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Prospekt SKAGEN Global II www.skagenfunds.com Prospectus SKAGEN Global II Verdipapirfond, org.nr. 984 636 237 (founded 17/10/2003) 1. SKAGEN AS § 2 UCITS fund 1.1 Legal matters The Fund is a UCITS fund which complies with the investment rules of Chapter SKAGEN AS (SKAGEN) was founded on 15.09.1993 and is registered in the 6 of the Norwegian Securities Funds Act and the regulations on subscription Register of Business Enterprises with org. no. 867 462 732. On 19.11.1993 the and redemption in § 4-9 (1) and § 4-12 (1). company was authorised by the Financial Supervisory Authority of Norway to manage securities funds. The company manages the following different fund § 3 Rules for the investment of the Fund’s assets categories; equity funds, fixed income funds and balanced funds. The funds are 3.1 The Fund’s investment area and risk profile managed according to different mandates within their respective categories. The Fund is an equity fund which primarily invests in equities issued by For more information about which funds are managed by the company, please companies worldwide. Details of the Fund’s investment mandate are given in refer to our homepage www.skagenfunds.com or contact the company directly. the prospectus. The Fund is normally characterised by a relatively high The company's share capital is NOK 6.329.200. The company's registered fluctuation risk (volatility). The risk profile is set out in detail in the Fund’s Key office address is P.O. Box 160, 4001 Stavanger. The company is authorised to Investor Information Document. market SKAGEN Global II in Norway, Sweden, Denmark, Finland, the Netherlands, Iceland, the UK, Ireland and the Faroe Islands. 3.2 General information about the investment area The Fund’s assets may be invested in the following financial instruments and/or Changes in the marketing of the fund or the termination of the marketing of the credit institutions: Fund in the above mentioned markets may not be carried out until SKAGEN transferable securities yes no has provided written notification to the financial authorities in the relevant host securities fund units yes no countries. Unit holders will be informed via our web pages. money market instruments yes no derivatives yes no 1.2 Ownership deposits with credit institutions yes no The company is 100 percent owned by Storebrand Asset Management AS. Regardless of the investment options in this section, the Fund may hold liquid 1.3 Board of Directors assets. Elected by the shareholders: Jan Erik Saugestad, Chairperson The Fund’s investments in securities fund units shall, together with its other Viveka Ekberg investments, shall be in accordance with these Articles of Association. Kristian Falnes Tove Selnes Investment in other securities funds constitutes not more than 10% of the Fund’s assets: yes no Elected by the unit holders: Per Gustav Blom Investment in non-UCITS securities funds meets the conditions of § 6-2 (2) of Karen-Elisabeth Ohm Heskja the Norwegian Securities Funds Act and does not, overall, constitute more than 30% of the Fund’s assets: Deputy members elected by the shareholders: yes no Leiv Askvig Camilla Brustad-Nilsen Securities funds in which investment is placed may themselves invest a maximum of 10% of the Fund’s assets in securities fund units: Deputy member elected by the unit holders: yes no Hilde Hukkelberg The Fund’s assets may be invested in money market instruments normally Observer elected by the employees: traded on the monetary market, which are liquid and can be valued at any time: Anne Sofie Størseth yes no Deputy member elected by the employees: The Fund may use the following derivative instruments; options, futures and Michel Ommeganck swaps. The basis for the derivatives shall be financial instruments as mentioned above in Section 3.2, first paragraph, indices with financial Total fees to directors were NOK 1.550.000 in 2020. instruments as defined in Section 3.2, first paragraph or interest rates, currencies or exchange rates. 1.4 Managing director Timothy C Warrington Expected risk and expected return of the Fund’s underlying securities portfolio shall be reduced as a result of the derivative investments. The Managing director receives a fixed salary of NOK 2.300.000 and in addition, a performance based bonus. 3.3 Liquidity requirement The Fund’s assets may be invested in financial instruments which: 1.5 Remuneration scheme The company has a remuneration scheme which is established in accordance 1. are admitted to official exchange listing or traded on a regulated market in with the management company’s and the funds’ strategies, overall objectives, an EEA Member State, including a Norwegian regulated market as risk tolerance and long-term interests. Central to the company’s remuneration defined in Article 4(1)(14) of Directive 2004/39/EC and § 3(1) of the scheme is a profit sharing with employees. More information about the Norwegian Stock Exchange Act. remuneration scheme can be found on the company’s web site. The yes no information can be sent free of charge on request. 