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Overview of all investments

SKAGEN Avkastning as of 30/09/2025

Unclassified

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Skandinaviska Enskilda Banken AB 89,892,360 89,911,800 89,216,032 5.65 %
FX forward_SEK/NOK_NDA-HEL_20251208 11,297,610 11,068,090 11,215,056 0.71 %
FX forward_USD/SEK_NDA-HEL_20251208 1,023,279 11,301,954 10,134,173 0.64 %
FX forward_EUR/NOK_SEBA-STO_20251208 8,752,168 8,708,475 8,688,214 0.55 %
FX forward_EUR/NOK_SEBA-STO_20260209 8,306,521 8,149,260 8,189,689 0.52 %
FX forward_SEK/NOK_SEBA-STO_20251208 7,874,276 7,776,179 7,816,737 0.50 %
FX forward_USD/NOK_SEBA-STO_20251208 5,734,228 5,734,520 5,692,327 0.36 %
FX forward_EUR/NOK_NDA-HEL_20251208 410,000 4,788,304 4,789,605 0.30 %
VarMar_SKAAVKAS_NDA_EUR 280,000 3,325,000 3,287,712 0.21 %
FX forward_EUR/NOK_SEBA-STO_20260209 3,133,433 3,077,490 3,089,361 0.20 %
FX forward_USD/NOK_NDA-HEL_20251208 1,586,344 1,586,582 1,574,752 0.10 %
FX forward_DKK/NOK_NDA-HEL_20251208 803,663 786,050 797,790 0.05 %
FX forward_DKK/NOK_SEBA-STO_20251208 500,000 771,865 783,045 0.05 %
FX forward_EUR/NOK_SEBA-STO_20260209 699,738 686,646 689,897 0.04 %
FX forward_EUR/NOK_SEBA-STO_20260209 471,358 462,208 464,728 0.03 %
FX forward_EUR/NOK_SEBA-STO_20260209 -40,000 -462,208 -465,716 -0.03 %
FX forward_EUR/NOK_SEBA-STO_20260209 -60,000 -686,646 -698,574 -0.04 %
VarMar_SKAAVKAS_SEB_NOK -800,000 -800,000 -802,658 -0.05 %
FX forward_DKK/NOK_NDA-HEL_20251208 -500,000 -786,050 -783,045 -0.05 %
FX forward_DKK/NOK_SEBA-STO_20251208 -783,389 -771,865 -777,665 -0.05 %
FX forward_USD/NOK_NDA-HEL_20251208 -160,000 -1,586,582 -1,584,580 -0.10 %
FX forward_EUR/NOK_SEBA-STO_20260209 -260,000 -3,077,490 -3,027,156 -0.19 %
FX forward_EUR/NOK_NDA-HEL_20251208 -4,808,444 -4,788,304 -4,773,308 -0.30 %
FX forward_USD/NOK_SEBA-STO_20251208 -550,000 -5,734,520 -5,446,993 -0.35 %
FX forward_SEK/NOK_SEBA-STO_20251208 -7,300,000 -7,776,179 -7,721,118 -0.49 %
FX forward_EUR/NOK_SEBA-STO_20260209 -700,000 -8,149,260 -8,150,035 -0.52 %
FX forward_EUR/NOK_SEBA-STO_20251208 -750,000 -8,708,475 -8,761,473 -0.56 %
FX forward_USD/SEK_NDA-HEL_20251208 -11,000,000 -11,301,954 -11,634,561 -0.74 %
FX forward_SEK/NOK_NDA-HEL_20251208 -11,000,000 -11,068,090 -11,634,561 -0.74 %
FX forward_USD/NOK_SEBA-STO_20251210 -9,000,000 -89,911,800 -89,113,588 -5.65 %
Total Unclassified 2,525,000 1,054,090 0.07 %

Kommunalt eide aksjeselskaper mv.

