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Performance update: a volatile third quarter
Our funds experienced differing fortunes during a volatile third quarter. The best absolute return came from SKAGEN Global which is now well ahead of benchmark year-to-date as well as over one and three-year periods.
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%.
Figures 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.Figures 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%.Figures 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%.Figures 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%.Figures 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%.Figures 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.
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