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Global Stock Markets2 min read time

SKAGEN Performance Update – A solid second quarter

By Nick Henderson Communications Manager | Storebrand Asset Management 10 July 2023

Emerging Market equities (again) trailed those of developed markets as the lacklustre COVID-recovery in China continued to disappoint. Brazil was the best performing EM during the quarter, with equities boosted by the current high real rates and scope for easing monetary policy in the coming quarters.

SKAGEN Global

US holdings led absolute and relative gains as TMX Group entered the portfolio. SKAGEN Global added 5.79% during the quarter, beating the MSCI All Country World Index which climbed 5.74%. Read the SKAGEN Global Q2 2023 report for more information.

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SKAGEN Kon-Tiki

Brazilian holdings drove portfolio gains as Emerging Markets underperformed Developed Markets on China sluggishness. SKAGEN Kon-Tiki was up 3.07% during the quarter, outperforming the MSCI Emerging Markets Index which was 0.48% higher. Read the SKAGEN Kon-Tiki Q2 2023 report for more information.

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SKAGEN Focus

Panasonic strength was offset by E-mart weakness as a few large cap tech stocks drove market gains. SKAGEN Focus added 0.52% during the quarter, lagging the MSCI All Country World Index which climbed 5.74%. Read the SKAGEN Focus Q2 2023 report for more information.

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SKAGEN m2

LOG drove relative gains as market conditions become increasingly favourable for listed real estate. SKAGEN m2 rose 1.89% over the quarter, outperforming the MSCI All Country World Index Real Estate IMI benchmark which dropped 0.62%. Read the SKAGEN m2 Q2 2023 report for more information.

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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 skills, the fund’s risk profile and management fees. The return may become negative as a result of negative price developments. There is risk associated with investing in funds due to market movements, currency developments, interest rate levels, economic, sector and company-specific conditions. The funds are denominated in NOK. Returns may increase or decrease as a result of currency fluctuations. Prior to making a subscription, we encourage you to read the fund's prospectus and key investor information document which contain further details about the fund's characteristics and costs. The information can be found on www.skagenfunds.com. Storebrand Asset Management administers the SKAGEN funds which are by agreement managed by SKAGEN's portfolio managers.

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