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Market update 20 March: Currency markets calmer as central banks spring into action

  • Markets somewhat calmer yesterday.
  • Norges Bank announced several measures yesterday and today to improve market liquidity and the outlook for the Norwegian economy.
  • This morning they cut the policy rate by 75 basis points to a record low 0.25%.
  • Yesterday, for the first time since 1997, Norges Bank intervened in the FX market and actively bought NOK to ease the downward currency pressure.
  • Furthermore, they have offered additional extraordinary NOK F-loans to banks with up to 12 months maturity at favorable terms.
  • Meanwhile, the US Federal Reserve announced the establishment of temporary USD liquidity arrangements (swap lines) with several central banks, including Norges Bank.
  • The Bank of England also announced more measures, including reducing its key policy rate to 0.1% – a record low – and relaunching a GBP 200 billion QE program.

SKAGEN Fund Summary

  • Good communication and cooperation between all funds with portfolio managers working together on cases and sharing insights at a company and industry level.
  • It is important to not focus too much on the noise in the market.

 

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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.

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