View the whole report - ODIN Fund Management

Transcription

Annual Report 2013
ODIN’s Equity Mutual Funds
February 2014
ODIN creates value for the future
Content
3 Comments from CEO
4-5 Market Comments
6-7 ODINs Investment Process
8-9 Report from the Board of Directors for 2013
10Notes
11-14 ODIN Norden
15-18 ODIN Finland
19-22 ODIN Norge
23-26 ODIN Sverige
27-31 ODIN Europa
32-36 ODIN Europa SMB
37-41 ODIN Global
42-46 ODIN Emerging Markets
47-50 ODIN Maritim
51-54 ODIN Offshore
55-58 ODIN Eiendom I (Real Estate)
59 Auditor’s Report for 2013
60 Notice of election meeting
This annual report was originally prepared in Norwegian. This is
an unofficial translated version and no liability is assumed for any
errors or ambiguities that may have arisen in connection with the
translation. The original version of this annual report is available
in Norwegian and can be ordered from ODIN Fund Management.
Statements in this annual report reflect ODIN’s views on the market at the time when the annual report was published.
This annual report shows past performance. Past performance is
no guarantee for future performance. Future performance will depend on things such as movements in the market, the manager’s
skills, the fund’s risk level and the costs of managing the funds.
The value of the fund may decrease as a result of a fall in share
prices. All return figures are stated in NOK, unless otherwise stated.
The Company is a wholly owned subsidiary of SpareBank 1 Gruppen AS
Company registration number:
SpareBank 1 Gruppen AS
ODIN Forvaltning AS
ODIN Fonder, branch to ODIN Forvaltning AS, Norway
ODIN Rahastot
ODIN Fund Management AS Fjordalléen 16,
N-0250 Oslo, P.O. Box 1771 Vika, N-0122 Oslo, Norway
Telephone: +47 24 00 48 00 Fax: +47 24 00 48 01
E-mail: [email protected]
www.odinfundmanagement.com www.odinfond.no I2I
975 966 372
957 486 657
516402-8044
1628289-0
ODIN Fonder Kungsgatan 30, S-111 35 Stockholm
Box 238, S-101 24 Stockholm, Sweden
Telephone: +46 8 407 14 00 Fax: +46 8 407 14 66
E-mail: [email protected] www.odinfonder.se
ODIN Rahastot Mannerheimvägen 14 A,
FIN-00100 Helsinki, Finland
Telephone: +358 (0) 9 4735 5100
Fax: +358 (0) 9 4735 5101
E-mail: [email protected] www.odin.fi
ANNUAL REPORT 2013
Comments from the CEO
Capacity for profitable growth
One summer evening a few years ago, I had the pleasure
of sitting together with an individual who had built up a
major business through a long work life. He did essentially
not have any start capital other than his own initiative.
At the point in time when our conversation took place,
his business had managed to combine growth and profitability over many years. The business had become a major
business measured by revenue, earnings and workplaces.
Such moments entail an opportunity to learn. I took
therefore the opportunity to ask about what the most
important things he had learned from his own business
were and how he could explain the results that had been
achieved.
As an economist, I had expected that the conversation
would have gone in the direction of efficient production,
good logistics or successful marketing. The answer I was
given surprised me. It was also given with the authority
that only documented success can provide. His explanation for his success was essentially the fact that he had
realised the necessity of growth early on. His answer was
more or less as follows: ”If you want to succeed in business, it is necessary to realise how important it is to grow
by achieving ever better results. In business, stable results
are the same as a decline.”
I did not understand the point immediately. Fortunately,
he took the time to explain the reasoning behind his own
experience. Freely quoted what he had learned was as follows:
The development of any business is a process in which the
necessary input factors are manpower and capital. Capital is a standard commodity with an international price.
What distinguishes the labour market is the fact that the
commodity is not standard. The development of a business is therefore closely linked to the quality of its employees.
The best employees have many options when they decide
on where they would like to work. Companies that have a
preferred position in the labour market have, therefore,
a competitive advantage over their competitors. There
is every reason to believe that capable employees make
a conscious decision regarding their employment. Such
candidates will normally be interested in new and greater
challenges over time. This
means that they will seek
companies that have demonstrated the ability to
grow and are also expecting
growth in the future.
With the growth outlook as a necessary prerequisite for
attracting the most capable employees in the industry, a
stable size and earnings will be an impossible situation for
a company over time. A lack of growth means that employees who ”want something” will leave. Such employees
are not satisfied with the same thing this year as last year.
