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SKAGEN Focus A as of 30/09/2019

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Ivanhoe Mines Ltd 2,832,118 52,113,358 67,342,669 3.89 %
Roxgold Inc 8,446,773 52,301,805 64,248,546 3.71 %
Dow Inc 132,275 56,759,837 56,950,574 3.29 %
Oz Minerals 917,200 50,206,044 54,087,651 3.12 %
Sumitomo Metal Mining 155,150 39,666,583 43,622,815 2.52 %
West Fraser Timber Co Ltd 93,027 35,133,647 34,225,667 1.98 %
Thyssenkrupp AG 252,770 28,979,734 31,597,834 1.82 %
Fortuna Silver Mines Inc 992,651 30,220,746 28,705,065 1.66 %
Canfor Pulp Products Inc 368,689 32,518,399 24,304,392 1.40 %
Total Materials 377,900,153 405,085,213 23.38 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Hitachi Ltd 234,554 63,686,871 79,268,214 4.57 %
Stmicroelectronics 376,600 57,745,427 65,781,622 3.80 %
Avaya Holdings Corp 336,566 45,168,910 31,305,741 1.81 %
Total Information Technology 166,601,208 176,355,577 10.18 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Sao Martinho SA 1,828,500 78,048,001 76,885,239 4.44 %
Kroger 102,732 20,959,237 24,033,584 1.39 %
Stock Spirits Group PLC 689,272 17,926,109 17,639,740 1.02 %
Total Consumer Staples 116,933,347 118,558,563 6.84 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Toyota Industries 131,680 61,145,759 68,583,193 3.96 %
Hornbach Holding AG & Co KGaA 70,000 35,822,009 36,151,397 2.09 %
Hyundai Motor Co (pref shs) 49,451 38,798,897 31,851,330 1.84 %
Continental 22,488 27,325,856 26,102,339 1.51 %
Hyundai Motor Co Ltd-PFD 21,879 14,941,060 12,681,354 0.73 %
Total Consumer Discretionary 178,033,581 175,369,613 10.12 %

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
OMV AG 186,330 81,722,810 90,496,620 5.22 %
Japan Petroleum Exploration Co Ltd 187,300 33,196,462 43,095,905 2.49 %
Total Energy 114,919,272 133,592,525 7.71 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
American International Group 193,480 91,088,479 97,883,803 5.65 %
Bank Kyoto 234,200 84,789,227 83,122,730 4.80 %
Korean Reinsurance Co 550,000 32,817,226 33,422,583 1.93 %
Nova Ljubljanska Banka dd 272,800 28,404,073 29,095,088 1.68 %
UniCredit SPA 224,238 24,699,333 23,991,208 1.38 %
Total Financials 261,798,338 267,515,412 15.44 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Pasona Group Inc 421,800 46,322,834 55,028,063 3.18 %
Hitachi Constr. Machine 199,207 42,829,447 43,593,177 2.52 %
Nexans SA 97,800 26,184,119 32,598,409 1.88 %
Teikoku Sen-I Co Ltd 141,480 22,273,817 21,345,561 1.23 %
Total Industrials 137,610,217 152,565,210 8.81 %

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
MagForce AG 668,405 32,569,387 29,063,982 1.68 %
Total Health Care 32,569,387 29,063,982 1.68 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
China Unicom Hong Kong 9,975,000 96,204,237 96,069,195 5.54 %
Viacom INC ClassB 205,669 49,181,246 44,830,308 2.59 %
Telecom Italia S 8,097,715 41,682,382 40,138,095 2.32 %
Softbank Group Corp 65,229 23,161,012 23,233,400 1.34 %
Viacom Inc 59,365 18,124,366 14,205,957 0.82 %
Total Communication Services 228,353,243 218,476,955 12.61 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 1,614,718,746 1,676,583,050 96.76 %
Available liquidity 56,091,340 3.24 %
Total AUM 1,732,674,390 100.00 %
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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 management fees. The return may become negative as a result of negative price developments.