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SKAGEN Vekst A as of 29/03/2019

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Royal Dutch Shell PLC 950,000 259,437,997 256,862,755 3.64 %
Bonheur ASA 1,803,798 157,409,125 230,525,384 3.26 %
Flex LNG Ltd 1,358,274 172,345,843 151,311,724 2.14 %
Northern Drilling Ltd 2,400,000 125,237,162 130,080,000 1.84 %
Borr Drilling Ltd 4,000,000 116,119,610 106,400,000 1.51 %
Gazprom Oao ADR 2,610,000 106,491,440 101,745,000 1.44 %
Lundin Petroleum AB 300,000 43,497,993 87,763,536 1.24 %
Avenir LNG 508,200 4,277,774 7,623,000 0.11 %
Total Energy 984,816,944 1,072,311,399 15.18 %

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Yara International ASA 650,000 226,009,557 229,320,000 3.25 %
Norsk Hydro ASA 4,000,000 124,519,311 139,800,000 1.98 %
Holmen AB 630,000 133,866,033 117,890,942 1.67 %
Boliden 205,000 53,854,433 50,481,463 0.71 %
Outokumpo Oyj 1,200,000 93,978,864 37,571,902 0.53 %
Total Materials 632,228,198 575,064,307 8.14 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Citigroup 590,600 225,084,629 316,429,224 4.48 %
Kinnevik AB-B 965,000 192,945,599 215,115,947 3.05 %
Sberbank of Russia Pref 7,500,000 124,918,922 185,832,360 2.63 %
American International Group Inc 430,851 177,844,670 160,120,574 2.27 %
Chubb Ltd 116,000 125,975,237 139,650,000 1.98 %
Korean Reinsurance Co 1,249,000 105,841,229 86,616,607 1.23 %
Danske Bank A/S 490,000 115,045,549 74,374,660 1.05 %
HitecVision AS 742,668 6,737,193 44,560,080 0.63 %
Total Financials 1,074,393,028 1,222,699,452 17.31 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Telia Co AB 5,500,000 247,402,952 214,072,936 3.03 %
China Mobile 1,632,000 119,599,491 143,354,880 2.03 %
Total Communication Services 367,002,443 357,427,816 5.06 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
CK Hutchison Holdings Ltd 2,800,000 259,294,536 253,484,280 3.59 %
DSV AS 334,545 191,410,844 237,980,111 3.37 %
Vestas Wind Systems AS 312,895 215,030,007 226,716,145 3.21 %
AP Moeller - Maersk A/S 16,400 216,261,692 179,032,181 2.53 %
Golar LNG Ltd 700,000 151,038,312 127,327,586 1.80 %
Golden Ocean Group Ltd 2,300,000 82,644,653 94,668,000 1.34 %
Wilh. Wilhelmsen Holding ASA 512,647 36,663,904 77,409,697 1.10 %
ABB Ltd 475,000 65,506,799 77,008,064 1.09 %
Enka Insaat 4,101,543 31,926,532 28,816,020 0.41 %
Total Industrials 1,249,777,279 1,302,442,084 18.44 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Carlsberg AS-B 200,000 128,955,658 216,102,464 3.06 %
Tyson Foods Inc 222,000 122,986,599 131,994,310 1.87 %
Orkla ASA 1,705,000 119,218,725 112,871,000 1.60 %
Yazicilar Holding 539,169 18,434,014 9,779,515 0.14 %
Total Consumer Staples 389,594,996 470,747,289 6.66 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Volvo AB 1,263,231 150,911,573 168,864,274 2.39 %
Hyundai Motor Co Pref (1p) 229,000 158,935,992 120,104,482 1.70 %
Shangri-La Asia 8,000,000 113,267,274 98,029,440 1.39 %
Total Consumer Discretionary 423,114,839 386,998,196 5.48 %

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Novo Nordisk A/S-B 1,090,000 355,477,631 492,169,084 6.97 %
Lonza Group AG 63,311 116,129,989 169,117,122 2.39 %
Thermo Fisher Scientific Inc 44,000 69,655,079 103,301,379 1.46 %
Total Health Care 541,262,699 764,587,585 10.82 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Samsung Electronics Co Ltd Pref 1,039,466 124,217,010 285,585,358 4.04 %
Broadcom Inc 70,200 140,495,329 181,854,310 2.57 %
Applied Materials 308,000 118,504,536 104,746,552 1.48 %
Baidu Inc ADR 52,700 94,810,168 74,482,818 1.05 %
Total Information Technology 478,027,043 646,669,038 9.15 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 6,140,217,469 6,798,947,166 96.24 %
Available liquidity 265,709,343 3.76 %
Total AUM 7,064,656,509 100.00 %

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.