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SKAGEN Global
Statusrapport – juli 2015
Hovedtrekk – juli 2015
• SKAGEN Global leverte en mindreavkastning målt mot sin referanseindeks på 1,1 prosentpoeng i
juli. Fondet hadde en avkastning på 3,2 prosent, mens indeksen MSCI All Country World Index var
opp 4,3 prosent.
• SKAGEN Global har levert en avkastning hittil i år på 9,9 prosent, noe som er 2,7 prosentpoeng
svakere enn indeks.
• Citigroup, Google og AIG var de beste bidragsyterne til den absolutte avkastningen i juli, mens
Samsung Electronics, LG Corp og Lundin Petroleum var de største negative bidragsyterne.
• SKAGEN Global gikk i juli inn i China Mobile, og økte sine eksisterende posisjoner i CK Hutchison
Hld og Carlsberg. Fondet gikk ut av Storebrand og OCI, og trimmet posisjonene i Citigroup og TEVA
etter sterk utvikling.
• SKAGEN Global sin portefølje forblir attraktivt priset på både absolutt og relativ basis. Fondets 35
største innehav prises til en vektet pris/inntjening (2015e) på 12,0x og en pris/bok på 1,2x, mens
respektive tall for referanseindeksen er hhv. 16,8x og 2,1x. Porteføljens rabatt er dermed betydelig
målt på begge multiplene.
• Vektet gjennomsnittlig oppside til våre kursmål for fondets topp 35 innehav er beregnet til 33
prosent.
* Med mindre annet er oppgitt er alle avkastningstall for fondet i denne rapporten knyttet til klasse A, og etter fradrag for gebyrer.
2
Avkastning, juli 2015
A
Juli
SKAGEN Global A
Verdensindeks**
Meravkastning
QTD
3,2%
4,3%
-1,1%
Siden
Hittil i år 1 år
3 år
5 år
10 år
start*
3,2%
9,9%
17,2%
19,9%
14,2%
10,5%
15,8%
4,3%
12,6%
32,6%
24,7%
17,1%
8,0%
5,0%
-1,1%
-2,7%
-15,4%
-4,7%
-2,9%
2,5%
10,8%
Note: Alle tall utover 12 måneder er annualisert (geometrisk avkastning)
* Startdato: 7. august 1997
** Referanseindeksen var MSCI World i NOK fra 7. august 1997 til 31. desember 2009 og MSCI All-Country Index fra 1. januar 2010 og videre.
3
Årlig avkastning siden start (%)*
SKAGEN Global A har gjort det bedre enn indeks 14 av 18 år
SKAGEN Global A (NOK)
MSCI AC World** (NOK)
113
63
47
39
26
31
28 25
4
-3
-8
-5 -5 -4
-16
-23
-38
31 34
27
22 24
11 8
8
16 13
10 8
16
29
10 13
-7 -5
-5
-24
-32
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Hittil
i
2015
Note: Alle tall i NOK, etter gebyrer
* Startdato: 7. august 1997
** Referanseindeks var MSCI World i NOK fra 7. august 1997 til 31. desember 1997 og MSCI All-Country Index fra 1. januar 2010 og videre.
