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Market Update 7 April: Optimism in the markets

  • The oil price fell on Monday, reflecting investors' doubts as to whether Saudi Arabia and Russia will reach a supply deal to repair some of the damage to the sector caused by the price war and coronavirus pandemic. However, the optimism in the market on Tuesday is reflected in an increasing oil price. 
  • The S&P 500 and Dow Jones were up 5.6% and 5.7% respectively yesterday.
  • The Oslo Stock Exchange closed up 2.3% on Monday and began the day on Tuesday up over two percent.
  • Denmark's government has announced that they will start to ease coronavirus restrictions after Easter provided that confirmed COVID-19 cases remain stable. They will start by opening kindergartens and primary schools for pupils aged up to 11. The country's borders will remain closed and they will continue to ban gatherings of more than 10 people.

SKAGEN Funds Summary

  • No major changes in the funds.
  • The PMs continue to focus on positioning their portfolios to mitigate the risk of absolute loss, but be ready for an upturn.
  • Focus on companies with strong balance sheets, for example companies with a strong cash position and/or a healthy debt position.
  • All funds continue to stay invested in the market, with a very liquid portfolio.
  • Some of the funds have added hotpots to their portfolio during this volatile period at good prices.

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. An overview of costs can be found at