Read more about our NN Global Convertible Opportunities offerings.

1. formerly known as
Ivan Nikolov
Senior Portfolio Manager
Experience since: 2008
With ING/NN since: 2015
Integrated in the Global Credit boutique with access to
the NN Equity research team of 25 Analysts
www.nnip.com
Month ending 30 November 2015For professional use only
Tarek Saber
Lead Portfolio Manager
Experience since: 1986
With ING/NN since: 2014
Jasper van Ingen
Senior Portfolio Manager
Experience since: 2002
With ING/NN since: 2014
NN Global Convertible Opportunities
Strategy Brief
Portfolio management Strategy description
The NN (L) Global Convertible Opportunities fund invests long-only in a port-
folio of thoroughly researched convertible bonds. Convertible bonds are sen-
ior unsecured bonds that are convertible into shares at a fixed price, they typi-
cally have short durations and are well suited to diversify classic portfolios of
stocks and bonds.
The fund is actively managed and invested in balanced convertibles that pro-
vide asymmetrical returns.
Objective
The fund aims to outperform the global convertible universe (measured by
the Thomson Reuters Global Focus Index – Hedged) by 200bps pa.
Investment Process
The investment process is designed to capture the benefits of convertible
bonds: downside protection and equity upside participation.
The team is very selective with regard to the credit quality of the issuers it
selects through in-depth in house analysis.
Convertibles from screened issuers are chosen for both their equity potential
and convex structure.
Investments are grouped by theme rather than by sector, where a theme is
a name given to the (main) common driver of a group of investments. We
find that a thematic approach allows us to express our top down views
more accurately than a traditional sectoral approach, as sectors often
have a very dispersed set of return drivers.
Aggregate risks of the portfolio such as equity risk and equity sensitivity are
closely monitored, and sector concentration is limited to 20% for any single
sector.
Contribution to process and returns
Key Elements of the Strategy
• Experienced convertible team with access to broad research
resources within NN IP
• High conviction process with proven track record
• Process designed to maximize the benefits of convertible investment
with downside protection , limited equity risk and strong equity
upside participation
• Focus on mixed convertibles with reasonable valuations
Security Selection
Based on both bottom up credit
research aimed at providing capi-
tal protection, and convertible
selection with optimal convex
characteristics
Top Down Allocation
Theme based underlying
equity selection with identified
catalysts
HIGH HIGH
LOW LOW
NN Investment Partners at a Glance
NN Investment Partners is the asset manager of NN
Group N.V., a publicly traded corpora­tion. NN IP is
head-quartered in The Hague, The Netherlands. NN IP
manages in aggregate approximately EUR 180bln* (USD
202bln*) in assets for institutions and individual investors
worldwide. NN IP employs over 1200 staff and is active in
16 countries across Europe, Middle East, Asia and U.S.
*Figures as of 30 September 2015
For more information on NN IP’s investment strategies or our
mutual funds, please contact your sales representative or
relationship manager.
Or visit our website www.nnip.com

2. formerly known as
1 Month 3 Months YTD 1 Year 3Years (Ann.)* 2014 (Ann.)* 2013 (Ann.)* Inception*
NN (L) Global Convertible Opportunities -0,77 2,72 5,30 5,84 11,73 7,79 20,96 10,42
Benchmark 0,16 3,24 5,35 4,70 8,24 4,73 13,03 7,81
Relative Return -0,93 -0,52 -0,06 1,14 3,49 3,06 7,93 2,61
* Source: NN IP Performance Measurement. Returns are presented after all transaction costs, but before management fees.
Returns include the reinvestment of income.
Benchmark: Thomson Reuter Global Focus Hedged (USD)
Tracking date: first month end date after inception (April 2012).
Past performance is no guarantee of future results and the possibility of loss does exist.
