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Overview of all investments

SKAGEN Avkastning as of 28/02/2025

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Skandinaviska Enskilda Banken AB 107,399,040 107,409,600 106,582,324 6.96 %
FX forward_USD/SEK_NDA-HEL_20251208 1,023,279 11,301,954 11,149,180 0.73 %
FX forward_SEK/NOK_NDA-HEL_20251208 11,297,610 11,068,090 10,949,898 0.72 %
FX forward_EUR/NOK_SEBA-STO_20260209 8,306,521 8,149,260 7,998,953 0.52 %
FX forward_USD/NOK_SEBA-STO_20250507 5,215,817 5,216,624 5,176,154 0.34 %
FX forward_DKK/NOK_NDA-HEL_20251208 803,663 786,050 778,928 0.05 %
FX forward_DKK/NOK_SEBA-STO_20250313 460,000 719,914 720,865 0.05 %
FX forward_EUR/NOK_SEBA-STO_20260209 471,358 462,208 453,905 0.03 %
FX forward_DKK/NOK_SEBA-STO_20250313 40,000 63,565 62,684 0.00 %
FX forward_DKK/NOK_SEBA-STO_20250313 -63,821 -63,565 -63,750 0.00 %
FX forward_EUR/NOK_SEBA-STO_20260209 -40,000 -462,208 -458,745 -0.03 %
FX forward_DKK/NOK_NDA-HEL_20251208 -500,000 -786,050 -773,377 -0.05 %
FX forward_DKK/NOK_SEBA-STO_20250313 -723,486 -719,914 -722,684 -0.05 %
FX forward_USD/NOK_SEBA-STO_20250507 -470,000 -5,216,624 -5,244,170 -0.34 %
FX forward_EUR/NOK_SEBA-STO_20260209 -700,000 -8,149,260 -8,028,030 -0.52 %
FX forward_USD/SEK_NDA-HEL_20251208 -11,000,000 -11,301,954 -11,341,394 -0.74 %
FX forward_SEK/NOK_NDA-HEL_20251208 -11,000,000 -11,068,090 -11,341,394 -0.74 %
FX forward_USD/NOK_SEBA-STO_20250507 -9,600,000 -107,409,600 -107,114,962 -7.00 %
Total 0 -1,215,615 -0.08 %

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Eviny AS 50,000,000 50,612,450 50,755,870 3.32 %
Eidsiva Energi AS 21/28 FRN 16,000,000 15,762,400 16,018,200 1.05 %
Eidsiva Energi AS 20/27 FRN 10,000,000 9,963,300 10,063,254 0.66 %
Total 76,338,150 76,837,323 5.02 %

