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Overview of all investments

SKAGEN Vekst A as of 30/09/2025

Health Care

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Novo Nordisk A/S 1,359,100 830,549,658 735,695,619 5.67 %
H. Lundbeck A/S 4,200,000 225,117,659 300,407,514 2.31 %
Total Health Care 1,055,667,317 1,036,103,133 7.98 %

Financials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Nordea Bank Abp 3,285,412 291,199,105 537,806,805 4.14 %
Hana Financial Holdings 741,066 364,823,634 459,551,923 3.54 %
Ping An Insurance Group 6,527,316 428,810,871 444,069,469 3.42 %
Citigroup 429,700 200,803,522 435,177,257 3.35 %
KB Financial Group 484,000 204,607,242 397,547,073 3.06 %
B3 SA - Brasil Bolsa Balcao 10,016,000 213,111,143 251,458,831 1.94 %
Korean Reinsurance Co 2,959,141 131,522,542 229,378,850 1.77 %
American International Group Inc 198,220 75,359,655 155,336,374 1.20 %
HitecVision AS 715,250 6,488,468 92,982,500 0.72 %
Kinnevik AB 996,000 110,713,199 88,335,677 0.68 %
Sberbank of Russia PJSC (pref) 6,933,020 126,841,634 31,350,941 0.24 %
Total Financials 2,154,281,015 3,122,995,699 24.05 %

Industrials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
ISS A/S 1,588,400 324,703,017 501,945,227 3.87 %
DSV A/S 191,000 289,071,112 379,333,043 2.92 %
Skf Svenska Kullager Fabrikker B 1,402,651 327,847,027 347,015,361 2.67 %
Bonheur 1,406,756 178,903,021 316,520,100 2.44 %
Volvo B 923,500 124,588,106 264,037,856 2.03 %
CK Hutchison Holdings Ltd 3,548,000 286,171,564 233,189,166 1.80 %
Cadeler A/S 380,721 51,033,826 78,444,353 0.60 %
Vestas Wind System 276,200 55,847,805 51,969,551 0.40 %
Cadeler A/S 853,000 48,910,246 43,332,400 0.33 %
Total Industrials 1,687,075,724 2,215,787,057 17.06 %

Materials

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Boliden AB 1,144,242 313,042,487 464,565,414 3.58 %
Yara International 1,112,340 387,969,096 405,559,164 3.12 %
Upm-Kymmene 1,401,800 433,493,363 382,432,281 2.95 %
Elopak ASA 2,126,041 58,164,506 97,585,282 0.75 %
Segezha Group PJSC 50,000,000 44,262,147 1,073,067 0.01 %
Total Materials 1,236,931,598 1,351,215,209 10.41 %

Information Technology

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Samsung Electronics Co Ltd 939,400 230,259,448 443,588,062 3.42 %
Nokia A 5,060,000 212,384,704 241,978,248 1.86 %
Tieto Oyj (EUR) 824,300 217,266,228 148,825,766 1.15 %
Applied Materials 48,300 38,888,263 98,669,885 0.76 %
Total Information Technology 698,798,644 933,061,961 7.19 %

Consumer Staples

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Essity AB 1,366,000 369,694,110 356,207,538 2.74 %
Carlsberg B 248,800 272,657,586 288,699,304 2.22 %
Bakkafrost P/F 564,000 273,509,614 257,973,600 1.99 %
Molson Coors Beverage Co 294,200 158,492,279 132,829,961 1.02 %
Wal-Mart de Mexico SAB de CV 4,255,000 126,974,507 131,008,065 1.01 %
Tyson Foods A 213,900 123,711,493 115,889,852 0.89 %
Total Consumer Staples 1,325,039,590 1,282,608,321 9.88 %

Energy

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Shell PLC 897,000 240,856,380 320,380,246 2.47 %
TGS-NOPEC Geophysical Company 1,530,000 167,008,886 113,067,000 0.87 %
Paratus Energy Services Ltd 996,000 43,265,937 40,636,800 0.31 %
Northern Ocean Ltd 4,566,760 149,408,719 27,309,225 0.21 %
Gazprom PJSC 3,460,000 72,960,110 6,429,556 0.05 %
Total Energy 673,500,033 507,822,827 3.91 %

Consumer Discretionary

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Alibaba Group Holding Ltd 1,356,226 213,894,868 307,847,918 2.37 %
Hyundai Motor Co Ltd-PFD 69,174 48,009,774 80,233,930 0.62 %
Hugo Boss AG 139,447 58,932,631 66,113,847 0.51 %
Total Consumer Discretionary 320,837,273 454,195,695 3.50 %

Communication Services

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Telenor ASA 1,859,400 246,717,927 307,544,760 2.37 %
Alphabet Inc Class A 78,400 100,664,223 190,167,289 1.46 %
Total Communication Services 347,382,150 497,712,049 3.83 %

Real Estate

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
CK Asset Holdings Ltd 5,724,548 283,755,769 276,913,274 2.13 %
Public Property Invest AS 8,627,033 128,709,803 202,303,924 1.56 %
Sveafastigheter AB 3,400,000 134,595,758 146,084,611 1.13 %
Total Real Estate 547,061,330 625,301,808 4.82 %

Total

Security Number Acquisition value (NOK) Market value (NOK) Percentage distribution
Total Holdings 10,985,685,423 12,045,027,848 92.76 %
Available liquidity 939,691,371 7.24 %
Total AUM 12,984,719,219 100.00 %

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.