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Market update 2 April: Hopes of an oil agreement

2. April 2020
  • Trump confirmed that he has spoken with the two leaders of the countries and that he expects a deal on production cuts within days. China's plan to increase oil storage has also contributed to the increase in price.
  • On Wednesday, the S&P 500 and Dow Jones both closed down 4.4 percent.
  • Thursday morning started with the Oslo stock exchange up 1.7% and the oil price significantly up.
  • Yesterday afternoon the the manufacturing PMI and ISM numbers from the US came in slightly better than expected. However, both ended slightly below 50.
  • New orders and new export orders also fell below 50, but levels are far from what we saw during the Great Financial Crisis.
  • BRIC numbers also fell. Surprisingly, India is still above 50.
  • It is reasonable to expect numbers to fall further in April due to the massive shutdown from mid-March.

SKAGEN Funds Summary

  • No material changes.
  • The portfolio managers are having a lot of management calls with current and potential holdings.
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Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager's skill, the fund's risk profile and management fees. The return may become negative as a result of negative price developments.