Transcript
SKAGEN m2 Statusrapport – september 2015
Hovedtrekk – september 2015 • SKAGEN m2 falt med 0,7 prosent i september, mens referanseindeksen var opp 1,3 prosent. • Det beste markedet i september var Tyskland, mens blant de svakeste var Brasil og Indonesia. Vi opplever at flere og flere av selskapene fondet er investert i annonserer tilbakekjøp av aksjer, og har til og med solgt eiendommer for å finansiere tilbakekjøpene, basert på store rabatter mellom aksjepris og eiendomsmarkedet. • Beste bidragsyter i absolutte termer var Colombia Property Trust, som opplevde en bedring etter å ha annonsert salg av eiendom og tilbakekjøp av aksjer til en betydelig rabatt. Nest beste bidragsyter var det japanske kontoreiendomselskapet som dro fordel av sterke fundamentale forhold i det japanske eiendomsmarkedet. Selskapet ble også slått sammen med to andre REITS og nytt navn er Nomura Real Estate Master Fund, og dermed skapt et mer diversifisert og likvid selskap. PS Business Park var også en god bidragsyter som følge av en pågående frykt for fortsatt svake markeder noe som pleiere å føre til at aksjen gjøre det bra. • Svakeste bidragsyter var Ashford Hospitality Trust. Selskapet var ned 21 prosent etter de første tegn på svakhet i det amerikanske boligmarkedet, og handles nå til en rabatt på 40 prosent (8% dividend (return of capital, no tax) yield ($15m/q with a cash balance of more than $250m). Global Logistic Properties fortsatte sin svake utvikling i september som følge av uroen i de kinesiske aksjemarkedene og frykt for økonomisk nedgang. På den positive siden fortsetter selskapet å kjøpe tilbake aksjer.
• Vi solgte oss ut av den indonesiske utvikleren Summarecon ettersom vi mener at de har mistet noe fokus i forretningsstrategien sin og har økt andelen av USD denominert gjeld. Vi økte vår posisjon i Bumi Serpong, en annen indonesisk utvikler med positiv USD eksponering på balansen og en mer enhetlig forretningsstrategi. Vår nettoeksponering mot Indonesia gikk ned. Indonesiske aksjer er svekket av motvind i makro og valuta og eiendomsmarkedet har vært spesielt påvirket av rykter om økte kjøpsskatter og økte renter. • Topp 10 og topp 35 postene utgjør respektive 41 prosent og 88 prosent av fondet. SKAGEN m2 bestod ved utgangen av september av 47 poster og 3 prosent i kontanter..
* Med mindre annet er oppgitt er alle avkastningstall for fondet i denne rapporten knyttet til klasse A, og etter fradrag for gebyrer. 2
Avkastning, september 2015
September m2
SKAGEN A MSCI ACWI Real Estate Relativ avkastning
3Q -0,7% 1,3% -2,0%
Hittil i år -0,2% 3,6% -3,8%
Note: Alle tall ut over 12 måneder er annualisert (geometrisk avkastning) * Startdato: 31. oktober 2012 3
Siden start* -0,3% 7,2% -7,5%
13,3% 20,6% -7,3%
Markedsutvikling i september i NOK (%) Tyskland Frankrike Japan Sør-Afrika UK MSCI Eiendomsindeks Thailand USA SKAGEN M2 Canada Verdensindeksen Australia Philippinene Vekstmarksindeksen Norge Singapore Tyrkia Kina (Hong Kong) Kina (lokal) India Hong Kong Indonesia Brasil
4
6 -1 -2 -2 -3 -3 -4 -4 -4 -4 -4 -5 -6 -7 -7 -8 -8 -10 -10 -10 -11 -11 -16
Markedsutvikling hittil i 2015 i NOK (%) UK Tyskland Philippinene Japan Frankrike Kina (Hong Kong) Sør-Afrika Verdensindeksen MSCI Eiendomsindeks Australia USA Norge SKAGEN M2 Kina (lokal) Hong Kong Singapore Vekstmarksindeksen Canada Thailand Indonesia India Tyrkia Brasil
5
21 18 15 13 12 10 9 8 6 5 4 3 0 0 -1 -2 -3 -4 -8 -13 -14 -14 -38
Største bidragsytere hittil i 2015 Største positive bidragsytere Selskap
