999

Evli Fund Management Company Ltd, Senior Portfolio Manager 2007 -Evli Investment Management Ltd, Senior Portfolio Manager 2003 -2007Evli Investment Management Ltd, Portfolio Manager 2000 - 2003Interfirst Capital Corp., Broker 1997 - 1998Interfirst Capital Corp., Investment Analyst 1996 - 1997

LUNDSTRÖM MIKAELM.Sc. (Econ. & Bus. Adm.), Swedish School of Economics and Business

Administration 1996

Evli Fund Management Company Ltd, Chief Investment Officer 2019 -Evli Fund Management Company Ltd, Head of Fixed Income 2007 -2019Evli Investment Management Ltd, Head of Fixed Income 2004 - 2007Evli Investment Management Ltd, Co-Head of Fixed Income,Corporate Bond Funds 2002 - 2004Evli Investment Management Ltd, Portfolio Manager 1997 - 2002Evli Fixed Income Securities Ltd, Quant Analyst 1996 - 1997

MARJASOVA OLGAB.Sc (Econ.), Concordia International University Audentes, Estonia

Evli Fund Management Company Ltd, Portfolio Manager 2011 -Evli Securities AS, Portfolio Manager 2006 - 2011Evli Securities AS, Co-Portfolio Manager 2003 - 2005

MÄNTYKORPI JUHAM. Sc. (Econ. & Bus. Adm.), Turku School of Economics 2012

Evli Fund Management Company Ltd, Portfolio Manager 2018 -Municipality Finance Plc, Portfolio Manager 2016 - 2018Municipality Finance Plc, Senior Analyst 2014 - 2016Municipality Finance Plc, Analyst 2011 - 2014Municipality Finance Plc, Trainee 2010 - 2011

PUKKA JUHAMATTIM.Sc. (Econ. & Bus. Adm.), Helsinki School of Economics 2010

Evli Fund Management Company Ltd, Head of Fixed Income 2019 -Evli Fund Management Company Ltd, Portfolio Manager 2011 - 2019Evli Bank Plc, Treasury, Dealer 2010 - 2011Evli Fund Management Company Ltd, Junior Portfolio Manager 2009- 2010Evli Fund Management Company Ltd, Trainee/Portfolio Manager2009Evli Bank Plc, Trainee 2008Sp-Fund Management Company Ltd, Fund Assistant 2007 - 2008

SIVONEN ANTTIM.Sc. (Accounting), Aalto University Scholl of Business 2011

Evli Fund Management Company Ltd, Portfolio Manager 2013 -Evli Fund Management Company Ltd, Junior Portfolio Manager 2011- 2013Evli Bank Plc, Trainee 2010Danske Capital, Middle Office 2007 - 2010

SJÖHOLM HANS-KRISTIANM. Soc.Sc (Econ.), University of Helsinki 2000

Evli Fund Managment Company Ltd, Head of Equities 2011 -Evli Bank Plc, Research Director, Portfolio Manager 2009 - 2011Carnegie Asset Management Finland Ltd., Managing Director 2009Carnegie Asset Management Finland Ltd., Research Director 2006 -2009Hanken School of Economics, Researcher and Lecturer of FinancialMathematics 2004 - 2006Carnegie Asset Management Finland Ltd., Analyst, Portfolio Manager2000 - 2004European Central Bank, Risk Analyst 1999Carnegie Asset Management Finland Ltd., Investment Specialist 1998- 1999

VILJAKAINEN KATIM.Sc. (Econ.&Bus.Adm.), University of Vaasa 1997

Evli Fund Management Company Ltd, Portfolio Manager 2013 -Evli Fund Management Company Ltd, Junior Portfolio Manager,Analyst 2007 - 2012Evli Investment Management Ltd, Junior Portfolio Manager, Analyst2005 - 2007Evli Fund Management Company Ltd, Product Manager 2002 - 2005Evli Fund Management Company Ltd, Customer Service Manager1999 - 2002Evli Fund Management Company Ltd, Fund Advisor 1998 - 1999Interbank Osakepankki, Customer Service Advisor 1996 - 1998

EVLI FUND MANAGEMENT COMPANY LTDEvli Fund Management Company Ltd is Evli Bank Plc's subsidiaryfounded on 8 March 1988. The company is in charge of the portfoliomanagement of Evli mutual funds.

Glossary

114

ALPHA describes the effect of the portfolio manager’s investmentchoices on the fund’s return compared with the return of an indexportfolio with corresponding market risk, i.e. the additional returnsattained by the fund in relation to its market risk.