When the best employees leave, they usually find employment at competing businesses. This results in decline.
The business that my conversation partner had built up
never had to raise any equity beyond its limited start capital. He never really liked debt. Under such circumstances, growth over time was synonymous with profitable
growth. He had to earn money to invest.
The importance of the capacity and willingness for growth
cannot be overestimated for the long-term development
of an organisation. For businesses that have good access
to capital, it may nevertheless be useful to point out that
growth can be both value-adding and destructive for a
company’s assets. The economic value of growth is dependent on the growth yielding a satisfactory return for
the capital that must be invested to realise the growth
rate. Only when investments in growth yield a higher
return than the relevant cost of capital is growth valueadding.
At ODIN, our managers have learned the same lesson that
I learned that summer evening a few years ago. Therefore,
our funds invest in companies that are attractively priced
relative to the value created by the business.
ODIN’s long-term development is also dependent on our
ability to create profitable growth. With the commitment
and expertise we currently have in our own business, we
have the best prerequisites for creating value for our customers, owners and employees.
Rune Selmar
ODIN creates value for the future
ANNUAL REPORT 2013
I3I
Market Comments
2013 – from tapering to winner
The past year
“Taper”, which coincidentally means loser in Norwegian,
was the word in 2013. This rarely used English word for a
long thin candle is also used as a verb – in the sense of a
slowdown or a cautious reduction (to taper off something).
Its significance to the financial markets was anything but
cautious. There was a real hullabaloo when the retiring Federal Reserve Chairman Ben Bernanke warned in early summer that the central bank’s extensive bond buying would
be scaled down as soon as the US economy was safely back
on its feet. Naturally, gold and bonds dropped in value as
a result of this, but also the prices of other assets such as
equities dropped. This did seem a little strange, since the
scale back was not to occur until the economy had clearly
regained its health. However, the markets feared what the
loss of USD 85 billion in liquidity monthly (USD 1 trillion
annually) would mean.
Through the summer, the markets assumed to be the most
vulnerable, the emerging markets, were hurt the most. The
stock exchange in Brazil was for the most part down by
as much as 30 per cent from the start of the year. Turkey,
which in addition suffered from political unrest, was down
20 per cent. Currencies in the emerging markets also suffered greatly. Many of them were down 15 to 20 per cent
against the US dollar.
As time passed, however, the markets started to get used
to the idea of life without “QE”, which does not mean the
Queen of England in this case, but the monetary policy
weapon “Quantitative Easing”. The equity markets in
emerging countries regained some of their lost territory,
while stock exchanges in the Western countries (including
Japan) all ended the year with significant gains. The stock
exchanges in the US and Germany ended the year up by 30
and 26 per cent, respectively. The Tokyo exchange ended
the year up 57 per cent, while Nordic equities rose 38 per
cent.
In China, however, the Shanghai exchange fell 7 per cent
last year. China has been the engine of global growth in recent years, and fear of a slowdown – or even worse, a financial crisis – characterised last year. So far, however, this fear
has proven to be unfounded. The Chinese economy continues to chug away, although perhaps at a somewhat slower
tempo.
We can also say that 2013 was an eventful year, but in a
positive sense this time. The year also showed that the rumours of the death of equities were greatly exaggerated. We
were never in doubt that equity prices would bounce back,
as we wrote last year at
this time in the same publication. “There are many
indications that 2013 may
be a good year for equity
markets. However, we do
not advise anyone to base
their investments on such short-term expectations. On the
other hand, we do advise everyone to have a significant proportion of long-term equity investments in their portfolio
– including in 2013.”
Some chief economists in Norway strongly suggest that
Norway will now face greater challenges. Norway has been
lucky to have high oil prices and low import prices for a
long time, and a Norwegian downturn is inevitably at the
door, in their opinion. This is of course plausible, but so far
there are mostly anecdotal signals of this. There will be a
downturn one day, but we are cautious about predicting the
scope and timing.
If we are to believe the development of the Norwegian
krone, then foreigners think that the downturn is already
knocking on our door. The otherwise so strong krone weakened last year 10 to 12 per cent against the dollar and euro,
respectively. However, it is never so bad that it isn’t good
for something: It may actually dampen the downturn by
counteracting the galloping salary inflation that has been
peculiar to Norway in recent years. We can then avoid a
so-called internal devaluation, in other words salary reductions, which some of the eurozone countries may perhaps
have to implement to restore their competitiveness. At the
same time, many of the major companies on the Oslo Stock
Exchange are less dependent on the economic situation in
Norway and more dependent on the global economic situation.
