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SKAGEN Vekst A as of 28/02/2019

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Royal Dutch Shell PLC 950,000 259,437,997 253,885,773 3.63 %
Bonheur ASA 1,903,798 166,135,664 225,409,683 3.22 %
Flex LNG Ltd 13,500,000 171,480,960 141,750,000 2.02 %
Northern Drilling Ltd 2,400,000 125,241,166 137,760,000 1.97 %
Gazprom Oao ADR 2,610,000 106,491,440 106,075,942 1.52 %
Borr Drilling Ltd 3,801,988 111,574,430 88,966,519 1.27 %
Lundin Petroleum 300,000 43,497,993 83,900,718 1.20 %
Avenir LNG 520,000 4,377,100 7,280,000 0.10 %
Total Energy 988,236,750 1,045,028,635 14.93 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Telia 5,500,000 247,402,952 204,495,241 2.92 %
China Mobile Ltd 1,817,000 133,157,031 163,741,862 2.34 %
Total Communication Services 380,559,983 368,237,103 5.26 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Volvo AB 1,526,994 182,421,953 192,202,177 2.75 %
Hyundai Motor 229,000 158,935,992 128,453,130 1.84 %
Shangri-La Asia Ltd 7,366,000 105,587,138 89,685,175 1.28 %
Total Consumer Discretionary 446,945,083 410,340,482 5.86 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Carlsberg 240,000 154,746,789 249,154,368 3.56 %
Tyson Foods Inc 222,000 122,986,599 116,397,945 1.66 %
Orkla ASA 1,705,000 119,218,725 114,951,100 1.64 %
AG Anadolu Grubu Holding AS 543,133 18,569,542 11,890,365 0.17 %
Total Consumer Staples 415,521,655 492,393,778 7.03 %

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Yara International ASA 570,000 197,430,321 205,257,000 2.93 %
Norsk Hydro ASA 4,000,000 124,519,311 141,760,000 2.03 %
Holmen AB 630,000 133,866,033 113,443,013 1.62 %
Boliden AB 205,000 53,854,433 47,792,649 0.68 %
Outokumpu Oyj 1,200,000 93,978,864 40,938,160 0.58 %
Total Materials 603,648,962 549,190,822 7.85 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
CK Hutchison Holdings 2,800,000 259,294,536 255,228,540 3.65 %
DSV AS 359,545 205,714,663 255,185,496 3.65 %
Vestas Wind Systems AS 312,895 215,030,007 222,973,633 3.19 %
AP Moeller - Maersk A/S 16,400 216,261,692 188,393,255 2.69 %
Golar LNG Ltd 550,000 123,905,001 99,263,699 1.42 %
Golden Ocean Group Ltd 2,300,000 82,644,653 98,992,000 1.41 %
ABB Ltd 475,000 65,506,799 80,283,068 1.15 %
Wilh. Wilhelmsen Holding ASA 512,647 36,663,904 77,922,344 1.11 %
Enka Insaat Ve Sanayi AS 4,101,543 31,926,532 32,963,184 0.47 %
Total Industrials 1,236,947,787 1,311,205,219 18.73 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Citigroup Inc 590,600 225,084,629 324,981,695 4.64 %
Kinnevik AB-B 965,000 192,945,599 208,006,879 2.97 %
Sberbank of Russia Pref 7,500,000 124,918,922 175,939,808 2.51 %
American International Group Inc 430,851 177,844,670 159,503,401 2.28 %
Chubb Ltd 116,000 125,975,237 132,446,575 1.89 %
Danske Bank A/S 490,000 115,045,549 83,556,834 1.19 %
Korean Reinsurance Co 1,150,000 98,980,141 79,299,009 1.13 %
HitecVision AS 742,668 6,737,193 44,560,080 0.64 %
Total Financials 1,067,531,940 1,208,294,281 17.26 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Samsung Electronics 1,039,466 124,217,010 284,809,526 4.07 %
Broadcom Inc 77,300 154,704,971 179,902,514 2.57 %
Applied Materials Inc 308,000 118,504,536 100,508,733 1.44 %
Baidu Inc ADR 52,700 94,810,168 73,114,933 1.04 %
Total Information Technology 492,236,685 638,335,706 9.12 %

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Novo Nordisk A/S-B 1,150,000 375,045,207 482,195,345 6.89 %
Lonza Group AG 63,311 116,129,989 150,281,074 2.15 %
Thermo Fisher Scientific Inc 44,000 69,655,079 97,451,712 1.39 %
Total Health Care 560,830,275 729,928,131 10.43 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 6,192,459,120 6,752,954,157 96.47 %
Available liquidity 247,248,934 3.53 %
Total AUM 7,000,203,091 100.00 %

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.