Click here to download the catalog as a PDF file. Skagenfondene - Page 1Half Year report J u l Y 2 0 11 ✱ S K A G E N F U N D S . C O M brighter outlook? 6 Emerging from the debris Asian car manufacturers have emerged from the crisis. Companies are attractively priced and inflation is under control in emerging markets. The focus is now on the 2.6 billion people in China and india, not on the 11 million Greeks. The second half year may be more pleasant in stock markets. REAd moRE iN THE PoRTFolio mANAGERS’ REPoRT oN PAGE 17. 8 Nothing to fear Global emerging markets have taken solid measures to curb the danger of inflation. 10 investing time in SKAGEN Newcomer to the SKAGEN Vekst team believes in investing time before investing money. 39 Half year report Financial statement for the first half of 2011 5 Torkell Eide Thinking is easy Shenzhen, China T HE A RT oF CommoN SE NSE |