SKAGEN Kon-Tiki

The art of common sense

Simplified prospectus

SKAGEN Kon-Tiki Equity fund registered in Norway | UCITS | ISIN: NO 001 0140502 | Management company: SKAGEN AS | Fund inception date: 05.04.2002

Manager: J. Kristoffer C. Stensrud

Last updated

0 1 2 3 4 5 6 7 8 9 10

SKAGENAvkastning

SKAGENGlobal

SKAGENKon-Tiki

SKAGENVekst

SKAGENTellus

31st January 2011

43.1%

444.5%

74.1%

Last 3 years:

Last 5 years:

Since start:

Cumulative return

The fund’s objectiveThe fund’s objective is to provide the unit holders with the best possible return based on the risk they have undertaken through an actively managed portfolio of equities in companies whose business is in or related to emerging markets.

The fund’s investment strategySKAGEN Kon-Tiki has an international investment mandate, but is required to invest at least 50 % of the fund’s assets in emerging markets, meaning countries or markets that are not included in the MSCI Developed Market Series. The fund’s aim is to find high quality companies at a low price, which are characterised by being undervalued, under-researched and unpopular. To reduce risk, the fund seeks to maintain a sensible geo-graphical and sector balance.

Who is the fund suitable for?SKAGEN Kon-Tiki is suitable for investors who wish to take part in value creation in em-erging markets. The fund provides opportunities for exceptional returns through invest-ments in areas with great growth potential. However, the risk is somewhat higher than in a global fund that invests mainly in developed markets.

Performance commentsThe graphs on the left show the fund’s historical performance measured in EUR. All costs charged to the fund have been deducted. The fund’s benchmark index is the MSCI Emerging Markets Index.

Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager’s skill, the fund’s risk profile and sub-scription and management fees. The return may become negative as a result of negative price developments. Fund performance may vary considerably within one year. Gains or losses for individual unit holders will therefore depend on the exact timing of the sub-scription and redemption of units.

Fund price informationThe price of fund units, the net asset value (NAV) per unit, is calculated each Norwegian business day based on the market value of the fund’s portfolio. Price information is avai-lable at www.skagenfunds.com. The fund’s NAV per unit is calculated in NOK. The fund’s investments are normally not hedged with respect to currency; however, some of the fund’s investments may be hedged by drawing on the fund’s currency accounts.

DividendDividends received by the fund are automatically reinvested in the fund and are therefore included in the net asset value per unit.

Subscription and redemptionSubscription and redemption instructions may be sent to SKAGEN by post, fax or e-mail, or to our partners (see www.skagenfunds.com). The minimum subscription amount is EUR 150.

For subscriptions and redemptions in other currencies than NOK, the subscription/re-demption price is calculated from the fund’s NAV in NOK using the currency exchange rate used by the relevant fund on the valuation day.

RiskThe risk scale illustrates SKAGEN’s evaluation of the fund’s risk.

Five is considered the lowest risk for equity funds and zero as the risk-free interest rate. The classification is based on the fund’s mandate.

Historical performanceAll returns are in EUR after deduction of costs.

The fund was established in April 2002 and perfor-mance is measured from date of inception until the end of the year.

FUND MANAGEMENT RATING

STANDARD& POORS A AA

Average annual return

Annual return 2002-2010 and return year to date


SKAGEN Kon-Tiki Equity fund registered in Norway | UCITS | ISIN: NO 001 0140502 | Management company: SKAGEN AS | Fund inception date: 05.04.2002

Manager: J. Kristoffer C. Stensrud

Last updated


This simplified prospectus contains key fund information. Please download further informa-tion, full prospectus, general commercial terms, annual reports and market reports from SKAGEN at www.skagenfunds.com. Printed copies are also available free of charge.

This simplified prospectus is only directed to inves-tors in jurisdictions where the relevant fund has marketing approval. The fund cannot be distributed to investors subject to US jurisdiction including investors resident in or taxable to the USA.

