Skip to main content
At a sector level, artificial intelligence (AI) drove technology companies higher in May, although some of the current excitement, optimism and valuations appear excessive. Photo: Unsplash
Global Stock Markets 2 min read time

SKAGEN performance update – a mixed May

By Nick Henderson Communications Manager 14 June 2023

Global equities traded sideways in May as the debate around interest rate movements and inflation raged on. 

At a sector level, artificial intelligence (AI) drove technology companies higher, although some of the current excitement, optimism and valuations appear excessive. Commodity prices declined across the board.

Emerging markets slightly underperformed developed ones on the back of disappointing economic data from China. Despite encouraging AI-related trends driving demand for chips, there is growing evidence of tighter monetary policy affecting consumer confidence and demand for goods and services. As a result, the month was characterised by a degree of de-risking, which was also evidenced by weak returns from economically sensitive commodities such as iron ore and crude oil.

SKAGEN Global

Estee Lauder weakness offset Google strength as global equities moved sideways. SKAGEN Global fell 0.56% during the month, lagging the MSCI All Country World Index which climbed 0.33%. Read the SKAGEN Global May 2023 report for more information.

image9gpx.png

SKAGEN Kon-Tiki

Chinese holdings drove relative weakness as EMs underperformed DMs on weak China data. SKAGEN Kon-Tiki was down 1.23% during the month, trailing the MSCI Emerging Markets Index which was 0.29% lower. Read the SKAGEN Kon-Tiki May 2023 report for more information. 

image5egws.png

SKAGEN m²

LOG lead relative gains as higher interest rates weighed on global real estate markets. SKAGEN m² fell 2.49% over the month, outperforming the MSCI All Country World Index Real Estate IMI benchmark which dropped 3.76%. Read the SKAGEN m² May 2023 report for more information.

imagess6d9.png

SKAGEN Focus

Panasonic gains were offset by CCS weakness as LG Household & Healthcare entered the portfolio. SKAGEN Focus fell 3.11% during the month, lagging the MSCI All Country World Index which added 0.33%. Read the SKAGEN Focus May 2023 report for more information.

image30un.png

SKAGEN in the media

  • SKAGEN's Head of ESG, Sondre Myge, addressed how sustainable investing should focus on results and how to measure environmental performance to deliver long-term real economy outcomes and investment returns in Funds Europe.
  • SKAGEN Focus was included in a Citywire list of top fund picks selected by a dozen wealth managers

 

Date: 14/06/23

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. 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.