Skagen broadens investment strategy on global equity fund

Skagen is changing the investment strategy of its €921m global equity offering, the Skagen Vekst fund, to expand its investable universe and reduce dependence on the Norwegian energy sector.

This strategy shift will allow the fund's managers to select from 732 investable stocks, as opposed to the present Norwegian and global-focussed universe of 166 stocks. It will come into effect at the beginning of 2014. The Norwegian energy sector currently makes up the majority of the Norwegian Stock Exchange, the Oslo Bors. The fund's managers, Ole Søeberg and Geir Tjetland, will make their stock selections from the broader Nordic region, including Norway, Sweden, Finland and Denmark, as well as global equities. In a letter written to shareholders outlining the move, Skagen said ...