1) The document describes the NN Global Convertible Opportunities fund, which invests in convertible bonds. 2) It aims to outperform its benchmark index by 200 basis points annually through a process of bottom-up credit analysis and theme-based equity selection. 3) In December 2015, the fund returned -1.47%, underperforming its benchmark by -0.03% as markets weakened amid disappointing central bank actions.

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 31 December 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 -1.47 2.06 3.74 3.74 10.68 7.79 20.96 9.73
Benchmark -1.44 3.02 3.83 3.83 7.12 4.73 13.03 7.20
Relative Return -0.03 -0.95 -0.09 -0.09 3.56 3.06 7.93 2.53
* 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 -1.47%
gross of fees, underperforming its benchmark by -0.03%
• Global financial markets did not stage a year-end rally:
equities were mostly weaker, spreads widened, oil prices
continued to decline
• ECB stimulus measures did not meet high expectations, the
Fed on the other hand did what most expected and raised
rates for the first time since 2006
• 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 posted negative returns across the board,
the Eurostoxx 50 lost -6.81%. Spain’s IBEX equity index was particu-
larly weak (-8.11%) as elections in Spain resulted in the most frag-
mented parliament ever, raising concerns over Spain’s ongoing will-
ingness to continue on its path of austerity. On December 3rd, the
ECB announced a further cut of -0.1% in its deposit rate (to -0.3%)
and an extension of its bond-buying programme by 6 months.
Financial markets reacted disappointed, as many had expected a
deeper cut, a longer extension and possibly the announcement of
additional purchases. On the data front there were again no real sur-
prises; the Eurozone economy continues its slow march forward.
Leading indicators showed modest expansion, inflation remains low.
In the US, both the S&P 500 (-1.75%) and the technology led Nasdaq
Index (-1.98%) showed negative returns. On December 16, The
Federal Open Market Committee decided unanimously to hike the
Federal Funds Rate by +0.25%. The hike was widely anticipated and
did not affect markets much on announcement. Fed Chair Yellen
quoted the US economy’s considerable strength as the main reason
for the decision, and furthermore said the process of raising rates is
likely to proceed gradually. On the data front, leading indicators con-
tinued to show moderate expansion. The US labor market continues
to look reasonably firm, November’s nonfarm payroll number (+211k)
was stronger than expected. Unemployment remained constant at
5%, but has to be seen in the light of a very low labor participation
rate (of just 62.5%). The US Dollar weakened marginally versus the
Euro to close the year at 1.09.
In Asia, Chinese bourses posted their third consecutive positive
month after a difficult third quarter. The Shanghai Composite was
higher by +2.72%, the Shenzen Composite was better by +4.78%. In
Japan, the Topix equity index declined by -2.09%, not helped by a
stronger Yen.
Credit markets showed similar patterns in Europe and the US.
Spreads were wider in Europe (crossover +25bps, investment grade
+7bps), and the US (high yield +19bps, investment grade +4bps).
Interest rates edged higher across the board. German 10y Bund
yields closed +16bps for the month at 63bps. In the US, 10 year US
treasuries yields were higher by +6bps to close at 227bps.
Investment Performance
NN (L) Global Convertible Opportunities returned -1.47% gross of
fees, -0.03% worse than its benchmark.
The two main negative contributors to performance were electronic
component manufactures Taiyo Yuden (TAIYO, theme: electronic
components) and brand management company Iconix (ICON, theme:
US consumer growth). Despite showing strong growth in both reve-
nues and profits, TAIYO shares declined alongside other Apple suppli-
ers on reported slowing IPhone sales and subsequent broker down-
grades. We continue to believe in TAIYO’s strong product portfolio
and discounted valuation compared to peers. ICON traded lower on
the back of an SEC investigation into their accounting treatment of
joint ventures. We believe this is a formality as its accounting prac-
tices have just recently been verified by an independent audit com-
mittee.
Positive contributors for the month were Starwood Property (STWD,
theme: bank delevering) and Jarden Corporation (JAH, theme: US
consumer growth). Commercial mortgage REIT STWD gained as its
shares recovered from the fear of a rate hike that seemed to be
priced in in its share price. We believe STWD will continue to do well
as the company benefits from its scale, solid execution and conserva-
tive financing. JAH shares were higher after announcing a merger
with peer Newell Rubbermaid.
