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Overview of all investments

SKAGEN Avkastning as of 31/01/2025

Unclassified

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Skandinaviska Enskilda Banken AB 94,288,680 94,308,460 94,253,808 6.47 %
FX forward_USD/SEK_NDA-HEL_20251208 1,023,279 11,301,954 11,167,550 0.77 %
FX forward_SEK/NOK_NDA-HEL_20251208 11,297,610 11,068,090 10,914,612 0.75 %
FX forward_EUR/NOK_SEBA-STO_20250207 10,790,644 10,750,410 10,786,654 0.74 %
FX forward_USD/NOK_SEBA-STO_20250207 5,517,971 5,519,100 5,515,930 0.38 %
FX forward_USD/NOK_SEBA-STO_20250207 5,034,795 5,035,758 5,032,933 0.35 %
FX forward_DKK/NOK_NDA-HEL_20251208 803,663 786,050 776,418 0.05 %
FX forward_DKK/NOK_SEBA-STO_20250313 460,000 719,914 722,759 0.05 %
FX forward_DKK/NOK_SEBA-STO_20250313 40,000 63,565 62,849 0.00 %
FX forward_DKK/NOK_SEBA-STO_20250313 -63,821 -63,565 -63,531 0.00 %
FX forward_DKK/NOK_NDA-HEL_20251208 -500,000 -786,050 -774,920 -0.05 %
FX forward_DKK/NOK_SEBA-STO_20250313 -723,486 -719,914 -720,200 -0.05 %
FX forward_USD/NOK_SEBA-STO_20250207 -460,000 -5,035,758 -5,198,157 -0.36 %
FX forward_USD/NOK_SEBA-STO_20250207 -500,000 -5,519,100 -5,650,170 -0.39 %
FX forward_EUR/NOK_SEBA-STO_20250207 -900,000 -10,750,410 -10,573,965 -0.73 %
FX forward_USD/SEK_NDA-HEL_20251208 -11,000,000 -11,301,954 -11,055,931 -0.76 %
FX forward_SEK/NOK_NDA-HEL_20251208 -11,000,000 -11,068,090 -11,055,931 -0.76 %
FX forward_USD/NOK_SEBA-STO_20250207 -8,600,000 -94,308,460 -97,182,929 -6.67 %
Total Unclassified 0 -3,042,223 -0.21 %

Kommunalt eide aksjeselskaper mv.

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Eviny AS 50,000,000 50,612,450 51,203,340 3.52 %
Eidsiva Energi AS 21/28 FRN 16,000,000 15,762,400 16,147,429 1.11 %
Eidsiva Energi AS 20/27 FRN 10,000,000 9,963,300 10,149,555 0.70 %
Total Kommunalt eide aksjeselskaper mv. 76,338,150 77,500,324 5.32 %