Største negative bidragsytere
NOK (000)
Melia Hotels International
Selskap
NOK (000)
10 570
# Bekasi Fajar Industrial Estate
-16 216
Deutsche Wohnen AG
8 926
# Ashford Hospitality Trust Inc
-13 708
Mitsui Fudosan Co Ltd
7 514
# SOHO China Ltd
-13 510
SM Prime Holdings Inc
6 253
# BR Malls Participacoes SA
-7 956
British Land Co PLC
6 239
# CBL & Associates Properties Inc
-7 023
Apartment Investment & Managem
4 504
# Shangri-La Asia Ltd
-6 896
PS Business Parks Inc
3 666
# Global Logistic Properties Ltd
-5 889
Mercialys SA
3 253
# Brandywine Realty Trust
-5 468
Dic Asset AG
3 210
# Emlak Konut
-4 662
Columbia Property Trust Inc
3 180
# Ticon Industrial Connection PC
-4 390
Total verdiskapning hittil i 2015:
Note: Bidrag til absolutt avkastning 6
NOK -17 millioner
Største bidragsytere i september 2015 Største positive bidragsytere Selskap
Største negative bidragsytere
NOK (000)
Selskap
NOK (000)
Columbia Property Trust
3 684
##### Ashford Hospitality Trust
-7 568
Nomura Real Estate Office Fund
2 995
##### Global Logistic Properties
-3 565
PS Business Parks
2 976
##### Olav Thon Eiendom
-2 785
Oberoi Realty
2 555
##### SOHO China
-1 916
Ananda Development
2 104
##### Shangri-La Asia
-1 836
SL Green Realty
1 984
##### CBL Properties
-1 791
SM Prime Holdings
1 666
##### Summarecon Agung
-1 532
Deutsche Wohnen
1 477
##### Bumi Serpong Damai
-1 478
Atrium Ljungberg
1 427
##### Ashford Inc
-1 455
Axia Real Estate
1 317
##### Vista Land
-1 186
Total verdiskapning i september 2015:
Note: Bidrag til absolutt avkastning 7
NOK -8 millioner
Største bidragsytere i september 2015 Største positive bidragsytere Selskap
NOK (000)
Columbia Property Trust
3 684
Nomura Real Estate Office Fund
2 995
PS Business Parks
2 976
Oberoi Realty
2 555
Ananda Development
2 104
SL Green Realty
1 984
SM Prime Holdings
1 666
Deutsche Wohnen
1 477
Atrium Ljungberg
1 427
Axia Real Estate
1 317
Billig, 20 prosent rabatt på en lavt belånt høykvalitet portefølje. Slått sammen med Nomura RE Office Fund og Nomura RE Residential Fund til Nomura RE Master Fund, for å skape en mer diversifisert og likvid REIT. Selskap med en sterk balanse som gjør det bedre i svake markeder. Sterk vekst.
God Q215 rapport, slo forventningene og hevet guidingen. Ingen selskapsspesifikke nyheter. Ingen selskapsspesifikke nyheter. Den annonserte sammenslåingen med LEG Immobilien støttes av styret. Ingen selskapsspesifikke nyheter.
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Ingen selskapsspesifikke nyheter.
Største bidragsytere, september 2015 Største negative bidragsytere Selskap
NOK (000)
Ashford Hospitality Trust
-7 568
Global Logistic Properties (GLP)
-3 565
Olav Thon Eiendom
-2 785
SOHO China
-1 916
Shangri-La Asia
-1 836
CBL Properties
-1 791
Summarecon Agung
-1 532
Bumi Serpong Damai
-1 478
Ashford Inc
-1 455
Vista Land
-1 186
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Tegn på svakhet i det amerikanske boligmarkedet. Uroen i det kinesiske aksjemarkedet fortsatt å tynge GLP som har stor eksponering i Kina.. GLP fortsetter å kjøpe tilbake aksjer, noe som er positivt. Ingen selskapsspesifikke nyheter.
Generell kinesisk aksjemarkedsuro, og nyheter i august om endret utbyttepolicy. Positive nyheter i slutten av måneden var salg av eiendel etter at en tvist ble løst. De svake kinesiske markedene fortsetter. Ingen selskapsspesifikke nyheter Solgt ut. Økte posisjonen etter at Summarecon Agung ble solgt ut. Selskapet kjøpte opp Remington. Ingen selskapsspesifikke nyheter.