Outlook and Portfolio Positioning
Our outlook for financial markets in 2016 remains cautiously positive.
We do expect 2016 to be more challenging than 2015 as the US
Federal Reserve is now on a path of tightening, which is likely to have
effects on a global scale, particularly for emerging markets. Looking
forward we believe convertible bond investors are well positioned,
through the convex nature of the product, to navigate markets that
are likely to show 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 2016 can be achieved, but are not sure markets are
ready for sustained rate hikes. 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 emerging markets as we often struggle with the lack of vis-
ibility in these markets, we are able to maintain exposure to these
regions of high growth through convertible bonds issued by compa-
nies 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 delevering.
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 31 December 2015.
Portfolio Characteristics
Currency USD
AUM (USD mio) 285
Portfolio Equity Risk(Dist to BF) 11.6%
Equity Sensitivity 39.9%
Parity Delta 50.6%
Average Premium 37.0%
Number of Issuers 31
Portfolio Characteristics
Average CB Price % 107.4%
Average Investment Value 94.5%
Average Parity % 81.5%
Running Yield 1.2%
Effective Duration 2.33
Modified Duration 3.69
Option Adjusted Spread 183
Portfolio Characteristics
Implied Volatility 29.32
Realized Underlying Volatility 33.76
SCR Rate 1.3%
SCR Credit 7.1%
SCR Equity 11.3%
SCR FX 0.7%
SCR Market 17.6%
Portfolio characteristics by theme
*Characteristics as of 31/12/2015
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 17.5% 11.5% 39.3% 29.4 118.7 38.9
Corporate Rationalization 16.5% 9.6% 42.1% 33.5 208.4 50.1
Healthcare Spending 12.6% 17.0% 24.4% 32.4 155.8 47.9
Bank Delevering 9.2% 0.9% 26.3% 8.3 283.6 25.7
Electronic Components 8.0% 9.0% 53.5% 33.9 130.4 29.3
Agriculture/Food Supply Growth 5.6% 15.4% 39.0% 36.5 75.0 32.2
Changing Diets and Consumption 4.8% 16.6% 31.7% 32.5 271.4 41.6
US Housing 4.0% - 34.2% 8.0 350.0 28.5
Online Spending Growth 4.0% 23.2% 23.1% 33.6 75.0 52.1
US Consumer Growth 2.0% - 207.2% 30.0 609.0 13.1
Europe Rebound 3.1% 21.2% 41.5% 50.0 350.0 45.5
Japan QE 2.6% 10.7% 25.0% 26.4 50.0 52.7
Infrastructure Spending 1.7% 16.5% 36.9% 31.7 250.0 48.9
Innovative Businesses 1.9% 24.7% 5.0% 24.3 50.0 70.8
Global Aging 1.8% 19.1% 19.4% 29.2 50.0 51.4
Real Estate Exposure 1.6% 27.9% 19.1% 34.6 75.0 57.8
Demographic Transition - - - - - -
Cash 3.1% - - - - -
Total 96.9% 11.6% 37.0% 29.3 182.8 39.9
17,3%
17,0%
11,8%
9,9%
8,8%
7,5%
6,0%
4,8%
3,1%
3,0%
2,7%
1,7%
1,8%
1,5%
3,1%
0% 10% 20%
Electronics
IT
Property
Pharmaceutical
Construction
Chemicals
Retail/Wholesale
Food & Drink
Steel/Metals
Banking/Finance
Services
Industrials
Other
Utilities
Cash
SECTOR BREAKDOWN
45,1%
38,1%
13,6%
-
-
3,1%
0% 20% 40% 60%
US
Europe
Japan
Asia Ex
Japan
Other
Cash
REGION BREAKDOWN
-
-
-
7,8%
22,0%
5,1%
-
62,0%
3,1%
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
ConsumptionUS Housing Online Spending Growth
US Consumer Growth
Infrastructure Spending
Innovative Businesses
Real Estate Exposure
Global Aging
Cloud 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 31 December 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.