Skagen Funds, the independently owned Norwegian fund manager, has launched a Skagen Focus, managed by Filip Weintraub and Jonas Edholm.
Skagen Focus is a concentrated, long only global equity fund which aims to provide investors with exposure to the exceptional risk/reward potential of value-biased investing in global markets. The fund is a Ucits and is available in the UK to professional investors and distributors.
It will hold around 35 stocks, making it the most concentrated of Skagen’s equity fund range. The top 10 positions are expected to form 40%-50% of the portfolio. This high conviction approach aims to increase the potential for significant outperformance over the long term.
As with all Skagen funds, Skegen Focus’s portfolio managers analyse companies from the bottom up. They focus on assessing the characteristics of individual stocks in order to identify those with hidden value, as well as the potential triggers for that value to be recognised by the market over the medium to long term.
The fund is, therefore, likely to have an uncorrelated return profile compared to its benchmark, the MSCI World AC TR index, and, typically, a high active share.
The broad, global mandate will enable the team to search for companies all over the world, regardless of sector, market capitalisation or where they are listed. The portfolio may have a relative bias towards mid-sized companies, given the portfolio managers’ experience of finding attractive investment opportunities in this area.
Filip Weintraub was previously lead portfolio manager of another Skagen fund from 2001 to 2010 and delivered a total return of 390.8% (against a benchmark return of 47.2%) over the course of his tenure. He has more than 25 years’ experience, much of it in value investing and active stock picking.
He began his career as an analyst at Albina Fuel and held senior roles at Crabbe Huson Group and LF Capital before joining SKAGEN in 2001. Filip re-joins Skagen from the Labrusca Family Office, which he established in 2010 and where he managed a long/short equity fund.
Filip manages Skagen Focus with Jonas Edholm, who also joins from the Labrusca Family Office and has more than 20 years’ investment experience. Jonas has had roles in risk management, asset allocation and as an active value-biased stock-picker, both on the long and the short side.