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SKAGEN performance update – a mixed July

18 August 2023

Still, central banks continued their interest rate hike crusade to defeat inflation that remains unsustainably high while key commodity prices such as oil and copper also climbed higher.

Emerging markets outperformed developed markets, largely due to China attempts to tackle the slower-than-expected post pandemic recovery. The Chinese market therefore contributed positively to the emerging markets index as it recovered some of the underperformance so far this year after a string of soft economic data.


MSCI gains were offset by Edwards Lifesciences weakness as the portfolio holdings reported solid results. SKAGEN Global added 0.12% during the month, underperforming the MSCI All Country World Index which climbed 2.57%. Read the SKAGEN Global July 2023 report for more information.



Chinese holdings strength were offset by LG Electronics weakness as emerging markets outperformed developed markets on China hopes. SKAGEN Kon-Tiki added 4.59% during the month, lagging the MSCI Emerging Markets Index which rose 5.11%. Read the SKAGEN Kon-Tiki July 2023 report for more information.



Japanese banks drove absolute and relative gains as Pasona joined the portfolio. SKAGEN Focus climbed 2.70% during the month, outperforming the MSCI All Country World Index which was 2.57% higher. Read the SKAGEN Focus July 2023 report for more information.



European gains were offset by US weakness as central banks continued tightening. SKAGEN m2 climbed 2.26% over the month, slightly lagging the MSCI All Country World Index Real Estate IMI benchmark which rose 2.38%. Read the SKAGEN m2 July 2023 report for more information.


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