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Eviny AS 50,000,000 50,612,450 50,986,863 3.23 %
Eidsiva Energi AS 21/28 FRN 16,000,000 15,762,400 16,121,417 1.02 %
Eidsiva Energi AS 20/27 FRN 10,000,000 9,963,300 10,113,511 0.64 %
Total Kommunalt eide aksjeselskaper mv. 76,338,150 77,221,792 4.89 %

Banker

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
SpareBank 1 SMN 30,000,000 30,702,300 30,763,309 1.95 %
Pareto Bank ASA 24/30 FRN 30,000,000 30,000,000 30,400,008 1.93 %
Spb 1 Sør-Norge ASA 24/34 FRN STEP C SUB 20,000,000 20,000,000 20,592,452 1.30 %
Haugesund Spb 23/28 FRN 20,000,000 20,340,000 20,385,777 1.29 %
Skue Spb 21/31 FRN STEP C SUB 20,000,000 19,732,000 20,175,343 1.28 %
Spb 1 Sør-Norge ASA 23/PERP FRN C HYBRID 17,000,000 17,000,000 17,482,993 1.11 %
Spb 1 Østlandet 25/30 FRN 16,000,000 16,000,000 16,117,708 1.02 %
Spb Norge 25/30 FRN 15,000,000 15,000,000 15,105,958 0.96 %
BN Bank ASA 24/35 FRN STEP C SUB 14,000,000 14,000,000 14,405,488 0.91 %
Spb Norge 24/35 FRN C SUB 13,000,000 13,000,000 13,385,132 0.85 %
DNB Bank ASA 22/PERP ADJ C HYBRID 10,000,000 10,000,000 11,030,718 0.70 %
Rørosbanken Rør Spb 24/34 FRN STEP C SUB 10,000,000 10,000,000 10,461,250 0.66 %
DNB Bank ASA 23/PERP ADJ C HYBRID 10,000,000 10,362,500 10,450,720 0.66 %
Spb 1 SMN 23/33 FRN STEP C SUB 10,000,000 10,000,000 10,426,808 0.66 %
Spb Møre 23/33 FRN C SUB 10,000,000 10,000,000 10,240,832 0.65 %
DNB Bank ASA 23/33 FRN C SUB 10,000,000 10,000,000 10,238,337 0.65 %
Spb 1 Østlandet 24/29 FRN 10,000,000 10,054,800 10,150,948 0.64 %
Pareto Bank ASA 24/29 FRN 10,000,000 10,000,000 10,139,754 0.64 %
Spb Norge 24/29 FRN 10,000,000 10,038,100 10,118,523 0.64 %
DNB Bank ASA 21/32 FRN C SUB 10,000,000 9,443,000 10,094,436 0.64 %
Spb 1 Hallingdal Valdres 25/30 FRN 10,000,000 10,047,300 10,027,584 0.64 %
Haugesund Spb 24/34 FRN C SUB 9,000,000 9,000,000 9,303,894 0.59 %
Voss Veksel ASA 24/35 FRN C SUB 8,000,000 8,000,000 8,191,955 0.52 %
Grong Spb 25/30 FRN 8,000,000 8,010,640 8,043,598 0.51 %
Spb 1 Sør-Norge ASA 23/34 FRN C SUB 7,000,000 6,863,080 7,237,637 0.46 %
Spb 1 SMN 25/PERP ADJ C HYBRID 6,500,000 6,500,000 6,613,737 0.42 %
Askim & Spydebe Spb 23/33 FRN STEP C SUB 5,000,000 5,000,000 5,231,278 0.33 %
Stadsbygd Spb 23/33 FRN C SUB 5,000,000 5,000,000 5,213,086 0.33 %
Spb Norge 23/33 FRN C SUB 5,000,000 5,000,000 5,151,541 0.33 %
Spb 1 Nord-Norge 23/33 FRN C SUB 5,000,000 5,000,000 5,116,728 0.32 %
Søgne og Greipstad Spb 23/33 FRN C SUB 4,000,000 4,144,640 4,150,054 0.26 %
Spb 1 Nord-Norge 23/33 FRN STEP C SUB 4,000,000 4,000,000 4,147,504 0.26 %
Spb 1 Sør-Norge ASA 23/33 FRN C SUB 4,000,000 4,033,240 4,116,636 0.26 %
DNB Bank ASA 22/32 FRN C SUB 2,000,000 1,969,140 2,028,463 0.13 %
Total Banker 378,240,740 386,740,190 24.50 %

