Trustnet Magazine Issue 12 November 2015 | Page 14

TRUST

PENSION

HARBOURVEST GLOBAL
PRIVATE EQUITY

SKAGEN KON-TIKI

This private equity trust offers an attractive way to obtain exposure to global growth,
but with low exposure to mainstream equity markets

I

Source: FE Analytics

12

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400%
300%
200%
100%
0%
May 15

May 14

May 13

-100%
May 12

Jun 15

Dec

Jun 14

Dec

Jun 13

Dec

Jun 12

Dec

Jun 11

-60%

500%

May 11

-20%

MSCI Emerging Markets Growth (191.13%)

May 10

0%

MANAGERS: Cathrine Gether,
Kristoffer Stensrud, Knut Harald
Nilsson, Erik Landgraff and Hilde
Jenssen
FUND SIZE: £2.9bn
LAUNCHED: 05/04/2002
OCF: 1.11%

May 09

20%

600%

May 08

40%

SKAGEN - KonTiki (558.25%)
IA Global Emerging Markets (202.34%)

May 07

60%

700%

May 06

MSCI World (41.05%)

80%

800%

May 05

100%

due to micro or macroeconomic
factors. This is why the portfolio
is trading on a P/E of 8.3 times,
compared with close to 12 times
for the index.
Skagen Kon-Tiki sits in the IA
Global sector rather than IA Global
Emerging Markets due to the
managers’ ability to invest up to
50 per cent in developed marketlisted companies that derive the
majority of their earnings from
emerging markets (although that
tranche of the portfolio has never
exceeded 20 per cent).

PERFORMANCE OF FUND VS SECTOR
AND INDEX SINCE LAUNCH

May 04

HarbourVest Global Private Equity (95.11%)
IT Private Equity (64.44%)

struggling, we feel this has
provided an opportunity to buy a
fund that is run by managers with a
value style,” Walker said.
“If emerging markets recover,
this fund should do very well.”
The fund’s performance, albeit
weak over the short-term, has
been nothing less than exceptional
since launch in April 2002: it has
more than doubled the gains of its
benchmark over this time and
has beaten every portfolio in the
IA Global Emerging Markets sector
by more than 200 percentage
points.
It has outperformed the index in
10 of the past 12 calendar years (a
feat unmatched by any emerging
markets fund), having surpassed
its benchmark in every year
between 2002 and 2012