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Overview of all investments

SKAGEN m2 A as of 31/12/2025

Real Estate

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
CTP NV 330,621 45,634,024 69,873,958 5.49 %
Catena AB 138,444 40,092,244 68,287,304 5.36 %
Public Property Invest AS 2,580,920 40,411,320 60,135,436 4.72 %
Equinix Inc (REIT) 7,166 52,802,349 55,379,858 4.35 %
CareTrust REIT Inc 135,005 41,233,204 49,241,791 3.87 %
Aedifica SA 58,628 51,331,629 46,881,221 3.68 %
Shurgard Self Storage SA 134,000 36,385,942 46,511,728 3.65 %
CBRE Group Inc 27,318 22,037,343 44,306,097 3.48 %
Cityvarasto Oyj 218,863 41,032,010 43,299,101 3.40 %
Prologis Inc (REIT) 33,223 37,299,266 42,780,834 3.36 %
Prisma Properties AB 1,400,500 39,062,703 39,075,560 3.07 %
Capitaland Investment Ltd/Singapore 1,780,228 21,341,618 37,840,545 2.97 %
Grainger PLC 1,519,600 45,774,355 37,564,608 2.95 %
UMH Properties Inc 233,108 35,014,005 37,409,588 2.94 %
American Tower Corp (REIT) 20,206 41,547,621 35,783,780 2.81 %
Independence Realty Trust Inc 192,995 35,226,237 34,028,519 2.67 %
Fastighets AB Balder (B shs) 452,000 32,234,475 33,729,098 2.65 %
UNITE Group PLC/The 372,000 40,289,792 28,238,670 2.22 %
LOG Commercial Properties e Participacoes SA 632,400 28,745,927 28,170,950 2.21 %
Sun Communities Inc 22,528 35,968,026 28,156,882 2.21 %
Intea Fastigheter AB 348,433 16,389,143 25,181,061 1.98 %
Americold Realty Trust Inc 175,942 50,628,343 22,822,649 1.79 %
Kimco Realty Corp (REIT) 109,621 30,096,080 22,413,159 1.76 %
Tokyu Fudosan Holdings Corp 239,116 12,938,450 21,988,861 1.73 %
Capitaland India Trust 2,219,077 12,849,244 21,234,628 1.67 %
Swire Properties Ltd 721,480 16,456,116 19,616,064 1.54 %
Macerich Co (REIT) 79,499 14,307,716 14,802,972 1.16 %
Robinsons Land Corp 4,578,000 11,989,462 12,683,971 1.00 %
Smartstop Self Storage REIT Inc 36,479 12,162,253 11,384,627 0.89 %
Ayala Land 2,654,800 11,586,932 10,218,479 0.80 %
Sveafastigheter AB 209,161 8,421,321 9,332,755 0.73 %
Nexity SA 32,932 5,051,894 3,501,407 0.28 %
Total Real Estate 966,341,043 1,061,876,161 83.41 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Helios Towers PLC 2,594,000 31,189,592 57,929,663 4.55 %
Cellnex Telecom SA 139,826 55,459,280 45,436,388 3.57 %
Total Communication Services 86,648,873 103,366,051 8.12 %

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Brookdale Senior Living Inc 352,800 21,522,609 38,397,733 3.02 %
Total Health Care 21,522,609 38,397,733 3.02 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Beazer Homes USA Inc 44,774 13,982,651 9,154,512 0.72 %
Toll Brothers 5,200 5,706,126 7,092,508 0.56 %
Total Consumer Discretionary 19,688,776 16,247,020 1.28 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 1,143,825,602 1,223,483,030 96.10 %
Available liquidity 49,668,703 3.90 %
Total AUM 1,273,151,733 100.00 %

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.