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Overview of all investments

SKAGEN Focus A as of 31/12/2024

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Acerinox SA 1,268,117 142,589,588 140,934,370 4.05 %
Methanex Corp 228,566 100,955,685 129,639,449 3.73 %
Cascades Inc 1,310,510 107,466,861 123,256,627 3.55 %
Cementir Holding NV 726,335 62,185,754 90,033,342 2.59 %
Interfor Corp 671,869 111,503,975 89,082,722 2.56 %
International Nickel Indones 30,261,653 86,478,222 77,300,875 2.22 %
Canfor Corp 554,793 90,136,727 66,506,014 1.91 %
Aya Gold & Silver Inc 753,426 73,737,662 63,900,324 1.84 %
Aperam SA 180,913 52,985,656 53,658,761 1.54 %
K+S AG 399,982 73,702,237 49,203,718 1.42 %
Nickel Asia Corp 58,760,726 68,864,345 40,264,511 1.16 %
Wienerberger 101,788 32,917,513 32,057,743 0.92 %
Total Materials 1,003,524,225 955,838,455 27.50 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Japan Post Holdings Co Ltd 1,115,217 93,691,922 120,122,665 3.46 %
Korean Reinsurance Co 1,568,658 56,807,613 96,209,718 2.77 %
Samsung Fire & Marine Insurance Co Ltd 36,734 76,872,687 77,791,853 2.24 %
Hyakugo Bank Ltd/The 1,468,103 60,769,019 67,051,300 1.93 %
Dgb Financial Group 1,054,078 64,967,890 66,519,595 1.91 %
PEUGEOT INVEST 67,136 64,722,888 57,716,319 1.66 %
Old Republic Intl Corp 122,235 39,250,407 50,241,335 1.45 %
Banco del Bajio SA 1,129,000 27,379,580 25,746,252 0.74 %
Total Financials 484,462,006 561,399,037 16.15 %

Real Estate

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Nexity SA 700,804 94,232,143 107,143,471 3.08 %
Total Real Estate 94,232,143 107,143,471 3.08 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Kalmar Oyj 284,532 90,562,738 106,443,849 3.06 %
Takuma Co 793,753 93,640,054 95,162,395 2.74 %
Swire Pacific B 5,659,744 79,098,560 92,679,724 2.67 %
GT Capital Holdings Inc 674,367 75,153,878 87,122,846 2.51 %
CNH Industrial NV 674,518 76,099,355 86,796,150 2.50 %
Ayvens SA 908,264 68,916,497 69,911,326 2.01 %
Norma Group SE 368,807 70,835,225 64,800,080 1.86 %
DL E&C Co Ltd 250,209 75,246,869 62,059,383 1.79 %
Grupo Traxion SAB de CV 5,485,000 84,313,613 57,013,673 1.64 %
Vesuvius 814,438 46,845,045 49,003,118 1.41 %
Befesa SA 197,658 73,915,888 48,257,801 1.39 %
Total Industrials 834,627,721 819,250,344 23.57 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Albertsons Cos Inc 445,801 95,086,910 99,439,637 2.86 %
Tate & Lyle 716,030 67,588,888 66,150,890 1.90 %
LG Household & Health Care Ltd 48,654 78,415,319 51,648,835 1.49 %
Sao Martinho SA 995,258 58,189,643 42,558,003 1.22 %
Total Consumer Staples 299,280,760 259,797,366 7.47 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Mazda Motor Corp 1,014,616 88,868,202 79,444,570 2.29 %
Hyundai Mobis 43,245 75,556,562 78,902,469 2.27 %
Beazer Homes USA Inc 250,101 88,072,734 77,999,707 2.24 %
Persimmon 445,848 72,273,659 75,974,694 2.19 %
Whirlpool Corp 54,401 60,710,914 70,731,605 2.03 %
Gestamp Automocion SA 1,769,386 69,698,630 51,605,983 1.48 %
PVH CORP 42,049 48,812,340 50,502,521 1.45 %
Adient Plc 227,397 53,412,500 44,498,669 1.28 %
Brembo N.V. 241,484 27,191,185 25,823,871 0.74 %
Total Consumer Discretionary 584,596,727 555,484,088 15.98 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Akatsuki Inc 380,968 63,275,281 79,344,362 2.28 %
Total Communication Services 63,275,281 79,344,362 2.28 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Siltronic AG 113,299 98,318,794 61,959,059 1.78 %
Eugene Technology Co Ltd 194,195 58,614,120 46,892,774 1.35 %
Total Information Technology 156,932,914 108,851,834 3.13 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 3,548,866,686 3,447,929,177 99.19 %
Available liquidity 28,058,739 0.81 %
Total AUM 3,475,987,916 100.00 %

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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