Contact informationInternet: www.skagenfunds.come-mail: [email protected]: +47 51 21 38 58Telefax: +47 51 86 37 00Address: P.O. box 160, 4001 Stavanger, Norway

Samsung Electronics Co Ltd 5.94%

Baker Hughes Inc 5.41%

Eletrobras SA 4.82%

Hyundai Motor Co 4.79%

Sistema JSFC 3.03%

Vale SA Spons ADR 3.01%

Pride International Inc 2.99%

Hon Hai Precision Industry Co 2.85%

Standard Chartered PLC 2.65%

Banco do Estado do Rio Grande do Sul S.A. 2.53%

Total 38.02%

31st January 2011

Ten largest holdings Costs

Buy and sell

Subscription fee Max. 3.0 %

Redemption fee Max. 0.3 %

* Direct transactions with SKAGEN are not subject to any subscription or redemption fee

Annual costs charged to the fund 2010Annual average since inception

Fixed management fee 2 % per yearCalculated daily, charged quarterly (includes investment manage-ment, administration, distribution, custody, etc.).

According to the fund’s Articles of Association, a discount on the management fee may be granted on holdings of more than 50 000 000 NOK. You may contact SKAGEN for further information.

2.0 % 2.41 %

Variable management feeBetter value development measured in percent in the fund’s asset value compared with the MSCI Emerging Markets Index daily traded net total return $ (in NOK) is shared 90/10 between the unit holders and the management company. However, the total annual manage-ment fee charged may not exceed 4 % of the fund’s average annual asset value. If the fund’s asset value shows a poorer development measured in percent than the fund’s benchmark index, 10 % of the poorer value development is deducted from the fixed management fee. However, the total annual management fee charged may not be lower than 1 % of the fund’s average annual asset value. The variable management fee is calculated daily and charged annually.

0.14 % 0.72 %

+ Other costs(except transaction costs) charged to the fund.

0.0 % 0.0 %

= Total cost (as a percentage of net value of a unit for 2010 compared to annual average percentage of net value of a unit since inception).

2.14 % 3.13 %

TaxationFor information and advice regarding tax issues in respect to subscribing, redeeming and holding fund units, please contact your local tax advisor. Information on tax in the countries where SKAGEN has marketing approval is available in the relevant simplified prospectus for each country. You may also contact SKAGEN for more information.

Further informationFinancial services group: SKAGEN AS is an independent investment management company

unaffiliated with any financial services group Custodian: HandelsbankenSupervisory authority: The Financial Supervisory Authority of Norway (www.finanstilsynet.no)Independent auditor: PricewaterhouseCoopers ASInternal auditor: Ernst & Young AS Complaints body: The Norwegian Financial Services Complaints Board (www.finkn.no)


SKAGEN Global Equity fund registered in Norway | UCITS | ISIN: NO 000 8004009 | Management company: SKAGEN AS | Fund inception date: 07.08.1997 | Manager: Kristian Falnes

751.3%

The fund’s objectiveThe fund’s objective is to provide the unit holders with the best possible return based on the risk they have undertaken through an actively managed portfolio of international equities.

The fund’s investment strategy SKAGEN Global has a worldwide investment mandate. The fund’s aim is to find high quality companies at a low price, which are characterised by being undervalued, under-researched and unpopular. To reduce risk, the fund seeks to maintain a sensible geographical and sector balance.

Who is the fund suitable for?SKAGEN Global is suitable for investors who wish to spread investments worldwide and achieve diversification, both geographically and across industries.

Performance commentsThe graphs on the left show the fund’s historical performance measured in EUR. All costs charged to the fund have been deducted. The fund’s benchmark index is the MSCI All Country World daily total return net $ in NOK .

Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager’s skill, the fund’s risk profile and subscription and management fees. The return may become negative as a result of negative price developments.

Fund performance may vary considerably within one year. Gains or losses for individual unit holders will therefore depend on the exact timing of the subscription and redemp-tion of units.

Fund price information The price of fund units, the net asset value (NAV) per unit, is calculated each Norwegian business day based on the market value of the fund’s portfolio. Price information is available on www.skagenfunds.com. The fund’s NAV per unit is calculated in NOK. The fund’s investments are normally not hedged with respect to currency; however, some of the fund’s investments may be hedged by drawing on the fund’s currency accounts.

DividendDividends received by the fund are automatically reinvested in the fund and are there-fore included in the net asset value per unit.


For subscriptions and redemptions in other currencies than NOK, the subscription/redemption price is calculated from the fund’s NAV in NOK using the currency exchange rate used by the relevant fund on the valuation day.

0 1 2 3 4 5 6 7 8 9 10

SKAGENAvkastning

SKAGENGlobal

SKAGENKon-Tiki

SKAGENVekst

SKAGENTellus




Last 3 years:

Last 5 years:

Last 10 years:

Since start:

Cumulative return

The fund was established in August 1997 and per-formance is measured from date of inception until the end of the year.




