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Half Year Report If the Price Is Right

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Half Year Report If the Price Is Right HALF YEAR REPORT DISRUPTIVE INNOVATION IF THE PRICE IS RIGHT JULY 2014 | www.skagenfunds.com LEADER Sit tight and DISRUPTIVE enjoy the ride INNOVATION At the time of writing, under the Norwegian midsummer’s night sun, our equity funds are setting unit price records, the bond funds are delivering very strong results and most of the global economic indicators are pointing upwards. This is a moment one should allow oneself to enjoy, since just three months ago we were asking clients to sit tight. It is also important to remember that we have do not necessarily create value for sharehold- IF THE PRICE not done anything differently from before. But ers. The market constantly seems to forget this, IS RIGHT it is during times like these that we are better with the outcome that hot listed stocks are often rewarded for our investment philosophy. The overpriced. Moreover, it is also interesting to see We like to invest in creative, global equity markets continued their upward that a lot of innovation is happening within well good quality companies, but trajectory in the second quarter delivering a return established businesses. not if we have to pay too much of 5.7 percent in euro terms. Unlike the previ- for them. We are currently living ous quarters, and contrary to what newspaper in exciting times of rapid tech- headlines had predicted at the start of the year, Picking corporate bonds from the global orchard nological development and no emerging markets have performed equally well The new bond fund SKAGEN Credit is our latest one yet knows where this will so far this year (+6.8% in euro) having made up innovative contribution, where we offer our cli- lead us. But as was the case a lot of the ground lost in the second quarter. ents the opportunity to invest in global corpo- during the Internet bubble at The second quarter was also eventful on the rate bonds. Since capital requirements for the the beginning of the 2000s, political front. The most significant occurrence world’s banks have increased over the last couple we must keep a cool head and was the election victory of Narendra Modi and of years, we have seen that the bond market has know that we are investing in his BJP party in India. The Indian stock market is changed. It has become more common for compa- real and affordable innovation. up 25 percent so far this year, so expectations nies to prefer to lend money directly in the capital of reform and economic development have left markets instead of going through banks, which their mark on the market. Now it is up to Modi and has led to more investment opportunities. To his government to deliver. Further to the east in benefit from these opportunities, SKAGEN Credit Thailand, the military took power, but the stock offers easy access to a well-diversified portfolio market continued its rise. This was the twelfth across sectors and regions. The fund follows the coup d’état since the establishment of a consti- same investment philosophy as our other funds tutional monarchy in 1932, so in a sense, it was and selects the best bonds irrespective of credit business as usual. Read more about the general quality, sector or country. Since companies are markets and their impact on our portfolios from at the heart of the investments, the managers page 16 onwards. are also able to take advantage of the combined experience and analysis of SKAGEN’s equity fund Real and affordable innovation managers. Read more about the fund on pages The theme of this market report is “disruptive 12 and 13. innovation - if the price is right.” This chimes well with our value-based investment philosophy. We Wishing you a great summer! typically like to invest in creative, good quality companies, but not if we have to pay too much for them. We are currently living in exciting times of rapid technological development and no one yet knows where this will lead us. But as was the case during the Internet bubble at the beginning of the 2000s, we must keep a cool head and know that we are investing in real and affordable innovation, and not in just more ‘emperor’s new clothes’. We – Casper Meussen have seen that companies that change the world Head of International 2 SKAGEN FUNDS HALF YEAR REPORT | JULY 2014 CONTENT LEADER DISRUPTIVE PORTFOLIO Sit tight and enjoy the ride > 2 INNOVATION MANAGERS´ Casper Meussen Some solar stocks will shine > 5 REPORT Comment by Søren M. Christensen Technological quantum leap INTRODUCTION SKAGEN NEWS creates hopes and dreams > 6 SKAGEN funds’ performance > 4 Trends in the digital era An eventful quarter > 16 Fund