2. are traded on another regulated market which operates regularly and is 2. Articles of Association for the fund SKAGEN Global II open to the public in a state which is party to the EEA Agreement. § 1 Name of the securities fund and of the management company yes no The securities fund SKAGEN Global II is managed by the management company SKAGEN AS (hereinafter referred to as ‘SKAGEN’). The Fund is 3. are admitted to official listing on a stock exchange in a country outside authorised in Norway and regulated by the Financial Supervisory Authority of the EEA or which are traded in such a country on another regulated Norway (Finanstilsynet). market which operates regularly and is open to the public. yes no The Fund is regulated by the Norwegian Act No 44 of 25 November 2011 on securities funds (hereinafter referred to as ‘the Norwegian Securities Funds Any stock exchange and regulated market in the world is eligible. Investments Act’). are made in well-developed markets and emerging markets. 4. are newly issued, if the issue is conditional upon an application being services which the custodian or intermediary provides to the management made for admission to trading on a stock exchange or market as ticked in company. If a unit holder subscribes for units through a custodian or other items 1 to 3 above. Admission to trading shall take place within one year intermediary who does not receive remuneration from SKAGEN, the unit holder of the expiry of the subscription period. may only receive a discount if the nominee or intermediary demonstrates to the yes no management company that the individual unit holder meets the requirements for discount. Any other criteria for refusing discount shall be objective and The Fund’s assets may be invested in money market instruments traded on a verifiable. market other than those indicated in items 1-3 above, if the issue or the issuer of the instruments is regulated for the purpose of protecting investors and Anyone, including existing and potential unit holders as well as the Norwegian savings and if the instrument is subject to the Norwegian Securities Funds Act Financial Services Authority, shall be entitled, on request, to be informed about § 6-5 (2). the individual discounts given in relation to the number of units. Up to 10% of the Fund’s assets may be invested in financial instruments other The discount shall be calculated daily. The discount shall be paid by the end of than those mentioned in this section. March of the following year. The management company shall pay the discount either through allocation of new units in the Fund or payment of the discount 3.4 Investment restrictions – the Fund’s assets amount. The Fund’s portfolio of financial instruments shall be of a composition which provides a suitable spread of the risk of loss. In addition, the management company may charge the Fund a performance- related management fee. The Fund’s investments shall at all times comply with the investment constraints of the Norwegian Securities Funds Act § 6-6 and § 6-7 (1) (2). If there is a better value development of the net asset value per unit expressed as a percentage than that achieved by MSCI All Country World Daily Total 3.5 Investment restrictions – ownership interest with issuer Return Net $, as measured in Norwegian kroner, the management company The Fund’s investments shall at all times comply with investment restrictions in shall charge a further 10% fee of the difference between the value development the Norwegian Securities Funds Act § 6-9. of the Fund expressed as a percentage and the value development of MSCI All Country World Daily Total Return Net $ as measured in Norwegian kroner, 3.6 Lending expressed as a percentage, in the same period. The Fund may lend financial instruments in accordance with the Norwegian Securities Funds Act § 6-11. When calculating the daily unit value, the fixed management fee is deducted so that the net asset value per unit is adjusted for the fixed management fee All income from lending shall accrue to the Fund. before comparing the development of the net asset value per unit with the development of MSCI All Country World Daily Total Return Net $, as measured § 4 Capital gains and dividends in Norwegian kroner, and calculating and deducting any variable management Capital gains shall be reinvested in the Fund. fee. Dividends shall not be distributed to unit holders. The variable management is calculated daily and charged quarterly. The variable management fee for a given quarter is charged only if the cumulative The management company’s Board of Directors may allow capital gains of the relative value of the Fund and MSCI All Country World Daily Total Return Net Fund’s bonds to be distributed to unit holders.
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