Skip to main content
Portrait of a man
The American IT giant Microsoft, which has resided in the SKAGEN Global portfolio for nearly nine years, executed well with both operating margin and free cash flow margin expanding notably. Photo: Bloomberg

SKAGEN Global

Strong performance from US holdings drives absolute and relative gains. SKAGEN Global A climbed 7.4% over the quarter, outperforming the MSCI All Country World Indeex which rose 4.7%. 

SKAGEN-Global-Q3-2019.pngFigures as at 30/09/2019 in EUR, net of fees and annualised for periods greater than one year
* Inception date: 07/08/1997

** Before 01/01/2010 benchmark was MSCI World Index

SKAGEN Global is a high conviction, active equity fund which aims to generate long-term capital growth by investing in undervalued companies from across the globe.

Read the SKAGEN Global Q3 2019 Report here.

 

SKAGEN Kon-Tiki

Energy and commodity sector weakness weighs on performance as EM underperformance continues. SKAGEN Kon-Tiki A fell 4.4% in the quarter, underperforming the MSCI Emerging Markets Index which was unchanged.SKAGEN-kon-tiki-Q3-2019.pngFigures as at 30/09/2019 in EUR, net of fees and annualised for periods greater than one year
* Inception date: 05/04/2002

** MSCI EM Index (net total return) did not exist at the inception of the fund and consequently the benchmark index prior to 1/1/2004 was the MSCI World AC Index. This is not reflected in the table above which shows the MSCI EM Index since the fund’s inception 

SKAGEN Kon-Tiki is a highly active, global emerging market equity fund which seeks to generate long-term capital growth through a high conviction portfolio of companies which are listed in, or have significant exposure to, developing markets.

Read the SKAGEN Kon-Tiki Q3 2019 Report here. 

 

SKAGEN m2

Hembla acquisition drives solid absolute and relative gains as real estate momentum continues. SKAGEN m2 A increased 5.9% during the quarter, outperforming the MSCI All Country World Index IMI Real Estate ex Equity REITS index which was up 2.1%.SKAGENm2-Q3-2019.pngFigures as at 30/09/2019 in EUR, net of fees and annualised for periods greater than one year
* Inception date: 31/10/2012

SKAGEN m2 is a long-only, actively managed real estate fund that seeks to generate long-term capital growth by investing in listed property companies from across the globe.

Read the SKAGEN m2 Q3 2019 Report here.

 

SKAGEN Focus

Weak relative performance as rotation into value signals positive outlook. SKAGEN Focus A increased 0.5% over the quarter, underperforming the MSCI All Country World Index which added 4.7%.SKAGEN-Focus-Q3-2019.pngFigures as at 30/09/2019 in EUR, net of fees and annualised for periods greater than one year
* Inception date: 26/05/2015

SKAGEN Focus is a high conviction, active equity fund that seeks to generate long-term capital growth by investing in a portfolio focused on small and mid-cap companies from across the globe.

Read the SKAGEN Focus Q3 2019 Report here. 

 

SKAGEN Insight

Continued headwinds from economic uncertainty but corporate transformations remain on track. SKAGEN Insight A lost 1.8% during the quarter, underperforming the MSCI World Index which rose 5.3%.SKAGEN-InsightA-Q3-2019.pngFigures as at 30/09/2019 in EUR, net of fees and annualised for periods greater than one year
* Inception date: 21/08/2017

SKAGEN Insight is a high conviction, active equity fund which aims to deliver long-term capital growth by investing in the most attractive shareholder activist campaigns from around the world.

Read the SKAGEN Insight Q3 2019 Report here.

 

SKAGEN Tellus

Solid absolute gains despite currency weakness as slowing global growth drives flight to safety. SKAGEN Tellus A added 2.3% in the quarter, underperforming the JPM Broad GBI Unhedged index which climbed 5.2%.SKAGEN-Tellus-Q3-2019.pngFigures as at 30/09/2019 in EUR, net of fees and annualised for periods greater than one year
* Inception date 29/09/2006

** Before 01/01/2013 benchmark was Barclay's Capital Global Treasury Index 3-5 years

SKAGEN Tellus invests primarily in bonds and certificates issued or guaranteed by governments from around the world with the objective of providing the best possible risk-adjusted return.

Read the SKAGEN Tellus Q3 2019 Report here. 

 

CIO Review

Fear came to the fore in the stock markets in the third quarter. Despite another period of heightened volatility, global stock markets weathered the storm to provide solid third quarter gains and have now delivered impressive year-to-date returns above 20 percent in most major currencies.

Read the Investment Director's Q3 2019 Report here. 

 

IMPORTANT INFORMATION

All contribution figures are based on NOK returns at the fund level.


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 subscription and management fees. The return may become negative as a result of negative price developments.

This message is only intended for the recipient and may contain confidential or other private information.

keyboard_arrow_up

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.