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In memory of Kristoffer Stensrud

We are deeply saddened to learn of the death of Kristoffer Stensrud at the age of 67. He was a renowned figure in Norwegian and international finance, and widely recognised as one of the greatest investors of his generation. 

Date: 19/09/21

Kristoffer co-founded SKAGEN in 1993 and was pivotal in building the company's success. Our thoughts and condolences are with his wife, Signe Anne, and the rest of the Stensrud family.

Contrarian thinker

Kristoffer oversaw the launch of several funds and was the architect of SKAGEN's long-standing investment philosophy based on finding companies that are undervalued, underanalysed and unpopular (the 3 Us). He managed SKAGEN Vekst from 1993 before taking the reins of SKAGEN Global in 1997 and then launched SKAGEN Kon-Tiki in 2002, which he managed until 2016.

Under Kristoffer's guidance, Kon-Tiki became one of the world's most successful emerging market funds, consistently outperforming its benchmark index for many years and generating strong returns for clients in Norway and overseas. Its success was built on Kristoffer's unparalleled financial wisdom, contrarian thinking and courage to invest in less fashionable areas of the market. Whilst at the fund's helm, Kristoffer once said: "The most thrilling challenge is to find high-quality companies that are unpopular or that do business in sectors that are currently out of favour."

Kristoffer won many international awards over his career including Morningstar's Fund Manager of The Year and Fund Europe's CIO Of The Year. He was AAA-rated by Citywire and in 2014 Kristoffer's investing success and longevity were recognised by his inclusion in Magnus Angenfelt's book of the World's 99 Greatest Investors.

Warmth and humanity

Kristoffer came from a family of hoteliers and believed that the financial industry should have the same focus on inclusivity: "I inherited my love of hospitality from my paternal grandmother. Everyone is welcome at the table. We never judge by appearances. We have been constantly guided by an extreme focus on democratic methods."

This ethos and his warmth, alongside delivering world-beating investment returns, helped SKAGEN to grow from a group of friends investing on behalf of other friends and family to become an international success story of which Kristoffer was undoubtedly its leading author.

Timothy Warrington, SKAGEN CEO, commented:

"Kristoffer was so much more than the founder of SKAGEN and guru to clients and colleagues alike. He was a man of rare intellect, a polymath, and possessed of great humanity. He was one of a kind."

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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