CIO Update: Are stock markets returning to normal?
By: Alexandra MorrisThe third quarter saw a broadening of the equity rally and the emergence of several factors that signal a stabilisation of market conditions.
Stock market concentration: a SKAGEN perspective
By: Alexandra MorrisAs a dwindling number of stocks drive global equity returns, what are the implications for markets and investors?
CIO Update: Beware what lies beneath the rising stock market tide
By: Alexandra MorrisGlobal equities maintained their ascent in the second quarter, but fewer stocks are generating the returns – as their valuations and market concentration ...
The US-China conundrum
By: Alexandra MorrisIn the first of a series of articles ahead of the US election, I examine how the reversal of capital flows since the pandemic has impacted stock markets and ...
CIO Update: Value’s time to shine?
By: Alexandra MorrisThe latest round of inflation data appears to have reassured investors that interest rate cuts remain in sight, if not quite within touching distance. As eyes ...
CIO Update: Is the market rally losing steam?
By: Alexandra MorrisStock markets around the world broke records during the first quarter but economic and geopolitical risks are looming on the horizon.
Asia Engagement: Reflections from three dynamic emerging markets
By: Alexandra MorrisOn a recent visit to South Korea, Vietnam and India, we discovered three very different cultures and addressed ESG, financial and operational matters with ...
Where next after a shock end to the year of surprises?
By: Alexandra MorrisPerhaps inevitably 2023 ended with a bang for equity markets. A year that began with expectations for a global recession and rock-bottom investor sentiment ...
CIO Update: Small caps poised for merger mania?
By: Alexandra MorrisA side-effect of the runaway returns generated this year by the world’s biggest companies is that those lower down the food chain are looking increasingly ...
CIO Update: More surprises to come?
By: Alexandra MorrisSo far 2023 has been a year of surprises. At the outset, most economists expected a global recession – the perceived wisdom being that choking demand by ...
Will stocks continue to climb higher?
By: Alexandra MorrisAs summer turns to autumn, it is always good to reflect on the year so far and what the remainder of 2023 could have in store for investors.
CIO Update: Narrow footing on higher ground
By: Alexandra MorrisThe market's strong first half performance inevitably brings higher risk, particularly given its slender foundations. An uncertain macro environment further ...
The active enigma: Can stockpickers continue to prove their worth?
By: Alexandra MorrisAs SKAGEN celebrates its 30th anniversary, we assess how the changing investment landscape has impacted active management over recent decades, the traits ...
CIO Update: Machine learnings
By: Alexandra MorrisAI is fuelling short-term market gains but its long-term power will be far more potent - especially for those who buy it at the right price.
It starts with good corporate governance
By: Alexandra MorrisSKAGEN's focus on good corporate governance is long-standing. For almost 30 years we have recognised it as crucial for long-term profitability and invested in ...
Banking sector volatility: A SKAGEN Perspective
By: Alexandra MorrisThe banking sector has been extremely volatile of late. What is SKAGEN's view of the turmoil and what is the risk of contagion?
CIO Update: Survival of the fittest
By: Alexandra MorrisJanuary is the month to get active both physically and financially – good stock picking will ensure portfolios remain healthy to tackle the year ahead.
The return of common sense: How stock markets will find their feet in 2023
By: Alexandra MorrisEquities to recover once recession confirmed; interest rate normalisation to sustain value recovery.
Is there light at the end of the tunnel?
By: Alexandra MorrisAs we enter the final phase of a painful year for investors across nearly all asset classes, SKAGEN Investment Director Alexandra Morris assesses the economic ...
CIO Update: What recession would mean for stock markets and our funds
By: Alexandra MorrisAs stock markets continue to slide and sentiment darkens by the day, it is natural to wonder how close we are to the bottom. During periods of market stress, ...
Clearing the fog of ESG ratings
By: Alexandra MorrisThird-party sustainability research is confusing and risky – greater regulation is important but no substitute for doing one's own analysis.
