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Skagenfondene - Page 1
market report N u m B E r 1 ✱ A p r I L 2 0 11 ✱ S K A G E N F U N D S . C O M defied tragedies and turmoil 2011 has so far given us natural disasters, unrest in the middle east and north africa as well as inflation fears in the emerging markets. despite this the global equity markets have pulled through and expectations of global growth are still high. read more in The porTFolio manaGerS’ reporT on paGe 18 6 Cleaning up Japan pulls together after the disaster. 12 against the tide In turbulent times Brazilian power company Eletrobras often goes its own way. 15 next stop Switzerland SKAGEN receives marketing permission in a ninth European country 5 Torkell eide don’t buy economic growth T he a rT oF Common Se nSe