Of course a lot depends on the price of oil. Norway is undoubtedly very dependent on a high level of activity in the
oil sector, and there are many who fear what shale gas and
oil will do to prices. Yet shale production is already high,
and the price of Brent crude oil has remained surprisingly
stable at between 100 and 115 dollars per barrel.
Shale production will, however, change the transport patterns for shipping. This may entail challenges for some of
the ship-owning companies, but it also represents new opportunities. Among other things, this is positive for the
transport of LPG, refined oil products and in fact, crude oil.
Moreover, shipping was one of the sectors that was most
ODIN has based its market comments on the views of sources that are considered to be reliable. However, ODIN cannot guarantee that the information
provided by its sources is either accurate or complete. Statements in this annual report reflect ODIN’s views on the market at the time when the annual
report was being prepared.
I4I
ANNUAL REPORT 2013
Market Comments
affected by the financial crisis, but it has also been one
of the sectors that has performed best since then. ODIN
Maritim rose 44 per cent in 2013. The shipping index on
the Oslo Stock Exchange rose over 200 per cent from its
lowest point. The average return for our equity funds in
2013 was as high as 34.4 per cent. Several of the funds
unfortunately ended the year behind their respective
benchmark indices but for some of the funds, (such as
ODIN Offshore and ODIM Maritim), these indices do
not reflect the actual mandates. ODIN Norden is behind
its index, because the fund is overweighted in Norway,
which was bypassed by the extremely strong performance of Swedish and Finnish equities.
The tremendous upswing in Japan, a country in which
ODIN Global is not exposed, affected the relative return
of this fund. In addition, this fund was impacted by the
aforementioned downturn in emerging markets. We feel
nevertheless that the positions in this fund are favourable in the long run. ODIN Norge is unfortunately still behind its benchmark index. However, we are satisfied with
the quality of the portfolio and expect that the changes
that have been made will show results in the future.
ODIN Sverige was among the very best funds in the
Nordic region. Several of the funds also improved their
rating from the fund evaluation company Morningstar,
although we don’t put too much emphasis on this.
The Coming year
The year 2013 thus went from “taper” to winner. This
means that 2014 will in fact start with this gradual reduction (tapering) of the US central bank’s bond purchases.
The start of the new year has been characterised by light
anxiety after last year’s equities boom. The equity markets have namely gone from low to average pricing. This
means that we expect that they will yield a return (dividends plus price appreciation) equal to or a little more
than the required rate of return (cost of capital) in the
future. To put it simply, we expect that equities will still
yield a better return than fixed-income investments. Of
course this does not hold true every day, every month or
every year.
For foreigners who look at international statistics, the
Norwegian economy must appear to be very vulnerable:
high salaries, explosive real estate prices and a significant dependence on oil. This is perhaps where we find the
explanation for the weak Norwegian krone.
However, Norway has exhibited an ability to adapt before. We can work smarter, and we can hope that foreign
exchange rates help us in the export markets. We are not
as pessimistic as many others with regard to the price of
oil. Shale oil also requires a high price in order to be profitable. In addition, Norway has a solid supply of money
that it can use if the downturn becomes serious.
ANNUAL REPORT 2013
The coming years
As equity managers, we try to look further into the future: Which companies are the future, and which belong
to the past?
Perhaps the most important driver for growth and earnings is demographics. Not just how many more or fewer
people live in a country or region, but rather what they
have of skills, income and consumption. Take China, for
example. The population will inevitably decline, unless
the one child policy is converted to a multiple child policy
that is just as rigid. However, even if the population does
not grow, each individual in China will earn and consume
more. China is thus still a tremendous growth market,
but in other areas than it was previously.
Nothing is as it was, and that is how it will always be. At
least not when we are talking about technology. There
has been a rapid development in nanotechnology (IT and
health), 3D printers and global trade. All of this gives
grounds for optimism.
We will limit our pessimism to climate, unless technology can also save us there. The willingness to implement
genuine climate measures is half-hearted at best in many
countries. Threats that do not appear to be immediate or
obvious are always difficult to take a position on. Global
warming, water scarcity and air pollution are of course
already a challenge in many places, but they are not affecting enough (important) people yet. It is difficult to
estimate the consequences of the climate crisis on returns. However, it is not very difficult to see that this can
be harmful to many people if the necessary measures are
not taken.
