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SKAGEN Focus A as of 29/03/2019

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
AIG 319,497 152,667,998 118,737,204 6.64 %
Bank of Kyoto Ltd 220,878 80,130,012 79,519,373 4.45 %
Nova Ljubljanska Banka GDR 250,000 25,825,825 29,316,765 1.64 %
UniCredit SpA 235,000 26,170,112 25,884,285 1.45 %
Total Financials 284,793,947 253,457,627 14.17 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
China Unicom Hong Kong Ltd 8,155,000 78,966,097 89,094,190 4.98 %
Telecom Italia Rsp 13,798,280 72,900,537 67,259,949 3.76 %
Softbank Group Corp 33,876 22,374,875 28,303,363 1.58 %
CBS Corp 65,000 27,939,024 26,610,776 1.49 %
Viacom Inc 103,204 24,085,388 24,635,507 1.38 %
Telecom Italia Spa 3,335,875 23,381,730 17,855,226 1.00 %
Viacom Inc Class A 59,365 18,188,662 16,691,289 0.93 %
Total Communication Services 267,836,313 270,450,300 15.12 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Avaya Holdings Corp 397,022 63,323,382 58,218,485 3.25 %
X-Fab Silicon Foundries SE 467,174 30,595,210 19,707,819 1.10 %
Total Information Technology 93,918,592 77,926,304 4.36 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Hitachi Ltd 205,000 54,624,734 57,145,563 3.19 %
Pasona Group Inc 411,000 44,462,812 53,465,946 2.99 %
KCC Corp 22,068 57,033,257 53,270,902 2.98 %
ADT Corp 836,771 52,722,851 45,914,202 2.57 %
Nexans 175,684 44,940,192 45,028,511 2.52 %
Teikoku Sen-I Co Ltd 185,727 28,765,896 39,483,264 2.21 %
KOC Holding AS 735,065 17,921,483 18,103,220 1.01 %
Total Industrials 300,471,225 312,411,608 17.46 %

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
OMV AG 196,180 86,228,719 91,945,882 5.14 %
Helmerich & Payne 117,977 53,819,799 56,557,767 3.16 %
Japan Petroleum Exploration 292,000 51,403,535 54,401,285 3.04 %
Total Energy 191,452,053 202,904,934 11.34 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Sao Martinho SA 1,724,504 72,985,638 68,863,446 3.85 %
JBS 336,898 52,081,888 63,938,013 3.57 %
Metro AG 267,769 32,181,359 38,266,101 2.14 %
Total Consumer Staples 157,248,885 171,067,560 9.56 %

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Ivanhoe Mines Ltd Class A 3,432,954 63,165,886 71,666,698 4.01 %
OZ Minerals ltd 825,000 44,882,168 53,441,569 2.99 %
West Fraser Timber Co Ltd 100,900 44,917,864 41,984,726 2.35 %
ROXGOLD Inc 5,994,000 35,712,527 34,812,433 1.95 %
Sumitomo Metal Mining Co Ltd 118,500 29,949,727 30,130,449 1.68 %
Canfor Pulp Products Inc 223,000 24,684,055 21,348,509 1.19 %
Total Materials 243,312,227 253,384,384 14.16 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Toyota Industries Corp 114,190 53,155,940 49,278,849 2.75 %
Hornbach Holding AG & Co 70,000 36,378,411 30,410,097 1.70 %
Hyundai Motor Co Pref (2pb) 52,241 40,942,228 30,210,204 1.69 %
Hyundai Motor 24,939 17,030,719 13,079,850 0.73 %
Total Consumer Discretionary 147,507,298 122,979,000 6.87 %

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Magforce 660,568 32,217,697 32,723,588 1.83 %
Total Health Care 32,217,697 32,723,588 1.83 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 1,718,758,237 1,697,305,305 94.88 %
Available liquidity 91,513,184 5.12 %
Total AUM 1,788,818,489 100.00 %

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.