Braced for a bear market: A SKAGEN perspective
By: Alexandra MorrisAfter several jittery weeks, the US benchmark S&P 500 index on Monday entered a bear market. What does this mean for stock markets and your investments in our ...
The silent assassin: What rising inflation means for investors
By: Alexandra MorrisThe current mood may be gloomy, but a diversified stock portfolio still provides the best protection against the silent assassin of inflation and the route to ...
CIO Update: The power of dividends
By: Alexandra MorrisHow company pay-outs provide protection and prosperity in the current volatile environment.
CIO update 2021: Onwards and upwards
By: Alexandra MorrisAfter a helter-skelter 2020, stock markets found relative calm in 2021. SKAGEN's equity funds all delivered positive absolute returns in 2021, with each ...
Why active managers have the ESG advantage
By: Alexandra MorrisActive managers have a clear advantage when it comes to ESG: we can decide which companies to hold, how much exposure we want and when to sell.
Third quarter ESG report: A focus on process and progress
By: Alexandra MorrisSustainability often means different things to different people but there is a clear distinction between sustainable asset management and sustainable investing ...
CIO Update: Making sense of financial advice
By: Alexandra MorrisWould you go to your neighbour for advice about your chest pains? Unless she is a doctor, the answer is likely no. My guess is that the same goes for your ...
CIO Update: Playing the Long Game
By: Alexandra MorrisThe rapid rise of the Delta variant is spooking the market. However, provided we remain vigilant and reopen in a sensible way, I am optimistic that we will see ...
CIO Update: Is Inflation Here to Stay?
By: Alexandra MorrisPricing pressure is rising: what does this mean for equities and other assets, and should we be worried? For investors focused on value, it could be good news.
In the sweet spot
By: Alexandra MorrisWhy our focus on value and active stock-picking should provide a winning combination for investors.
The snowball effect: First quarter sustainability report published
By: Alexandra MorrisSKAGEN has a clear goal to improve sustainable business practices across our holdings. Read more about how we go about this in our first quarter sustainability ...
Value recovery gains velocity
By: Alexandra MorrisA year on from the world entering lockdown and stock markets plummeting, vaccine rollouts and economic reawakening signal optimism for a sustained revival.
No such thing as a free lunch
By: Alexandra MorrisAt SKAGEN we take a holistic view of ESG. For us, it is paramount that companies have a strong culture for pursuing improvements and set clear targets which ...
CIO Update: A Rollercoaster Year
By: Alexandra MorrisLike society at large, 2020 was a strange and often difficult year for investors. Nonetheless, the wide dispersion in returns between sectors and stocks in ...
Small companies, big returns?
By: Alexandra MorrisIn the summer I wrote about the record disparity between growth and value stocks. Since news broke of a possible COVID vaccine, value stocks have shown signs ...
Five commandments for value investors
By: Alexandra MorrisIn order to succeed as a value investor, it is not enough to just find companies that have low valuation based on earnings and book value.
US Presidential Election: A SKAGEN Perspective
By: Alexandra MorrisInvestors hoping for a swift resolution to the US election have clearly been left disappointed as the Presidential result remains undecided.
Trump or Biden – Does the stock market care who wins the US election?
By: Alexandra MorrisAs we enter the final stretch of the US election campaign, should investors care who wins and make decisions based on the expected outcome? A look at ...
What is value investing?
By: Alexandra MorrisThe concept of value investing a simple one: By focusing on fundamental company analysis, investors can outperform the stock market by identifying and ...
CIO update: When the music stops
By: Alexandra MorrisWith the decade-long valuation and performance divergence between growth and value stocks continuing to widen over the summer, it is no wonder that investors, ...
A green but jobless recovery
By: Alexandra MorrisWhy the nature of work matters for a sustainable future
Value investing: a generational opportunity?
By: Alexandra MorrisThe disparity between value and growth stocks which began following the financial crisis has widened during COVID-19 to record levels. Is value finally dead or ...
