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SKAGEN Focus A as of 31/12/2018

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Softbank Group Corp 118,876 71,462,608 68,484,644 4.17 %
Telecom Italia Spa 11,385,875 81,390,377 54,480,406 3.32 %
China Unicom Hong Kong Ltd 4,905,000 47,265,275 45,356,515 2.76 %
Viacom Inc Class B 183,204 44,880,990 40,764,873 2.48 %
Telecom Italia Rsp 9,598,280 56,338,323 39,626,581 2.42 %
Viacom Inc Class A 66,565 20,322,554 16,027,469 0.98 %
Total Communication Services 321,660,127 264,740,488 16.14 %

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
OMV AG 166,180 73,462,245 62,931,390 3.84 %
Helmerich & Payne Inc 117,977 53,819,799 48,968,116 2.98 %
Japan Petroleum Exploration 272,000 47,968,837 42,301,388 2.58 %
Total Energy 175,250,881 154,200,894 9.40 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
AIG 294,497 143,483,102 100,485,946 6.13 %
Bank of Kyoto Ltd 205,878 74,788,069 73,794,268 4.50 %
Nova Ljubljanska Banka GDR 250,000 25,825,825 32,201,376 1.96 %
Aichi Bank Ltd 76,074 30,582,034 22,738,105 1.39 %
UniCredit SpA 227,632 27,967,211 22,297,817 1.36 %
Total Financials 302,646,241 251,517,512 15.33 %

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Ivanhoe Mines Ltd Class A 3,432,954 63,165,886 51,606,475 3.15 %
Gold Fields Ltd 1,589,429 47,192,998 47,249,512 2.88 %
OZ Minerals ltd 650,000 34,860,441 34,866,546 2.13 %
West Fraser Timber Co Ltd 35,000 14,808,512 14,971,781 0.91 %
Total Materials 160,027,837 148,694,314 9.06 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Hawaian Holdings Inc 277,672 78,183,908 63,491,927 3.87 %
KCC Corp 20,568 53,367,759 49,398,217 3.01 %
ADT Corp 881,771 56,006,247 45,882,630 2.80 %
KOC Holding AS 1,485,065 36,850,608 34,345,711 2.09 %
Nexans 135,324 34,795,065 32,596,732 1.99 %
Teikoku Sen-I Co Ltd 185,727 28,765,896 31,828,309 1.94 %
Pasona Group Inc 325,000 35,569,603 28,860,281 1.76 %
Total Industrials 323,539,086 286,403,807 17.46 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Avaya Holdings Corp 427,022 69,912,567 53,830,652 3.28 %
X-Fab Silicon Foundries 613,955 44,940,706 25,894,246 1.58 %
Total Information Technology 114,853,273 79,724,898 4.86 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Toyota Industries Corp 99,190 46,621,653 39,816,628 2.43 %
Hyundai Motor Co Pref (2pb) 57,241 44,910,874 34,257,737 2.09 %
Hornbach Holding AG & Co 65,000 34,152,750 26,513,539 1.62 %
Hyundai Motor Co Pref (1p) 24,939 17,030,719 13,607,454 0.83 %
Total Consumer Discretionary 142,715,996 114,195,358 6.96 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Sao Martinho SA 2,024,504 86,605,539 82,158,199 5.01 %
Metro AG 457,769 53,475,547 60,708,042 3.70 %
JBS 396,898 61,914,577 53,297,731 3.25 %
Total Consumer Staples 201,995,663 196,163,972 11.96 %

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Teva Pharmaceutical Industries 277,228 66,221,975 37,011,738 2.26 %
Magforce AG 660,568 32,217,697 34,138,557 2.08 %
Total Health Care 98,439,672 71,150,295 4.34 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 1,841,128,776 1,566,791,538 95.51 %
Available liquidity 73,710,542 4.49 %
Total AUM 1,640,502,080 100.00 %

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.