Morningstarin analyytikko Mathieu Caquineau, CFA on julkaissut päivityksen Skagen Kon-Tiki-rahastosta. Tiivistelmä:
“Changes in the team have weakened our conviction in Skagen Kon-Tiki, and we assign it a Morningstar Analyst Rating of Neutral. On June 12, 2017, Skagen announced that Kristoffer Stensrud, who has managed the fund since its launch in 2002, will step down. Even though Stensrud had gradually reduced his contribution in recent years, we think this is a loss for investors as he has been key in building this strategy and its long-term track record. This announcement comes after the departure of Erik Landgraff in April 2017 and the reassignment of Hilde Jenssen in October 2016 to a noninvestment role at Skagen. Going forward, the fund will be managed by Knut Harald Nilsson, who was Stensrud’s official co-pilot since 2014; Cathrine Gether; and a recruit, Fredrik Bjelland, who will start in August 2017. But the team has been reduced from five to three people and has lost experience. These changes also come at a challenging time from a performance perspective, with the fund generating poor results in recent years. We still like this distinctive contrarian value strategy, and Skagen is a respectable parent, but there are too many uncertainties for us to remain positive.”
