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A Skagen painting of a large group of fishermen launching a rowing boat.
Michael Ancher, Fishermen launching a rowing boat, 1881. This painting is manipulated and belongs to The Art Museums of Skagen.

Founded by friends - for friends and family

Kristoffer Stensrud, Tor Dagfinn Veen, Åge K. Westbø and Geir Tjetland founded Stavanger Fondsforvaltning AS in order to invest the savings of their friends and family. They all came from different backgrounds in the financial industry but agreed on one thing: a belief that things could be done differently and better.

They launched their first fund in December 1993 – the then Norwegian/global equity fund SKAGEN Vekst – and it quickly attracted 448 unit holders and NOK 20 million under management. The name SKAGEN was inspired by the street in the Norwegian town of Stavanger where the head office is still located.

Watch the video: This is how it started - SKAGEN Funds 20 years

SKAGEN built up its offering slowly and with an eye on the long haul. Read about SKAGEN’s historical milestones.

Entrepreneurial spirit

SKAGEN has grown to become one of the largest fund managers in Scandinavia. An entrepreneurial spirit, openness and trust have always been the company's watchwords – values that hark back to a time when the founders literally sat down and ate dinner with their customers.

A value-based investment philosophy – a vision of identifying attractively priced companies with potential for repricing, and a passion for global investments – remains the cornerstone of SKAGEN's funds.

In addition to Stavanger, you can contact us in our offices in Stockholm, Copenhagen and Frankfurt.

Approachable and straightforward

SKAGEN founder Kristoffer Stensrud comes from a family of hoteliers and believed that the financial industry should have the same focus on hospitality.

This is at the heart of the company's ambitious vision:

To be the best fund manager in the world when it comes to risk-adjusted return, service and communication.

"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," says SKAGEN founder Kristoffer Stensrud.

Shared interests with clients

From day one, the founders have insisted that the credibility of the company must be based on shared interests between clients and SKAGEN. For that very reason they decided that:

  • Fees charged by the fund would depend on the manager’s success at outperforming. In other words, when customers obtain favourable returns relative to the benchmark index, SKAGEN charges a higher fee up to a defined ceiling. And vice versa.
  • SKAGEN’s portfolio managers, along with other employees, invest their own money in the company’s funds. 

Where others fear to tread

Another typical SKAGEN characteristic is the ability to act and think for oneself. When the market flocks to certain companies, SKAGEN’s managers hunt for bargains elsewhere.

"Perhaps other fund managers have misunderstood a company’s ambitions, unrealised value, etc. 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," said Kristoffer Stensrud.

Historical milestones

Why choose SKAGEN?

Our values

The investment industry focuses too much on numbers. Companies are living organisms that grow and have a vision. Understanding the underlying thought processes is very important. People perform, not numbers. That said, numbers should obviously reflect success and be reliable, says SKAGEN founder Kristoffer Stensrud.

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. An overview of costs can be found at