Skip to main content
Brazil was the best performing EM during the quarter. SKAGEN Kon-Tiki benefitted from its overweight positioning in Brazil with both Raizen and Banco do Brasil making significant contributions to performance. Photo: Davi Costa by Unsplash
Global Stock Markets 2 min read time

SKAGEN Performance Update – A solid second quarter

By Nick Henderson Communications Manager 10 July 2023

Global equity markets ignored doomsayers and climbed higher in the second quarter. Large technology companies powered the ascent as the buzz around Artificial Intelligence drowned out pessimistic voices about a shaky macro economy. Interest rates rose again, and inflation clearly remains elevated.

Emerging Market equities (again) trailed those of developed markets as the lacklustre COVID-recovery in China continued to disappoint. Brazil was the best performing EM during the quarter, with equities boosted by the current high real rates and scope for easing monetary policy in the coming quarters.

SKAGEN Global

US holdings led absolute and relative gains as TMX Group entered the portfolio. SKAGEN Global added 3.38% during the quarter, outperforming the MSCI All Country World Index which climbed 3.26%. Read the SKAGEN Global Q2 2023 report for more information.

imageuwt29.png

SKAGEN Kon-Tiki

Brazilian holdings drove portfolio gains as Emerging Markets underperformed Developed Markets on China sluggishness. SKAGEN Kon-Tiki added 0.75% during the quarter, beating the MSCI Emerging Markets Index which dropped 1.87%. Read the SKAGEN Kon-Tiki Q2 2023 report for more information.

imageoswf.png

SKAGEN Focus

Panasonic strength was offset by E-mart weakness as a few large cap tech stocks drove market gains. SKAGEN Focus fell 1.76% during the quarter, lagging the MSCI All Country World Index which climbed 3.26%. Read the SKAGEN Focus Q2 2023 report for more information.

imaged0ef9.png

SKAGEN m2

LOG drove relative gains as market conditions become increasingly favourable for listed real estate. SKAGEN m² fell 0.42% over the quarter, outperforming the MSCI All Country World Index Real Estate IMI benchmark which dropped 2.94%. Read the SKAGEN m2 Q2 2023 report for more information.

image77pgo.png

SKAGEN in the media

 

Date: 10/07/23

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.