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Overview of all investments

SKAGEN Focus A as of 31/05/2025

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Acerinox SA 1,008,598 114,758,027 121,783,761 3.91 %
Wienerberger 220,959 72,494,317 83,550,652 2.69 %
Aya Gold & Silver Inc 789,772 77,154,975 69,251,504 2.23 %
Interfor Corp 646,402 106,451,392 60,234,554 1.94 %
Aperam SA 180,913 52,985,656 56,111,480 1.80 %
K+S AG 263,233 47,944,953 48,943,430 1.57 %
Solvay 145,668 55,442,465 48,761,946 1.57 %
Wacker Chemie 59,175 52,542,021 42,932,495 1.38 %
International Nickel Indones 19,365,400 54,100,397 42,632,386 1.37 %
Methanex Corp 124,840 45,985,582 41,632,614 1.34 %
Silvercorp Metals Inc 1,045,863 44,586,934 41,567,525 1.34 %
Total Materials 724,446,720 657,402,347 21.13 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
DL E&C Co Ltd 293,749 88,115,978 105,067,390 3.38 %
Takuma Co 648,259 77,207,533 93,363,523 3.00 %
CNH Industrial NV 724,020 83,086,080 92,541,736 2.97 %
Ayvens SA 818,313 63,069,587 85,044,848 2.73 %
Befesa SA 251,617 88,157,658 79,500,092 2.56 %
Hanwha Corp 140,511 43,663,285 78,560,039 2.52 %
Swire Pacific B 5,517,320 76,979,245 75,769,501 2.44 %
GT Capital Holdings Inc 710,547 78,883,726 70,782,400 2.27 %
Grupo Traxion SAB de CV 6,807,000 97,206,351 69,562,394 2.24 %
Vesuvius 1,173,733 67,406,898 58,250,393 1.87 %
Takeuchi Manufacturing Co Ltd 173,640 68,778,325 57,417,514 1.85 %
Norma Group SE 389,352 74,178,215 56,180,207 1.81 %
Doosan Bobcat Inc 132,298 48,826,900 46,046,386 1.48 %
Total Industrials 955,559,781 968,086,424 31.11 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Hyundai Mobis Co Ltd 51,306 91,152,037 96,124,279 3.09 %
Beazer Homes USA Inc 341,584 111,416,426 71,615,107 2.30 %
Mazda Motor Corp 962,261 82,690,672 62,193,678 2.00 %
Brembo N.V. 526,600 57,765,386 49,230,749 1.58 %
Forvia 452,993 49,730,581 43,484,304 1.40 %
Adient Plc 189,088 33,152,476 30,118,952 0.97 %
Total Consumer Discretionary 425,907,578 352,767,069 11.34 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Korean Reinsurance Co 1,371,964 49,684,507 93,876,979 3.02 %
iM Financial Group Co Ltd 1,054,078 64,967,890 87,190,735 2.80 %
Samsung Fire & Marine Insurance Co Ltd 36,734 76,872,687 80,248,081 2.58 %
EXOR NV 63,410 65,068,385 62,369,772 2.00 %
Banco del Bajio SA 2,320,000 57,418,555 61,891,659 1.99 %
PEUGEOT INVEST 71,361 68,301,670 60,754,372 1.95 %
Bank Pekao SA 116,769 57,465,364 58,719,499 1.89 %
BNK Financial Group Inc 667,913 49,150,191 54,704,045 1.76 %
Comerica Inc 93,572 66,599,273 54,580,276 1.75 %
Hyakugo Bank Ltd/The 836,718 34,634,172 41,945,956 1.35 %
Total Financials 590,162,695 656,281,372 21.09 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Albertsons Cos Inc 402,300 86,439,696 91,373,290 2.94 %
Tate & Lyle 870,152 77,125,988 66,298,864 2.13 %
Total Consumer Staples 163,565,684 157,672,154 5.07 %

Real Estate

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Nexity SA 647,276 86,846,792 75,227,698 2.42 %
Total Real Estate 86,846,792 75,227,698 2.42 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Akatsuki Inc 303,036 50,331,492 62,311,551 2.00 %
Total Communication Services 50,331,492 62,311,551 2.00 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Eugene Technology Co Ltd 248,650 71,250,771 59,751,331 1.92 %
Siltronic AG 116,666 95,457,096 48,986,163 1.57 %
Total Information Technology 166,707,866 108,737,494 3.49 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 3,221,907,954 3,053,666,960 98.14 %
Available liquidity 57,804,665 1.86 %
Total AUM 3,111,471,625 100.00 %

Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager’s skills, the fund’s risk profile and management fees. The return may become negative as a result of negative price developments. There is risk associated with investing in funds due to market movements, currency developments, interest rate levels, economic, sector and company-specific conditions. The funds are denominated in NOK. Returns may increase or decrease as a result of currency fluctuations. Prior to making a subscription, we encourage you to read the fund's prospectus and key investor information document which contain further details about the fund's characteristics and costs. The information can be found on www.skagenfunds.com. Storebrand Asset Management administers the SKAGEN funds which are by agreement managed by SKAGEN's portfolio managers.

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