We have put the worst of the financial crisis behind us,
but it took five years before the world was solidly back
on its feet again. Equity prices have already discounted
this. Company earnings, however, have not followed equity prices. They should do so, otherwise equities may be
this year’s “taper” in the Norwegian sense of the word
– “loser”.
Yet economic statistics, particularly from the USA, appear to be improving continuously, and there is significantly less unrest in the eurozone. We thus envision a
new good year, for equities in general and for the ODIN
funds in particular.
Jarle Sjo, CIO
ODIN Forvaltning AS
I5I
ODINs Investment Process
Why responsible investments are important
At ODIN we place special emphasis on making responsible investments,
that is investments for sustainable value creation. Our attitude towards
responsibility is closely linked to our investment philosophy. Beyond delivering excess return, we will monitor and attempt to improve the companies’ actions with respect to the environment, working conditions and
consideration to shareholders.
We have defined the principles we should follow in our
investment process with respect to a responsible investment profile (ESG = environmental, social and corporate
governance) in a separate document, but we feel that it
is important to outline the general guidelines here in our
annual report.
ODIN Forvaltning is fundamentally a value-based manager that seeks to identify companies that can create
value for their shareholders in the long term. Having a
long-term perspective and active ownership are a key
part of our investment philosophy, and this gives us an
incentive to incorporate ESG into our investment analysis and decision-making processes. ODIN Forvaltning
has concentrated portfolios, and the managers can thus
spend more time on each individual investment in the
portfolio.
ODIN Forvaltning integrates ESG into its investment
choices based on the belief that companies that operate
in a responsible manner will also be the ones that create
the highest long-term return for their owners. Companies that operate in an environmentally harmful manner will eventually meet resistance from the authorities
and the consumers. Companies that do not treat their
employees well will not be able to attract the best manpower. And companies that do not treat their shareholders fairly will remain low priced companies.
In the summer of 2012, we signed and undertook to
follow the UN Principles for Responsible Investment, a
so-called PRI signature. PRI stands for Principles for Responsible Investments. More specifically, we undertake
to follow these six principles:
1. We will incorporate ESG issues into our investment
analysis and decision-making processes.
I6I
2. We will be active owners and incorporate ESG issues
into our ownership policies and practices.
3. We will seek appropriate disclosure on ESG issues by
the entities in which we invest.
4. We will promote acceptance and implementation of
the Principles within the investment industry.
5. We will work together to enhance our effectiveness in
implementing the Principles.
6. We will report on our activities and progress towards
implementing the Principles.
Every one of our managers is responsible for this integration of ESG in their portfolios. A key element here is
the quality of the data and analysis. Information on ESG
issues comes from three sources:
• Publicly available information (annual reports etc.)
• Discussions and conversations with the companies
• External ESG specialists
ODIN Forvaltning desires to invest in quality companies
that create value for their shareholders. We often see a
link between good companies and responsibility. Good
quality companies are often concerned about operating
in a responsible and sustainable manner.
ODIN Forvaltning has two criteria for excluding companies from the portfolio:
• Ethical exclusion
• Risk-based exclusion
The first exclusion criterion is based on what the companies do. Companies that manufacture goods and services
ANNUAL REPORT 2013
ODINs Investment Process
that are fundamentally inconsistent with our ethical
values will be excluded. This applies in particular to
companies that manufacture tobacco and controversial weapons (nuclear weapons, biological weapons,
landmines and cluster munitions).
The other criterion is based on how the companies
operate. These are companies that operate in a manner that is not sustainable over time, which entails
a risk to the company’s earnings potential. When we
identify this type of risk in a company in which we
have invested, we will try to influence the company’s
management and board to change the way the company operates. If the company’s management and board
show little willingness to change, then ODIN will not
want to continue as an owner and we will try to sell
our stake in the company.
ODIN Forvaltning believes that the integration of
responsibility in the investment process will give our
unit holders a better risk-adjusted return.
Report from the Board of Directors for 2013
ODIN’s in-house managed equity funds include funds in the
categories Norwegian funds (ODIN Norge), Swedish funds
(ODIN Sweden), Nordic funds (ODIN Norden), European
funds (ODIN Europa and ODIN Europa SMB), Global funds
(ODIN Global and ODIN Emerging Markets) other regional
funds (ODIN Finland) and sector funds (ODIN Eiendom I,
ODIN Maritim and ODIN Offshore).
The equity funds are managed according to an index independent and value oriented investment philosophy. The funds can
freely invest within the limits stipulated in their regulations.
The funds’ goal is to provide the unit-holders with the best
possible absolute return over time.
The fund mandates and fees have not been changed during
2013.