Viktigste endringer 1. halvår 2015 Økte poster
Q1
Q2
10
Reduserte poster
Shangri-La Asia HCP Ashford Hospitality Trust SOHO China Mitsui Fudosan Global Logistic Properties Olav Thon
(Ny)
Axia Real Estate Keck Seng Investments Grivalia Properties Olav Thon CBL Properties Deutsche Wohnen
(Ny) (Ny) (Ny)
Q1
Q2
Keppel Land Lexington Realty Trust Unibail-Rodamco Citycon CSI Properties
(Ut) (Ut)
Shimao Property China South City Citycon Hovnanian CSI Properties Melia Hotels International Ticon Industrial Mapletree Logistics Trust BR Malls
(Ut) (Ut) (Ut) (Ut) (Ut)
Viktigste endringer 2. halvår 2015 Økte poster
Reduserte poster
Q3
Q3
ADLER Real Estate AG (acquired Wesground) IRSA
11
(Ny)
British Land Mapletree Logistics Trust
(Ut) (Ut)
Affine
(Ut)
PS Business Parks Inc Westgrund AG (acquired by Adler)
(Ut)
General Growth Properties
Global Logistic Properties
Brandywine Realty Trust
Mitsui Fudosan
Ticon Industrial
Mercialys
(Ut)
Summarecon Agung
Bumi Serpong
(Ut)
Apartment Investment & Man
Unibail-Rodamco
Emlak
Ashford Prime (Spinn off)
Deutsche Wohnen
Kjøp og salg, september 2015
Kjøp Mitsui Fudosan • Kjøpte på korreksjon. Sterkt momentum i det japanske eiendomsmarkedet. Nye stimuli pakker kan være en ekstra bonus. Mercialys • Kjøpte på korreksjon. Sterk 1H2015 rapport, solid selskap med høyt utbytte som jobber aktivt innen leie av butikksegmentet. Unibail-Rodamco • Kjøpte på korreksjon. Største og beste på drift av kjøpesenter i Europa innen opplevelser/destinasjon segmentet. Store kvalitetseiendeler, med et sterkt fotfeste I Europas fortest voksende byer.
Salg Summarecon Agung (Ut) • Solgte ut for å øke posisjonen i Bumi Serpong som følge av at Summarecon har høyere gjeld og mindre fokusert forretningsmodell etter å ha innledet nye utviklingsprosjekter. Tok ned nettoeksponering i Indonesia etter diskusjon om mulig ny boligskatt og motvind i makro og valuta. General Growth Properties • Reduserte eksponering i amerikanske kjøpesentre. Emlak • Reduserte eksponeringen for å lette på risikoen knyttet til makro og valuta. Det er også en økende geopolitisk uro med kommende valg og krig i Syria. Selskapet er billig, gjør det bra og har et tilbakekjøpsprogram av aksjene.
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Største poster i SKAGEN m2 pr. 30. september 2015
Posisjonens størrelse
P/NAV last
Div. Yield 2015e
Price
EBITDA 2015e/EV
Mitsui Fudosan
5,0%
3263
102%
0,9%
5,6%
Columbia Property Trust
4,8%
23,08
75%
5,2%
6,2%
HCP
4,7%
37,49
115%
6,2%
6.3%
Global Logistic Properties
4,4%
2,04
83%
2,7%
4,8%
Olav Thon Eiendomselskap
4,3%
137,5
75%
1,3%
7,0%
SL Green Realty
3,8%
108,88
95%
2,2%
4,8%
General Growth Properties
3,7%
25,74
90%
2,8%
5,4%
Apartment Investment & Man
3,3%
36,99
90%
3.2%
5,6%
Deutsche Wohnen
3,2%
23,93
116%
2,6%
4,5%
CBL Properties
3,2%
13,88
60%
7,6%
8,9%
90%
3.3%
5.9%
3.3%
6.6%
Vektet topp 10
40.5%
Vektet topp 35
88%
Referanseindeks
13
3.3%actual
Geografisk fordeling vs. referanseindeksen september 2015 (%) 54 Fond Indeks
34
20
19 16
14
12 7
6 3 0 Asia DM
14
Asia EM
Europa DM, ekskl. Norden
Europa EM
5
3
2 0
1
Frontier Markets
Latin Amerika
2 0 Midtøsten Nord og Afrika Amerika
0 Oceania
1 Norden
2 0 Kontanter
Nyheter og annet om porteføljeselskaper
– på engelsk
Key earnings releases and corporate news Deutsche Wohnen, Germany (2,4%)
Adler Real Estate, Germany (1,0%)
Etalon. Russia (0,5%)
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DW and LEG forms a German super residential company Implications for the investment case: Positive. Consolidation makes sense in German residential sector due to the scalability of the business model. Combination has been criticized by market due to the Berlin dilution it will lead to, we think it is wrong and see good potential for DW to strengthen its presence in LEGs core market North Rein Westphalia where rental growth should be easier to obtain than Berlin (due to previous growth and newly imposed rental caps). Out of a financial standpoint this make also big sense since deal will create substantial synergies in addition to the operational ones. DW has a best in class track record of integrating acquired assets and extracting synergies. It is also very rational for DW to take advantage of its large premium to NAV to acquire LEG with smaller premium. 