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Changes to SKAGEN Avkastning
The Norwegian Financial Supervisory Authority (FSA) has approved the proposed amendment to the investment mandate of the fixed income fund SKAGEN Avkastning. In addition, Storebrand Asset Management (SAM) will take over responsibility for the portfolio management of the fund. Both changes will come into effect as of 1 September 2022.
Following the change in mandate, our clients will have the opportunity to invest in a portfolio consisting primarily of Norwegian and Nordic companies. The fund remains flexible with up to 25% exposure to bonds with credit quality BB+ or lower (high yield). As a result, both the risk and the expected return will increase somewhat. Unit holders in the fund will benefit from a reduced fixed management fee from 0.5% to 0.4%
The fund's benchmark will also be changed to a combined index consisting of the NBP Norwegian RM3 Floating Rate Index NOK (92%) and the NBP Norwegian HY Aggregated Index NOK Hedged (8%) to reflect this change in mandate.
Given the significant changes being made to the fund's mandate, SKAGEN Avkastning will not maintain its track record prior to the mandate change, and the return history will start afresh. This will have no impact on unit holders' investments in the fund.
New portfolio managers
SKAGEN Avkastning will henceforth be managed by portfolio managers Ola Bjerkestrand Moe and Per Inge B. Heggem who have been with Storebrand Asset Management for six and twelve years, respectively. Storebrand Asset Management offers an exceptional environment for macroeconomic analysis and fixed income management and is one of the leading fixed income managers in Scandinavia.
SKAGEN Avkastning will remain a standalone fund under the SKAGEN brand and clients will continue to receive newsletters, monthly reports and invitations to relevant events from us. The current portfolio manager of SKAGEN Avkastning, Sondre Solvoll Bakketun, will remain in the SKAGEN portfolio management team.
For further information about the fund's mandate, please refer to the fund's prospectus. If you have any questions, please contact our Customer Services team by phone on +47 51 80 37 09 or send an email to contact@skagenfunds.com