At the year-end 2013, ODIN Forvaltning AS managed:
NOK Fund
7 829 million ODIN Norden
1 935 million ODIN Finland
4 791 million ODIN Norge
4 548 million ODIN Sverige
1 671 million ODIN Europa
2 716 million ODIN Europa SMB
1 651 million ODIN Global
465 million ODIN Emerging Markets
888 million ODIN Maritim
2 163 million ODIN Offshore
142 million ODIN Eiendom I
benchmark indices. Historic returns in ODIN’s various equity
funds are available under each funds annual report.
The funds’ independence of the indices and the manager’s
knowledge and experience are important prerequisites for
good investment decisions. The investment decisions are
based on a fundamental analysis and are made on the background of in-house company analyses. Investments are made
in those sectors that the manager possesses a good knowledge
of and has a deep insight into. Monitoring of compliance with
internal and external framework conditions is made by daily
reports to the group management and the fund manager.
ODIN has a permanent function which is responsible for risk
management. The company has established a risk-management strategy containing general guidelines for risk management in the mutual funds and risk profiles for each mutual
fund. The function responsible for risk management monitors
and measures the risk in relation to the funds’ risk profiles.
Redemptions during the period
The funds have not experienced any extraordinarily large redemptions of units that have affected the value of their units
during the year.
The companies’ routines for subscribing for and redeeming
units ensure equal treatment for the unit-holders.
The largest amount redeemed in 2013 comprised:
Fund
% of assets under
management
ODIN Norden
1.33 %
ODIN Finland
0.56 %
ODIN Norge
0.36 %
ODIN Sverige
2.70 %
Handelsbanken (Org.nr. 971171324) is the trustee for the
funds.
ODIN Europa
1.02 %
ODIN Europa SMB
0.43 %
Financial risk and risk management
The financial risk relating to investments in equity funds is
traditionally measured as being the price volatility or fluctuations in the fund’s unit values. Measured in this way, investments in shares and equity funds always involve a certain risk
– in the sense that the value of the units will vary from day to
day and over time. Equity funds should be a long-term investment alternative. The Norwegian Mutual Fund Association
recommends a minimum investment period of at least five
years.
ODIN Global
3.23 %
The funds’ performances are compared to their own benchmark indices. ODIN’s managers may freely compose the funds’
portfolios, irrespective of the benchmark indices to which the
funds are compared. Since the funds are managed according
to an index independent investment philosophy, performance
will deviate from the benchmark indices. Over time, the result
will be that the funds perform either worse or better than the
I8I
ODIN Emerging Market
0.61 %
ODIN Maritim
0.77 %
ODIN Offshore
0.48 %
ODIN Eiendom I
1.30 %
Continued operations
All activity linked to the funds is carried out by ODIN Forvaltning AS. The various funds have in that respect no employees.
The fund’s accounts have been prepared on the basis of the going concern assumption.
The management company, ODIN Forvaltning AS, is in a
healthy economic and financial position.
ANNUAL REPORT 2013
Report from the Board of Directors for 2013
The profit for the year and their appropriation
The 2013 annual accounts show that the funds made the
following profit:
Fund
ODIN Eiendom I had a profit of NOK 29 652 000 which has
been appropriated as follows:
Appropriated
NOK
ODIN Norden
1 922 846 000
ODIN Finland
647 275 000
ODIN Norge
631 360 000
ODIN Sverige
1 457 849 000
ODIN Europa
416 184 000
ODIN Europa SMB
832 311 000
ODIN Global
337 400 000
ODIN Emerging Markets
59 433 000
ODIN Maritim
261 989 000
ODIN Offshore
472 993 000
NOK
Dividend distributed to unit
holders:
3 314 000
Transfered to equity:
26 338 000
Total appropriated:
29 652 000
The returns of ODIN’s equity funds vary from year to year.
The board of ODIN Fund Management is satisfied with the
fact that eleven equity funds had good positive return during 2013, although only three of the funds had higher returns
than their benchmarks. The Board is confident that the valueoriented investment philosophy applied by ODIN, and the
measures implemented the last years and in 2013, is a good
foundation to create good long-term results.
All these annual profits have been transferred in their entirety
to equity.
Oslo, 6 February 2014
The Board of ODIN Forvaltning AS
Kirsten Idebøen
Chairman of the Board
(sig.)
Joachim Høegh-Krohn
(sig.)
Tone Rønoldtangen
(sig.)
ANNUAL REPORT 2013
Stine Rolstad Brenna
(sig.)
