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Annual Report 2015
2015 was characterised by large currency movements and a decline in energy and commodity prices. This had both positive and negative effects.
Equity investment returns for 2015 were volatile and there were significant regional differences.
SKAGEN's key funds delivered excess returns in the second half of 2015, but only SKAGEN Global beat the benchmark index for the year as a whole.
These are some of the themes in the Annual Report for 2015:
- Our funds have in recent years suffered due to low exposure to the USD and high exposure to emerging markets.
- The general optimism in the first half of the year gave way to uncertainty in the second half, particularly regarding economic developments in China. This has continued in 2016.
- With more concentrated portfolios, the funds are well-equipped to tackle 2016.