Last updated31st January 2011

14.4%

28.1%174.2%


SKAGEN Global Equity fund registered in Norway | UCITS | ISIN: NO 000 8004009 | Management company: SKAGEN AS | Fund inception date: 07.08.1997 | Manager: Kristian Falnes

Costs

Buy and sell





Fixed management feeCalculated daily, charged quarterly (includes investment manage-ment, administration, distribution, custody, etc.).

1.0 % 1.0 %

Variable management feeBetter value development measured in percent in the fund’s asset value compared with the MSCI All Country World daily total return net $ (in NOK) is shared 90/10 between the unit holders and the management company. Thus, the fund may be charged a variable management fee even if the fund’s return has been negative, as long as the fund has had a better value development than its benchmark index. In the opposite case, the fund may have a posi-tive return without being charged a variable management fee, if the value development measured in percent has not been better than the benchmark. The variable management fee is calculated daily and charged annually.

0.29 % 1.63 %


0.0 % 0.0 %


1.29 % 2.63 %






Contact informationInternet: www.skagenfunds.come-mail: [email protected]: +47 51 21 38 58Telefax: +47 51 86 37 00Address: P.O. box 160, 4001 Stavanger, Norway The art of common sense

Last updated

Ten largest holdings


Tyco International Ltd 4.80%

Parmalat SpA 3.74%

Eletrobras SA 3.51%

Pfizer Inc 3.37%

Bunge Ltd 3.04%

Pride International Inc 2.86%

Accenture Plc 2.85%

Citigroup Inc 2.40%

Kyocera Corp 2.35%

Total 36.24%

31st January 2011



SKAGEN Vekst Equity fund registered in Norway | UCITS | ISIN: NO 000 8000445 | Management company: SKAGEN AS | Fund inception date: 01.12.1993 | Manager: Beate Bredesen

Last updated

The fund’s objectiveThe fund’s objective is to provide the unit holders with the best possible return based on the risk they have undertaken through an actively managed portfolio of Norwegian and inter-national equities.

The fund’s investment strategySKAGEN Vekst has an international investment mandate, but is required to invest at least 50 percent of its capital in companies listed or traded on a Norwegian market or companies domiciled in Norway. The fund’s aim is to find high quality companies at a low price, which are characterised by being undervalued, under-researched and unpopular. The combination of a Norwegian and a global mandate allows the fund to take part in value creation in sectors that are not available on the Norwegian market.

Who is the fund suitable for?SKAGEN Vekst is suitable for investors who wish to balance Norwegian and global in-vestments while achieving diversification both geographically and across industries.

Performance commentsThe graphs on the left show the fund’s historical performance measured in EUR. All costs charged to the fund have been deducted. The fund’s benchmark index is compo-sed of the Oslo Børs hovedindeks (OSEBX) and the MSCI All Country World Daily Total Return Net $ in NOK, weighted equally and continuously rebalanced.

Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager’s skill, the fund’s risk profile and subscription and management fees. The return may become negative as a result of negative price developments.

Fund performance may vary considerably within one year. Gains or losses for indivi-dual unit holders will therefore depend on the exact timing of the subscription and redemption of units.

Fund price informationThe price of fund units, the net asset value (NAV) per unit, is calculated each Norwegi-an business day based on the market value of the fund’s portfolio. Price information is available at www.skagenfunds.com. The fund’s NAV per unit is calculated in NOK. The fund’s investments are normally not hedged with respect to currency; however, some of the fund’s investments may be hedged by drawing on the fund’s currency accounts.

DividendDividends received by the fund are automatically reinvested in the fund and are therefore included in the net asset value per unit.


For subscriptions and redemptions in other currencies than NOK, the subscription/redemption price is calculated from the fund’s NAV in NOK using the currency ex-change rate used by the relevant fund on the valuation day.

0 1 2 3 4 5 6 7 8 9 10

SKAGENAvkastning

SKAGENGlobal

SKAGENKon-Tiki

SKAGENVekst

SKAGENTellus

11.3%

30.8%

243.0%

31st January 2011

1445.0%

Last 3 years:

Last 5 years:

Last 10 years:

Since start:

Cumulative return




The fund was established in December 1993 and performance is measured from date of inception until the end of the year.