Jan Friestad
(sig.)
Christian S. Jansen
(sig.)
Per Ivar Kleiven
(sig.)
Dag J. Opedal
(sig.)
Rune Selmar
Managing Director
(sig.)
I9I
Notes
Note 1 - Note on the principle:
- Financial instruments: All financial instruments, including shares, bonds, certificates and derivates, are assessed at their actual value (market value).
- The determination of actual value: The actual values of the securities in the fund’s portfolio are determined on the
basis of the sales prices in Blomberg at 4.30pm on each
day that the stock market is open. If no sales of the secu rities zave been registered on the stock exchange that
day, an estimated sales value is used.
- Foreign currencies: Securities and bank deposits in foreign
currencies are evaluated at the daily rate (information
from Blomberg at 4.30pm).
- Inclusion of transaction costs: The transaction costs relat ing to the purchase of securities (broker’s commission)
are included in the securities’ cost prices.
- Dividends to unit-holders: With the exception of ODIN
Eiendom I, the funds do not distribute dividends.
- Allocation of acquisition prices: When the funds’ securities
are sold, the gain/loss on the sale is calculated based on
the average cost price of the sold securities.
Note 2 - Financial derivatives:
The funds have not had any financial-derivative holdings during the year and do not have any at the year-end.
Note 5/6 - Commission revenues/Costs:
ODIN Forvaltning AS compensates the funds for brokerage
costs in the case of large net subscriptions/redemptions.
Note 7 - Management fee:
The management fees are calculated daily based on the funds’
total assets according to that day’s evaluation of the funds’ assets. The fees are paid to the management company monthly.
The funds’ management fee is 2 per cent.
Note 8 - Other income and costs:
Other portfolio income represents the difference between the
original book value of foreign-currency bank deposits and the
value of these deposits as at 31 December.
Other income represents gains from underwriting fees (income from the funds underwriting a part of a share issue to
the market).
Other costs reflects the funds’ delivery costs invoiced by custodian banks. The basis for the calculations is the number of
deliveries multiplied by the delivery cost per unit per market.
Note 3 - Financial market risk:
The balance sheet in the funds’ annual accounts reflects the
funds’ market value, in Norwegian krone (NOK), on the last
stock-exchange day of the year. The funds are equity funds
whose operations expose them to share-price and foreignexchange risks. The management of the share-price risk is discussed in the annual report. Please refer to this report for further details. The equity funds have an open foreign-exchange
position.
Note 4 - Asset turnover:
A fund’s asset-turnover rate states the amount of securities
purchased or sold by a fund during a period. A low asset-turnover rate indicates a lower rate of purchasing/selling activity
(trading) than a high asset-turnover rate. The asset-turnover
rate is calculated by taking the sum of all the fund’s sales and
purchases of securities, dividing this amount into two and
then dividing the resultant figure by the fund’s average total
assets during the accounting year.
The funds’ asset-turnover rates for 2013 were:
Fund
Fund . . .
ODIN Norden
0.21 ODIN Global
0.58
ODIN Finland
ODIN Emerging
0.01 Markets
0.30
ODIN Norge
0.12 ODIN Maritim
0,28
ODIN Sverige
0.49 ODIN Offshore
0.26
ODIN Europa
0.36 ODIN Eiendom I
0.19
ODIN Europa SMB
0.40
I 10 I
ANNUAL REPORT 2013
Fund commentary - ODIN Norden
Good absolute returns, but slightly behind the index
Truls Haugen,
Portfolio Manager
2013 ended with a rise of 31.2 per cent for ODIN
Norden The fund’s benchmark was up 38.5 per
cent during the same period.
Five best contributors 2013
Five largest shareholdings 2013
Five weakest contributors 2013
Return 2013
50
40
30
20
10
0
Fond
Fund
ANNUAL REPORT 2013
Indeks
Benchmark
I 11 I
ODIN
Norden
ODIN
Norden - Annual Report 2013
1) Benchmark
Total return
Since start 01/06/1990 (p.a.)
1 417,66%
12,22%
714,37%
9,30%
703,29%
2,92%
Last 10 years (p.a.)
Last 5 years (p.a.)
Last 3 years (p.a.)
