Yhteistyökumppani
This blog post is marketing material, not investment advise. Note that although saving in equity funds and ETFs has historically yielded good long-term returns, future returns are not guaranteed. There is a risk that you will not get back the funds you have invested. Read and familiarize yourself with the fund’s key information document (KIID) before making investment decisions.
Technology has never been more important for society, business, and investors than it is right now. In a world marked by rapid changes, digitalization, and constant innovation, DNB Fund Technology has established itself as one of Europe’s leading technology funds. The fund has delivered significantly higher returns than broad global equity indices and has been a pioneer in identifying and investing in companies shaping tomorrow’s digital landscape. In this article, you’ll gain insight into the fund’s history, investment philosophy, experiences from the global technology market—and why DNB Fund Technology can be a natural choice for those seeking exposure to the winners of the future.
The Fund’s History and the People Behind Its Success
DNB Fund Technology traces its roots back to 2001, when Norwegian DNB Asset Management established DNB Teknologi. Six years later, its sister fund DNB Fund Technology was launched to reach investors in the euro area. Together, these two funds have grown to become among the most recognized technology funds in Europe, managing over 11 billion euros today. The funds have attracted investors from all over Europe with an interest in technology and innovation. The funds were originally started by Anders Tandberg-Johansen and Sverre Bergland, and the team has since been expanded with Erling Thune, Erling Haugan Kise, Marius Wennersten, and Ola Sæther. Together, they have navigated the funds through everything from the dot-com bubble and the financial crisis to today’s AI revolution, delivering an average annual return of 18–19 percent since inception. The team is known for its analytical approach, ability to find both popular and unpopular stocks with potential, and for its strong competitive instinct—both at work and in their free time.
Technology as a Driver of Efficiency and Value Creation
The technology sector has been the most important driver of efficiency and value creation in the stock market over the past decades. DNB Teknologi has delivered significantly higher returns than broad global equity indices and has outperformed its benchmark index seven of the last ten years. The reason for this development is that technology not only streamlines and digitizes society but also disrupts established business models and creates entirely new markets. Companies within artificial intelligence, cloud technology, automation, and digital infrastructure have contributed to major productivity improvements and new growth opportunities—for both companies and investors.
The central question becomes:
Do you believe technology will be more important in the future than it is today?
For many Finnish investors, who already have a close relationship with companies like Nokia and a strong technology culture, the answer is often a clear yes.
Nokia, Nvidia, or Apple? – How the Managers Think
DNB Fund Technology has always had a strong focus on finding companies with unique potential, regardless of where they are listed. The fund is the seventh largest owner in Nokia and has greatly benefited from the company’s recent share price increase. When Nvidia announced a billion-euro investment in Nokia, the stock rose over 20 percent in one day—and the fund’s ownership stake increased in value by around 80 million euros. This illustrates how the fund combines local insight with a global perspective. At the same time, DNB Fund Technology is invested in the major technology giants such as Alphabet, Microsoft, Amazon, Samsung, and Nvidia, but takes clear over- and underweights. Currently, Apple and Nvidia are the fund’s largest underweights, while Nokia is an overweight position. This active management has delivered solid results for investors, both in upturns and downturns.
Are We in an AI Bubble?
Artificial intelligence has quickly become a central part of both everyday life and the financial market. DNB Fund Technology believes that the risks have increased with large funding needs in terms of both debt and equity into business models that are not proven, but that we are nowhere near the dot-com bubble of the 2000s. Companies like Nvidia and Google have experienced enormous growth, but there is still uncertainty about which business models will succeed. The managers recommend that investors keep a cool head, be patient, and ensure good diversification. Technology development continues, and the opportunities are great—even though the journey may be volatile. For Finnish investors, who often have a long-term perspective and a strong interest in innovation, this can be an exciting opportunity to join the journey.
Who Is DNB Fund Technology Suitable For?
DNB Fund Technology is a fund for those who want exposure to companies and trends shaping the future. Whether you are an experienced investor with an interest in technology or want to supplement your portfolio with global growth and innovation, the fund provides access to a broad range of leading technology companies—from Finnish Nokia to American giants and Asian innovators. With an experienced management team, strong track record, and significant size, DNB Fund Technology is a natural choice for those who believe in technology’s role in tomorrow’s society—and who want to be invested where the future is being created.
-Anders Tandberg-Johansen
Portfolio Manager, DNB Technology Fund
