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SKAGEN Vekst A as of 31/01/2019

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Novo Nordisk 1,150,000 375,045,207 452,999,346 6.57 %
Lonza Group AG 70,511 129,336,793 155,964,000 2.26 %
Thermo Fisher Scientific Inc 44,000 69,655,079 90,444,444 1.31 %
Total Health Care 574,037,079 699,407,790 10.14 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Volvo 1,526,994 182,421,953 185,015,227 2.68 %
Hyundai Motor Co Pref (1p) 229,000 158,935,992 133,357,765 1.93 %
Shangri-La Asia Ltd 7,366,000 105,587,138 80,429,855 1.17 %
Total Consumer Discretionary 446,945,083 398,802,847 5.78 %

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Yara International ASA 570,000 197,430,321 198,417,000 2.88 %
Norsk Hydro ASA 4,000,000 124,519,311 155,680,000 2.26 %
Holmen AB 630,000 133,866,033 113,714,284 1.65 %
Anglo American Plc 450,000 61,958,355 97,268,544 1.41 %
Outokumpo Oyj 1,400,000 109,642,008 50,743,350 0.74 %
Boliden AB 205,000 53,854,433 43,240,087 0.63 %
Total Materials 681,270,461 659,063,265 9.56 %

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Royal Dutch Shell PLC 950,000 259,437,997 249,019,366 3.61 %
Bonheur ASA 1,903,798 166,135,664 223,125,126 3.24 %
Flex LNG Ltd 13,500,000 171,480,960 148,500,000 2.15 %
Northern Drilling Ltd 2,020,000 103,447,661 109,484,000 1.59 %
Gazprom Oao ADR 2,610,000 106,491,440 108,442,424 1.57 %
Lundin Petroleum 300,000 43,497,993 80,759,805 1.17 %
Borr Drilling Ltd 3,400,000 102,279,978 73,440,000 1.06 %
Avenir LNG 520,000 4,377,100 6,760,000 0.10 %
Total Energy 957,148,793 999,530,721 14.49 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Telia 5,500,000 247,402,952 201,638,244 2.92 %
China Mobile Ltd 1,817,000 133,157,031 160,395,639 2.33 %
Total Communication Services 380,559,983 362,033,883 5.25 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Citigroup Inc 590,600 225,084,629 317,273,502 4.60 %
Kinnevik AB-B 965,000 192,945,599 198,367,262 2.88 %
Sberbank of Russia Pref 7,500,000 124,918,922 179,507,543 2.60 %
American International Group Inc 401,000 167,267,285 143,894,192 2.09 %
Chubb Ltd 116,000 125,975,237 129,250,168 1.87 %
Korean Reinsurance Co 1,150,000 98,980,141 78,117,218 1.13 %
Danske Bank A/S 490,000 115,045,549 76,477,282 1.11 %
HitecVision AS 742,668 6,737,193 44,560,080 0.65 %
Total Financials 1,056,954,555 1,167,447,247 16.93 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
DSV 359,545 205,714,663 243,364,922 3.53 %
CK Hutchison Holdings Ltd 2,800,000 259,294,536 237,108,956 3.44 %
Vestas Wind Systems AS 312,895 215,030,007 218,351,679 3.17 %
AP Moeller - Maersk A/S 16,400 216,261,692 185,662,052 2.69 %
Golden Ocean Group Ltd 2,300,000 82,644,653 98,900,000 1.43 %
Golar LNG Ltd 450,000 105,433,294 84,545,455 1.23 %
ABB Ltd 475,000 65,506,799 76,189,948 1.10 %
Wilh. Wilhelmsen Holding ASA 512,647 36,663,904 75,666,697 1.10 %
Enka Insaat Ve Sanayi AS 4,101,543 31,926,532 33,001,535 0.48 %
Total Industrials 1,218,476,080 1,252,791,244 18.16 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Carlsberg AS-B 290,000 186,985,704 280,170,491 4.06 %
Orkla ASA 1,705,000 119,218,725 115,769,500 1.68 %
Tyson Foods Inc 222,000 122,986,599 115,475,505 1.67 %
AG Anadolu Grubu Holding AS 543,133 18,569,542 11,314,534 0.16 %
Total Consumer Staples 447,760,570 522,730,030 7.58 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Samsung Electronics Co Ltd Pref 1,039,466 124,217,010 295,187,555 4.28 %
Broadcom Inc 77,300 154,704,971 174,686,288 2.53 %
Applied Materials Inc 308,000 118,504,536 101,227,778 1.47 %
Baidu 52,700 94,810,168 77,132,306 1.12 %
Total Information Technology 492,236,685 648,233,927 9.40 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 6,255,389,289 6,710,040,954 97.29 %
Available liquidity 186,741,543 2.71 %
Total AUM 6,896,782,497 100.00 %

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.