4
Markedsutvikling i juli 2015 (%)
Danmark
Frankrike
USA (Nasdaq)
Ungarn
Sveits
Belgia
Nederland
Italia
Finland
Spania
Østerrike
Storbritannia
USA (S&P 500)
Tyskland
Sverige
India
Verdensindeksen
Japan
SKAGEN Global A
Norge
Mexico
Indonesia
Sør-Afrika
Polen
Singapore
Canada
Sør-Korea
Tyrkia
Hong Kong
Russland
Vekstmarkedsindeksen
Thailand
Taiwan
Brasil
Kina (lokal)
Kina (Hong Kong)
5
10
9
9
8
7
7
2
0
0
-10
-11
-10
-4
-4
-4
-2
-2
-2
-2
-1
-1
1
1
3
4
4
5
5
6
6
6
7
8
7
8
8
Markedsutvikling hittil i 2015 (%)
Danmark
Ungarn
Japan
Italia
Kina (lokal)
Russland
Sveits
Frankrike
USA (Nasdaq)
Nederland
Østerrike
Hong Kong
Tyskland
Finland
Storbritannia
Verdensindeksen
USA (S&P 500)
Sverige
India
Norge
Spania
SKAGEN Global A
Sør-Korea
Sør-Afrika
Mexico
Vekstmarkedsindeksen
Kina (Hong Kong)
Taiwan
Singapore
Thailand
Polen
Canada
Indonesia
Tyrkia
Brasil
6
38
38
26
25
25
21
21
14
14
14
13
12
12
11
11
10
10
10
5
4
4
4
4
2
-3
-6
-12
-14
1
0
19
18
17
16
23
Største bidragsytere i juli 2015
Største positive bidragsytere
Selskap
Største negative bidragsytere
NOK millioner
Selskap
NOK millioner
Citigroup
224 2E+08 Samsung Electronics
Google
218 2E+08 LG Corp
-67
AIG
145 1E+08 Lundin Petroleum
-56
Teva Pharmaceutical
107 1E+08 Lenovo Group
-55
NN Group
98 1E+08 Lundin Mining
-50
Sanofi
91 9E+07 China Unicom Hong Kong
-46
Microsoft
88 9E+07 Norsk Hydro
-44
Philips
72 8E+07 EFG-Hermes
-28
Roche Holding
66 7E+07 Autoliv
-27
VimpelCom
61 7E+07 KazMunaiGas
-22
Total verdiskapning i juli 2015:
Note: Bidrag til absoluttavkastning
7
NOK 1 157 millioner
-174
Største bidragsytere hittil i 2015
Største positive bidragsytere
Selskap
Største negative bidragsytere
NOK millioner
Selskap
NOK millioner
AIG
440
# Samsung Electronics
-175
Citigroup
423
# Norsk Hydro
-168
Renault
289
# Afren
-140
Nordea Bank
256
# Banrisul
-122
Google
224
# Hyundai Motor
-114
Sanofi
210
# KazMunaiGas
-111
Roche Holding
191
# Global Telecom
-84
China Unicom Hong Kong
186
# Lundin Mining
-73
Cheung Kong Holdings
184
# Tata Motors
-62
Volvo
156
# EFG-Hermes
-61
Total verdiskapning i 2015:
Note: Bidrag til absoluttavkastning
8
NOK 3 803 millioner
Kjøp og salg, juli 2015
Kjøp
Salg
•
Ettersom spreaden mellom Samsung Electronics
ordinære aksjer og selskapets preferanseaksjer
har krympet, har vi flyttet deler av vår posisjon inn i
de mer likvide ordinære aksjene.
•
Ettersom
spreaden
mellom
Samsung
Electronics preferanseaksjer og selskapets
ordinære aksjer har krympet, har vi flyttet deler av
vår posisjon i preferanseaksjene over i de mer
likvide ordinære aksjene.
•
China Mobile ble tatt inn som et nytt selskap i
porteføljen i juli. Det likviditetsdrevne fallet i
kinesiske aksjer har gitt oss mulighet til å kjøpe et
solid (62 milliarder USD i netto kontantbeholdning)
og voksende selskap i en bransje som er i en
konsolideringsfase, til russisk verdsettelse.
•
Det koreanske solselskapet OCI ble solgt ut etter
en solid avkastning i år. OCI driver i en veldig
syklisk bransjem og etter den sterke utviklingen i
aksjen, virker risk-reward-forholdet nå mindre
fordelaktig.
•
Ettersom det sterke resultatet i Citigroup ikke har
endret vårt kursmål, så har vi redusert vår
posisjon på bakgrunn av sterk aksjekursutvikling.
•
Vi reduserte vår posisjon i TEVA på bakgrunn av
stert utvikling i aksjen etter oppkjøpet av Allergan
sin virksomhet innenfor generiske legemidler.
•
Storebrand ble solgt ut i juli. Selv om ledelsen tar
de rette grepene, så forblir aksjekursen i
Storebrand tett knyttet til den norske rentekurven.
Etter den siste tids opptur i aksjen ser ikke vi riskreward-forholdet som like fordelaktig.
•
•
9
Ytterligere analyser vi har gjort av CK Hutchison
Holdings sine eiendeler innen infrastruktur har økt
vår overbevisning om selskapet. Vi dro nytte av
den likviditetsdrevne og panikkartede nedgangen vi
så i Hong Kong til å øke vår posisjon.
Nyheter de siste månedene har økt vår tro på
Carlsberg sin vilje til å redusere kostnader.
Fornyet økning i russiske risikopremier har gjort det
mulig for oss å øke vår posisjon i selskapet på
attraktive nivåer.