returns 2Q 2014 Creating value through destruction > 8 He who works hardest wins > 11 Investing in breakthrough companies EQUITY FUNDS Interview with Johan Swahn – only if the price is right SKAGEN Vekst > 20 A record quarter Who would you lend your money to? > 12 More than communication > 10 New corporate bond fund, Design and technology in SKAGEN Global > 23 SKAGEN Credit emerging markets A good quarter Notices > 14 SKAGEN Kon-Tiki > 26 New year’s conference 2015 Best in almost 4 years and people moves FINANCIAL STATEMENT SKAGEN m² > 29 Half year accounts > 43 Adjustment paid off FIXED INCOME FUNDS Fixed income report > 32 SKAGEN seeks to the best of its ability to ensure that The report should not be perceived as an offer or Stronger measures needed all information given in this report is correct, how- recommendation to buy or sell financial instru- ever, makes reservations regarding possible errors ments. SKAGEN does not assume responsibility SKAGEN Tellus > 33 and omissions. Statements in the report reflect the for direct or indirect loss or expenses incurred Good performance, good outlook portfolio managers’ viewpoint at a given time, and through use or understanding of the report. SKA- this viewpoint may be changed without notice. GEN recommends that anyone wishing to invest in our funds contacts a qualified customer adviser by telephone on +47 51 80 38 58 or by email at [email protected]. 6 20 Serial founder Elon Musk is one of the foremost exponents The second quarter was an eventful one on the political front. The election victory of Indian prime minister Narendra of disruptive innovation. Pictured here in front of a model of Modi brings hope of less bureaucracy and economic growth. The Indian market is up 25 percent year to date. his Space Taxi. SKAGEN FUNDS HALF YEAR REPORT | JULY 2014 3 SKAGEN FUNDS SKAGEN FONDER Returns The following tables show the returns for SKAGEN’s funds versus their respective benchmarks in euro. The figures are updated as of 30.06.2014 Equity Fund Fixed Income Fund SKAGEN GLOBAL SKAGEN VEKST Manager: Kristian Falnes Start: 7 August 1997 Managers: Ole Søeberg och Geir Tjetland Start: 1 December 1993 Return past 12 months Average annual return since start Return past 12 months Average annual return since start 30 30 30 30 19.7% 18.9% 20 16.9% 20 20 20 16.4% 15.5% 14.9% 9.9% 10 10 10 10 3.2% 0 0 0 0 -10 -10 -10 -10 * The benchmark index prior to 1/1/2010 was the MSCI World Index * The benchmark index prior to 1/1/2010 was OSEBX and prior to 1/1/2014 it was OSEBX / MSCI AC (50/50). SKAGEN KON-TIKI SKAGEN m² Manager: Kristoffer Stensrud Start: 5 April 2002 Managers: Michael Gobitscheck and Harald Haukås Start: 31 October 2012 Return past 12 months Average annual return since start Return past 12 months Average annual return since start 30 30 30 30 20 20 20 20 15.9% 15.9% 8.9% 10 10 8.0% 10 10 7.5% 5.7% 2.8% 0.1% 0 0 0 0 -10 -10 -10 -10 SKAGEN TELLUS Unless otherwise stated, all perfor- The half year financial statement was mance data in this report relates to originally prepared in Norwegian. The Manager: Torgeir Høien Start: 29 September 2006 class A units and is net of fees. translated version is published with reservations regarding possible errors Return past 12 months Average annual return since start Unless otherwise stated all figures and omissions as well as erroneous 10 10 quoted in this report are in euro, except translation. In case of conflict between for the half year financial statement, the Norwegian accounts and the En- 5.81% which is in Norwegian kroner. glish translation, the former shall pre- 5 3.39% 5 3.91% vail. The Norwegian version of the half 1.57% SKAGEN Funds only has authorisation year financial statement is available at 0 0 to market its money market funds SKA- www.skagenfondene.no<http://www. GEN Høyrente and SKAGEN Høyrente skagenfondene.no> Institusjon in Norway and SKAGEN -5 -5 Krona in Sweden. SKAGEN Avkastning has a limited market area. Information regarding these funds is included in -10 -10 the official accounts but is excluded elsewhere. * The benchmark index prior to 1/1/2013 was Barclay’s Capital Global Treasury Index 3-5 years. 4 SKAGEN FUNDS HALF YEAR REPORT | JULY 2014 COMMENT Some solar stocks will shine On the whole, solar energy stocks have performed well over the past 12 months, and there are good indications that this development will continue. – Søren Milo Christensen Portfolio Manager The costs associated with producing solar energy have fallen Sun on sale sharply and will continue to fall. At the same time, the number The enthusiasm for solar shares abated faster than share prices of markets where this type of energy is competitive is growing fell.
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