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Overview of all investments

SKAGEN Focus A as of 31/10/2025

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Methanex Corp 398,256 147,404,151 158,425,629 4.91 %
KCC Corp 37,873 98,199,120 118,195,284 3.66 %
Acerinox 596,114 69,960,128 77,822,003 2.41 %
Aya Gold & Silver Inc 660,528 66,862,955 71,158,634 2.20 %
Aperam SA 189,629 55,716,647 67,004,652 2.08 %
Wienerberger 210,141 71,743,138 63,161,236 1.96 %
Wacker Chemie 65,571 57,709,624 52,410,287 1.62 %
Solvay 152,529 56,352,812 47,483,623 1.47 %
International Nickel Indones 9,843,000 27,498,023 28,443,416 0.88 %
Total Materials 651,446,598 684,104,764 21.19 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Hyundai Mobis Co Ltd 65,937 122,267,754 147,954,381 4.58 %
Aumovio SE 192,653 79,403,793 83,640,466 2.59 %
Mazda Motor Corp 1,055,886 86,304,768 74,333,774 2.30 %
Beazer Homes USA Inc 314,952 98,331,763 71,374,321 2.21 %
Forvia 544,294 59,614,335 70,612,061 2.19 %
Brembo N.V. 526,600 57,765,386 57,463,416 1.78 %
SEB SA 71,926 49,236,799 40,297,438 1.25 %
Aisan Industry Co Ltd 243,167 33,523,541 33,471,123 1.04 %
B&M European Value Retail SA 676,518 22,024,068 16,155,515 0.50 %
Total Consumer Discretionary 608,472,207 595,302,494 18.44 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Ayvens SA 934,096 108,447,534 126,199,069 3.91 %
Befesa SA 315,002 110,009,084 105,566,589 3.27 %
Takeuchi Manufacturing Co Ltd 212,206 83,456,169 88,771,070 2.75 %
Swire Pacific B 5,552,320 77,508,680 83,259,139 2.58 %
Takuma Co 510,209 60,765,803 79,308,683 2.46 %
Vesuvius 1,362,252 77,015,332 68,013,836 2.11 %
GT Capital Holdings Inc 710,547 78,883,726 66,755,468 2.07 %
Doosan Bobcat Inc 140,703 52,006,631 60,246,557 1.87 %
DL E&C Co Ltd 195,377 58,754,554 59,378,438 1.84 %
Grupo Traxion SAB de CV 7,846,969 104,105,461 58,583,645 1.81 %
Norma Group SE 285,524 54,397,205 46,876,936 1.45 %
CNH Industrial NV 277,122 31,772,101 29,410,073 0.91 %
Total Industrials 897,122,279 872,369,502 27.02 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Samsung Fire & Marine Insurance Co Ltd 38,138 80,269,009 91,534,787 2.83 %
Korean Reinsurance Co 1,180,000 42,732,695 88,901,472 2.75 %
Banco del Bajio SA 2,890,000 71,241,472 74,972,500 2.32 %
EXOR NV 79,115 79,203,486 69,471,704 2.15 %
BNK Financial Group Inc 693,935 52,995,217 68,049,358 2.11 %
PEUGEOT INVEST 75,074 71,762,716 64,520,638 2.00 %
Alior Bank SA 191,411 51,672,385 53,975,271 1.67 %
T Rowe Price Group Inc 51,648 53,629,627 53,574,000 1.66 %
iM Financial Group Co Ltd 509,049 31,375,135 47,822,359 1.48 %
Banca Monte dei Paschi di Siena SpA 531,468 45,736,658 47,065,939 1.46 %
Total Financials 580,618,399 659,888,028 20.44 %

Real Estate

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Nexity SA 649,271 86,287,024 68,840,360 2.13 %
Total Real Estate 86,287,024 68,840,360 2.13 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Akatsuki Inc 348,190 58,865,730 60,137,643 1.86 %
Omnicom Group 41,355 32,206,438 31,387,353 0.97 %
TF1 - Television Francaise 310,991 31,220,996 28,797,334 0.89 %
Total Communication Services 122,293,165 120,322,331 3.73 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Sopra Steria Group 32,154 66,996,597 50,649,859 1.57 %
Siltronic AG 42,343 33,024,860 26,452,498 0.82 %
Total Information Technology 100,021,457 77,102,356 2.39 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Tate & Lyle PLC 961,980 83,584,646 49,384,714 1.53 %
Albertsons Cos Inc 185,826 37,516,889 33,257,065 1.03 %
Total Consumer Staples 121,101,535 82,641,779 2.56 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 3,228,831,286 3,166,932,282 98.08 %
Available liquidity 62,073,194 1.92 %
Total AUM 3,229,005,476 100.00 %

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.