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Annual Report 2015Equity investment returns for 2015 were volatile and there were significant regional differences.

SKAGEN's key funds delivered excess returns in the second half of 2015, but only SKAGEN Global beat the benchmark index for the year as a whole.

These are some of the themes in the Annual Report for 2015:

  • Our funds have in recent years suffered due to low exposure to the USD and high exposure to emerging markets.
  • The general optimism in the first half of the year gave way to uncertainty in the second half, particularly regarding economic developments in China. This has continued in 2016.
  • With more concentrated portfolios, the funds are well-equipped to tackle 2016.

Read the Annual Report for 2015 (PDF)


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.