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Ranked 177 out of 1083 in - Global over 12 months
All calculations are in NOK unless stated

Managed by

Torgeir Høien

Torgeir Høien was born in Stavanger, Norway in 1962 and, after a year as a visiting student at New York University, graduated from the University of Oslo with an MSc in Economics in 1988. He began his career in 1988 as a high school teacher. From 1989 he helped build up Sonans, the largest Norwegian chain of commercial high schools. He quit as CEO of Sonans in 2001 to co-found the software company Logometrica. In 1998 he joined the executive board of Norges Bank as an external member. In 2004 he worked at Handelsbanken, as their senior economist in Oslo. Torgeir joined SKAGEN in 2005 and since September 2006 has managed SKAGEN Tellus, a global sovereign bond fund where his main investment strategy is to use macroeconomics and extensive analysis and proprietary research tools to identify undervalued bonds and currencies. Torgeir’s interests outside of fund management include skiing, literature and the cinema and theatre.


The fund's objective is to provide its unit holders with the best possible return based on the risk they have undertaken through an actively managed portfolio of credit-worthy international bonds. The fund mainly invests in government bonds, but may also invest in issues from financial institutions. The fund's aim is to find undervalued bonds with potential for good returns in the form of capital gains in addition to interest and the potential for currency appreciation.

Showing fund performance globally. You can view performance in individual jurisdictions.


Global over : 30/04/2015 - 30/04/2016
  • Rank 177/1083 Total Return
  • Rank 662/1083 Standard Deviation
  • Rank 421/1083 Max Drawdown
Fund Name Currency Return
175 JPM Global ex-UK Bond A Acc GBP


175 Aviva Investors Global Fixed Income Hedged SC 3

Currency exposure is hedged

Currency exposure is hedged



177 RBC $US Investment Grade Corporate Bond Series A USD




179 AB FCP I-Global Bond II Portfolio S1 USD USD


Fund Name Currency Risk
662 Russell Global Bond A Acc USD

Currency exposure is hedged

Currency exposure is hedged





664 Aktia Bond Allocation B EUR


664 POP Korkosalkku B EUR


Fund Name Currency Loss
420 CBR Privatinvest Fund - Constant (EUR) EUR


421 Allianz Global Investors All Har Fd of Bd Fd A TWD TWD


421 PEC Global Income Fund CHF


421 IOD Internationaal Obligatiedepot

Currency exposure is hedged

Currency exposure is hedged



421 UBS (CH) Inst Fd-Global Bonds 3 I-B CHF




421 AM Fortune Fund Defensive EUR


421 Danske Invest Mix Obligationer DKK


421 Nordea Saasto Korko Kasvu EUR


Total Return

Quarterly Performance

to 31/03/2016 Annual Q1 Q2 Q3 Q4
2016 -1.5%
2015 5.0% 5.7% -7.1% 5.1% 1.8%
2014 23.9% 2.7% 6.0% -0.7% 14.7%
2013 9.2% 4.0% 4.2% 0.6% 0.2%
2012 6.1% 0.3% 3.2% 1.5% 0.9%
2011 -0.4% -3.2% -1.8% 3.4% 1.3%
2010 6.8% 0.6% 8.4% -1.0% -1.1%
2009 -2.9% -10.0% 6.6% -1.3% 2.6%
2008 20.5% -4.7% 1.1% 7.7% 16.1%
2007 0.5% 1.5% 0.4% -2.8% 1.4%
2006 0.7%

Month by Month Performance

Returns Vs Risk

Registered For Sale In

  1. Denmark
  2. Finland
  3. Iceland
  4. Ireland
  5. Luxembourg
  6. Netherlands
  7. Norway
  8. Sweden
  9. Switzerland
  10. United Kingdom

Fund Info

  • Launch date29/09/2006
  • Share Class size1,082Mn
  • Base currencyNOK
  • ISIN NO0010327786

Purchase Info

  • Min. initial investment250
  • Min. regular additional investment250


  • Annual management0.80%

Related News

Bond star dumps all Greek bets as new crisis fears mount

Citywire AA-rated Torgeir Høien jettisons whole Greek sovereign bond portfolio as yields fall and budgetary pressures resurface.

Draghi must act fast to stop Euro ‘explosion’, says bond star

VIDEO: Citywire AA-rated manager Torgeir Høien expects full-scale QE programme to be launched imminently to protect peripheral gains.

Scottish question forces Euro bond star to slash gilts exposure

Uncertainty over independence referendum leads Citywire AA-rated manager Torgeir Høien to protect against short-term volatility.

The case for central banks scrapping currencies

Citywire AA-rated Torgeir Høien believes abolishing currencies would not take a ‘radical’ shift, and would allow true negative interest rates to drive growth.

ECB action was ‘food for thought’ not firepower, says Skagen star

Citywire A-rated bond manager Torgeir Høien explains why Draghi didn’t go far enough and what his next steps should be.

Skagen branches out with corporate bond fund launch

Nordic boutique expands fixed income market presence with new strategy targeting global companies.

Skagen bond star backs peripheral picks to outperform

Eurozone growth will exceed expectations and debt-laden nations will emerge as big winners, says Torgeir Høien.

Greek bonds fever: managers question country's ‘milestone’ issue

Despite being eight times oversubscribed, bond investors canvassed by Citywire Global are unswayed by the country’s return to the debt markets.

Top bond manager attacks ‘Kamikaze Keynesianism’

VIDEO: Japan and Germany are both off the table for Skagen’s sovereign debt specialist Torgeir Høien.

Fiscal landslide leaves US fund managers lukewarm

Despite a clear vote, only half a deal has been done and managers prepare to expect the worst from political negotiations.


Performance is for the period shown (month end to month end, bid/bid, gross income reinvested, calculated in the currency and currencies indicated).