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SKAGEN Vekst A as of 31/12/2018

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Norsk Hydro ASA 4,000,000 124,519,311 156,840,000 2.36 %
Yara International ASA 470,000 161,424,647 156,745,000 2.36 %
Holmen AB 630,000 133,866,033 107,677,319 1.62 %
Anglo American Plc 490,000 67,465,764 94,458,208 1.42 %
Outokumpu Oyj 1,400,000 109,642,008 44,284,937 0.67 %
Boliden AB 205,000 53,854,433 38,450,714 0.58 %
Total Materials 650,772,196 598,456,178 9.01 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Vestas Wind Systems AS 363,520 249,820,893 237,348,853 3.57 %
DSV AS 413,545 236,610,912 235,498,394 3.54 %
CK Hutchison Holdings 2,800,000 259,294,536 232,900,416 3.50 %
AP Moeller - Maersk A/S 16,400 216,261,692 178,079,912 2.68 %
Golden Ocean Group Ltd 2,300,000 82,644,653 120,405,000 1.81 %
Golar LNG Ltd 450,000 105,433,294 84,779,221 1.28 %
Wilh. Wilhelmsen Holding ASA 512,647 36,663,904 82,638,696 1.24 %
ABB Ltd 475,000 65,506,799 79,194,399 1.19 %
Enka Insaat Ve Sanayi AS 4,101,543 31,926,532 30,595,070 0.46 %
Total Industrials 1,284,163,215 1,281,439,961 19.28 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Carlsberg 290,000 186,985,704 266,493,087 4.01 %
Orkla ASA 1,705,000 119,218,725 116,008,200 1.75 %
Tyson Foods Inc 222,000 122,986,599 102,638,961 1.54 %
AG Anadolu Grubu Holding AS 543,133 18,569,542 9,058,261 0.14 %
Total Consumer Staples 447,760,570 494,198,509 7.44 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Citigroup Inc 623,600 237,661,318 281,078,926 4.23 %
Kinnevik AB-B 965,000 192,945,599 201,477,429 3.03 %
Sberbank of Russia Pref 7,500,000 124,918,922 155,419,845 2.34 %
American International Group Inc 401,000 167,267,285 136,826,061 2.06 %
Chubb Ltd 116,000 125,975,237 129,739,221 1.95 %
Danske Bank A/S 490,000 115,045,549 83,802,015 1.26 %
Korean Reinsurance Co 1,150,000 98,980,141 77,406,328 1.16 %
HitecVision AS 742,668 6,737,193 44,560,080 0.67 %
Total Financials 1,069,531,244 1,110,309,905 16.71 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Volvo AB 1,526,994 182,421,953 172,982,690 2.60 %
Hyundai Motor Co Pref (1p) 229,000 158,935,992 124,949,156 1.88 %
Shangri-La Asia 7,366,000 105,587,138 94,511,378 1.42 %
Total Consumer Discretionary 446,945,083 392,443,224 5.91 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Samsung Electronics 1,039,466 124,217,010 259,811,535 3.91 %
Broadcom Inc 77,300 154,704,971 170,180,468 2.56 %
Applied Materials Inc 308,000 118,504,536 87,306,667 1.31 %
Baidu Inc ADR 52,700 94,810,168 72,365,541 1.09 %
Total Information Technology 492,236,685 589,664,211 8.87 %

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Royal Dutch Shell PLC 950,000 259,437,997 241,297,461 3.63 %
Bonheur ASA 1,903,798 166,135,664 178,195,493 2.68 %
Flex LNG Ltd 13,500,000 171,480,960 166,725,000 2.51 %
Northern Drilling Ltd 2,020,000 103,447,661 102,616,000 1.54 %
Gazprom Oao ADR 2,610,000 106,491,440 100,083,896 1.51 %
Borr Drilling 3,200,000 98,138,116 68,480,000 1.03 %
Lundin Petroleum AB 300,000 43,497,993 64,892,340 0.98 %
Avenir LNG 520,000 4,377,100 7,280,000 0.11 %
Total Energy 953,006,931 929,570,190 13.99 %

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Novo Nordisk A/S-B 1,150,000 375,045,207 454,541,778 6.84 %
Lonza Group AG 80,844 148,290,390 180,943,121 2.72 %
Thermo Fisher Scientific Inc 52,000 82,319,639 100,753,939 1.52 %
Total Health Care 605,655,236 736,238,838 11.08 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Telia Co AB 5,500,000 247,402,952 225,579,530 3.39 %
China Mobile 2,397,000 175,661,752 199,777,090 3.01 %
Total Communication Services 423,064,704 425,356,620 6.40 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 6,373,135,864 6,557,677,636 98.69 %
Available liquidity 87,269,106 1.31 %
Total AUM 6,644,946,742 100.00 %

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.