CIO update: Avoid overpaying for growth
By: Alexandra MorrisIn SKAGEN, our focus is on managing our portfolios according to potential future scenarios while increasingly looking beyond the pandemic to find opportunities ...
CIO update: Scenarios of a sustainable recovery
By: Alexandra MorrisWe take a look at three possible scenarios following the coronavirus crisis and the different shapes a sustainable stock market recovery may take.
The road to stock market recovery
By: Alexandra MorrisWith equities ending the quarter by reversing some of their heavy losses, we assess previous recoveries and what could be in store when the next one comes.
Market Update 7 April: Optimism in the markets
By: Alexandra MorrisGlobal equities climbed yesterday on signs that the coronavirus outbreak may be stabilising in some of the worst-affected countries.
Weekly Update: Markets stabilise as oil price recovers
By: Alexandra MorrisVolatility subsided across equity and credit markets as the coronavirus showed signs of peaking in the worst affected European countries while the US has now ...
Market update 6 April: European markets up on news of fewer corona cases
By: Alexandra MorrisThe Oslo Stock Exchange and other European markets started the day slightly up. This is partly a response to the decreasing number of corona cases in Europe.
Market Update 3 April: Equities higher on oil price recovery
By: Alexandra MorrisThe S&P 500 and Dow Jones closed Thursday up 2.28% and 2.24%, respectively, while the Oslo stock exchange ended 0.91% lower.
Staying calm and careful
By: Alexandra MorrisThe best investments are often made in times of turmoil, provided you buy selectively and for the long-term.
Market Update 31 March: Equities higher as China PMIs positively surprise
By: Alexandra MorrisThe Dow Jones and S&P 500 closed Monday up 3.3% and 3.4%, respectively, buoyed by Donald Trump's extension of the Government's stay-at-home guidelines, ...
Weekly Update: Stimulus helps equities stage muted recovery
By: Alexandra MorrisVolatility remained high across global equity, credit and currency markets last week as the coronavirus continued to spread and the US joined Europe as the ...
Market Update 30 March: Equity rally ends as oil price plummets
By: Alexandra MorrisAfter last week's three-day rally, the S&P 500 and Dow Jones closed down 3.4% and 4.1%, respectively, on Friday with stocks falling sharply after a spike in US ...
Market Update 26 March: Equities stabilize as Senate stimulus unveiled
By: Alexandra MorrisWednesday saw another broadly positive day for equities with the S&P 500 and Dow Jones up 1.1% and 2.3%, respectively, although Nasdaq ended 0.5% lower.
Market Update 25 March: Stocks buoyed by US stimulus deal
By: Alexandra MorrisMarkets staged a recovery yesterday on expectations of a US stimulus deal being agreed.
Market Update 24 March: Senate Impasse frustrates investors
By: Alexandra MorrisInvestors were disappointed by the disagreement in the Senate about the USD 2 trillion stimulus bill. For the second day the Democrats blocked the package.
Weekly update: An unprecedented week
By: Alexandra MorrisVolatility continued to rise across global equity, currency and bond markets last week as the coronavirus epidemic accelerated and the world grappled with its ...
Market update 23 March: Market pressure continues
By: Alexandra MorrisThe markets were more positive on Friday. Spreads tightened and currencies appreciated versus safe havens.
Market update 20 March: Currency markets calmer as central banks spring into action
By: Alexandra MorrisMarkets were somewhat calmer yesterday as the central banks continue to launch new financial initiatives.
Stock Market Uncertainty: A SKAGEN Perspective
By: Alexandra MorrisWe are in unprecedented times but our experience and investment discipline will help navigate the market volatility.
Market update 19 March: ECB launch bond-buying programme to combat market turmoil
By: Alexandra MorrisThe wild market swings continued on Wednesday; the only safe havens currently seem to be cash and USD.
