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Oscar Björck, Launching the boat. Skagen, 1884. This painting is manipulated and belongs to The Art Museums of Skagen.

Following the change in mandate, our clients will have the opportunity to invest in a portfolio consisting primarily of Norwegian and Nordic companies. The fund remains flexible with up to 25% exposure to bonds with credit quality BB+ or lower (high yield). As a result, both the risk and the expected return will increase somewhat. Unit holders in the fund will benefit from a reduced fixed management fee from 0.5% to 0.4%

The fund's benchmark will also be changed to a combined index consisting of the NBP Norwegian RM3 Floating Rate Index NOK (92%) and the NBP Norwegian HY Aggregated Index NOK Hedged (8%) to reflect this change in mandate.

Given the significant changes being made to the fund's mandate, SKAGEN Avkastning will not maintain its track record prior to the mandate change, and the return history will start afresh. This will have no impact on unit holders' investments in the fund.

New portfolio managers

SKAGEN Avkastning will henceforth be managed by portfolio managers Ola Bjerkestrand Moe and Per Inge B. Heggem who have been with Storebrand Asset Management for six and twelve years, respectively. Storebrand Asset Management offers an exceptional environment for macroeconomic analysis and fixed income management and is one of the leading fixed income managers in Scandinavia.

SKAGEN Avkastning will remain a standalone fund under the SKAGEN brand and clients will continue to receive newsletters, monthly reports and invitations to relevant events from us. The current portfolio manager of SKAGEN Avkastning, Sondre Solvoll Bakketun, will remain in the SKAGEN portfolio management team.

For further information about the fund's mandate, please refer to the fund's prospectus. If you have any questions, please contact our Customer Services team by phone on +47 51 80 37 09 or send an email to contact@skagenfunds.com

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 www.skagenfunds.com/costs.

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