Utlandet

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Castellum 30,000,000 29,699,400 30,151,244 1.91 %
Aktieselskabet Schouw & 24/29 FRN FLOOR 25,000,000 25,000,000 25,423,898 1.61 %
DFDS A/S 24/27 FRN 24,000,000 24,099,440 24,074,731 1.53 %
NOBA Bank Group AB 22,000,000 22,095,983 23,587,119 1.49 %
Atrium Ljungberg AB 22/26 FRN 20,000,000 20,209,000 20,366,196 1.29 %
Tryg Forsikring A/S 25/56 ADJ C SUB 20,000,000 20,000,000 20,032,162 1.27 %
Nordea Bank Abp PERP 18,000,000 18,000,000 18,486,937 1.17 %
SFL Corporation Ltd. 24/28 8,25% USD C 1,600,000 17,184,720 16,750,292 1.06 %
Fastighets AB Balder 22/27 FRN 16,000,000 16,056,720 16,241,214 1.03 %
DFDS A/S 23/26 FRN 15,000,000 15,000,000 15,092,895 0.96 %
Stolt-Nielsen Limited 23/28 FRN FLOOR 12,500,000 12,596,600 12,901,272 0.82 %
Fastighets AB Balder 21/28 FRN 12,000,000 11,894,400 12,169,035 0.77 %
Yinson Production Fin 24/29 9,625% USD C 1,050,000 11,624,683 11,520,477 0.73 %
SFL Corporation Ltd. 24/29 FRN C 10,000,000 10,012,500 10,028,915 0.64 %
TORM PLC 24/29 8,25% USD C 800,000 8,281,659 8,452,345 0.54 %
Nordea Bank Abp 24/35 FRN C SUB 8,000,000 8,000,000 8,170,009 0.52 %
AB Stena Metall Fi 25/30 FRN SEK FLOOR C 7,500,000 8,036,966 8,132,928 0.52 %
SFL Corporation Ltd. 23/27 8,875% USD C 500,000 5,438,136 5,214,707 0.33 %
Odfjell Technology Ltd 24/28 FRN FLOOR C 5,000,000 5,000,000 5,132,286 0.33 %
SFL Corporation Ltd. 25/30 7,75% USD C 400,000 4,506,992 4,139,297 0.26 %
G&O Maritime G A/S 24/28 FRN EUR FLOOR C 300,000 3,468,300 3,584,549 0.23 %
Total Utlandet 296,205,499 299,652,509 18.98 %

Statlig eide aksjeselskaper mv.

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Entra ASA 29,000,000 29,189,150 29,868,741 1.89 %
Entra ASA 21/29 FRN 20,000,000 18,714,950 19,774,759 1.25 %
Entra ASA 21/26 FRN 13,000,000 12,589,200 12,999,564 0.82 %
Total Statlig eide aksjeselskaper mv. 60,493,300 62,643,065 3.97 %

Private aksjeselskaper mv.

