While SKAGEN’s philosophy has remained unchanged for nearly 25 years, our investment process has developed over time. As a result of the refinements, our largest equity funds have slimmed down to their highest conviction investment ideas.
As a growing number of central banks look to tighten money taps around the world, an important side-effect for equity investors is that company fundamentals should drive their stock prices once again. While shareholders generally can have few complaints – the MSCI All Country World Index has almost trebled since Quantitative Easing was first announced in the US in November 2008 (see note 1) – they will probably need to invest increasingly selectively to protect their gains as the easy money dries up and the stock market correlation it has supported falls away.
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