Viktigste endringer i juli 2015
Økte poster
Juli
10
Reduserte poster
Juli
China Mobile
Samsung Electronics (Ord)
CK Hutchison
Carlsberg
(Ny)
Storebrand
(Ut)
OCI
(Ut)
Samsung Electronics (pref)
Citigroup
Teva Pharmaceutical
Viktigste endringer hittil i 2015
Økte poster
Reduserte poster
Renault
Baker Hughes
Gazprom
Yamaha Motor
Weatherford
Petrobras
Mosaic
UIE
Rec Silicon (convertible)
Akzo Nobel
Samsung Electronics
(Ut)
(Ut)
(Ut)
(Ut)
(Ut)
(Ut)
(Ut)
(Ut)
(Ut)
(Ut)
(Ut)
(Ut)
(Ut)
2Q
Talanx
Raiffeisen Bank
Technip
Cheung Kong Property Hld*
Citigroup
AIG
Lenovo Group
Volvo
China Unicom
3Q
Storebrand
OCI
Samsung Electronics (pref)
(Ut)
(Ut)
1Q
1Q
2Q
3Q
General Electric
Lundin Petroleum
Columbia Property Trust
Carlsberg
(Ny)
(Ny)
(Ny)
(Ny)
Tyson Foods
Sabanci Holding
Cheung Kong Property Hld*
Google
Cheung Kong Hutchison Hld
Hyundai Motor
(Ny)
(Ny)
(Ny)
China Mobile
Samsung Electronics (Ord)
CK Hutchison
Carlsberg
* Skilt ut fra Cheung Kong Hutchison Hld
11
(Ny)
Største poster i SKAGEN Global per 31. juli 2015
Posisjonens
Kurs
størrelse, %
P/E
P/E
P/BV
Kurs
2015e
2016e
siste
mål
CITIGROUP
6,4
58,5
10,4
9,8
0,9
75
SAMSUNG ELECTRONICS
5,7
920 000
6,4
6,0
0,8
1 500 000
AIG
5,6
64,1
13,0
11,5
0,8
90
GENERAL ELECTRIC
4,8
26,1
20,0
16,9
2,4
34
NORDEA
3,5
107,5
12,4
12,5
1,5
150
ROCHE
3,2
279,1
19,8
18,2
13,9
380
STATE BANK OF INDIA
2,7
270,1
10,0
8,2
1,2
400
GOOGLE
2,7
625,6
21,7
18,8
3,8
600
MICROSOFT
2,7
46,7
17,6
15,3
4,7
58
LG CORP
2,6
58 000
10,0
9,0
0,8
72 000
Weighted top 10
39,9
11,6
10,6
1,2
35 %
Weighted top 35
81,0
12,0
10,8
1,2
33 %
16,8
15,0
2,1
MSCI AC World
Merk: Multipler for topp 10 og topp 35 er kalkulert med samme metodebruk som for indeks.
12
Sektor og geografisk fordeling mot indeks, juli 2015
Geografisk fordeling
Sektor fordeling
Fund
3
Energi
1112
Materials
16
10
Frontier Markets
10
7
Medisin
13
26
Bank og finans
22
12
14
Informasjonsteknologi
5
4
Telekom
Nyttetjenester
Kontanter
13
Europe EM
4
Defensive konsumvarer
0
3
3
0
19
7
20
21
Europe DM ex. The Nordics
13
13
Inntektsavhengige forbruksvarer
Index
10
Asia EM
5
Kapitalvarer, service og transport
3
Asia DM
67
2
1
2
0
Latin America
0
1
Middle East & Africa
1
1
36
North America
Oceania
55
0
2
14 13
The Nordics
Kontanter
2
3
0
Nyheter og annet om
porteføljeselskaper
– på engelsk
Key earnings releases and corporate news, June 2015
AIG
(5.3%)
Shareholder (pre-financial crisis CEO) was awarded zero damages in court ruling for his claim that he lost money
due to the government’s unduly harsh treatment of AIG in the 2008 bailout
Summary: Judge Thomas Wheeler announced that Starr International (Former AIG CEO Hank Greenberg) had won the
case against the US government but will be awarded zero damages. Key passages in our view from the judge's ruling:
"…Although the Federal Reserve Bank may exercise “all powers specifically granted by the provisions of this chapter and
such incidental powers as shall be necessary to carry on the business of banking within the limitations prescribed by this
chapter,” 12 U.S.C. § 341, this language does not authorize the taking of equity.“;
"…With some reluctance, the Court must leave that question for another day. The end point for this case is that, however
harshly or improperly the Government acted in nationalizing AIG, it saved AIG from bankruptcy. Therefore, application of
the economic loss doctrine results in damages to the shareholders of zero."