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
OBOS Eiendom AS 25,000,000 24,458,000 25,960,192 1.64 %
Norwegian Property ASA 21/26 FRN 25,000,000 24,322,000 25,387,898 1.61 %
Aker ASA 24/29 FRN FLOOR 24,500,000 24,663,039 25,200,886 1.60 %
Norwegian Property ASA 24/29 FRN 20,000,000 19,979,600 20,635,937 1.31 %
SalMar ASA 21/27 FRN FLOOR 20,000,000 19,473,900 20,436,132 1.29 %
Eiendomsspar AS 25/28 FRN 20,000,000 20,000,000 20,153,710 1.28 %
Olav Thon Eiendomsselskap ASA 24/29 FRN 19,000,000 19,100,380 19,636,249 1.24 %
Ocean Yield AS 23/28 FRN FLOOR C 18,000,000 18,562,500 18,591,446 1.18 %
Scatec ASA 25/29 FRN FLOOR C 16,500,000 16,334,375 17,044,658 1.08 %
Scatec ASA 24/28 FRN FLOOR C 14,500,000 14,560,000 15,343,843 0.97 %
Mowi ASA 24/29 FRN 15,000,000 15,010,000 15,261,939 0.97 %
SalMar ASA 25/30 FRN FLOOR 14,000,000 14,000,000 14,220,280 0.90 %
Aker Biomarine ASA 24/27 FRN C 13,000,000 12,993,036 13,304,287 0.84 %
Elopak ASA 24/29 FRN 13,000,000 13,030,650 13,216,703 0.84 %
Yara International ASA 24/29 FRN 13,000,000 13,000,000 13,096,953 0.83 %
Bonheur ASA 25/30 FRN FLOOR C 13,000,000 13,000,000 13,073,377 0.83 %
Tensio AS 25/30 FRN 12,000,000 12,000,000 12,118,230 0.77 %
Yara International ASA 21/26 FRN 12,000,000 11,570,960 12,117,123 0.77 %
Elkem ASA 24/29 FRN FLOOR 12,000,000 12,000,000 12,103,340 0.77 %
Olav Thon Eiendomsselsk ASA 23/29 5,792% 11,000,000 11,021,956 11,753,696 0.74 %
Aider Konsern AS 24/28 FRN FLOOR C 11,000,000 11,012,500 11,398,360 0.72 %
Aker ASA 22/27 FRN FLOOR 10,000,000 10,000,000 10,313,537 0.65 %
Kistefos AS 25/30 FRN FLOOR C 10,000,000 10,200,000 10,240,702 0.65 %
Bonheur ASA 24/29 FRN FLOOR C 10,000,000 10,000,000 10,220,631 0.65 %
Olav Thon Eiendomsselskap ASA 25/30 FRN 10,000,000 10,000,000 10,164,276 0.64 %
Austevoll Seafood ASA 23/28 FRN FLOOR 10,000,000 10,000,000 10,125,337 0.64 %
BEWi ASA FRN 2029/09/12 800,000 9,423,600 9,430,954 0.60 %
Pandion Energy AS 22/26 9,75% USD C 900,000 9,814,712 9,394,562 0.60 %
Color Group AS 24/29 FRN FLOOR 9,000,000 9,000,000 9,261,615 0.59 %
Chip Bidco AS 24/27 FRN FLOOR C 8,750,000 8,750,000 9,013,084 0.57 %
Lerøy Seafood Group ASA 21/26 FRN FLOOR 8,000,000 7,640,480 8,056,166 0.51 %
Ocean Yield AS 25/30 FRN USD FLOOR C 800,000 8,194,800 8,005,965 0.51 %
Wallenius Wilhelmsen ASA 23/28 FRN FLOOR 7,500,000 7,612,500 7,783,880 0.49 %
Var Energi ASA 7.500% 2028/01/15 700,000 7,855,700 7,526,070 0.48 %
Felleskjøpet Agri SA 25/28 FRN 7,000,000 7,000,000 7,035,833 0.45 %
DNO ASA 24/29 9,25% USD C 600,000 6,363,392 6,392,811 0.41 %
Okea ASA 24/28 9,125% USD C 600,000 6,644,490 6,387,635 0.40 %
OBOS BBL 24/29 FRN 6,000,000 6,096,720 6,327,528 0.40 %
Wallenius Wilhelmsen ASA 21/26 FRN FLOOR 6,000,000 6,097,250 6,121,025 0.39 %
Bonheur ASA 21/26 FRN FLOOR C 5,500,000 5,602,250 5,663,618 0.36 %
BlueNord ASA 24/29 9,50% USD C 500,000 5,315,875 5,336,500 0.34 %
OBOS BBL 23/27 FRN 5,000,000 4,944,250 5,137,688 0.33 %
OBOS Eiendom AS 25/30 FRN 5,000,000 5,000,000 5,076,242 0.32 %
Felleskjøpet Agri SA 22/27 FRN 5,000,000 5,013,600 5,063,642 0.32 %
Elopak ASA 24/27 FRN 5,000,000 5,000,000 5,061,458 0.32 %
Eiendomsspar AS 21/26 FRN 5,000,000 4,847,940 5,022,788 0.32 %
Hawk Infinity Softw AS 23/28 FRN FLOOR C 4,000,000 4,160,000 4,328,763 0.27 %
Aider Konsern AS 25/28 FRN FLOOR C 4,000,000 4,080,000 4,144,858 0.26 %
Olav Thon Eiendomsselskap ASA 20/28 FRN 4,000,000 4,095,880 4,122,416 0.26 %
Kistefos AS 23/27 FRN FLOOR C 3,000,000 3,097,500 3,188,730 0.20 %
Hawk Infinity Softw AS 24/29 FRN FLOOR C 3,000,000 3,000,000 3,154,522 0.20 %
Color Group AS 23/26 FRN FLOOR 3,000,000 3,105,000 3,124,245 0.20 %
Total Private aksjeselskaper mv. 548,048,835 560,282,317 35.50 %

