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SKAGEN Focus A as of 31/05/2019

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
OMV AG 208,000 91,369,508 85,334,765 4.71 %
JAPEX 309,600 54,829,106 56,573,664 3.13 %
Helmerich & Payne Inc 125,100 57,415,787 54,439,843 3.01 %
Total Energy 203,614,401 196,348,272 10.85 %

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Ivanhoe Mines Ltd Class A 3,434,654 63,200,554 72,176,420 3.99 %
ROXGOLD Inc 7,415,500 43,962,624 51,304,233 2.83 %
OZ Minerals ltd 917,200 50,151,683 50,173,309 2.77 %
West Fraser Timber Co Ltd 138,800 60,287,277 47,283,045 2.61 %
Sumitomo Metal Mining Co Ltd 141,550 35,884,238 32,596,857 1.80 %
Canfor Pulp Products Inc 263,000 28,318,892 19,233,014 1.06 %
thyssenkrupp 165,000 20,195,447 18,346,068 1.01 %
Total Materials 302,000,715 291,112,946 16.08 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Sao Martinho SA 1,828,500 77,265,594 79,293,360 4.38 %
Metro AG 283,902 34,456,387 39,000,535 2.15 %
Total Consumer Staples 111,721,981 118,293,895 6.53 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Toyota Industries Corp 131,680 61,181,342 59,228,106 3.27 %
Hyundai Motor Co Pref (2pb) 52,241 40,942,228 32,878,587 1.82 %
Hornbach Holding AG & Co 70,000 35,393,147 30,229,927 1.67 %
Hyundai Motor 24,939 17,030,719 14,358,727 0.79 %
Total Consumer Discretionary 154,547,436 136,695,347 7.55 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
American International Group Inc 301,900 137,755,087 134,415,494 7.42 %
Bank of Kyoto Ltd 234,200 84,799,231 80,088,847 4.42 %
Nova Ljubljanska Banka GDR 250,000 25,825,825 30,141,993 1.67 %
UniCredit SpA 150,000 17,531,119 14,916,622 0.82 %
Total Financials 265,911,262 259,562,956 14.34 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Hitachi Ltd 233,260 62,858,588 69,181,795 3.82 %
Pasona Group Inc 435,800 47,852,244 58,665,042 3.24 %
KCC Corp 23,400 59,773,588 44,335,989 2.45 %
Nexans 158,508 41,299,922 39,290,580 2.17 %
Hitachi Construction Machine Co Ltd 146,630 31,380,172 29,861,471 1.65 %
Teikoku Sen-I Co Ltd 150,580 23,888,408 26,776,622 1.48 %
ADT Corp 131,771 7,526,316 6,957,463 0.38 %
Total Industrials 274,579,238 275,068,962 15.19 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
China Unicom Hong Kong Ltd 9,706,600 94,260,591 89,529,126 4.95 %
Telecom Italia Rsp 15,298,280 79,413,507 62,703,439 3.46 %
Viacom Inc Class B 146,550 35,125,860 36,892,648 2.04 %
CBS Corporation 72,100 30,997,479 30,246,675 1.67 %
Softbank Group Corp 35,920 24,050,564 29,624,867 1.64 %
Viacom Inc Class A 59,365 18,188,662 17,705,624 0.98 %
Telecom Italia Spa 1,735,875 12,067,430 7,481,218 0.41 %
Total Communication Services 294,104,093 274,183,597 15.15 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Avaya Holdings Corp 473,100 73,428,235 50,310,853 2.78 %
STMicroelectronics NV 365,341 55,856,911 48,671,008 2.69 %
X-Fab Silicon Foundries SE 447,174 28,355,018 20,971,745 1.16 %
Total Information Technology 157,640,164 119,953,606 6.63 %

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Magforce 660,568 32,217,697 30,334,174 1.68 %
Total Health Care 32,217,697 30,334,174 1.68 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 1,796,336,987 1,701,553,755 93.99 %
Available liquidity 108,808,205 6.01 %
Total AUM 1,810,361,960 100.00 %

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.