1h15 report; fast growth but on track with consolidation. Implications for the investment case: Neutral. Adler RE announced H1 results in line. Extremely fast growing momentarily after high investment activity, but on the positive is that fundamentals 1H15 reflects accretive growth. Full effect from Westgrund and other acquisitions in 2H15 and on track with implementation. Higher leverage an increased risk , but seems manageable and guided downwards. Asset prices still low, lagging rental levels and very high replacement costs drives further rental growth in German residential space, however depending on location and asset quality. Adler has a mix of good and bad in portfolio but is streamlining it to the better. 1H15 report disappointing cash flow but slightly better 3q15 presales guidance Implications for the investment case: Neutral. Housing market is continuously week, Etalon saw sales volumes fell 55% (y-o-y) in 1H15. However Etalon is in good financial shape and are guiding for higher presales in 3Q15 driven by lowered interest rates and a government subsidy program that should support housing sales. Substantial demand recovery has to be backed by a rebound in the macro outlook. A small but not unimportant factor is also that in Russia, RE is a defensive asset and means to protect savings from inflation and the risk of bank collapses driving certain demand. Interesting to note is that RE prices have not corrected overall in ruble terms during the current economic downturn which indicates stabile demand. Negative in the 2q15 report was the high working capital requirements to finance construction program and replenish land bank, this might limit their financial capacity to pay dividend going forward, but balance sheet is healthy which lowers the risk. Valuation is on a 5yrs low, further oil price weakness (commodities historically high correlation to Moscow RE market) would hurt the ruble, real estate prices and Etalon.
Key earnings releases and corporate news (cont.) Soho China (2,3%)
Ananda Devlpm. Thailand (1,0%)
Colombia Property Trust. US (4,8%)
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Long lasting dispute on the Bund 8-1 resolved and debt tender offer Implications for the investment case: Positive: The long lasting dispute on the Bund 8-1 project has finally been resolved. This has been a share overhang for a long time and the RMB 1bn pre-tax gain for SOHO should help prevent FY15 earnings from falling further, and mitigate concerns over a dividend shortfall. The co-working platform “SOHO 3q” should help to boost occupancy rate, but financial contribution would need time to emerge. The main challenge is still leasing environment and how it is affected by the Chinese slowdown and supply coming on the market. Company also announced a debt tender offer for USD 400m 7.125% noted due 2022. The offer will be 12.5% premium to principle amount, this was positive since they can refinance cheaper and in local currency to hedge against potential further devaluation. 2Q15 report, pre-sales beat and raised guidance Implications for the investment case: Positive: Bangkok residential developer Ananda has been a relative outperformer (+15-20%) this year in the Thai property space due to superior pre-sales. 1q15 presales exceeded guidance with 358%, 2q15 with another 53% , cost control improved and construction is on track. This with 7 out of 13 new launches to come during the year which is a further catalyst to the case. Expanded JV with Japanese Mitsui Fudosan also interesting coming years. CF and debt side has to be monitored due to volatility in CF cycle. Announce share buybacks and sale of potential sale of three assets worth up to $1b. Implications for the investment case: Positive: a value opportunity to acquire its own assets with 20-30 % discount by selling real assets and buying indirect assets by repurchase of own shares. The company will be marketing for sale three assets totaling 2.9 million square. The combined gross proceeds from the transactions, which are projected to close in late 2015 or early 2016, are expected to be approximately $900 million to $1 billion. In addition, the company authorized the repurchase of up to $200 million of Columbia’s common stock over the next two years.
