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SKAGEN Tellus to close

SKAGEN has decided to close its global bond fund SKAGEN Tellus. The liquidation will be effective from 28.10.2022.

Date: 28/10/22

Anna Ancher, Interior. Brøndum's annex, 1916/1917. The painting is manipulated and belongs to The Art Museums of Skagen.

SKAGEN Tellus was established in September 2006, offering investment in a portfolio of bonds and certificates issued or guaranteed by governments from around the world. SKAGEN Tellus has not attracted sufficient assets in recent years[1] as the mandate has proven challenging to sell and the fund appears to have limited prospects of reaching a sustainable size. SKAGEN therefore believes that closing the fund is in the best long-term interests of clients.

The portfolio manager of SKAGEN Tellus, Sondre Solvoll Bakketun, will remain within the SKAGEN portfolio team.

The Norwegian FSA has approved the liquidation, unit holders have been informed and trading in the fund has been suspended.

If you have any questions regarding the liquidation, please contact Customer Services on +47 51 80 37 09.


[1] As of 28 October 2022, SKAGEN Tellus had EUR 30 million in assets under management.

 

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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