SKAGEN Performance Update – An Eventful Fourth Quarter

SKAGEN Global

Insurance holdings weak in fourth quarter but strong absolute and relative 2019 returns. SKAGEN Global A climbed 3.2% over the quarter, underperforming the MSCI All Country World Index which rose 5.9%.

Figures as at 31/12/2019 in EUR, net of fees and annualised for periods greater than one year
* Inception date: 07/08/1997

** Before 01/01/2010 benchmark was MSCI World Index

SKAGEN Global is a high conviction, active equity fund which aims to generate long-term capital growth by investing in undervalued companies from across the globe.

SKAGEN Kon-Tiki

Samsung gains offset by Tullow Oil losses as growing risk appetite drives EM outperformance. SKAGEN Kon-Tiki A added 5.9% in the quarter, underperforming the MSCI Emerging Markets Index which increased 8.5%.

Figures as at 31/12/2019 in EUR, net of fees and annualised for periods greater than one year
* Inception date: 05/04/2002

** MSCI EM Index (net total return) did not exist at the inception of the fund and consequently the benchmark index prior to 1/1/2004 was the MSCI World AC Index. This is not reflected in the table above which shows the MSCI EM Index since the fund’s inception 

SKAGEN Kon-Tiki is a highly active, global emerging market equity fund which seeks to generate long-term capital growth through a high conviction portfolio of companies which are listed in, or have significant exposure to, developing markets.

SKAGEN m²

Nordic holdings drive absolute and relative gains as three US companies enter the portfolio. SKAGEN m² A increased 7.2% during the quarter, outperforming the MSCI All Country World Index Real Estate IMI benchmark which was up 0.4%.

Figures as at 31/12/2019 in EUR, net of fees and annualised for periods greater than one year
* Inception date: 31/10/2012

** Benchmark was the MSCI ACWI Real Estate IMI ex REITS from 11/07/2017 to 30/09/2019

SKAGEN m² is a long-only, actively managed real estate fund that seeks to generate long-term capital growth by investing in listed property companies from across the globe.

SKAGEN Focus

Absolute and relative strength as large holdings re-rate; portfolio well-positioned for further gains. SKAGEN Focus A increased 7.0% over the quarter, outperforming the MSCI All Country World Index which added 5.9%.

Figures as at 31/12/2019 in EUR, net of fees and annualised for periods greater than one year
* Inception date: 26/05/2015

SKAGEN Focus is a high conviction, active equity fund that seeks to generate long-term capital growth by investing in a portfolio focused on small and mid-cap companies from across the globe.

SKAGEN Insight

Armstrong Flooring drives fourth quarter weakness to close a challenging year for activists   SKAGEN Insight A climbed 2.9% during the quarter, underperforming the MSCI World Index which rose 5.5%.

Figures as at 31/12/2019 in EUR, net of fees and annualised for periods greater than one year
* Inception date: 21/08/2017

SKAGEN Insight is a high conviction, active equity fund which aims to deliver long-term capital growth by investing in the most attractive shareholder activist campaigns from around the world.

SKAGEN Tellus

UK, South Africa and Mexico holdings perform strongly as USD and JPY weakness drives relative gains. SKAGEN Tellus A fell 0.4% in the quarter, outperforming the JPM Broad GBI Unhedged index which dropped 3.2%.

Figures as at 31/12/2019 in EUR, net of fees and annualised for periods greater than one year
* Inception date 29/09/2006

** Before 01/01/2013 benchmark was Barclay's Capital Global Treasury Index 3-5 years

SKAGEN Tellus invests primarily in bonds and certificates issued or guaranteed by governments from around the world with the objective of providing the best possible risk-adjusted return.

IMPORTANT INFORMATION

All contribution figures are based on NOK returns at the fund level.

Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager’s skill, the fund’s risk profile and subscription and management fees. The return may become negative as a result of negative price developments.

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