Banker

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Pareto Bank ASA 30,000,000 30,000,000 30,521,599 2.10 %
Spb Sør 20/26 FRN C 25,000,000 25,000,000 25,179,596 1.73 %
Spb 1 Sør-Norge ASA 24/34 FRN STEP C SUB 20,000,000 20,000,000 20,655,265 1.42 %
Skue Spb 21/31 FRN STEP C SUB 20,000,000 19,732,000 20,236,529 1.39 %
Spb 1 SMN 20/26 FRN STEP C 20,000,000 20,014,869 20,224,464 1.39 %
Spb 1 Nord-Norge 20/26 FRN STEP C 20,000,000 20,332,500 20,114,404 1.38 %
Spb 1 Sør-Norge ASA 23/PERP FRN C HYBRID 17,000,000 17,000,000 17,560,982 1.21 %
BN Bank ASA 24/35 FRN STEP C SUB 14,000,000 14,000,000 14,194,406 0.97 %
Spb Sør 24/35 FRN C SUB 13,000,000 13,000,000 13,194,812 0.91 %
DNB Bank ASA 23/PERP ADJ C HYBRID 10,000,000 10,362,500 10,758,560 0.74 %
DNB Bank ASA 22/PERP ADJ C HYBRID 10,000,000 10,000,000 10,572,295 0.73 %
Spb 1 SMN 23/33 FRN STEP C SUB 10,000,000 10,000,000 10,529,102 0.72 %
Rørosbanken Rør Spb 24/34 FRN STEP C SUB 10,000,000 10,000,000 10,326,864 0.71 %
DNB Bank ASA 23/33 FRN C SUB 10,000,000 10,000,000 10,283,988 0.71 %
Spb Møre 23/33 FRN C SUB 10,000,000 10,000,000 10,279,509 0.71 %
Pareto Bank ASA 24/29 FRN 10,000,000 10,000,000 10,186,163 0.70 %
OBOS-banken AS 20/30 FRN C SUB 10,000,000 9,797,480 10,118,140 0.69 %
DNB Bank ASA 21/32 FRN C SUB 10,000,000 9,443,000 10,110,350 0.69 %
Haugesund Spb 24/34 FRN C SUB 9,000,000 9,000,000 9,185,760 0.63 %
Voss Veksel ASA 24/35 FRN C SUB 8,000,000 8,000,000 8,202,341 0.56 %
Spb 1 Sør-Norge ASA 23/34 FRN C SUB 7,000,000 6,863,080 7,264,732 0.50 %
Askim & Spydebe Spb 23/33 FRN STEP C SUB 5,000,000 5,000,000 5,278,732 0.36 %
Stadsbygd Spb 23/33 FRN C SUB 5,000,000 5,000,000 5,261,916 0.36 %
Spb Vest 23/33 FRN C SUB 5,000,000 5,000,000 5,178,385 0.36 %
Spb 1 Nord-Norge 23/33 FRN C SUB 5,000,000 5,000,000 5,138,257 0.35 %
DNB Bank ASA 20/30 FRN STEP C SUB 5,000,000 4,900,100 5,067,349 0.35 %
Søgne og Greipstad Spb 23/33 FRN C SUB 4,000,000 4,144,640 4,192,393 0.29 %
Spb 1 Nord-Norge 23/33 FRN STEP C SUB 4,000,000 4,000,000 4,174,028 0.29 %
Spb 1 Sør-Norge ASA 23/33 FRN C SUB 4,000,000 4,033,240 4,137,289 0.28 %
Spb Sør 20/30 FRN STEP C SUB 3,000,000 2,949,540 3,019,495 0.21 %
DNB Bank ASA 20/30 FRN C SUB 2,000,000 2,007,480 2,035,647 0.14 %
DNB Bank ASA 22/32 FRN C SUB 2,000,000 1,969,140 2,002,983 0.14 %
Ørskog Spb 20/30 FRN C SUB 1,000,000 976,240 1,014,249 0.07 %
DNB Bank ASA 20/30 FRN STEP C SUB 1,000,000 988,910 1,011,496 0.07 %
Total Banker 338,514,719 347,212,079 23.84 %

Utlandet

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Castellum 30,000,000 29,699,400 30,246,535 2.08 %
Aktieselskabet Schouw & 24/29 FRN FLOOR 25,000,000 25,000,000 25,487,048 1.75 %
DFDS A/S 24/27 FRN 24,000,000 24,099,440 24,280,023 1.67 %
NOBA Bank Group AB 22,000,000 22,095,983 22,597,472 1.55 %
Maran Shuttle Tanker 24/28 9,00% USD P/C 1,600,000 16,931,840 19,348,983 1.33 %
SFL Corporation Ltd. 24/28 8,25% USD C 1,600,000 17,184,720 18,629,060 1.28 %
Nordea Bank Abp PERP 18,000,000 18,000,000 18,512,394 1.27 %
Fastighets AB Balder 22/27 FRN 16,000,000 16,056,720 16,340,006 1.12 %
Scania CV 20/25 FRN NOK 16,000,000 16,425,120 16,131,402 1.11 %
Rikshem AB 20/26 FRN 15,000,000 15,053,300 15,368,181 1.06 %
DFDS A/S 23/26 FRN 15,000,000 15,000,000 15,272,057 1.05 %
LeasePlan Corp NV FRN 2025/05/07 15,000,000 14,999,100 15,215,168 1.04 %
Stolt-Nielsen Limited 23/28 FRN FLOOR 12,500,000 12,596,600 12,923,403 0.89 %
Fastighets AB Balder 21/28 FRN 12,000,000 11,894,400 11,963,871 0.82 %
Seapeak LLC 20/25 FRN FLOOR 10,000,000 10,087,500 10,372,967 0.71 %
LeasePlan Corp NV FRN 2025/12/07 10,000,000 9,999,600 10,282,783 0.71 %
Atrium Ljungberg AB 22/26 FRN 10,000,000 10,113,000 10,274,410 0.71 %
SFL Corporation Ltd. 24/29 FRN C 10,000,000 10,012,500 10,019,319 0.69 %
TORM PLC 24/29 8,25% USD C 800,000 8,281,659 9,369,230 0.64 %
Nordea Bank Abp 24/35 FRN C SUB 8,000,000 8,000,000 8,180,945 0.56 %
Yinson Production Fin 24/29 9,625% USD C 500,000 5,680,209 6,032,136 0.41 %
SFL Corporation Ltd. 23/27 8,875% USD C 500,000 5,438,136 5,834,838 0.40 %
Odfjell Technology Ltd 24/28 FRN FLOOR C 5,000,000 5,000,000 5,097,510 0.35 %
Magellan BidCo 2 S 24/29 FRN EUR FLOOR C 400,000 4,666,000 4,897,528 0.34 %
SFL Corporation Ltd. 25/30 7,75% USD C 400,000 4,506,992 4,486,941 0.31 %
Total Utlandet 336,822,219 347,164,208 23.84 %

