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SKAGEN Vekst A as of 30/11/2018

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Vestas Wind Systems 440,000 302,380,042 283,979,304 4.01 %
DSV AS 413,545 236,610,912 272,898,668 3.85 %
CK Hutchison Holdings Ltd 2,800,000 259,294,536 251,623,344 3.55 %
AP Moeller - Maersk A/S 16,400 216,261,692 200,515,827 2.83 %
Golden Ocean Group Ltd 2,300,000 82,644,653 136,735,000 1.93 %
Golar LNG Ltd 450,000 105,433,294 104,161,651 1.47 %
Wilh. Wilhelmsen Holding ASA 512,647 36,663,904 84,586,755 1.19 %
ABB Ltd 475,000 65,506,799 82,943,322 1.17 %
Enka Insaat Ve Sanayi AS 4,101,543 31,926,532 31,747,680 0.45 %
Total Industrials 1,336,722,364 1,449,191,551 20.46 %

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Royal Dutch Shell PLC 950,000 259,437,997 247,121,049 3.49 %
Flex LNG Ltd 13,700,000 174,021,418 206,870,000 2.92 %
Bonheur ASA 1,903,798 166,135,664 182,764,608 2.58 %
Northern Drilling Ltd 2,000,000 102,416,460 126,000,000 1.78 %
Gazprom Oao ADR 2,610,000 106,491,440 107,990,714 1.52 %
Borr Drilling Ltd 3,100,000 96,095,144 83,700,000 1.18 %
Lundin Petroleum AB 270,000 36,912,630 60,923,372 0.86 %
Avenir LNG 600,000 5,050,500 8,400,000 0.12 %
Total Energy 946,561,253 1,023,769,743 14.46 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Carlsberg AS-B 290,000 186,985,704 275,280,731 3.89 %
Orkla ASA 1,705,000 119,218,725 121,055,000 1.71 %
Tyson Foods Inc 222,000 122,986,599 111,756,480 1.58 %
AG Anadolu Grubu Holding AS 543,133 18,569,542 11,993,728 0.17 %
Total Consumer Staples 447,760,570 520,085,939 7.34 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Volvo AB 1,526,994 182,421,953 182,521,364 2.58 %
Hyundai Motor 229,000 158,935,992 115,417,892 1.63 %
Shangri-La Asia Ltd 7,366,000 105,587,138 89,824,392 1.27 %
Total Consumer Discretionary 446,945,083 387,763,648 5.48 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Samsung Electronics Co Ltd Pref 1,039,466 124,217,010 268,717,423 3.79 %
Broadcom Inc 77,300 154,704,971 157,212,115 2.22 %
Applied Materials 308,000 118,504,536 97,855,546 1.38 %
Baidu Inc ADR 52,700 94,810,168 84,180,887 1.19 %
Total Information Technology 492,236,685 607,965,971 8.58 %

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Novo Nordisk A/S-B 1,150,000 375,045,207 459,851,219 6.49 %
Lonza Group AG 88,122 161,640,267 245,490,404 3.47 %
Thermo Fisher Scientific Inc 52,000 82,319,639 111,256,750 1.57 %
Total Health Care 619,005,113 816,598,373 11.53 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Citigroup Inc 588,600 220,374,928 327,348,650 4.62 %
Kinnevik AB-B 965,000 192,945,599 212,182,492 3.00 %
Sberbank of Russia Pref 7,500,000 124,918,922 162,486,990 2.29 %
American International Group Inc 401,000 167,267,285 148,918,574 2.10 %
Chubb Ltd 116,000 125,975,237 133,953,568 1.89 %
Danske Bank A/S 490,000 115,045,549 84,484,666 1.19 %
Korean Reinsurance Co 1,150,000 98,980,141 78,485,116 1.11 %
HitecVision AS 742,668 6,737,193 48,124,886 0.68 %
Total Financials 1,052,244,854 1,195,984,942 16.89 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
China Mobile Ltd 2,607,000 191,051,392 222,393,498 3.14 %
Telia 5,500,000 247,402,952 219,363,259 3.10 %
Total Communication Services 438,454,344 441,756,757 6.24 %

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Yara International ASA 470,000 161,424,647 162,291,000 2.29 %
Norsk Hydro ASA 4,000,000 124,519,311 162,000,000 2.29 %
Holmen AB 630,000 133,866,033 113,842,686 1.61 %
Anglo American Plc 490,000 67,465,764 84,550,806 1.19 %
Outokumpu Oyj 1,400,000 109,642,008 50,575,785 0.71 %
Boliden AB 205,000 53,854,433 39,719,108 0.56 %
Total Materials 650,772,196 612,979,385 8.66 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 6,430,702,462 7,056,096,309 99.63 %
Available liquidity 25,942,881 0.37 %
Total AUM 7,082,039,190 100.00 %

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.