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
SpareBank 1 SMN 30,000,000 30,702,300 31,131,673 2.03 %
Pareto Bank ASA 24/30 FRN 30,000,000 30,000,000 30,234,351 1.98 %
Spb Sør 20/26 FRN C 25,000,000 25,000,000 25,281,244 1.65 %
Spb 1 Sør-Norge ASA 24/34 FRN STEP C SUB 20,000,000 20,000,000 20,454,381 1.34 %
Spb 1 Nord-Norge 20/26 FRN STEP C 20,000,000 20,332,500 20,196,069 1.32 %
Skue Spb 21/31 FRN STEP C SUB 20,000,000 19,732,000 20,045,646 1.31 %
Spb 1 SMN 20/26 FRN STEP C 20,000,000 20,014,869 20,028,282 1.31 %
Spb 1 Sør-Norge ASA 23/PERP FRN C HYBRID 17,000,000 17,000,000 17,776,146 1.16 %
BN Bank ASA 24/35 FRN STEP C SUB 14,000,000 14,000,000 14,294,070 0.93 %
Spb Sør 24/35 FRN C SUB 13,000,000 13,000,000 13,280,078 0.87 %
DNB Bank ASA 23/PERP ADJ C HYBRID 10,000,000 10,362,500 10,872,367 0.71 %
DNB Bank ASA 22/PERP ADJ C HYBRID 10,000,000 10,000,000 10,669,924 0.70 %
Spb 1 SMN 23/33 FRN STEP C SUB 10,000,000 10,000,000 10,593,743 0.69 %
Rørosbanken Rør Spb 24/34 FRN STEP C SUB 10,000,000 10,000,000 10,404,107 0.68 %
Pareto Bank ASA 24/29 FRN 10,000,000 10,000,000 10,241,535 0.67 %
DNB Bank ASA 23/33 FRN C SUB 10,000,000 10,000,000 10,179,167 0.67 %
Spb Møre 23/33 FRN C SUB 10,000,000 10,000,000 10,174,886 0.66 %
DNB Bank ASA 21/32 FRN C SUB 10,000,000 9,443,000 10,019,759 0.65 %
Haugesund Spb 24/34 FRN C SUB 9,000,000 9,000,000 9,250,562 0.60 %
Voss Veksel ASA 24/35 FRN C SUB 8,000,000 8,000,000 8,126,965 0.53 %
Spb 1 Sør-Norge ASA 23/34 FRN C SUB 7,000,000 6,863,080 7,189,713 0.47 %
Askim & Spydebe Spb 23/33 FRN STEP C SUB 5,000,000 5,000,000 5,315,266 0.35 %
Stadsbygd Spb 23/33 FRN C SUB 5,000,000 5,000,000 5,198,723 0.34 %
Spb Vest 23/33 FRN C SUB 5,000,000 5,000,000 5,125,458 0.33 %
Spb 1 Nord-Norge 23/33 FRN C SUB 5,000,000 5,000,000 5,087,284 0.33 %
DNB Bank ASA 20/30 FRN STEP C SUB 5,000,000 4,900,100 5,014,198 0.33 %
Søgne og Greipstad Spb 23/33 FRN C SUB 4,000,000 4,144,640 4,220,740 0.28 %
Spb 1 Nord-Norge 23/33 FRN STEP C SUB 4,000,000 4,000,000 4,129,326 0.27 %
Spb 1 Sør-Norge ASA 23/33 FRN C SUB 4,000,000 4,033,240 4,093,269 0.27 %
Spb Sør 20/30 FRN STEP C SUB 3,000,000 2,949,540 3,033,249 0.20 %
DNB Bank ASA 22/32 FRN C SUB 2,000,000 1,969,140 2,013,704 0.13 %
DNB Bank ASA 20/30 FRN C SUB 2,000,000 2,007,480 2,008,619 0.13 %
DNB Bank ASA 20/30 FRN STEP C SUB 1,000,000 988,910 1,015,941 0.07 %
Ørskog Spb 20/30 FRN C SUB 1,000,000 976,240 1,002,702 0.07 %
Total 359,419,539 367,703,146 24.02 %

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Castellum 30,000,000 29,699,400 30,434,500 1.99 %
Aktieselskabet Schouw & 24/29 FRN FLOOR 25,000,000 25,000,000 25,650,408 1.68 %
DFDS A/S 24/27 FRN 24,000,000 24,099,440 24,432,884 1.60 %
NOBA Bank Group AB 22,000,000 22,095,983 23,319,343 1.52 %
Maran Shuttle Tanker 24/28 9,00% USD P/C 1,600,000 16,931,840 20,179,198 1.32 %
Nordea Bank Abp PERP 18,000,000 18,000,000 18,755,818 1.23 %
SFL Corporation Ltd. 24/28 8,25% USD C 1,600,000 17,184,720 18,668,423 1.22 %
Fastighets AB Balder 22/27 FRN 16,000,000 16,056,720 16,484,479 1.08 %
Scania CV 20/25 FRN NOK 16,000,000 16,425,120 16,196,139 1.06 %
DFDS A/S 23/26 FRN 15,000,000 15,000,000 15,358,535 1.00 %
LeasePlan Corp NV FRN 2025/05/07 15,000,000 14,999,100 15,062,463 0.98 %
Stolt-Nielsen Limited 23/28 FRN FLOOR 12,500,000 12,596,600 13,024,625 0.85 %
Fastighets AB Balder 21/28 FRN 12,000,000 11,894,400 12,110,111 0.79 %
Seapeak LLC 20/25 FRN FLOOR 10,000,000 10,087,500 10,176,175 0.66 %
Atrium Ljungberg AB 22/26 FRN 10,000,000 10,113,000 10,170,170 0.66 %
LeasePlan Corp NV FRN 2025/12/07 10,000,000 9,999,600 10,157,704 0.66 %
SFL Corporation Ltd. 24/29 FRN C 10,000,000 10,012,500 10,101,450 0.66 %
TORM PLC 24/29 8,25% USD C 800,000 8,281,659 9,395,608 0.61 %
Nordea Bank Abp 24/35 FRN C SUB 8,000,000 8,000,000 8,101,568 0.53 %
Yinson Production Fin 24/29 9,625% USD C 500,000 5,680,209 6,051,689 0.40 %
SFL Corporation Ltd. 23/27 8,875% USD C 500,000 5,438,136 5,831,994 0.38 %
Odfjell Technology Ltd 24/28 FRN FLOOR C 5,000,000 5,000,000 5,121,469 0.33 %
Magellan BidCo 2 S 24/29 FRN EUR FLOOR C 400,000 4,666,000 4,919,404 0.32 %
SFL Corporation Ltd. 25/30 7,75% USD C 400,000 4,506,992 4,503,561 0.29 %
G&O Midco ApS 24/28 FRN EUR FLOOR C 300,000 3,468,300 3,688,135 0.24 %
Total 325,237,219 337,895,853 22.08 %

