Barrick Gold Corporation announced an offer to acquire Equinox, which SKAGEN Kon-TIki has a stake in. SKAGEN Kon-Tiki Investors have about 3 % stake in Equinox, with a total benefit to investors in the fund ranging from DEK 444 million.
Portfolio manager Kristoffer Stensrud, commented in the company press release, "We've seen Equinox as one of the most likely takeover candidates in the ongoing consolidation in the commodities sector. Therefore, we are obviously pleased with recent developments."
He continued by adding,’’ The challenge for portfolio managers is when to reinvest the money and find equally attractive investment as the companies will disappear.’’
Moreover, Strensrud mentions that SKAGEN Kon-tiki portfolio still has twenty large companies at attractive prices, making investments in other existing portfolio companies feasible. The five largest companies under the SKAGEN Kon-Tiki portfolio are: Eletrobras, Samsung Electronics, Baker Hughes, Hyundai Motor and Sistema.
"Our core of the Fund consists of a number of companies that are low priced where we also have a powerful investment theme," says Kristoffer Stensrud.
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