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Some Only See the Clouds - We See a Ray of Sunshine SKAGEN Funds Annual Report 2007 From the moor north of Skagen, 1885 By P.S. Krøyer, one of the Skagen painters. The picture is owned by the Skagens Museum. Some only see the clouds - we see a ray of sunshine Our funds 2007 Keeper of the faith Outlook 2008 Portfolio managers’ report Interview with Kristian Falnes, A good time for bargains Investment director in SKAGEN The art of common sense Another good year SKAGEN VEKST Manager: Kristian Falnes Start: 1 December 1993 2007 was another good year for SKAGEN’s clients, despite Return 2007 Average annual return since start temporary turbulence and unrest in many markets. Both of 22 % 22 % 21.7 % SKAGEN Vekst 20 % 20 % our fixed income funds and two out of our three equity funds, Oslo Stock Exhange which are ranked among the best in the world, delivered 18 % 18 % Benchmark Index (euro) 16 % 15.0 % 16 % better returns than their respective benchmark indices. 14 % 13.3 % 14 % 13.4 % 12 % 12 % 10 % 10 % 8 % 8 % 6 % 6 % 4 % 4 % 2 % 2 % 0 0 SKAGEN GLOBAL SKAGEN KON-TIKI Manager: Filip Weintraub Start: 7 August 1997 Manager: Kristoffer Stensrud Start: 5 April 2002 Return 2007 Average annual return since start Return 2007 Average annual return since start 25 % 25 % 35 % SKAGEN Kon-Tiki 35 % SKAGEN Global 22.5 % MSCI Emerging Markets Index (euro) MSCI World Index (euro) 30 % 30 % 29.3 % 20 % 20 % 26.9 % 25.7 % 25 % 25 % 15 % 15 % 12.1 % 20 % 20 % 10 % 10 % 16.8 % 15 % 15 % 5 % 5 % 2.7 % 10 % 10 % 0 0 5 % 5 % -1.7 % -5 % -5 % 0 0 SKAGEN AVKASTNING SKAGEN TELLUS Manager: Ross Porter Start: 16 September 1994 Manager: Torgeir Høien Start: 29 September 2006 Return 2007 Average annual return since start Return 2007 Average annual return since start 9 % 9 % 5 % 5 % SKAGEN Avkastning 8.27 % SKAGEN Tellus ST4X Bond Index (euro) 8 % 8 % 3.96 % Lehman Global 4 % 4 % 7.18 % 7.04 % 3.55 % Treasury Index (euro) 7 % 7 % 6.55 % 3 % 3 % 6 % 6 % 5 % 5 % 2 % 2 % 4 % 4 % 1 % 1 % 0.39 % 3 % 3 % 0 0 2 % 2 % -1 % -1 % 1 % 1 % -1.44 % 0 0 -2 % -2 % Unless otherwise stated all figures quoted in this report are in Euro, except for the annual account numbers and notes, which are in Norwegian kroner. SKAGEN Funds only has authorisation to market its money market funds SKAGEN Høyrente and SKAGEN Høyrente Institusjon in Norway and SKAGEN Krona in Sweden. Information regarding these funds is included in the official accounts and audited information hereto. Other information regarding these funds from the Norwegian version of the report has been excluded in this English language publication. The Annual Report 2007 was originally prepared in Norwegian. This is a translated version that is published with reservations regarding possible errors and omissions as well as erroneous translation. In case of conflict between the Norwegian text and the English translation, the Norwegian text shall prevail. The Norwegian version of the Annual Report 2007 is available on www.skagenfondene.no. 2 SKAGEN FUNDS ANNUAL REPORT 2007 The best at the world’s end A while back a Swiss newspaper wrote that the greatest investment company in the world is situated at the end of the world. The end of the world is defined as Stavanger, Norway and the company as SKAGEN AS. It is to some extent understandable that, to the average European, a small town in Norway, which isn’t even a capital city, may seem like the back of beyond. And it is interesting that the distance travelling to Stavanger from the rest of Europe appears greater than if you are travelling in the other direction. Still, in a globalised spherical world, Åge Westbø, Deputy managing director of SKAGEN Funds. the town is not as distant as most people think. SKAGEN AS was founded in 1993 and is still headed from Stavanger. A culturally diverse group of investment professionals with years of experience from various markets and backgrounds are gathered here currencies, such as euro, British pounds and US dollars. This is in an intellectual collective. While deeply rooted in a value investing not done by means of share classes but by pricing the funds’ assets tradition, SKAGEN has developed and kept to its own style. You can in different currencies. You can therefore buy units in one currency read more about our investment philosophy on page 8. The result is and redeem the same units in another if you wish. The currency extraordinary, with extremely good historical returns. All our equity risk that exists in the fund will be the combination of currencies funds are, as of 2007, among the best in the world and rated AAA by in the portfolio. In general is it possible to hedge against the