Market update 18 March: Volatility reaches currency markets
By: Alexandra MorrisThe wild market swings continued on Tuesday. At one point USD appreciated almost 2 percent versus EUR, which is very rare, and a sign of a stressed market ...
Weekly market update: A perfect storm
By: Alexandra MorrisLast week was an extremely tough week, with the oil price war and spread of coronavirus combining to create a perfect storm.
Market update 17 March: Stimulus fails to ease investors' nerves
By: Alexandra MorrisCentral bank rate cuts were not enough to calm investors. The stock markets have fallen sharply as we await further measures.
Market update 16 March: Stimulus measures launched
By: Alexandra MorrisThe oil price war and spread of the coronavirus have led to turbulent times in the global stock markets. Central banks are now stepping in and initiating aid ...
Coronavirus market reaction
By: Alexandra MorrisGlobal stock markets dropped sharply yesterday. SKAGEN's Investment Director, Alexandra Morris, provides an assessment of market events and why investors ...
Coronavirus market reaction: A SKAGEN perspective
By: Alexandra MorrisGlobal stock markets fell sharply on Monday as fears grew about the spread and potential impact of the coronavirus outbreak. As global investors, SKAGEN's ...
Over the wall of worry
By: Alexandra MorrisGlobal equities recovered strongly in 2019 after the sharp sell-off at the end of 2018, boosted by unrelenting US momentum and a resurgence from eurozone and ...
Ten reasons to choose active management
By: Alexandra MorrisWhile the growth in passive investing has arguably been the single biggest stock market development for a generation, we think there are at least ten reasons ...
Active share
By: Alexandra MorrisTo have the best chance of beating an index you need to invest differently from it.
Fear came to the fore in the stock markets in the third quarter
By: Alexandra MorrisDespite another period of heightened volatility, global stock markets weathered the storm to provide solid third quarter gains and have now delivered ...
Stock selection helps navigate choppier waters
By: Alexandra MorrisOur holdings largely performed well during a turbulent second quarter, providing support for our rigourous bottom-up investment approach.
A rewarding quarter
By: Alexandra MorrisAgainst a backdrop of steadily declining volatility, SKAGEN experienced a good start to 2019 with strong fund performance.
Japan: a mecca for value investors
By: Alexandra MorrisGood opportunities can be found for value investors in Japan against a backdrop of steadily improving corporate governance.
2018: The storm after the calm
By: Alexandra MorrisFollowing a relatively benign 2017, during which investors enjoyed steadily rising equity markets, 2018 was much rougher.
Opportunities lie within emerging market problems
By: Alexandra MorrisDeveloped markets had a satisfactory quarter while emerging markets struggled. Nonetheless, we remain fundamentally positive about the latter and sees clear ...
Tackling climate change: A SKAGEN perspective
By: Alexandra MorrisEnvironmental, social and governance (ESG) factors are increasingly important in investment decision-making. We look at how tackling climate change creates ...
Navigating choppy waters
By: Alexandra MorrisFollowing two years of relative calm, the first quarter of 2018 offered investors a reminder of the risks lurking below the surface of what is now the second ...
Spotlight on Korea - A SKAGEN Perspective
By: Alexandra MorrisThe major political flashpoints of 2017 have so far come from North Korea. While the current break in Kim Jong-un's missile testing programme will hopefully ...
Portfolio precision
By: Alexandra MorrisWhile SKAGEN's philosophy has remained unchanged for nearly 25 years, our investment process has developed over time. As a result of the refinements, our ...
Value rotation: How to ride the recovery
By: Alexandra MorrisThe second half of 2016 saw value investing come back into fashion after eight years of underperforming growth. We discuss whether a longer term shift in ...
Right pricing and patience lead to good returns
By: Alexandra MorrisThe valuation of US stocks has reached new highs after Donald Trump's inauguration as president of the US. However, it is still the companies and the price ...
Index, active, or truly active?
By: Alexandra MorrisRecent years have not been kind to active fund managers. This has, naturally enough, given rise to questions as to whether it is possible to make excess ...