9,90%
12,66%
3,60%
10,90%
16,94%
10,34%
-1,00%
-4,28%
-6,75%
2013
31,18%
38,46%
-7,28%
2012
10,81%
15,38%
-4,56%
2011
-23,51%
-15,90%
-7,62%
2010
18,85%
28,40%
-9,54%
2009
37,39%
26,82%
10,57%
2008
-43,87%
-39,51%
-4,35%
2007
-7,41%
1,36%
-8,78%
2006
30,15%
30,97%
-0,82%
2005
50,30%
31,57%
18,73%
2004
39,37%
21,91%
17,45%
ODIN Norden
VINX Benchmark Cap NOK NI measured in NOK
VINX Benchmark Cap NOK NI has been the benchmark since
31.12. 2000. Carnegie Total Index Nordic was the benchmark from
30.12.1993 to 30.12.2000. Alfred Berg Nordic Index was the
benchmark from 01.06.1990 to 30.12.1993.
Index
This fund and ODIN Forvaltning AS are registered in Norway and regulated by Finanstilsynet (the Financial Supervisory Authority of
Norway).
Please note that the historical return is not a guarantee of future returns. The future return will among other things depend on market
developments, the manager’s skills, the fund’s risk level and the costs of buying units and managing the fund. The return may be
negative as a result of share losses.
ODIN Forvaltning employees may trade for their own account in several types of financial instruments. This means that ODIN
Forvaltning employees may own securities in companies that are referred to in this report as well as units in ODIN’s mutual funds. The
employees’ own-account trading is to take place in accordance with ODIN Forvaltning AS’s internal guidelines on employee ownaccount trading, which have been prepared pursuant to the Norwegian Securities Trading Act and the Norwegian Fund and Asset
Management Association’s industry standard.
ODIN Forvaltning AS may only be held responsible for information in this document that is misleading, inaccurate or inconsistent in
relation to relevant information in the prospectus.
I 12 I
ANNUAL REPORT 2013
ODIN
Norden - Annual Report 2013
ODIN
Norden
NOK 1000
1.Interest income
2.Dividend
3.Gain/loss on sale
4.Net change unrealised price gains/losses
5.Other portfolio revenues/costs
8
NOK 1000
795
1,051
268,898
263,741
1.Shares
-60,560
-169,162
2.Convertible securities
1,824,081
692,114
3.Warrants
2,579
-1,692
11
11
11
7,774,433
6,258,504
0
0
0
0
43
0
73,636
-40
196
142,981
511,362
-1,030,743
544,944
-611,127
18,616
41,795
1. Accrued, not yet received, revenues
2.Other receivables
6.Commission revenue from subscription and redemption of units
7.Costs of subscribing for and redeeming units
8.Administrative fee
9.Other revenues
5
6
7
10.Other costs
8
0
0
-143,141
42,678
-38
0
0
-130,129
449
-101
1.Unit equity at nominal value
2.Premium/discount
9,10
11.Tax cost
1.Net amount distributed to unit-holders during the year
2.Allocated for distribution to unit-holders
-12,446
-12,018
0
0
0
0
Total liabilities
3.Transferred to/from accrued equity
6,359,845,972
657,597,247
-1,110,794,282
1,922,845,890
0
Equity as at 31/12/2012
Subscriptions in 2013
Redemptions in 2013
Profit/loss for the year 2013
Dividends distributed to unit-holders in 2013
7,829,494,827
1
2
Lower risk
Lower possible return
3
4
5
6
Amount of shares
NAV 31/12
5,113,625
1,531.17
5,450,696
1,167.24
6,009,758
1,053.33
By NAV is meant the fund’s total assets divided by the number of
units issued. There are no redemption costs for the unit-holders.
No special agreements have been entered into with major unitholders regarding any limitation of the equity fund’s duty to
redeem units. The fund has not redeemed any holdings that have
affected the value of its units during the year.
7
Higher risk
Volatility (3 years)
15,74
14,49
Higher possible risk
The scale indicates the link between the risk involved in and possible return on an investment in the mutual fund. A low score
indicates a low level of risk while a high score indicates a high level of risk. Note that achieving the lowest score does not mean the
investment is risk-free.
The indicator is based on fluctuations in the mutual fund’s historical year-end prices. The fluctuations are measured by the weekly
returns that have been recorded for more than the past five years. Large historical fluctuations mean it is more likely that the
investment may fluctuate a lot in the future too. The probability of the investment’s value rising and falling a lot in the future is thus
greater if there have been large historical fluctuations. Large fluctuations may also mean there is a greater chance of the price
falling to below that paid for the investment and of the return being negative due to share price losses.
Past performance is no guarantee of future performance. Historical fluctuations in price will therefore not necessarily provide a
correct picture of the fund’s future risk profile. The mutual fund’s score is thus not fixed and will normally change over time.
