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SKAGEN Performance Update – An Eventful Fourth Quarter
Global 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 Asian stocks.
Date: 23/01/20
The "Fearless Girl" sculpture by Kristen Visbal looks towards the London Stock Exchange Group. Photo: Bloomberg
SKAGEN Global
Insurance holdings weak in fourth quarter but strong absolute and relative 2019 returns. SKAGEN Global A climbed 3.2% over the quarter, underperforming the MSCI All Country World Index which rose 5.9%.
Figures as at 31/12/2019 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.
Samsung gains offset by Tullow Oil losses as growing risk appetite drives EM outperformance. SKAGEN Kon-Tiki A added 5.9% in the quarter, underperforming the MSCI Emerging Markets Index which increased 8.5%.
Figures as at 31/12/2019 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.
Nordic holdings drive absolute and relative gains as three US companies enter the portfolio. SKAGEN m² A increased 7.2% during the quarter, outperforming the MSCI All Country World Index Real Estate IMI benchmark which was up 0.4%.
Figures as at 31/12/2019 in EUR, net of fees and annualised for periods greater than one year * Inception date: 31/10/2012
** Benchmark was the MSCI ACWI Real Estate IMI ex REITS from 11/07/2017 to 30/09/2019
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.
Absolute and relative strength as large holdings re-rate; portfolio well-positioned for further gains. SKAGEN Focus A increased 7.0% over the quarter, outperforming the MSCI All Country World Index which added 5.9%.
Figures as at 31/12/2019 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.
Armstrong Flooring drives fourth quarter weakness to close a challenging year for activists SKAGEN Insight A climbed 2.9% during the quarter, underperforming the MSCI World Index which rose 5.5%.
Figures as at 31/12/2019 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.
UK, South Africa and Mexico holdings perform strongly as USD and JPY weakness drives relative gains. SKAGEN Tellus A fell 0.4% in the quarter, outperforming the JPM Broad GBI Unhedged index which dropped 3.2%.
Figures as at 31/12/2019 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.
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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Les rendements historiques ne constituent pas une garantie pour les rendements futurs. Les rendements futurs dépendront, entre autres, de l'évolution du marché, des compétences du gestionnaire du fonds, du profil de risque du fonds et des frais de gestion. Le rendement peut devenir négatif en raison de l'évolution négative des prix. L'investissement dans les fonds comporte des risques liés aux mouvements du marché, à l'évolution des devises, aux niveaux des taux d'intérêt, aux conditions économiques, sectorielles et spécifiques à l'entreprise. Les fonds sont libellés en NOK. Les rendements peuvent augmenter ou diminuer en raison des fluctuations des devises. Avant d'effectuer une souscription, nous vous encourageons à lire le prospectus du fonds et le document d'information clé pour l'investisseur qui contiennent des détails supplémentaires sur les caractéristiques et les coûts du fonds. Ces informations sont disponibles sur le site www.skagenfunds.fr. Storebrand Asset Management administre les fonds SKAGEN qui sont, par convention, gérés par les gestionnaires de portefeuille de SKAGEN.