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Entra ASA 29,000,000 29,189,150 29,551,362 1.93 %
Kongsberg Gruppen ASA 21/26 FRN 20,000,000 19,536,240 20,107,994 1.31 %
Entra ASA 21/29 FRN 20,000,000 18,714,950 19,694,614 1.29 %
Entra ASA 21/26 FRN 13,000,000 12,589,200 13,039,640 0.85 %
Total 80,029,540 82,393,609 5.38 %

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
OBOS Eiendom AS 25,000,000 24,458,000 25,859,016 1.69 %
Eiendomsspar AS 21/26 FRN 25,000,000 24,239,700 25,320,978 1.65 %
Aker ASA 24/29 FRN FLOOR 24,500,000 24,663,039 25,084,401 1.64 %
Norwegian Property ASA 24/29 FRN 20,000,000 19,979,600 20,511,200 1.34 %
SalMar ASA 21/27 FRN FLOOR 20,000,000 19,473,900 20,372,415 1.33 %
Olav Thon Eiendomsselskap ASA 24/29 FRN 19,000,000 19,100,380 19,503,038 1.27 %
Norwegian Property ASA 21/26 FRN 15,000,000 14,302,500 15,166,047 0.99 %
Scatec ASA 24/28 FRN FLOOR C 14,500,000 14,560,000 15,140,670 0.99 %
Aker Biomarine ASA 24/27 FRN C 14,000,000 13,992,500 14,296,823 0.93 %
Bonheur ASA 24/29 FRN FLOOR C 14,000,000 14,000,000 14,188,611 0.93 %
SalMar ASA 25/30 FRN FLOOR 14,000,000 14,000,000 14,108,297 0.92 %
Yara International ASA 24/29 FRN 13,000,000 13,000,000 13,210,631 0.86 %
Scatec ASA 25/29 FRN FLOOR C 12,500,000 12,509,375 12,636,472 0.83 %
Pelagia Holding AS 24/29 FRN FLOOR C 12,100,000 12,112,029 12,433,173 0.81 %
Norsk Hydro ASA 20/26 FRN 12,000,000 12,553,200 12,359,932 0.81 %
Elkem ASA 24/29 FRN FLOOR 12,000,000 12,000,000 12,190,271 0.80 %
Yara International ASA 21/26 FRN 12,000,000 11,570,960 12,064,126 0.79 %
Aider Konsern AS 24/28 FRN FLOOR C 11,000,000 11,012,500 11,596,001 0.76 %
Olav Thon Eiendomsselsk ASA 23/29 5,792% 11,000,000 11,021,956 11,456,870 0.75 %
Mowi ASA 24/29 FRN 11,000,000 11,000,000 11,114,004 0.73 %
Aker ASA 22/27 FRN FLOOR 10,000,000 10,000,000 10,511,130 0.69 %
Pandion Energy AS 22/26 9,75% USD C 900,000 9,814,712 10,442,859 0.68 %
Austevoll Seafood ASA 23/28 FRN FLOOR 10,000,000 10,000,000 10,229,509 0.67 %
Olav Thon Eiendomsselskap ASA 25/30 FRN 10,000,000 10,000,000 10,062,548 0.66 %
Okea ASA 23/26 9,125% USD C 800,000 8,569,598 9,640,177 0.63 %
Color Group AS 24/29 FRN FLOOR 9,000,000 9,000,000 9,220,365 0.60 %
Chip Bidco AS 24/27 FRN FLOOR C 8,750,000 8,750,000 8,954,227 0.58 %
Var Energi ASA 7.500% 2028/01/15 700,000 7,855,700 8,446,160 0.55 %
NorgesGruppen ASA 20/26 FRN 8,000,000 7,934,160 8,201,193 0.54 %
Lerøy Seafood Group ASA 21/26 FRN FLOOR 8,000,000 7,640,480 8,135,100 0.53 %
Elopak ASA 24/29 FRN 8,000,000 8,000,000 8,080,698 0.53 %
Wallenius Wilhelmsen ASA 23/28 FRN FLOOR 7,500,000 7,612,500 7,753,125 0.51 %
Felleskjøpet Agri SA 23/26 FRN 7,000,000 7,000,000 7,159,746 0.47 %
Okea ASA 24/28 9,125% USD C 600,000 6,644,490 7,091,838 0.46 %
OBOS BBL 24/29 FRN 6,000,000 6,096,720 6,298,825 0.41 %
BlueNord ASA 24/29 9,50% USD C 500,000 5,315,875 6,035,430 0.39 %
Bonheur ASA 21/26 FRN FLOOR C 5,500,000 5,602,250 5,645,759 0.37 %
Color Group AS 23/26 FRN FLOOR 5,000,000 5,275,000 5,239,797 0.34 %
Felleskjøpet Agri SA 22/27 FRN 5,000,000 5,013,600 5,132,276 0.34 %
OBOS BBL 23/27 FRN 5,000,000 4,944,250 5,131,752 0.34 %
Elopak ASA 24/27 FRN 5,000,000 5,000,000 5,031,982 0.33 %
OBOS Eiendom AS 25/30 FRN 5,000,000 5,000,000 5,021,363 0.33 %
Hawk Infinity Softw AS 23/28 FRN FLOOR C 4,000,000 4,160,000 4,154,564 0.27 %
Olav Thon Eiendomsselskap ASA 20/28 FRN 4,000,000 4,095,880 4,099,526 0.27 %
Kistefos AS 23/27 FRN FLOOR C 3,000,000 3,097,500 3,156,760 0.21 %
Hawk Infinity Softw AS 24/29 FRN FLOOR C 3,000,000 3,000,000 3,040,773 0.20 %
Bonheur ASA 20/25 FRN FLOOR C 2,000,000 1,962,500 2,044,366 0.13 %
Total 486,934,854 502,574,824 32.83 %