2
NN Global Convertible Opportunities - Strategy Brief
Main Points
• NN (L) Global Convertible Opportunities returned -0.77%
gross of fees, underperforming its benchmark by -0.93%
• After a very strong month of October, convertible bond
returns were more muted in November, in line with most
global equity and corporate bond markets
• Global commodity markets continue to struggle, as finan-
cial markets await the next move of the ECB and Federal
Reserve in December
• We maintain our cautious stance on global financial mar-
kets and choose to take conviction based positions in busi-
nesses that are likely to benefit from favorable (sub)sector
dynamics, using a theme based framework
Market Review
European equity markets showed positive returns in a month that
will be remembered for its tragic events in Paris. The Eurostoxx 50
gained +2.58%, the German DAX equity index was particularly firm
and advanced by +4.90%, helped by a weakening euro. Expectations
of monetary policy divergence (more policy easing in Europe, policy
tightening in the US) pushed the euro further down from 1.10 to 1.06
versus the US Dollar during the course of the month. On the data
front there were no real surprises; the Eurozone economy seems to
continue its slow yet steady march forward. Leading indicators con-
tinue to show modest expansion, economic sentiment is improving,
year on year euro area GDP growth came in at +1.6%.
In the US, both the S&P 500 (+0.05%) and the technology led Nasdaq
Index (+1.09%) showed positive returns. The S&P 500 has been very
volatile during the month, as it recovered from a c.-3% drawdown
intra month. Strong employment data, nonfarm payrolls exceeded
expectations at +271k in October, caused the odds of a December
rate hike in to increase to c.75%. Leading indicators showed similar
positive signs. As mentioned earlier, the US Dollar continued its path
of strengthening versus the euro on the back of expected monetary
policy divergence.
In Asia, Chinese bourses continued to recover from a very weak Q3.
The Shanghai Composite was higher by +1.86%, the Shenzen
Composite was better by +9.37%. Even though economic indicators
continue to come in fairly weak, fears of a significant slowdown
appear to have receded. In Japan, the economy slipped into a techni-
cal recession, printing its second consecutive quarter of economic
contraction. This is the fourth such recession in 5 years, and shows
that the so called Abenomics programme is struggling to lift eco-
nomic activity. The Topix equity index nonetheless advanced by
+1.42%.
Credit markets showed different patterns in Europe and the US.
Spreads were tighter in Europe (crossover -8bps, investment grade
-1bp), and wider the US (high yield +24bps, investment grade +5bps).
Interest rates showed equally mixed paths. German 10y Bund yields
closed -4bps lower for the month at 47bps. In the US, 10 year US
treasuries yields were higher by +6bps to close at 221bps.
Investment Performance
NN (L) Global Convertible Opportunities returned -0.77% gross of
fees, -0.93% worse than its benchmark.
The two main negative contributors to performance were online
travel agent Priceline (PCLN, theme: online spending) and brand
management company Iconix (ICON, theme: US consumer growth).
Even though PCLN beat expectations both on revenues and profits in
Q3, investors were disappointed in the companies’ Q4 guidance. On
top of that, sentiment was hurt by a fear people would travel less as
a result of the tragic events in Paris during the month. ICON traded
lower on the back of the (pre-announced) restatement of some of
their past accounts.
Positive contributors for the month were Taiyo Yuden (TAIYO, theme:
electronic components) and Huron Consulting (HURN, theme: health-
care spending). Electronic component manufacturer TAIYO gained on
the back of positive results and subsequent broker upgrades.
Consultancy firm HURN shares recovered after a tough month of
October when they published their Q3 results that disappointed
investors.
Outlook and Portfolio Positioning
Our outlook on financial markets remains cautiously positive.
Looking forward we believe convertible bond investors are well posi-
tioned, through the convex nature of the product, to navigate mar-
kets that are likely to show more divergence, and possibly even
decoupling, going forward.
In Europe, we believe QE will continue to support risk asset valua-
tions, should spur growth and employment, and will eventually lead
to inflation. With respect to the US, we believe it’s expected growth
rate of 2-3% in 2015 can be achieved, but are not sure markets are
ready for the anticipated path of tightening, now expected to start
in Q4 2015. As for Japan, we believe financial stimulus measures will
continue to support risk asset valuations. Our Fund tends to be
underweight convertible bonds that are issued in China and emerg-
ing markets as we often struggle with the lack of visibility in these
markets, we are able to maintain exposure to these regions of high
growth through convertible bonds issued by companies in developed
markets.
