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SKAGEN Vekst A as of 31/05/2019

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Bonheur ASA 1,750,000 152,714,422 271,250,000 3.91 %
Royal Dutch Shell PLC 950,000 259,437,997 258,642,233 3.73 %
Gazprom Oao ADR 2,940,000 124,053,626 166,574,278 2.40 %
Flex LNG Ltd 1,400,000 177,201,960 150,080,000 2.16 %
Northern Drilling Ltd 2,450,000 127,689,612 106,575,000 1.54 %
Borr Drilling Ltd 4,000,000 116,119,610 72,000,000 1.04 %
Lundin Petroleum 300,000 43,497,993 71,587,296 1.03 %
Drilling Co of 1972 AS 32,800 26,973,456 18,323,526 0.26 %
Avenir LNG 508,200 4,277,774 6,606,600 0.10 %
Total Energy 1,031,966,450 1,121,638,933 16.17 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Telia 5,500,000 247,402,952 200,707,320 2.89 %
China Mobile Ltd 1,632,000 119,599,491 124,590,609 1.80 %
Total Communication Services 367,002,443 325,297,929 4.69 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Volvo AB 1,263,231 150,911,573 153,621,724 2.21 %
Hyundai Motor 229,000 158,935,992 131,847,648 1.90 %
Shangri-La Asia Ltd 8,000,000 113,267,274 89,224,000 1.29 %
Total Consumer Discretionary 423,114,839 374,693,372 5.40 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Carlsberg AS-B 200,000 128,955,658 230,417,796 3.32 %
Tyson Foods Inc 172,000 95,286,915 113,756,255 1.64 %
Orkla ASA 1,475,000 103,136,434 111,746,000 1.61 %
AG Anadolu Grubu Holding AS 443,133 15,150,574 6,633,052 0.10 %
Total Consumer Staples 342,529,581 462,553,103 6.67 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Citigroup Inc 577,200 219,977,730 314,581,575 4.53 %
Kinnevik AB-B 965,000 192,945,599 214,128,559 3.09 %
American International Group Inc 430,851 177,844,670 191,828,586 2.77 %
Sberbank of Russia Pref 6,850,000 114,092,616 187,894,130 2.71 %
Chubb Ltd 88,500 96,110,418 112,829,370 1.63 %
Korean Reinsurance Co 1,500,000 123,516,142 92,531,880 1.33 %
Danske Bank A/S 610,519 132,409,707 87,861,621 1.27 %
HitecVision AS 742,668 6,737,193 65,354,784 0.94 %
Total Financials 1,063,634,075 1,267,010,505 18.26 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Samsung Electronics 1,039,466 124,217,010 265,650,338 3.83 %
Broadcom Inc 70,200 140,495,329 156,657,165 2.26 %
Applied Materials Inc 308,000 118,504,536 106,196,675 1.53 %
Baidu Inc ADR 52,700 94,810,168 50,742,769 0.73 %
Total Information Technology 478,027,043 579,246,947 8.35 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
DSV AS 312,000 178,511,660 243,852,467 3.51 %
CK Hutchison Holdings Ltd 2,800,000 259,294,536 231,246,302 3.33 %
Vestas Wind Systems AS 312,895 215,030,007 224,329,570 3.23 %
Golar LNG Ltd 720,000 154,505,449 114,645,669 1.65 %
AP Moeller - Maersk A/S 10,000 115,419,656 93,935,940 1.35 %
Golden Ocean Group 2,100,000 75,458,162 83,958,000 1.21 %
ABB Ltd 475,000 65,506,799 75,950,049 1.09 %
Wilh. Wilhelmsen Holding ASA 512,647 36,663,904 72,026,904 1.04 %
Enka Insaat Ve Sanayi AS 4,101,543 31,926,532 32,325,616 0.47 %
FLSmidth & Co A/S 20,783 8,531,826 7,170,108 0.10 %
Total Industrials 1,140,848,531 1,179,440,625 17.00 %

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Yara International ASA 700,000 244,016,558 263,130,000 3.79 %
Norsk Hydro 3,800,000 118,293,346 116,356,000 1.68 %
Holmen AB 630,000 133,866,033 105,511,291 1.52 %
Outokumpo Oyj 1,850,000 111,737,594 47,466,066 0.68 %
Boliden AB 135,000 34,943,518 26,537,074 0.38 %
Total Materials 642,857,049 559,000,431 8.06 %

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Novo Nordisk A/S-B 1,090,000 355,477,631 448,776,991 6.47 %
Lonza Group AG 63,311 114,670,848 168,881,581 2.43 %
Thermo Fisher Scientific Inc 44,000 69,655,079 102,820,647 1.48 %
Total Health Care 539,803,558 720,479,219 10.39 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 6,029,783,569 6,589,361,064 94.98 %
Available liquidity 348,322,564 5.02 %
Total AUM 6,937,683,628 100.00 %

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.