Investment case implications: Positive. Though there will undoubtedly be continued legal maneuvering related to this case,
we believe the risk of AIG having to pay meaningful damages has been substantially reduced. This is obviously positive as
AIG could theoretically have been on the hook for payment of damages of over USD 20bn due to an indemnification
provision in the 2008 bailout agreement. In summary, the tail risk of the investment has reduced significantly.
GE
(4.9%)
Fleet management operations sold for $7 bn
Summary: GE has announced that it’s selling the majority of its global fleet business to Element Financial Corporation for
$6.9 bn or around 3.0x tangible book. It has also signed an MoU with Arval, a fully owned subsidiary of BNP Paribas, for
the sale of the European arm of the operations. The fleet operations provide commercial car and truck financing and fleet
management services to more than 1.5 million vehicles around the world. GE will retain only the “vertical” part of the
operations that support manufacturing. The transactions are expected to close in 2015 Q3/Q4. Note that the Japanese fleet
business is not included in the announced sales.
Investment case implications: Small positive. GE’s $200 bn garage-sale is gaining steam, showing a skeptical market that
the company has the ability and willingness to divest the GE Capital assets as previously communicated, perhaps even at
an accelerated pace. Both Element and Arval specialize in full service fleet leasing and are therefore more natural owners
of the business than an industrial company focusing on the production and service of aircraft engines, power units and
health care equipment. Upon closure, this transaction will contribute nearly $2 bn of net capital toward GE’s targeted $35
bn of capital return to parent, comprising part of the $90 bn highlighted for potential shareholder return through dividends,
buybacks and Synchrony exchange. The price tag, equivalent of 3x tangible book, looks attractive and can be compared to
the expected average exit multiple of around 1x tangible book (sales thus far average 1.9x tangible book); admittedly, the
best assets will be the easiest ones to sell, so late-stage sales will probably come at less exciting multiples. Looking
forward, we expect more sales announcements to follow over the next few weeks (and months).
15
Key earnings releases and corporate news, June 2015
Heidelberg
Cement
(2.1%)
Capital Markets Day in London with management setting lofty targets
Summary: Ambitious new targets from management at their Capital Markets Day in London. Growth targets of 15% EBITDA
CAGR, 18% FCF CAGR and 30% EPS CAGR between 2015 and 2019. If they deliver on those promises then the stock will
be trading at P/E multiple of less than 7,5x in 2019. We like their guidance although it might be a bit optimistic. We focus on
their ability to generate FCF and increase dividends and buy back shares firstly, and there is evidence of this happening
from 2015. The 2015 dividend payout ratio has been increased and dividend expectations from management is at €1,63/sh.,
up from €0,75/sh. for 2014 and 40% ahead of consensus expectations for 2015. So what are the main reasons behind the
management’s bullish outlook and guidance? First, they have introduced a concept called Heidelberg Premium, an operating
model that is superior to the industry average and will lead to better earnings growth during the period. Second, their North
American business volumes are still well behind those of the previous peak in cement, supporting the view that the mid-cycle
is still ahead. Volumes in the US are 36% below 2006 peak and only 10% above the 2009 trough. Cash flow will be strong in
the years to come if they can execute their strategy and there should ample room for both shareholder returns and also
potential new M&A.
Investment case implications: We continue to like the good execution from the company and with that comes better cash
flow and a more robust balance sheet. We would have liked to see the increase in dividend higher as we believe they have
the balance sheet to pay close to €3/sh. for 2015. As long as they are moving in the right direction then we are happy to own
the stock and by looking 2-3 years out we could see the stock trading below 10x earnings and that is cheap compared to
their 10-year average of 13x. We have a target price of €90 for 2017 as the stock should trade at 13x + dividends. This gives
us 30% upside.
Yazicilar
(0.6%)
Memorandum of Understanding (MoU) for hydropower plant in Georgia
Summary: Yazicilar announced that it has signed an MoU with the Georgia Energy Ministry for feasibility, field work and a
planned hydropower plant with a capacity of 51MW. The study will run for a maximum of 18 months and, if successful, total
investment could reach USD 100m (TRY 270m).
