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SKAGEN Focus A as of 30/08/2019

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Pasona Group Inc 421,800 46,322,834 51,490,288 2.92 %
Nexans SA 173,429 46,432,369 50,376,057 2.86 %
Hitachi Constr. Machine 199,207 42,829,447 38,710,580 2.20 %
Teikoku Sen-I Co Ltd 141,480 22,273,817 19,802,136 1.12 %
Total Industrials 157,858,467 160,379,061 9.11 %

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Roxgold Inc 8,475,092 51,901,825 76,637,298 4.35 %
Ivanhoe Mines Ltd 2,832,118 52,113,358 71,106,149 4.04 %
Dow Inc 132,275 56,759,837 51,406,264 2.92 %
Oz Minerals 917,200 50,206,044 51,378,053 2.92 %
Sumitomo Metal Mining 141,550 35,975,634 36,249,173 2.06 %
Fortuna Silver Mines Inc 883,261 26,572,649 33,218,746 1.89 %
West Fraser Timber Co Ltd 78,402 29,811,114 25,092,955 1.42 %
ThyssenKrupp 168,101 19,141,124 18,753,559 1.06 %
Canfor Pulp Products Inc 262,801 25,803,904 16,202,848 0.92 %
Total Materials 348,285,489 380,045,045 21.58 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Hitachi Ltd 244,754 66,456,408 76,035,427 4.32 %
Stmicroelectronics 406,693 62,359,694 65,821,889 3.74 %
Avaya Holdings Corp 374,546 51,150,086 48,769,733 2.77 %
Total Information Technology 179,966,188 190,627,049 10.82 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
American International Group 275,354 129,633,952 130,680,394 7.42 %
Bank of Kyoto Ltd/The 234,200 84,789,227 76,485,772 4.34 %
Nova Ljubljanska Banka dd 272,800 28,404,073 30,064,268 1.71 %
Korean Reinsurance Co 293,180 17,077,594 17,858,931 1.01 %
Total Financials 259,904,846 255,089,365 14.48 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
China Unicom Hong Kong 10,520,721 101,467,462 95,233,026 5.41 %
Softbank Group Corp 97,531 34,630,558 40,276,266 2.29 %
Viacom INC ClassB 166,302 40,463,399 37,959,119 2.16 %
Telecom Italia S 7,171,222 37,201,607 33,282,422 1.89 %
CBS Corp 72,100 31,025,530 27,666,573 1.57 %
Viacom Inc -Cl A 59,365 18,124,366 14,229,980 0.81 %
Total Communication Services 262,912,922 248,647,386 14.12 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Toyota Industries 131,680 61,145,759 65,831,217 3.74 %
Hornbach Holding AG & Co KGaA 70,000 35,822,009 34,532,299 1.96 %
Hyundai Motor Co (pref shs) 49,451 38,798,897 32,051,909 1.82 %
Hyundai Motor Co 21,879 14,941,060 12,474,011 0.71 %
Total Consumer Discretionary 150,707,725 144,889,436 8.23 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Sao Martinho SA 1,828,500 78,048,001 71,468,971 4.06 %
Kroger 212,244 43,301,719 45,822,721 2.60 %
Stock Spirits Group PLC 559,880 14,538,820 14,665,550 0.83 %
Total Consumer Staples 135,888,540 131,957,242 7.49 %

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
OMV AG 216,723 95,052,931 100,692,265 5.72 %
Japan Petroleum Exploration 282,760 50,115,492 62,813,726 3.57 %
Total Energy 145,168,423 163,505,991 9.28 %

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
MagForce AG 660,568 32,217,697 30,133,900 1.71 %
Total Health Care 32,217,697 30,133,900 1.71 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 1,672,910,297 1,705,274,475 96.82 %
Available liquidity 55,927,669 3.18 %
Total AUM 1,761,202,144 100.00 %
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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.