Key earnings releases and corporate news (cont.) Ashford Management. US (1,0%)
General Shopping Preferred bond (0.4%)
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Merger with Remington, Size of company increase 3 times. Implications for the investment case: Positive, the market size of the company has been too low and the stock is illiquid, creating a lot of volatility. The merger will remove the conflict of interest between the management company Ashford and CEO, owning the hotel management company Remington. The total consideration for 80 % of Remington is more than 2 times todays market cap ($300m) consisting of cash, convertible and shares. The number of shares increases 40 %, and if convertible is converted 140 %. Ebitda from the acquired company is expected to be above $30m in 16. This is an asset light company with positive cash flow. The merger secure more stable cash flow compared to Ashford on standalone basis. Issue equity to buyback bonds. Implications for the investment case: Positive, We own the bond and have sold the shares and are quite happy when they issue equity to buyback bonds. The likelihood of recovery of the bond will increase. General Shopping has lost on FX when issuing $400m in two separate preferred bonds ($150 and $250m) at USD BRL at 1.6, now 3.8 with only BRL income. They first announced that they defer interest payment on one of the preferred and want to buy back the other at 48/51 (if accepted before 28/9) % of par which they still pay interest. Now, they announced an equity issue of 14m shares at BRL3.99, 5 % above closing price. This will increase the number of shares from 51 m to 65 m.
The largest companies in SKAGEN m2 as of September 15 Established in 1941, Mitsui Fudosan has been an active leader in the Japanese RE industry, successfully developing new business opportunities and establishing a dominant position. The company is an integrated RE firm involved in office leasing, commercial facilities, condominium development, investment property development and REITS. 8% of MF´s assets are located on other continents. Strong balance sheet after capitalisation (first in 23 years) in summer 2014. Good integrated and balanced growth model with development and investment properties diversified among different RE sub segments. Management business (car park leasing, property management) provides stable earnings growth over time, in addition to other recurring earnings from commercial assets, to balance the volatility in the development segment. Columbia Property Trust, Inc. focuses on the acquisition, development, ownership, leasing, and operation of office properties. Owns 59 office buildings totalling 16.5m sqf of space valued at USD 5.1bn. The company was listed without any equity issue in Oct 13 to provide liquidity for shareholders. Bought back shares during 4Q after listing. Core focus is 16 main cities throughout US. 50 % CBD and 50 % suburban exposure. Occupancy rates are 92 % from a financial perspective and 91 % from a physical perspective. Properties are both externally and internally managed. HCP is a fully integrated self-administered real estate investment trust that acquires, manages, and invests in healthcare (largest sector in US economy) real estate located in the US and Mexico. HCP is well diversified across healthcare property types: senior housing (35% of NOI), skilled-nursing facilities (3%), medical office (13%), life science/labs (15%), and hospitals (6%). HCP has USD 22bn in AUM and a well-balanced portfolio of 1163 properties. Company has generated ~16% compound annual return since IPO 1985, and has 29 years of consecutive dividend growth.
GLP is Asia's largest provider of modern logistics facilities. The company owns, manages and leases over 700 completed properties spread across 77 cities in China, Japan, Brazil and US forming an efficient network with assets strategically located in key hubs, industrial zones and urban distribution centres. The USD 27bn property portfolio comprises 28m sqm serving more than 800 customers. The Japan portfolio is mostly complete and stabilised providing strong operating cash flow to fund the group's growing business in China. The company also set up a China fund at the end of 2013 to enable recycling in the Chinese market in line with the Japanese model. This business model leads to a more effective capital structure, recurring income and capital recycling (listing of J-REIT & CLF fund). Olav Thon owns a portfolio of 65 shopping malls and manages 27 malls for external owners. In addition the company owns office buildings, restaurants and hotels (2 that are not Thon Hotels) located primarily in the Oslo area. 76% of income from malls; 24% from commercial real estate, mainly office/retail. Listed on Oslo Stock Exchange in 1983. Gross (inclusive JV) lettable space: Shopping malls 1.0’’m2 and commercial estate 263’m2. Diversified into Sweden in 3Q14 after buying 5 shopping malls of 122’m2 for NOK 3bn.
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The largest companies in SKAGEN m2 as of September 15 SL Green Realty Corp. is a fully integrated, self-administered and self-managed REIT. The company is focused on owning and operating office buildings in Manhattan. It owns equity or debt in 92 properties totalling 41.6 m square feet – it owns equity (~82 %) in 29m square feet and the rest is collateral for debt investments. SL Green provides debt financing, in many cases to acquire properties. In addition to Manhattan, they also have interest in suburban areas to Manhattan. Occupancy rates are 95.9% in Manhattan compared to 83.5% (1Q15) in suburban areas.