Investment case implications: Neutral. USD 100m equals 8% of market cap, but likely positive long term as the project looks
pretty profitable. Yazicilar already has two hydropower plants in operation with an installed capacity of 210MW. We calculate
NAV per share at TRY 33.4 or a P/NAV of 63% where its 27.7% in the brewer Anadolu Efes alone represents TRY 23.4 or
10% more than the share price. In addition, you get TRY 4.5 per share in net cash (mainly indirectly), while the put option for
its 17% holding in Alternatifbank would release TRY 1.4 from July 2016. Admittedly, Anadolu Efes at EV/EBITDA of 11x is
not grossly undervalued, but at a meaningful discount to EM average of 14x and strong earnings momentum with upside on
a normalization in Russia. Complicated corporate structure is a negative, but offers upside potential. Forthcoming acquisition
of a 27.4% stake in #2 grocery retailer, Migros, for TRY 1.3bn is interesting and will make this investment 24% of NAV.
16
Key earnings releases and corporate news, June 2015
Hyundai Motor
(1.8%)
Very weak May unit shipments - but recovery should come in 2H15
Summary: Unit shipment of 389,299 for May fell 6% YoY marking the worst decline since the financial crises and a
worsening from -1% YoY displayed in April. China plant shipment of 80,000 units fell 12% YoY, while shipment from its
Brazil plant of 13,609 units was down 17% (in line with the market). Shipments from the US plant of 26,100 declined
17% YoY (weak end sale and increasing inventory contributing). Domestic sales declined 8% YoY to 54,990 units
(losing market share to foreign brands), while export out of Korean plants of 93,277 units declined 6%. The only halfbright spot was shipment from Czech plant 28,740 units up 8% signaling a better trend in European sales.
Investment case implications: Clearly negative. In order to meet its FY15 volume target of 5 mn units (+2% YoY), we
will need to see 6% YoY growth for the remaining of the year which now looks challenging. Domestic OEMs in China
are gaining market share with affordable SUV offerings. Overall utilization in China is on a decline amid slowing sales
and increasing capacity. The two new Hyundai factories in China coming on stream in 2H16 (600k total capacity), now
seem ill-timed. The channel stuffing in December 2015 (global shipment +19% YoY) also hurts, although the pain
should have diminished sharply by now. New models will be supportive with US and European launch of Tuscon small
SUV early 3Q15 (11% of global shipment) and refreshed Avante/Elantra (19% of global shipment) in Korea early 4Q14
with global launch late 2015/early 2016. This should support volumes and margins from 3Q15 onwards. The likelihood
of introduction of an interim dividend should also be marginally supportive. Our pref. shares now trade at a P/BV of
0.44x with net cash per share in the auto operation of KRW 54k or 52% of pref. share price. Share is down 18% yearto-date mainly due to weak shipment. Is Hyundai turning into a value trap? With RoE of 11% on depressed earnings,
we don’t think so. Clearly, the company faces some headwinds and the China capacity expansion seems ill timed, but
model portfolio refreshment should create tailwind. Japanese peers benefit from the weak JPY but trade on 2015 P/E
of 12x with 11% RoE and 2% dividend yield after the 41% average bounce in FY15. The European peers are on
average at exactly the same key ratios. Emerging market peers are higher but with better capital returns. Hyundai
seems to have been overly penalized by an emotional market. We think most of the incremental sellers have left by
now, leaving the stock with a fairly attractive risk-reward at current levels.
Volvo
(1.5%)
Divests remaining stake in Eicher Motors
Summary: Volvo sold its remaining stake in Eicher Motors (Indian producer of commercial vehicles/trucks) for SEK
2.2bn. A capital gain of c. SEK 2bn will be included in the Q215 accounts.
Investment case implications: Minor positive. Volvo strengthens its balance sheet (but some of the money is likely to
be used for future fines related to EU price fixing on trucks). Importantly, the joint venture with Eicher in India will
continue as before. Volvo is a long term case with ability to improve FCF/share to SEK 10-11 which implies upside to
at least SEK 120/share.
17
The 10 largest companies in SKAGEN Global
Samsung Electronics is one of the world's largest producers of consumer electronics. The company is
global #1 in mobile phones and smartphones, the world's largest in TV and a global #1 in memory chips.
Samsung also produces domestic appliances, cameras, printers, PCs and air conditioners.
Citi is a US financial conglomerate with operations in more than 100 countries worldwide. The bank was
bailed out by the US government during the credit crisis and subsequently raised USD 50bn of new
capital. Consists of two units: Citi Holdings which is a vehicle for assets that are to be run down and sold
and Citi Corp which is the core of the going concern business. In Citicorp 60% of revenues are derived
from outside the US - mainly from emerging markets.