Standard & Poor’s. effects of currency fluctuations? In his article on currency risks on page 38, Harald Haukås, one of our analysts, maintains that SKAGEN started its international activity in 2001 in Sweden and in the long term, it is the management of the fund that is decisive. currently also has marketing permission in Denmark, Finland, Iceland, Luxembourg, the Netherlands and the UK. We currently Good communication is important to SKAGEN, and we therefore market three global equity funds and one bond fund. spend a lot of time improving the ways we keep in touch with our clients. Through our Market Reports, Annual Reports and It is all too human to fear the unknown, and Norwegian funds are still monthly Status Reports, as well as our webcasts and meetings, perceived as an unknown phenomenon to most Europeans. Still, the we seek to provide our clients with the most relevant and timely Norwegian finance sector has its core laws and regulations information. You can subscribe to SKAGEN’s news service at determined by the EU commission. More about this can be seen in www.skagenfunds.com. our Business Support and Compliance Manager, Frances Eaton’s article on page 36. Stavanger may well be situated at the end of the world, but it’s just as much a part of it. SKAGEN adheres to the same set of rules as the The funds managed by SKAGEN are denominated in Norwegian kro- rest of Europe and we are working very hard to live up to the trust our ner, but subscription and redemption can be carried out in various clients have shown in us. Table of contents 2 Funds overview 37 Risk and SKAGEN 3 The best at the world’s end 38 Currency risk in SKAGEN equity funds 4 Leader 40 Performance and risk measurements 6 Portrait interview with Kristian Falnes 41 Fund rankings 8 Portfolio managers’ report 42 Board of directors’ report – Long-term efforts pay off 10 2008: A good time for bargains 46 Annual accounts 12 Towards a dual picture of the world 47 General notes 14 Free markets: a premature obituary 63 Auditor’s Report 16 Islamic finance and Korean internet brokerage 64 Highlights 2007 18 Inflation: victim of the war against recession 66 Historical milestones 20 Portfolio managers’ reports on the funds 67 SKAGEN employees get involved 36 Norwegian fund legislation SKAGEN FUNDS ANNUAL REPORT 2007 3 MANAGING DIRECTOR’S REPORT Another good year In spite of occasional turbulence and unrest on the stock exchanges in several markets, 2007 turned out to be yet another good year for SKAGEN clients. All our fixed income funds and two of our three equity funds, which are ranked among the best in the world, outperformed their respective benchmarks. SKAGEN Global rose 12.1 percent during the year, and again ended up well above the Morgan Stanley World Index. Measured by returns, the fund has been ranked by Standard & Poor’s as number 5 out of 1359 global funds over the past 5 years, and has beaten the World Index every year since its start in 1997. SKAGEN Kon-Tiki rose by 26.9 percent in 2007, and beat the Morgan Stanley Emerging Markets Index. Standard & Poor’s ranks the fund as number 1 out of 434 emerging market funds, measured by returns over the past 5 years. The fund has beaten its benchmark in every year since its launch in 2002. SKAGEN Vekst rose by 13.3 percent and ended the year a little below the Oslo Stock Exchange. This fund is also rated by Standard & Poor’s, and with a AAA it has the highest possible qualitative rating for its category. The fixed income funds Both of our internationally marketed fixed income funds also performed better than their benchmarks. SKAGEN Tellus and SKAGEN Avkastning delivered returns of 3.6 percent and 8.3 percent respectively. Harald Espedal, Managing director of SKAGEN Funds.(Photo: Jan Inge Haga). 4 SKAGEN FUNDS ANNUAL REPORT 2007 «It is particularly gratifying to see that our clients are not only the most satisfied with their return on investment, but also with the communication, service and follow-up they receive.» Our ambition is not to be the best fund over the past 12 months, but We thank our clients for their confidence and will do our outmost to to be best in the long term by achieving excess returns and avoiding continue to reach our objective of delivering the best possible risk- major capital losses. Our 2007 achievements made an important adjusted return, service, communication and competent follow-up in contribution to the realisation of this ambition. the future. Strong efforts in client communication New branches We have continued our efforts to strengthen service and communi- In the autumn of 2007 we opened an office in Gothenburg, Sweden, cation.
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