SKAGEN Vekst Equity fund registered in Norway | UCITS | ISIN: NO 000 8000445 | Management company: SKAGEN AS | Fund inception date: 01.12.1993 | Manager: Beate Bredesen

Last updated

Costs

Buy and sell






1.0 % 1.0 %

Variable management feeReturns exceeding 6 % p.a. are shared 90/10 between the unit holders and the management company. The variable management fee is calculated daily and charged annually.

0.87 % 2.07 %


0.0 % 0.0 %


1.87 % 3.07 %






Contact informatonInternet: www.skagenfunds.come-mail: [email protected]: +47 51 21 38 58Telefax: +47 51 86 37 00Address: P.O. box 160, 4001 Stavanger, Norway

Kongsberg Gruppen ASA 4.13%


DOF ASA 2.54%

Solstad Offshore ASA 2.43%

Norsk Hydro ASA 2.37%

Bonheur ASA 2.24%

Eletrobras SA 2.21%

Wilh Wilhelmsen Holding ASA 2.17%

Ganger Rolf ASA 2.13%

Gjensidige Forsikring ASA 2.06%

Total 25.78%

31st January 2011




SKAGEN Tellus Bond fund registered in Norway | UCITS | ISIN: NO 001 0327786 | Management company: SKAGEN AS | Fund inception date: 29.09.2006 | Manager: Torgeir Høien

The fund’s objectiveThe fund’s objective is to provide its unit holders with the best possible return based on the risk they have undertaken through an actively managed portfolio of credit-worthy international bonds.

The fund’s investment strategySKAGEN Tellus has a worldwide investment mandate. The fund mainly invests in government bonds. The fund’s aim is to find undervalued bonds with potential for good returns in the form of capital gains in addition to interest and the potential for currency appreciation. The fund’s base currency is EUR.

Who is the fund suitable for? SKAGEN Tellus is suitable for investors who wish to invest in global bonds and who have an investment horizon of at least 12 months. Investors must be able to tolerate currency exchange rate fluctuations. The fund is well suited as part of a long-term investment portfolio.

Performance commentsThe graphs on the left show the fund’s historical performance measured in EUR. All costs charged to the fund have been deducted. The fund’s benchmark is the Barclays Capital Global Treasury Index 3-5 years. The fund is classified as an international bond fund.

Historical returns are no guarantee for future returns. Future returns will, inter alia, depend on market developments, the fund manager’s skill, the fund’s risk profile and management fees. The investment return may become negative as a result of negative price developments. Fund performance may vary considerably within one year. Gains or losses for individual unit holders will therefore depend on the exact timing of the subscription and redemption of units.

Fund price informationThe price of fund units, the net asset value (NAV) per unit, is calculated each Norwegian business day based on the market value of the fund’s portfolio.

Price information is avail able on www.skagenfunds.com. The fund’s NAV per unit is calculated in NOK. The fund’s investments may be currency hedged against EUR by drawing on the fund’s currency accounts.

DistributionThe fund’s taxable income is separated from the fund and distributed to the unit holders annually in the form of the issue of new units. The unit price is reduced by an amount exactly equal to the value of the taxable income per unit.

Subscription and redemptionSubscription and redemption instructions may be sent to SKAGEN Funds by post, fax or e-mail or to our partners (see www.skagenfunds.com). The minimum subscription amount is EUR 150.

For subscriptions and redemptions in other currencies than NOK, the subscription/redemption price is calculated from the fund’s NAV in NOK using the currency exchange rate used by the relevant fund on the valuation day.




The fund was established in September 2006 and performance is measured from date of inception until the end of the year.

Last updated


Last 2 years: 26.91%


0 1 2 3 4 5 6 7 8 9 10

SKAGENAvkastning

SKAGENGlobal

SKAGENKon-Tiki

SKAGENVekst

SKAGENTellus

1.22

Since start: 31.19%

31st January 2011

24.08%Last 3 years:

Duration:

Cumulative return



SKAGEN Tellus Bond fund registered in Norway | UCITS | ISIN: NO 001 0327786 | Management company: SKAGEN AS | Fund inception date: 29.09.2006 | Manager: Torgeir Høien

Last updated

Costs

Buy and sell

Subscription fee 0

Redemption fee 0



According to the fund’s Articles of Association, a discount on the fixed management fee may be granted on holdings of more than 1,000,000 units. Please contact SKAGEN for further information.

0.8 % 0.8 %


0.0 % 0.0 %

= Total cost (as a percentage of net value of a unit for 2010).

