Skagen offers candid appraisal of 'disappointing' 2011

18.05.12

Norwegian boutique Skagen has offered a candid appraisal of its ‘disappointing’ performance in its 2011 annual review.

The firm, which operates five funds across global and emerging market equities and fixed income, said it had been hit hard by macroeconomic pressures.

In addition, Skagen said it had failed to receive adequate compensation for some of its bets and investment decisions over the course of the year.

It added this was particularly relevant in its emerging market fund, Skagen Kon-Tiki .

In the introduction piece for the annual report, veteran investors  Kristian Falnes and Euro Stars AA-rated manager Kristoffer Stensrud said it had been a ‘miserable year for stocks’.

However, the duo pointed to the myriad of downturns Skagen has weathered since its launch in December 1993 and they remain positive on the near future.

Within the review, Stensrud admitted to 'still being annoyed' at not having bought into tech giant Apple when he had the opportunity in 2002.

Source: Citywire.co.uk