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Past performance is not indicative of future results. The value of fund units/shares can rise as well as fall and you may not get back the amount you invested. Funds with a risk level of 5-7 according to the fund’s key information document (KID) can both decrease and increase significantly in value. Fund information, including the KID, prospectus, and sustainability-related disclosures can be found at Our Luxembourg funds.
SEB SICAV 2 – SEB Eastern Europe Small and Mid Cap ex. Russia Fund (the “Sub-Fund”) will have a new investment policy, a new sustainability profile, a new portfolio manager, a new benchmark and a new name. At the same time, the Sub-Fund’s ability to invest in the defence industry will change. The changes will take effect on 8 December 2026.
Over the past decade, the investment landscape in Central and Eastern Europe has changed significantly. With Russia no longer investable (since 2022) and regional markets continuing to evolve, we are updating the Sub-Fund to better reflect current investment opportunities. As part of these changes, the Sub-Fund will be renamed SEB New Europe.
We are updating the investment policy to better reflect the development of Central and Eastern European markets and the opportunities available to investors today.
The Sub-Fund will move from a small and mid-cap focus to an all-cap approach, giving it greater flexibility to invest in companies across the full market capitalisation spectrum.
The Sub-Fund will continue to invest in companies across Central and Eastern Europe and selected other markets. Following the change, the Sub-Fund may invest in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, the Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Moldova, Montenegro, the Netherlands, North Macedonia, Poland, Romania, Serbia, Slovakia, Slovenia, Türkiye and Ukraine.
Austria, Cyprus and the Netherlands, are new to the investment universe. Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan will no longer be included.
These changes are expected to improve diversification and reduce concentration risk, mainly by giving the Sub-Fund access to companies of all sizes across the region.
The Sub-Fund may also, invest up to 25% of its assets in debt-related transferable securities issued by issuers linked to the countries in which the Sub-Fund invests. These may include, for example, investment-grade and high-yield bonds, unrated bonds, green bonds, government bonds and convertible bonds.
The minimum proportion of the Sub-Fund's investments used to promote environmental or social characteristics will be reduced from 85 per cent to 50 per cent. This does not concern the Sub-Fund's minimum proportion of sustainable investments, which will remain unchanged at 0 per cent.
In connection with the change of investment manager, East Capital’s sustainability analysis methodology will be introduced. As a result, the assessment of which investments promote environmental or social characteristics may differ from previous assessments. The Sub-Fund will remain classified under Article 8 of the SFDR and will continue to follow SEB Asset Management’s sustainability policy, including applicable exclusions.
Portfolio management of the Sub-Fund will be delegated to East Capital Financial Services AB. East Capital was selected following an extensive review and is recognised for its deep expertise and long experience of investing in Central and Eastern European markets. East Capital’s regional expertise is well suited to the Sub-Fund’s broader investment universe and new investment focus.
The Sub-Fund’s benchmark will change from the MSCI Emerging Markets Europe 10/40 Index ex Russia (Net Return) to the MSCI EFM Europe Custom 10/40 Net Return Index.
The new benchmark represents a broader range of emerging and frontier European markets and is considered more closely aligned with the markets in which the Sub-Fund is expected to invest under the revised investment policy.
The Sub-Fund will continue to be actively managed. The benchmark is used for performance comparison only and does not constrain portfolio construction. In other words, the composition of the Sub-Fund’s holdings may continue to differ significantly from that of the benchmark.
The name of the Sub-Fund will change from SEB SICAV 2 – SEB Eastern Europe Small and Mid Cap ex. Russia Fund to SEB SICAV 2 – SEB New Europe.
The new name reflects the Sub-Fund’s broader investment approach and its move from a small and mid-cap focus to an all-cap approach.
The Sub-Fund's exclusion to revenue from manufacturing, development, or sale of weapons comprising combat equipment will be removed, allowing it to invest in extended defence. Otherwise, the exclusions set out in the Sub-Fund’s SFDR Annex to the Prospectus will remain unchanged. The Sub-Fund will continue to exclude companies involved in controversial weapons and companies engaged in the production or sale of civilian weapons.
A new share class, UC (NOK) (ISIN: LU3406851728), was launched on 31 July 2026. The share class is denominated in NOK (Norwegian kroner), is capitalising and is primarily intended for distribution in Norway.
| Share class | ISIN |
| UC (EUR) | LU1822878572 |
| IC (EUR) | LU2030514413 |
| C (USD) | LU2321682267 |
| C (SEK) | LU2321682184 |
| C (EUR) | LU0086828794 |
| UC (NOK) | LU3406851728 |
These changes are intended to better align the Sub-Fund with the markets in which it invests and to provide broader diversification across the region. We therefore believe that the changes are in the best interests of investors.
To implement the new investment policy, the Sub-Fund’s portfolio will be rebalanced. The portfolio rebalancing is expected to be completed within a relatively short period following the implementation of the new investment policy. The resulting transaction costs will be borne by the Sub-Fund and will therefore be reflected in its net asset value, affecting all investors holding shares at that time. These costs are expected to be limited.
The changes will not result in any increase in the fees borne by investors, in particular the management fee, and will take effect automatically as from the aforementioned effective date.
You do not need to take any action. Your investment will remain in the Sub-Fund unless you choose to redeem your shares before the changes take effect.
If you wish to redeem your shares before the changes take effect, you may do so free of charge before the cut-off time on 4 December 2026. As always, there are no subscription or redemption fees for buying or selling shares in the Sub-Fund. Please note that redemptions may be subject to tax. We recommend consulting your financial adviser.