0.8 % 0.8 %






Contact informationInternet: www.skagenfunds.come-mail: [email protected]: +47 51 21 38 58Telefax: +47 51 86 37 00Address: P.O. box 160, 4001 Stavanger, Norway

German Government 13.80%

Japanese Government 8.36%

Swiss Government 8.10%

US Treasury 7.91%

Greek Government 6.93%

Swedish Government 5.85%

UK Government 5.59%

Hong Kong Government 4.38%

Malaysian Government 4.06%

South African Government 3.64%

Total 68.62%

31st January 2011




SKAGEN Avkastning Bond fund registered in Norway | UCITS | ISIN: NO 000 8000452 | Management company: SKAGEN AS | Fund inception date: 16.09.1994 | Manager: Jane S. Tvedt

Cumulative returnLast 3 years:

Last 5 years:

Last 10 years:

Since start:

Duration:

The fund’s objectiveThe fund’s objective is to provide its unit holders with the best possible risk adjusted return in the fixed interest market over a six month period by balancing investments between fixed interest securities with short and long maturities.

The fund’s investment strategySKAGEN Avkastning has a worldwide investment mandate, but primarily invests in notes and bonds issued in Norwegian kroner. The fund only invests in issues with a low credit risk, i.e. government bonds, government guaranteed loans, loans to financial institutions and bank deposits.

Who is the fund suitable for? SKAGEN Avkastning is a fixed-interest fund with low risk that is suitable for investors with a savings horizon of more than six months. SKAGEN Avkastning is a good alternative for investors who do not wish to commit resources to monitoring the interest markets and moving investments between interest bearing securities with different maturi ties.

Performance commentsThe graphs on the left show the fund’s historical performance measured in EUR. All costs charged to the fund have been deducted.

The fund’s benchmark is the Oslo Stock Exchange 3 year Government Bond Index (ST4X).

Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager’s skill, the fund’s risk profile and man-agement fees. The investment return may become negative as a result of negative price developments.

Fund performance may vary considerably within one year. Gains or losses for individual unit holders will therefore depend on the exact timing of the subscription and redemp-tion of units.

Fund price informationThe price of fund units, the net asset value (NAV) per unit, is calculated each Norwegian business day based on the market value of the fund’s portfolio. Price information is av-ail able on www.skagenfunds.com. The fund’s NAV per unit is calculated in NOK. The fund’s investments may be currency hedged by drawing on the fund’s currency accounts.

DistributionThe fund’s taxable income is separated from the fund and distributed to the unit holders annually in the form of the issue of new units. The unit price is reduced by an amount exactly equal to the value of the taxable income per unit.

Subscription and redemptionSubscription and redemption instructions may be sent to SKAGEN Funds by post, fax or e-mail or to our partners (see www.skagenfunds.com). The minimum subscription amount is EUR 150.

For subscriptions and redemptions in other currencies than NOK, the subscription/re-demption price is calculated from the fund’s NAV in NOK using the currency exchange rate used by the relevant fund on the valuation day.

Last updated




The fund was established in September 1994 and performance is measured from date of inception until the end of the year.



0 1 2 3 4 5 6 7 8 9 10

SKAGENAvkastning

SKAGENGlobal

SKAGENKon-Tiki

SKAGENVekst

SKAGENTellus

31st January 2011

8.84%

19.27%

170.11%

0.74

63.39%



SKAGEN Avkastning Bond fund registered in Norway | UCITS | ISIN: NO 000 8000452 | Management company: SKAGEN AS | Fund inception date: 16.09.1994 | Manager: Jane S. Tvedt

Last updated

Ten largest holdingsCosts

Buy and sell

Subscription fee 0

Redemption fee 0



0.5 % 0.5 %


0.0 % 0.0 %

= Total cost (as a percentage of net value of a unit for 2010).

0.5 % 0.5 %






Contact informationInternet: www.skagenfunds.come-mail: [email protected]: +47 51 21 38 58 Telefax: +47 51 86 37 00Address: P.O. box 160, 4001 Stavanger, Norway

Sparebanken Vest 8.64%

Sparebanken Sogn og Fjordane 8.25%

Sparebank 1 SMN 8.17%

Kredittforeningen for Sparebanker 7.76%

Sparebanken Sør 7.28%

Greek Government 6.74%

Pareto Bank ASA 4.21%

Helgeland Sparebank 4.21%

Bolig- og Næringskreditt ASA 3.50%

Skandinaviska Enskilda Banken AB 3.50%

Total 62.26%

31st January 2011

Documents

SKAGEN Kon-Tiki