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Skagenfondene - Page 1
Market Report N U M B E R 3 4 N O V E M B E R 2 0 10 4 S K A G E N F U N D S .CO M READ THE PORTFOLIO MANAGERS’ REPORT ON PAGE 18 Undervalued 6 SKAGEN in the Netherlands Improving our servicing footprint in the Netherlands Bill Gates’ Microsoft is one of the major US companies that have become unpopular in the equity market. Large companies are on the whole cheap now and we continue to buy into these. The earnings announcement season so far has once again surprised positively. 8 Voyage of discovery There are great opportunities to be found in China, but the challenges are great also, writes Cathrine Gether 12 Little gems Good things come in small packages – that is certainly true for the minor holdings in SKAGEN’s equity funds 17 Currency war Everyone can be a winner in a currency war writes Torgeir Høien Kristoffer Stensrud Is there a bubble in the emerging markets? 5 T HE A RT OF COMMON SE NSE