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Half Year Report A U G U S T 2 0 10 ✱ S K A G E N F U N D S .CO M 5 London office Targeting world class service from a new branch. 8 Short term correlation What does Greek national debt have to do with vegetable sales in China, asks Kristoffer Stensrud. 10 The silent bubble In the 1990s a bubble emerged that almost no one talks about. 14 Dark pools New electronic trading platforms present challenges, but can also provide opportunities for our clients. READ THE PORTFOLIO MANAGERS’ REPORT ON PAGE 18 Securing the catch Kristian Falnes Emerging markets: a hit amongst investors 12 The companies in the portfolios continue to surprise with good results. We have secured a solid profit in Thai food producer Charoen Pokphand Foods amongst others. There are still opportunities for a good catch in the equity markets for those who dare to go it alone. T HE A RT OF COMMON SE NSE

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