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Changes in SKAGEN's portfolio team

SKAGEN will make a number of changes within its portfolio management team, including a new senior appointment to manage the SKAGEN Vekst fund.

Date: 23/03/17

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Øyvind Fjell has been hired as a new portfolio manager of equity fund SKAGEN Vekst as of 1 July.

SKAGEN Vekst

SKAGEN has hired Øyvind Fjell as a new portfolio manager to its SKAGEN Vekst team, managing Nordic/Global equities. He will join on 1 July 2017 from Delphi Nordic, has 10 years' experience in managing Nordic equities and is ranked among the best in this category based on the results he has achieved for clients.

Since taking the reins of the five star-rated Delphi Nordic fund in 2007, Øyvind Fjell has delivered exceptional returns, with the fund recording more than double the returns of its benchmark since the end of 2012. Øyvind Fjell was nominated as best Nordic Fund Manager by Morningstar 2017.

Ole Søeberg and Geir Tjetland have decided to step down as portfolio managers on the SKAGEN Vekst team, leaving the fund at an all-time high. Søeberg will leave on 1 April to take up investment opportunities in Copenhagen. Tjetland will stay in SKAGEN until 1 July, after which time he will concentrate on investing his own money. Alexander Stensrud will continue as manager on the team.

SKAGEN Kon-Tiki 

Portfolio manager of emerging markets fund SKAGEN Kon-Tiki, Erik Landgraff, has decided to leave SKAGEN on 1 April to join a Hong Kong based hedge fund. SKAGEN Kon-Tiki will continue to be run by lead manager Knut Harald Nilsson and portfolio managers Kristoffer Stensrud and Cathrine Gether.

SKAGEN intends to add a further senior resource to its SKAGEN Kon-Tiki team and will make further announcements in due course.

SKAGEN m2

Portfolio manager of SKAGEN m2, Harald Haukås, has decided to leave SKAGEN on 1 April to invest his own money. He has also taken up a part time position as Associate Professor at the University of Stavanger. The fund will continue to be run by Michael Gobitschek who has been portfolio manager on the fund since its launch.

"Our duty to our clients is to secure the best talent to manage their investments. I am therefore delighted to welcome Øyvind Fjell to SKAGEN Vekst, who will be a great asset to the portfolio team. I would also like to thank Geir, Ole, Harald and Erik for their valuable contributions to SKAGEN over the years," said Alexandra Morris, Investment Director in SKAGEN.

"Our first priority is to provide our unit holders with the best possible risk adjusted return, and every hire we do has investor return as the main objective," commented Øyvind Schanke, CEO in SKAGEN.

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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