We continue to be invested in a portfolio of convertible bonds that
have solid credit fundamentals and either material equity upside, an
attractive yield, or both. In identifying investment opportunities we
use themes to group drivers of return. Our four biggest themes are
currently Cloud computing, Corporate Rationalization, Healthcare
spending and Bank deleveraging.
Reference performance for this strategy: NN (L) Global Convertible Opportunities (I Cap USD, Hedged), gross of fees*

3. formerly known as
Portfolio highlights*
* Source: NN Investment Partners. All data are expressed as of 30 November 2015.
Portfolio Characteristics
Currency USD
AUM (USD mio) 300
Portfolio Equity Risk(Dist to BF) 13,5%
Equity Sensitivity 44,0%
Parity Delta 54,6%
Average Premium 35,5%
Number of Issuers 32
Portfolio Characteristics
Average CB Price % 110,3%
Average Investment Value 94,8%
Average Parity % 85,7%
Running Yield 1,1%
Effective Duration 2,28
Modified Duration 3,83
Option Adjusted Spread 179
Portfolio Characteristics
Implied Volatility 30,14
Realized Underlying Volatility 34,78
SCR Rate 1,3%
SCR Credit 7,2%
SCR Equity 12,9%
SCR FX 1,0%
SCR Market 19,3%
Portfolio characteristics by theme
*Characteristics as of 31/11/2015
10 largest positions
Convertible Name Holdings
Citrix 0.5% 2019 7,1%
Alcatel 0% 2019 6,5%
Starwood 4.55% 2018 5,9%
RAG/Evonik 0% 2021 5,3%
Taiyo Yuden 0% 2021 4,9%
Sandisk 0.50% Oct-2020 4,6%
Fresenius Medical 1.125% 2020 4,5%
Balfour Beatty 1.875% 2018 4,4%
Qiagen 0.375% 2019 4,2%
OCI 3.875% 2018 4,2%
Theme Holdings Distance
to BF
Premium Implied
Volatility
OAS Equity
Sensitivity
Cloud Computing 18,8% 12,7% 37,7% 30,3 119,6 40,8
Corporate Rationalization 17,5% 10,9% 38,3% 34,4 177,7 55,4
Healthcare Spending 12,1% 17,6% 27,4% 35,3 156,3 46,6
Bank Delevering 8,8% 0,4% 23,6% 8,0 283,5 21,7
Electronic Components 8,1% 14,5% 37,6% 34,9 129,9 41,3
Agriculture/Food Supply Growth 5,3% 17,2% 31,8% 34,5 75,0 37,9
Changing Diets and Consumption 4,6% 23,0% 18,5% 30,0 262,2 57,6
US Housing 4,1% 3,0% 33,8% 15,3 350,0 30,9
Online Spending Growth 3,8% 22,4% 24,1% 32,9 75,0 50,4
US Consumer Growth 3,2% 7,8% 175,9% 28,7 502,5 28,3
Europe Rebound 3,0% 20,5% 42,2% 50,1 350,0 45,0
Japan QE 2,4% 12,0% 23,9% 25,6 50,0 54,1
Infrastructure Spending 1,9% 26,2% 24,0% 33,5 250,0 59,1
Innovative Businesses 1,8% 25,6% 4,2% 24,0 50,0 73,2
Global Aging 1,7% 21,9% 15,2% 28,5 50,0 56,8
Real Estate Exposure 1,6% 29,5% 17,2% 34,4 75,0 60,6
Cash 1,3% - - - - -
Total 98,7% 13,5% 35,5% 30,1 178,7 44,0
18,5%
18,3%
11,6%
9,4%
8,6%
7,1%
7,0%
4,6%
3,0%
2,9%
2,7%
1,9%
1,7%
1,4%
1,3%
0% 10% 20%
Electronics
IT
Property
Pharmaceutical
Construction
Chemicals
Retail/Wholesale
Food & Drink
Steel/Metals
Banking/Finance
Services
Industrials
Other
Utilities
Cash
SECTOR BREAKDOWN
47,2%
38,2%
13,2%
-
-
1,3%
0% 20% 40% 60%
US
Europe
Japan
Asia Ex
Japan
Other
Cash
REGION BREAKDOWN
-
-
-
7,5%
22,5%
7,3%
-
61,3%
1,3%
0% 20% 40% 60% 80%
AAA
AA
A
BBB
BB
B
CCC
NR
Cash
RATING BREAKDOWN
Cash
Corporate Rationalization
Healthcare Spending
Bank Delevering
Electronic Components
Agriculture/Food Supply Growth
Changing Diets and
Consumption
US Housing
Online Spending GrowthUS Consumer Growth
Infrastructure Spending
Innovative Businesses
Real Estate Exposure
Global AgingCloud Computing
Europe Rebound
Japan QE
0
10
20
30
40
50
60
70
80
90
0% 5% 10% 15% 20% 25% 30%
EquitySensitivity(%)
Distance to Bond Floor(Equity Risk %)
RISK CHARACTERISTICS BY THEME
3
Month ending 30 November 2015

4. formerly known as
Share Class ISIN Currency Max Management Fee (%) Fixed Service Fee (%) Minimum Investment
I Capitalisation LU1165177442 USD 0,65 0,25 €250,000
I Capitalisation LU1165177285 EUR 0,65 0,25 €250,000
