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SKAGEN Focus A as of 31/01/2019

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
ADT Corp 911,771 57,823,447 55,565,842 3.13 %
KCC Corp 22,068 57,033,257 54,647,112 3.07 %
Nexans 183,324 46,605,705 46,175,709 2.60 %
KOC Holding AS 1,485,065 36,850,608 41,845,763 2.35 %
Pasona Group Inc 391,000 42,293,641 41,614,863 2.34 %
Hitachi Ltd 140,000 37,001,709 36,985,657 2.08 %
Hawaian Holdings Inc 133,672 37,411,229 35,595,233 2.00 %
Teikoku Sen-I Co Ltd 185,727 28,765,896 31,872,032 1.79 %
Total Industrials 343,785,492 344,302,211 19.37 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Toyota Industries Corp 99,190 46,621,653 41,229,796 2.32 %
Hyundai Motor Co Pref (2pb) 52,241 40,942,228 33,270,855 1.87 %
Hornbach Holding AG & Co 65,000 34,152,750 28,334,120 1.59 %
Hyundai Motor 24,939 17,030,719 14,523,185 0.82 %
Total Consumer Discretionary 138,747,350 117,357,956 6.60 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Avaya Holdings Corp 447,022 72,514,969 64,118,307 3.61 %
X-Fab Silicon Foundries 668,955 47,630,618 33,427,760 1.88 %
Total Information Technology 120,145,587 97,546,067 5.49 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
American International Group Inc 294,497 143,483,102 105,676,828 5.94 %
Bank of Kyoto 220,878 80,130,012 79,073,910 4.45 %
Nova Ljubljanska Banka GDR 250,000 25,825,825 29,962,740 1.69 %
Aichi Bank Ltd 61,074 24,436,227 16,758,750 0.94 %
UniCredit SpA 70,000 7,270,343 6,802,315 0.38 %
Total Financials 281,145,509 238,274,543 13.40 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
China Unicom Hong Kong Ltd 7,905,000 76,386,091 75,886,182 4.27 %
Telecom Italia Rsp 13,798,280 72,900,537 56,387,101 3.17 %
Softbank Group Corp 63,876 42,266,435 42,155,287 2.37 %
Viacom Inc 163,204 39,582,896 39,902,691 2.24 %
Viacom Inc Class A 66,565 20,322,554 18,966,543 1.07 %
Telecom Italia Spa 3,335,875 23,381,730 15,618,299 0.88 %
Total Communication Services 274,840,243 248,916,103 14.00 %

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
OMV AG 186,180 81,708,341 78,368,407 4.41 %
Helmerich & Payne Inc 117,977 53,819,799 56,853,394 3.20 %
JAPEX 272,000 47,968,837 42,950,486 2.42 %
Total Energy 183,496,977 178,172,287 10.02 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Sao Martinho SA 2,024,504 86,605,539 91,334,081 5.14 %
Pilgrim's Pride Corp 366,898 56,998,232 61,582,038 3.46 %
Metro AG 267,769 32,181,359 38,122,632 2.14 %
Total Consumer Staples 175,785,130 191,038,751 10.75 %

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Ivanhoe Mines Ltd 3,432,954 63,165,886 59,994,630 3.37 %
OZ Minerals ltd 750,000 40,376,117 44,880,091 2.52 %
Gold Fields Ltd 1,123,686 32,496,706 38,365,984 2.16 %
West Fraser Timber Co Ltd 36,500 15,887,441 18,218,061 1.02 %
Total Materials 151,926,150 161,458,766 9.08 %

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Teva Pharmaceutical-Sp ADR 277,228 66,221,975 46,531,366 2.62 %
Magforce 660,568 32,217,697 37,222,533 2.09 %
Total Health Care 98,439,672 83,753,899 4.71 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 1,768,312,110 1,660,820,583 93.42 %
Available liquidity 116,949,935 6.58 %
Total AUM 1,777,770,518 100.00 %

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.