Livsforsikringsselskaper og pensjonskasser

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Storebrand Livsforsikring AS 15,000,000 15,000,000 15,982,637 1.01 %
Nortura Konsernpensjonsk 24/34 FRN C SUB 7,500,000 7,500,000 7,790,260 0.49 %
Total Livsforsikringsselskaper og pensjonskasser 22,500,000 23,772,897 1.51 %

Kredittforetak

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Brage Finans AS 15,000,000 15,000,000 15,579,550 0.99 %
Brage Finans AS 25/28 FRN 13,000,000 13,000,000 13,095,489 0.83 %
Eika Boligkredit AS 21/31 FRN STEP C SUB 10,000,000 9,831,000 10,124,313 0.64 %
Brage Finans AS 24/34 FRN C SUB 9,000,000 9,000,000 9,410,205 0.60 %
Eika Boligkreditt AS 22/32 FRN C SUB 7,000,000 6,947,640 7,200,864 0.46 %
Spb 1 Boligkreditt AS 23/33 FRN C SUB 5,000,000 5,199,390 5,223,991 0.33 %
Spb 1 Boligkredi AS 23/34 FRN STEP C SUB 4,000,000 4,119,600 4,199,153 0.27 %
Brage Finans AS 23/33 FRN C SUB 3,000,000 3,171,000 3,206,114 0.20 %
Total Kredittforetak 66,268,630 68,039,679 4.31 %

Skadeforsikringsselskaper

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Protector Forsikring ASA 12,000,000 12,000,000 12,376,041 0.78 %
Gjensidige Forsikrin ASA 24/54 SUB 5,000,000 5,000,000 5,134,936 0.33 %
Gjensidige Fors ASA 21/51 FRN STEP C SUB 5,000,000 4,772,500 5,087,038 0.32 %
Total Skadeforsikringsselskaper 21,772,500 22,598,015 1.43 %

Stats- og trygdeforvaltningen

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Ferde AS 5,000,000 4,998,000 5,075,663 0.32 %
Ferde AS 23/28 FRN 5,000,000 5,030,600 5,073,837 0.32 %
Total Stats- og trygdeforvaltningen 10,028,600 10,149,500 0.64 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 1,567,494,168 1,492,855,789 94.58 %
Available liquidity 85,607,785 5.42 %
Total AUM 1,578,463,574 100.00 %

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 which contain further details about the fund's characteristics and costs. The information can be found on www.skagenfunds.com. Storebrand Asset Management administers the SKAGEN funds which are by agreement managed by SKAGEN's portfolio managers.