BETA describes the sensitivity of the fund’s value to changes in thebenchmark index. If the value of the benchmark index changes by onepercent, the expected change in the fund’s value is beta x 1 percent.On average, the fund’s value will change more than the value of thebenchmark index if the beta value is greater than 1. A beta value lessthan 1 indicates the opposite, i.e. that the fund’s value will change lessthan the benchmark value.

CORRELATION is a statistical indicator reflecting theinterdependence between two variable quantities (e.g. equity prices).Correlation may vary between -1 and +1. The higher the correlation,the greater the probability that the two variables are moving in thesame direction at the same time.

DURATION measures the average repayment term (in years) of a fixedincome instrument. Modified duration indicates the price sensitivityof a fixed income security to changes in interest rates. The higher theduration number, the greater the interest rate risk of the fund portfolio.

INFORMATION RATIO describes the long-term ability of a portfoliomanager to add value through active portfolio management. If theInformation Ratio is zero, the long-term return of the fund equals thatof the benchmark index. In practice this means that the fund hasoutperformed the benchmark index, on average, for five years out often. The higher the Information Ratio, the greater the probability thatthe fund will outperform its benchmark. With an IR of 0.5 the fund hasoutperformed the benchmark, on average, in seven years out of ten,and with an IR of 1.0 in 8.5 years out of ten.

PORTFOLIO TURNOVER RATE is a measure of the length of time thata security remains in a portfolio during a given period. The portfolioturnover rate is calculated by subtracting the sum of subscriptions andredemptions of fund units (EUR S+T) from the sum of the securitiesbought and sold by the fund (EUR X+Y). The turnover is the above-mentioned difference divided by the average market value of thefund, which has been calculated from the daily market values over thepast 12 months. For example, if all assets have been sold and boughtonce it would equal to a turnover rate of 1.

Portfolio turnover rate = ((X + Y) - (S + T)) / M x 100 / 2

X = Securities boughtY = Securities soldS = Fund's fund units issued / subscribedT = Fund's fund units cancelled / redeemedM = Average total value of net assets

R-SQUARE describes the extent to which the fund’s performance isdependent on the performance of the benchmark index. R-square isthe square of the correlation coefficient.

SHARPE RATIO indicates the size of return relative to risk taken. TheSharpe ratio measures the fund’s return (with volatility of one percent)in excess of a risk-free return. The higher the Sharpe ratio, the morefavorable the relationship between return and risk.

TER (Total Expense Ratio) is a measure of a fund's total expensesin relation to its average assets and is expressed as an annualizedpercentage. The expenses include all the fund's management andcustody fees and any profit-related fees. Securities commissions areexcluded.

TER = A + B + C + D

A = Management fee charged from the fund's assetsB = Custodian fee that may be charged separately from the fund'sassetsC = Account maintenance and other bank charges that may becharged from the fund's assetsD = Any other fees which, according to the fund's rules, are chargeddirectly from the fund's assets. As a rule, funds registered in Finlanddo not make such charges on top of trading fees.

SYNTHETIC TER is primarily reported for funds of funds. A syntheticTER is the ratio of the following figures:

The fund's total operating costs in accordance with TER, to which thecosts of funds constituting the investment instruments are added (i.e.the target fund's TER weighted by the fund of fund's relative share ofthe investment target) together with any subscription and redemptionfees that are charged from the target funds. The resulting figure isdivided by the fund's average net assets.

VOLATILITY is a risk measure generally used in financial markets. Itreflects variability in the return of an investment or a portfolio. Thehigher the volatility, the greater the variability in return and the riskinvolved. If the fund’s expected return is 12% and the volatility is 20%,then the fund’s return for two years out of three is 12 ± 20%, thatis, between -8% and +32%. Volatility is calculated on the basis ofthe standard deviation of weekly returns and expressed as an annualpercentage.

EVLI FUND MANAGEMENT COMPANY LTDAleksanterinkatu 19 A, P.O. Box 1081

FI-00101 Helsinki, Finland

Telephone +358 (0)9 4766 9701Fax +358 (0)9 4766 9353Business ID: 0744659-0

Domicile: Helsinki

www.evli.com

Documents

EVLI MUTUAL FUNDS · Equity market review, 31 December, 2019 4 Fixed income market review, 31 December, 2019EQUITY FUNDS 5 Evli Emerging Frontier 6 Evli Equity Factor Europe 9 Evli