Private aksjeselskaper mv.

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
OBOS Eiendom AS 25,000,000 24,458,000 25,653,846 1.76 %
Eiendomsspar AS 21/26 FRN 25,000,000 24,239,700 25,185,305 1.73 %
Norwegian Property ASA 24/29 FRN 20,000,000 19,979,600 20,372,458 1.40 %
SalMar ASA 21/27 FRN FLOOR 20,000,000 19,473,900 20,271,548 1.39 %
Olav Thon Eiendomsselskap ASA 24/29 FRN 19,000,000 19,100,380 19,672,638 1.35 %
Aker ASA 24/29 FRN FLOOR 15,000,000 15,000,000 15,275,569 1.05 %
Norwegian Property ASA 21/26 FRN 15,000,000 14,302,500 15,086,550 1.04 %
Aker Biomarine ASA 24/27 FRN C 14,000,000 13,992,500 14,252,194 0.98 %
Bonheur ASA 24/29 FRN FLOOR C 14,000,000 14,000,000 14,112,389 0.97 %
SalMar ASA 25/30 FRN FLOOR 14,000,000 14,000,000 14,021,312 0.96 %
Scatec ASA 24/28 FRN FLOOR C 13,000,000 13,000,000 13,746,272 0.94 %
Yara International ASA 24/29 FRN 13,000,000 13,000,000 13,135,602 0.90 %
Norsk Hydro ASA 20/26 FRN 12,000,000 12,553,200 12,547,080 0.86 %
Pelagia Holding AS 24/29 FRN FLOOR C 12,100,000 12,112,029 12,355,780 0.85 %
Yara International ASA 21/26 FRN 12,000,000 11,570,960 12,168,444 0.84 %
Elkem ASA 24/29 FRN FLOOR 12,000,000 12,000,000 12,094,052 0.83 %
Olav Thon Eiendomsselsk ASA 23/29 5,792% 11,000,000 11,021,956 12,023,540 0.83 %
Aider Konsern AS 24/28 FRN FLOOR C 11,000,000 11,012,500 11,539,553 0.79 %
Mowi ASA 24/29 FRN 11,000,000 11,000,000 11,043,551 0.76 %
Aker ASA 22/27 FRN FLOOR 10,000,000 10,000,000 10,457,088 0.72 %
Austevoll Seafood ASA 23/28 FRN FLOOR 10,000,000 10,000,000 10,180,725 0.70 %
Olav Thon Eiendomsselskap ASA 25/30 FRN 10,000,000 10,000,000 10,002,385 0.69 %
Okea ASA 23/26 9,125% USD C 800,000 8,569,598 9,627,454 0.66 %
Color Group AS 24/29 FRN FLOOR 9,000,000 9,000,000 9,141,100 0.63 %
Chip Bidco AS 24/27 FRN FLOOR C 8,750,000 8,750,000 9,105,214 0.63 %
Var Energi ASA 7.500% 2028/01/15 700,000 7,855,700 8,405,709 0.58 %
NorgesGruppen ASA 20/26 FRN 8,000,000 7,934,160 8,163,728 0.56 %
Elopak ASA 24/29 FRN 8,000,000 8,000,000 8,157,092 0.56 %
Lerøy Seafood Group ASA 21/26 FRN FLOOR 8,000,000 7,640,480 8,094,050 0.56 %
Wallenius Wilhelmsen ASA 23/28 FRN FLOOR 7,500,000 7,612,500 7,841,844 0.54 %
Felleskjøpet Agri SA 23/26 FRN 7,000,000 7,000,000 7,122,948 0.49 %
Okea ASA 24/28 9,125% USD C 600,000 6,644,490 7,082,772 0.49 %
OBOS BBL 24/29 FRN 6,000,000 6,096,720 6,241,580 0.43 %
BlueNord ASA 24/29 9,50% USD C 500,000 5,315,875 6,002,342 0.41 %
Color Group AS 23/26 FRN FLOOR 5,000,000 5,275,000 5,331,132 0.37 %
OBOS BBL 23/27 FRN 5,000,000 4,944,250 5,183,277 0.36 %
Felleskjøpet Agri SA 22/27 FRN 5,000,000 5,013,600 5,101,445 0.35 %
Elopak ASA 24/27 FRN 5,000,000 5,000,000 5,079,391 0.35 %
Pandion Energy AS 22/26 9,75% USD C 400,000 4,200,324 4,643,638 0.32 %
Hawk Infinity Softw AS 23/28 FRN FLOOR C 4,000,000 4,160,000 4,140,615 0.28 %
Kistefos AS 23/27 FRN FLOOR C 3,000,000 3,097,500 3,128,146 0.21 %
Hawk Infinity Softw AS 24/29 FRN FLOOR C 3,000,000 3,000,000 3,020,452 0.21 %
Bonheur ASA 20/25 FRN FLOOR C 2,000,000 1,962,500 2,031,723 0.14 %
Bonheur ASA 21/26 FRN FLOOR C 500,000 507,250 510,008 0.04 %
Total Private aksjeselskaper mv. 443,397,172 458,353,542 31.48 %