AIG is an international insurance company serving commercial, institutional and individual customers. The
company provides property-casualty insurance, life insurance and retirement services. AIG was at the very
centre of the financial crisis as the central bank for mortgage insurance – it was bailed out in a USD 180bn
bail out. The company has two core insurance holdings: Sun America and Chartis that it intends to keep.
The company has set a target to achieve 10% ROE by 2015.
Founded in 1892 by Thomas Edison et al., General Electric (GE) operates two divisions (GE Industrial,
GE Capital) contributing approximately the same portion of group earnings. GE is the world’s 10th
largest publicly-traded company and boasts the 6th most valuable brand. The industrial segment is a
play on global infrastructure with a high-margin service business and a large installed base producing a
wide variety of capital goods ranging from aircraft engines and power turbines to medical imaging
equipment and state-of-the-art locomotives.
Nordea holds pole position in the Nordics with 11.2m retail costumers and 625,000 corporate clients.
Nordea is the largest Nordic asset manager/wealth manager with EUR 224bn in AuM (EUR 138bn in
managed funds). It is the most diversified among its Nordic peers. Total loans are EUR 346bn with the
following split: Finland 27%, Sweden 26%, Denmark 24%, Norway 18%, and Baltics/Poland/Russia 5%.
18
The 10 largest companies in SKAGEN Global (cont.)
Microsoft is the world’s largest software company and delivers software to a number of applications
from PCs to servers and cell phones – its most famous product is Windows and the affiliated Office
Software Suite. In recent years the company has also diversified into video game consoles, ERP
systems, internet search and cloud-based computing. Despite a strong push for diversification 80% of
the company’s revenues and nearly all its profits come from three main areas: Windows OS, Windows
Server and the business division (Office Suite).
Roche is a leading pharmaceuticals and diagnostics company based in Switzerland. Half of group
sales and 2/3 of EBIT is derived from the company’s Big 3 oncology franchises: HER2 (breast cancer),
Avastin (colorectal cancer), and MabThera/Rituxan/Gazyva (blood cancer), each about USD 7bn of
revenue. These businesses all come from Genentech, in which Roche has been a majority owner since
1990, and bought the last 46% in 2009.
LG Corp is the third largest conglomerate in Korea. It is a holding company which operates a number of
listed subsidiaries: LG Chem (basic chemicals but it is also a leading manufacturer of batteries), LG
Electronics (consumer electronics and home appliances), LG Uplus (wireless telecom services), and
LG Household & Health (households and personal care products). The company also operates a
number of unlisted companies.
DSM is a global life sciences and materials science company. It was founded in 1902 and is
headquartered in Heerlen, the Netherlands. The company operates in five segments: nutrition,
performance materials, polymer intermediates, pharma, and an innovation centre. DSM has spent a
decade reshaping its businesses from basic chemicals to life science. 2/3 of earnings comes from
nutrition today.
State Bank of India is the largest bank in India with a 22% market share. It has an unrivaled pan-India
branch network and a very strong deposit franchise. The bank also has a sizeable overseas presence
(15% of loan book). Aside from its core banking operation, the company is also involved in life
insurance, asset management, credit cards, and capital markets.
19
For mer informasjon, vennligst se:
Siste Markedsrapport
Informasjon om SKAGEN Global på våre nettsider
Historisk avkastning er ingen garanti for framtidig avkastning. Framtidig avkastning vil blant annet avhenge av
markedsutviklingen, forvalters dyktighet, fondets risiko, samt kostnader ved kjøp og forvaltning. Avkastningen kan
bli negativ som følge av kurstap.
SKAGEN søker etter beste evne å sikre at all informasjon gitt i denne rapporten er korrekt, men tar forbehold for
eventuelle feil og utelatelser. Uttalelsene i rapporten reflekterer porteføljeforvalternes syn på gitt tidspunkt, og dette
synet kan bli endret uten varsel. Rapporten skal ikke forstås som et tilbud eller en anbefaling om kjøp eller salg av
finansielle instrumenter. SKAGEN påtar seg intet ansvar for direkte eller indirekte tap eller utgifter som skyldes bruk
eller forståelse av rapporten. Ansatte i SKAGEN AS kan være eiere av verdipapirer utstedt av selskaper som er
omtalt enten i denne rapporten eller inngår i fondets portefølje.