General Growth Properties (GGP), founded in 1954, is a real estate investment trust (REIT) that owns, leases, manages and develops shopping centres. The company is the second largest mall operator in the world. The company holds interests in 120 malls, 7 office properties and 6 other properties , generating an average of USD 564 in tenant sales per square foot (malls).
Apartment Investment & Management is a US REIT focussed on multi-family rental buildings, with some 66,000 apartments in top 20 markets. The number of apartments has been dramatically reduced since 2004 from over 160,000 (net owned) in 100 markets to today’s number, of which 56’ are so called “Conventional” and 10’ “Affordable”. Sold of a lot apartments in 06-08 and used $1b on share buybacks. The company bought back 24% of outstanding shares from 2q06 until Oct. 08, but had to issue equity at lower price in 09. Current strategy was implemented in 2005 and is to sell 2 apartments to buy 1 with better location and higher quality.
Deutsche Wohnen is one of the leading listed residential companies in Germany with main focus in Berlin. Its operational focus is on managing and developing its residential property portfolio, currently comprises 144,000 units in total, of which 141,900 are residential units and 2,100 are commercial properties. Units are situated in core regions like Greater Berlin, Rhine-Main, Rhineland, Dresden, Hanover as well as in medium-sized German cities like Brunswick and Magdeburg. Deutsche Wohnen has a pending merger with LEG immobilien that is a residential player with most of its assets in North Rhein Westphalia. The combined company will (if merger is accepted) have 250, 000 units in Germany.
CBL, founded in 1978 and listed in 1992, is a real estate investment trust (REIT) that owns, leases, manages, and develops shopping centers. The company held interests in 147 building, including 89 malls plus 30 adjacent associated center, four outlet centers, 10 community centers and 12 office buildings, generating an average of $360 in tenant sales per square foot (malls).
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Additional information
Why invest in listed property and SKAGEN m2? Q. Why invest in listed property? • Listed global real estate securities provide exposure to property but with the benefits of liquidity. • Listed global real estate securities offer the ability to invest in property around the world, with the flexibility to gain exposure to opportunities that would otherwise be difficult to access. • Listed global real estate securities enhance diversification effects in your portfolio.
Q. Why SKAGEN m2? • The fund offers a great opportunity have access to global listed real estate and use SKAGEN’s unique investment philosophy, finding investments that are unpopular, undervalued and under researched. 22
SKAGEN m² • Broad mandate: Daily traded mutual equity fund, investing globally in listed real estate securities, including REITs, REOCs (Real Estate Operating Companies) and developers.
• Recommended investment horizon: Minimum 5 years. • Dividends: No dividend payout; fund proceeds are reinvested at the fund level. • Benchmark: MSCI ACWI Real Estate Net Return IMI. • Fee model: Fixed annual fee 1.5 %*, no entry or exit fees. • Minimum first subscription: EUR 150.
• Launch date: 31 October 2012. *Better/worse performance in terms of unit NAV growth relative to benchmark growth is split 90/10 between unit holders and the management company. Maximum annual fee is 3% and minimum fee is 0.75%.
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2 m
Ønsker du mer informasjon? Se vår siste markedsrapport Informasjon om SKAGEN m2 på våre hjemmesider
Historisk avkastning er ingen garanti for framtidig avkastning. Framtidig avkastning vil blant annet avhenge av markedsutviklingen, forvalters dyktighet, fondets risiko, samt kostnader ved tegning og forvaltning. Avkastningen kan bli negativ som følge av kurstap. SKAGEN søker etter beste evne å sikre at all informasjon gitt i denne rapporten er korrekt, men tar forbehold for eventuelle feil og utelatelser. Uttalelsene i rapporten reflekterer porteføljeforvalternes syn på gitt tidspunkt, og dette synet kan bli endret uten varsel. Rapporten skal ikke forstås som et tilbud eller en anbefaling om kjøp eller salg av finansielle instrumenter. SKAGEN påtar seg intet ansvar for direkte eller indirekte tap eller utgifter som skyldes bruk eller forståelse av rapporten. Ansatte i SKAGEN AS kan være eiere av verdipapirer utstedt av selskaper som er omtalt enten i denne rapporten eller inngår i fondets portefølje.
