The SKAGEN Global A fund rose 0.09 percent in September, which was worse than the fund's benchmark index, which rose 1.28 percent. Since the beginning of the year, the fund has returned 11.77 percent and is thus worse than the index, which has increased 19.35 percent. This is shown in a monthly report from managers Knut Gezelius and Chris-Tommy Simonsen.

In the introduction, the managers write that the stock markets rose to new highs during the third quarter, but were also characterized by significant volatility. Among other things, they highlight the Japanese market's large fluctuations in connection with the country's central bank's interest rate hike.

"Similarly, the hype around artificial intelligence cooled as the market began to focus more on the financial returns of the huge investments that have been announced in this area so far. This topic is likely to receive more attention in the coming months," the trustees write.

Furthermore, the managers write that consumers in many parts of the world are still under pressure from the economic situation, although employment levels still look quite strong.

In terms of the fund's performance during the quarter, DSV, Brown & Brown and Intercontinental Exchange were the biggest positive contributors, while Dollar General, Edwards Lifesciences and ASML were the biggest detractors.

The Fund sold positions in Dollar General and Edwards Lifesciences after both companies delivered quarterly figures below expectations. In addition, Waste Management and LVMH were also sold.

Instead, four new holdings were added to the fund during the period: Waste Connections, Brunello Cucinelli, Munich Re and Stora Enso.

The managers are positive on the US waste sector in the long term, but chose to sell the holding in Waste Management, motivated by an increased risk that the company may be constrained in its further acquisition expansion after attracting attention from regulators.

"We have therefore sold Waste Management and entered Waste Connections, which is a smaller company - but still the third largest in the country - with a long start-up phase ahead of it, focusing on waste collection and landfill operations."

At the end of the month, the United States was the largest market with 56.7% of exposure, followed by Canada and Denmark with 12.0% and 6.8% respectively. Meanwhile, the largest sectors were financials, industrials and consumer discretionary.

The largest holdings in the portfolio were Canadian Pacific Kansas City, DSV and Abbott Laboratories with weights of 7.5, 6.8 and 5.4 percent respectively.



SKAGEN Global A, %September, 2024
Fund MM, % change 0,09
Index MM, change in percent 1,28
Fund this year, percentage change 11,77
Index this year, percentage change 19,35