I Capitalisation LU1165177368 GBP 0,65 0,25 €250,000
P Capitalisation LU1165177103 EUR 1,3 0,3 -
Objective
Investment objective Aim to outperform the Thomson Reuters Global Focus Hedge benchmark by 200 basis points per year
Benchmark Thomson Reuters Global Focus Hedged Convertible Index
Tracking error Target 4%
Other Characteristics
Investment universe Global convertibles
Focus on mixed convertibles
Credit Quality Expected average implied rating in the BB Range
Currency Exposure None - Fully hedged
Sector exposure Single sector exposure capped at 20%
Regional Exposure No Limits, but bias towards OECD countries
Key characteristics of the strategy
4
NN Global Convertible Opportunities - Strategy Brief
Disclaimer
The elements contained in this document have been prepared solely for the purpose
of information and do not constitute an offer, in particular a prospectus or any invi-
tation to treat, buy or sell any security or to participate in any trading strategy. This
document is intended only for MiFID professional investors. While particular atten-
tion has been paid to the contents of this document, no guarantee, warranty or rep-
resentation, express or implied, is given to the accuracy, correctness or complete-
ness thereof. Any information given in this document may be subject to change or
update without notice. Neither NN Investment Partners Holdings N.V. nor any other
company or unit belonging to the NN Group or the ING Group, nor any of its officers,
directors or employees can be held direct or indirect liable or responsible with
respect to the information and/or recommendations of any kind expressed herein.
The information contained in this document cannot be understood as provision of
investment services. If you wish to obtain investment services please contact our
office for advice. Use of the information contained in this document is solely at your
risk. Investment sustains risk. Please note that the value of your investment may rise
or fall and also that past performance is not indicative of future results and shall in
no event be deemed as such. This document and information contained herein must
not be copied, reproduced, distributed or passed to any person at any time without
our prior written consent. Any claims arising out of or in connection with the terms
and conditions of this disclaimer are governed by Dutch law.
The fund is a subfund of NN (L) (SICAV), established in Luxembourg. NN (L) is duly
authorised by the Commission de Surveillance du Secteur Financier (CSSF) in
Luxembourg. Both funds are registered with the CSSF.
For more detailed information about the investment fund we refer to the prospectus
and the corresponding supplements. In relation to the investment fund mentioned in
this document a Key Investor Information Document (KIID) has been published con-
taining all necessary information about the product, the costs and the risks which
may occur. Do not take unnecessary risk. Read the prospectus and the KIID before
investing. Investments are accompanied by risks. The value of your investments
depends in part upon developments on the financial markets. In addition, each fund
has its own specific risks. See the prospectus for fund-specific costs and risks. The
prospectus, supplement and the Key Investor Information Document are available
on the following website: www.nnip.com. This document is not directed at, and must
not be acted upon by citizens of the United States (US) and is otherwise only
directed at persons residing in jurisdictions where the relevant share classes/(sub)
funds are authorised for distribution or where no such authorisation is required.