Click here to download the catalog as a PDF file.
Skagenfondene - Page 1
Annual Report 2009 4 Year of contrasts 2008 was not the year we had hoped for, but 2009 has exceeded both our, and most people’s, expectations. Fishermen haul dragnets at Skagen’s northern beach. Late afternoon, 1883. Detail. By P.S. Krøyer, one of the Skagen painters. The picture is owned by the Skagens Museum. 10 Risk-adjusted returns A concept much loved by fund experts, but what does it really mean? 16 The Asians are coming SKAGEN has for a long time predicted an economic division between the industrialised countries and the emerging markets. Now it is reality. 18 Inverted protection Protectionism may reduce growth in the world’s economy, yet several countries seem to be tempted by it, writes portfolio manager Torgeir Høien. The values prevailed 2009 was a good example of how active management, combined with our solid, value-based investment philosophy pays off in the long term. Read the portfolio managers’ report. The art of common sense