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Ranked 53 out of 270 in - Global Emerging Markets over 12 months
All calculations are in GBP unless stated

Managed by

Cathrine Gether

Cathrine Gether was born in Oslo, Norway in 1976. She gained a Masters degree in Finance from the London Business School and a Bachelor degree in Business Administration from the University of San Francisco. Her investment career commenced in 2000 at Karl Johan Fonds , part of DNB, as a corporate finance analyst. Two years later she moved to Carlson Capital UK Ltd where she was managing director. In 2008 Cathrine moved to the Millennium Capital Partners as a portfolio manager and a year later she joined Skagen where she is currently a portfolio manager. Outside of work she enjoys skiing, cinema and theatre.

Erik Landgraff

Knut Harald Nilsson

Knut Harald Nilsson was born in Sarpsborg, Norway in 1966. He attended the Copenhagen Business School where he gained a BSc and an MSc in finance & business administration. He joined Skagen AG in 2006 and manages the Skagen Kon-Tiki fund which is managed in a disciplined, stockpicking manner, often guided by strong thematic overlays. Knut has over 17 years of investment experience through various prior roles at Fearnley Fonds, Karl Johan Fonds, Alfred Berg and Deutsche Bank. Outside of fund mangement his interests include golf, tennis and skiing.

Kristoffer Stensrud

Kristoffer Stensrud was born in 1953 in Trondheim, Norway. He studied Financial Planning and Monetary Policy at the Copenhagen Business School and has over sixteen years of experience in the financial services industry. He began his career as chief analyst (1979-1983) at Børsinformation ApS in Copenhagen and later became portfolio manager (1983-1985) with Børsinformation I.R. (UK). In 1985, he joined Stafonds as an analyst for four years and later joined Carnegie-Jensen in Copenhagen in 1990 as a chief analyst. In 1993, Kristoffer founded Skagen Funds and is currently portfolio manager for the Skagen Kon-Tiki fund which he launched in 2002. He applies a bottom-up approach, focusing on picking high quality companies with a low price tag or companies that are undervalued and unpopular.


This is an actively managed fund with a global investment mandate. The fund should invest at least 50% of the funds assets in emerging markets, i.e. countries or markets that are not included in the MSCI Developed Market Series. The funds objective is to find low-priced, high quality companies that are undervalued, under-researched and unpopular. To reduce risk, the fund seeks to maintain a reasonable geographic and sector balance.

Showing fund performance in United Kingdom View performance globally


Global Emerging Markets over : 28/02/2016 - 28/02/2017

Total Return

Quarterly Performance

to 01/01/2017 Annual Q1 Q2 Q3 Q4
2016 30.7% 5.9% 8.4% 10.8% 2.8%
2015 -11.5% 3.8% -6.9% -12.7% 4.9%
2014 -4.1% -1.8% 4.5% -5.1% -1.5%
2013 7.7% 7.7% -5.3% 1.4% 4.0%
2012 8.3% 9.6% -8.4% 4.6% 3.2%
2011 -15.4% 3.0% -2.0% -21.7% 7.1%
2010 24.3% 10.9% -10.2% 14.5% 8.9%
2009 76.3% 2.4% 23.3% 27.7% 9.3%
2008 -31.4% -8.4% 5.6% -18.6% -12.9%
2007 38.1% 2.4% 18.5% 10.1% 3.5%
2006 17.1% 13.0% -9.6% 2.2% 12.2%
2005 59.3% 5.1% 9.9% 26.0% 9.4%
2004 35.6% 7.1% -7.1% 15.9% 17.6%
2003 90.0% -6.8% 30.6% 18.2% 32.2%
2002 -24.7% 16.9%

Month by Month Performance

Returns Vs Risk

Asset Allocation



Top 10 Holdings

Stock Size
Samsung Electronics Co Ltd PFD 5.49
Richter Gedeon Vegyeszeti Gyar Nyrt ORD 4.44
Naspers Ltd ORD 4.21
X5 Retail Group NV DR 4.06
Haci Omer Sabanci Holding AS ORD 3.92
Hyundai Motor Co PFD 3.86
Hyundai Motor Co PFD 3.63
Mahindra and Mahindra Ltd DR 3.53
Cosan Ltd ORD 3.18
State Bank of India ORD 2.90

Registered For Sale In

  1. Belgium
  2. Denmark
  3. Finland
  4. France
  5. Germany
  6. Ireland
  7. Luxembourg
  8. Netherlands
  9. Norway
  10. Sweden
  11. Switzerland
  12. United Kingdom

Fund Info

  • Launch date05/04/2002
  • Share Class size20,341Mn
  • Base currencyNOK
  • ISIN NO0010140502

Purchase Info

  • Min. initial investment250
  • Min. regular additional investment250


  • Annual management2.00%
  • Initial investment0

Related News

Skagen’s Jenssen: reforms are setting India’s prospects ‘on fire’

Manager has increased Indian exposure to 14.5% off the back of reforms.

Skagen Kon Tiki star cuts Russia bets but warns against exiting market

Emerging market veteran Kristoffer Stensrud has trimmed stocks exposed to Western sanctions but believes best returns can arise from periods of crisis.

Skagen unveils global corporate bond fund

Skagen has launched a global corporate bond fund that will be managed according to the group’s value style.

Skagen launches three UK clean share classes

The Norwegian asset manager has underlined its commmitment to the UK with the creation of clean share classes on a trio of funds.

Why size isn't an issue for this top performing £4.8bn GEM fund

The £4.8 billion Skagen Kon-Tiki fund co-managed by A-rated Knut Harald Nilsson is proof that being massive doesn't hamper performance in emerging markets.

Leading Nordic boutique lands in UK

One of Europe's top performing boutiques, Skagen, is bringing its funds to the Uk.

Performance is for the period shown (month end to month end, bid/bid, gross income reinvested, calculated in the currency and currencies indicated).