Skagen-nominee warns of pharmaceuticals and technology – HegnarOnline

At Skagen Funds launches new equity fund, is a rarity. But later in May enters Trustee market with a new, global equity fund Skagen Focus.

The fund will be managed by the earlier success nominee in Skagen Global, Filip Weintraub, and Jonas Edholm.

– As with all good ideas, the idea behind the fund really simple. We can invest in about the world, and look at the principle of everything. When we find something good, we buy a lot of it, said Weintraub when he earlier today presented the new fund to the media.

This is underlined by the fund – in a universe with over 53,000 potential investments – will consist of only 35 companies, of which the top 10 positions will constitute 40-50 percent of the portfolio.

Read also: Weintraub back in Skagen – to hunt exceptional investment

– Much is attractively priced
comparison consists Skagen’s other equity funds of 70-100 different stocks.

– Stock-picking (stockpicking) has not worked the last two years. It is not negative, but rather the opposite. In fact there are a lot out there that are attractively priced, said Weintraub.

– At the same time so that a good company does not need to be a good investment. It’s all about pricing, he continued.

The fund is recommended for investors with a relatively long-term horizon, ie five years or more.

– To be a long-term investor is controversial. People are herd animals who buys everything on offer – other than shares continued Weintraub.

– Error case if we fear currency
In an interview in the wake of the presentation drew OBI. no forward major currency movements we have seen during the past year.

How disruptive can such currency movements to be a stock-picker?

– I still say, and have said it a long time, that movements in stocks generally are much larger than movements in currencies. So it is still, although movements have been extreme, even for EURUSD.

– But if we are afraid of currency when we buy a case, then it sure was wrong case. On a portfolio basis, we ignore the value in general, then we do not have any feelings for the currencies going? Underlines Weintraub.

Co-Edholm adds that value could be interesting if it affects a company’s fundamental situation, for example if a Japanese company relies on a weak yen to export.

– The currency is interesting when we see it in relation to such input costs. When we try to follow so we do not take excessive risks against certain currencies crossings, he said.

– Pharmaceuticals is very expensive
If you do not we say much about which stocks you are looking for: there are sectors or regions of the world you will be cautious ahead?

– defintiv. There are a few sectors that generalists like us should be cautious about investing in. Pharmaceuticals is very highly rated today, where we have difficulty finding something exceptional.

– We also have technology. Where there is often a “winner takes all” concept that fits a value based managers very poor. But it is not only today it has been like that. The same we saw for six or 15 years ago. We have, as in pharmaceuticals, found a couple of things, but is therefore very cautious, explains Weintraub.

What about Russia that region?

– Russia ‘ve gone surprisingly well, despite the fundamental. A bit like with oil shares. We have a couple of Russian exposures. This is well to note not Russian-listed companies, but companies selling into Russia, says Weintraub facing Hegnar.no.