Statlig eide aksjeselskaper mv.

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Kongsberg Gruppen ASA 20,000,000 19,536,240 20,306,467 1.39 %
Entra ASA 21/29 FRN 20,000,000 18,714,950 19,558,862 1.34 %
Entra ASA 25/30 FRN 14,000,000 14,000,000 14,132,200 0.97 %
Entra ASA 21/26 FRN 13,000,000 12,589,200 12,967,190 0.89 %
Total Statlig eide aksjeselskaper mv. 64,840,390 66,964,719 4.60 %

Livsforsikringsselskaper og pensjonskasser

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Storebrand Livsforsikring AS 15,000,000 15,000,000 16,186,256 1.11 %
Nortura Konsernpensjonsk 24/34 FRN C SUB 7,500,000 7,500,000 7,860,062 0.54 %
Total Livsforsikringsselskaper og pensjonskasser 22,500,000 24,046,317 1.65 %

Kredittforetak

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Brage Finans AS 15,000,000 15,000,000 15,723,064 1.08 %
Brage Finans AS 25/28 FRN 13,000,000 13,000,000 13,062,340 0.90 %
Eika Boligkredit AS 21/31 FRN STEP C SUB 10,000,000 9,831,000 10,011,112 0.69 %
Brage Finans AS 24/34 FRN C SUB 9,000,000 9,000,000 9,280,113 0.64 %
Eika Boligkreditt AS 22/32 FRN C SUB 7,000,000 6,947,640 7,240,225 0.50 %
Spb 1 Boligkreditt AS 23/33 FRN C SUB 5,000,000 5,199,390 5,269,398 0.36 %
Spb 1 Boligkredi AS 23/34 FRN STEP C SUB 4,000,000 4,119,600 4,156,855 0.29 %
Brage Finans AS 23/33 FRN C SUB 3,000,000 3,171,000 3,250,257 0.22 %
Total Kredittforetak 66,268,630 67,993,365 4.67 %

Investeringsselskaper og aktive eierfond

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Crayon Group Holding AS 10,000,000 10,000,000 10,259,842 0.70 %
Total Investeringsselskaper og aktive eierfond 10,000,000 10,259,842 0.70 %

Skadeforsikringsselskaper

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Gjensidige Forsikring ASA 5,000,000 5,000,000 5,108,464 0.35 %
Gjensidige Fors ASA 21/51 FRN STEP C SUB 5,000,000 4,772,500 5,029,282 0.35 %
Total Skadeforsikringsselskaper 9,772,500 10,137,746 0.70 %

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
G&O Midco ApS DUPL 300,000 3,468,300 3,635,052 0.25 %
Total 3,468,300 3,635,052 0.25 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 1,425,568,836 1,402,365,986 96.31 %
Available liquidity 53,773,858 3.69 %
Total AUM 1,456,139,844 100.00 %

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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