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Storebrand Livsforsikring AS 15,000,000 15,000,000 16,006,147 1.05 %
Nortura Konsernpensjonsk 24/34 FRN C SUB 7,500,000 7,500,000 7,730,670 0.51 %
Total 22,500,000 23,736,817 1.55 %

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Brage Finans AS 15,000,000 15,000,000 15,538,932 1.02 %
Brage Finans AS 25/28 FRN 13,000,000 13,000,000 13,122,579 0.86 %
Eika Boligkredit AS 21/31 FRN STEP C SUB 10,000,000 9,831,000 10,066,121 0.66 %
Brage Finans AS 24/34 FRN C SUB 9,000,000 9,000,000 9,356,584 0.61 %
Eika Boligkreditt AS 22/32 FRN C SUB 7,000,000 6,947,640 7,162,433 0.47 %
Spb 1 Boligkreditt AS 23/33 FRN C SUB 5,000,000 5,199,390 5,302,496 0.35 %
Spb 1 Boligkredi AS 23/34 FRN STEP C SUB 4,000,000 4,119,600 4,183,247 0.27 %
Brage Finans AS 23/33 FRN C SUB 3,000,000 3,171,000 3,206,213 0.21 %
Total 66,268,630 67,938,604 4.44 %

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Protector Forsikring ASA 12,000,000 12,000,000 12,165,811 0.79 %
Gjensidige Forsikrin ASA 24/54 SUB 5,000,000 5,000,000 5,059,971 0.33 %
Gjensidige Fors ASA 21/51 FRN STEP C SUB 5,000,000 4,772,500 5,055,106 0.33 %
Total 21,772,500 22,280,888 1.46 %

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Crayon Group Holding AS 10,000,000 10,000,000 10,314,975 0.67 %
Total 10,000,000 10,314,975 0.67 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 1,509,111,129 1,469,883,553 96.03 %
Available liquidity 60,769,171 3.97 %
Total AUM 1,530,652,724 100.00 %

Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager’s skills, the fund’s risk profile and management fees. The return may become negative as a result of negative price developments. There is risk associated with investing in funds due to market movements, currency developments, interest rate levels, economic, sector and company-specific conditions. The funds are denominated in NOK. Returns may increase or decrease as a result of currency fluctuations. Prior to making a subscription, we encourage you to read the fund's prospectus and key investor information document which contain further details about the fund's characteristics and costs. The information can be found on www.skagenfunds.com. Storebrand Asset Management administers the SKAGEN funds which are by agreement managed by SKAGEN's portfolio managers.

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