Skip to main content


The fund invests primarily in bonds and certificates issued or guaranteed by governments from around the world.

The objective is to provide the best possible risk adjusted return.

The fund is suitable for those with at least a three year investment horizon. Investors must be able to tolerate currency fluctuations.

Latest report for the fund:

A room with a door
Anna Ancher, Interior. Brøndum's annex, 1916/1917. The painting is manipulated and belongs to The Art Museums of Skagen.
Toggle view:

Last updated:
last updated:

The current benchmark index is the JP Morgan's GBI Broad Unhedged. The benchmark index prior to 1/1/2013 was the Barclay's Capital Global Treasury Index 3-5 years. Returns over 12 months are annualised.

On 31/10/2016 the methodology for the yield calculation was changed to be in line with the benchmark (from average yield to yield to maturity). The change caused an increase in the number displayed.

Calculate fund return (in EUR)

Start AUM* Min. purchase Benchmark index ISIN
29/09/2006 79 mill. EUR 50.00 EUR J.P. Morgan GBI Broad Unhedged Index in EUR NO0010327786
*Data at fund level, inclusive of all unit classes, as of month end. Updated on the 10th of each month.

Jane Tvedt

Portfolio Manager
SKAGEN Tellus,
SKAGEN Avkastning

as of 28/02/2018 - 77.58 % of all investments

US Treasury N/B

10.42 %

Norwegian Government

9.71 %

Portugese Government

8.44 %

UK Government

8.00 %

Uruguay Government

7.44 %

Mexican Government

7.15 %


7.01 %


6.81 %

Spanish Government

6.70 %

Dominican Republic

5.91 %

All investments

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.