Skagen has launched a global corporate bond fund that will be managed according to the group’s value style.
The Skagen Credit fund will be run by Ola Sjöstrand and Tomas Middelthon, who will target undervalued, under-researched and unpopular corporate bonds from around the world.
Sjöstrand has been managing Norwegian and Swedish money-market funds since joining Skagen in 2006, while Middelthon has also been working on money-market funds for the past two and a half years.
They expect to build a high conviction and concentrated portfolio, with low exposure to interest rates, and will hedge currency risk.
The team has confirmed that they will also draw on their equity colleagues to identify opportunities. The £4.7 billion Kon-Tiki fund, for example, is co-managed by Skagen co-founder Kristoffer Stensrud.
The Citywire A-rated manager (pictured) has guided the fund to an annualised return of 0.18% over the past three years while its benchmark MSCI Emerging Markets index has lost an annualised 1.96% through the period.
According to its key investor document, the Credit fund’s ongoing charge is 0.8%.