ANNUAL REPORT 2013
I 13 I
ODIN Norden - Annual Report 2013
ODIN Norden
Local currency
DKK/NOK=
NOK 1000
NOK 1000
1,1257
Carlsberg B
Consumer staples
G4S
Industrials
Novo Nordisk B
Health care
EUR/NOK=
NOK 1000
298 207
601,00
167 634
201 751
34 117
2,58%
3 776 746
23,32
82 576
99 145
16 568
1,27%
0,20%
0,24%
276 710
993,50
288 656
309 468
20 811
3,95%
0,06%
0,46%
8,3970
Nokian Renkaat/Tyres
Consumer discretionary
609 744
34,75
125 715
177 921
52 205
2,27%
Metso
Industrials
737 035
31,02
117 185
191 979
74 794
2,45%
0,49%
Ramirent
Industrials
1 752 067
9,20
49 748
135 351
85 603
1,73%
1,61%
Sampo A
Financials
1 070 403
35,61
131 481
320 069
188 588
4,09%
0,19%
Huhtamäki
Materials
2 031 415
18,79
173 244
320 516
147 272
4,09%
1,89%
Caverion Corp
Industrials
1 210 326
8,87
17 754
90 147
72 392
1,15%
0,96%
Amer Sports
1 790 535
15,10
121 579
227 030
105 451
2,90%
1,51%
YIT
Industrials
1 210 326
10,20
60 306
103 664
43 358
1,32%
0,95%
Kongsberg Gruppen
Industrials
1 518 977
127,50
75 956
193 670
117 713
2,47%
1,27%
Aker A
Financials
676 043
222,00
109 182
150 082
40 899
1,92%
0,93%
Austevoll Seafood
Consumer staples
4 276 670
35,50
163 920
151 822
-12 098
1,94%
2,11%
BW Offshore
Energy
11 292 933
7,25
272 706
81 874
-190 832
1,05%
1,64%
Det Norske Oljeselskap
Energy
1 933 769
66,70
82 415
128 982
46 567
1,65%
1,37%
DNB
Financials
2 168 061
108,50
147 523
235 235
87 711
3,00%
0,13%
Infratek
Industrials
3 275 600
14,60
47 035
47 824
789
0,61%
5,13%
Marine Harvest
Consumer staples
12 812 187
7,39
44 583
94 618
50 035
1,21%
0,31%
Sparebank 1 SMN,
Financials
2 854 979
55,00
116 211
157 024
40 813
2,01%
2,20%
Protector Forsikring
Financials
6 780 422
19,20
46 330
130 184
83 854
1,66%
7,87%
Wilh. Wilhelmsen Holding B
Industrials
1 261 626
202,00
86 006
254 848
168 842
3,25%
2,71%
Yara International
Materials
777 401
261,00
201 912
202 902
990
2,59%
0,28%
Stolt Nielsen
Industrials
1 315 374
167,00
172 336
219 667
47 332
2,81%
2,05%
Sparebank 1 SR-Bank
Financials
4 085 363
60,25
172 572
246 143
73 571
3,14%
1,60%
Subsea 7
Energy
1 533 431
116,10
212 175
178 031
-34 143
2,27%
0,44%
TeliaSonera (SEK)
Telecommunication services
5 436 133
53,20
216 127
273 007
56 880
3,49%
0,13%
NCC B
Industrials
599 103
209,30
58 759
118 370
59 612
1,51%
0,56%
Nordea (Sek)
Financials
3 834 664
85,85
215 254
310 770
95 517
3,97%
0,09%
Sandvik
Industrials
1 866 350
90,45
151 734
159 358
7 624
2,04%
0,15%
Svenska Cellulosa B
Consumer staples
715 837
197,20
62 532
133 258
70 726
1,70%
0,10%
Securitas B
Industrials
3 721 857
68,25
207 188
239 792
32 603
3,06%
1,02%
SKF B
Industrials
907 171
168,60
55 315
144 384
89 069
1,84%
0,20%
Investor B
Financials
1 463 592
220,40
203 962
304 511
100 549
3,89%
0,19%
SEK/NOK=
0,9440
Hennes & Mauritz B
1 339 017
294,60
246 199
372 384
126 185
4,76%
0,08%
ABB (SEK)
Industrials
1 811 862
169,90
237 871
290 597
52 725
3,71%
0,08%
Boliden
Materials
1 717 906
98,20
120 105
159 251
39 146
2,03%
0,63%
Autoliv
701 007
590,00
264 960
390 433
125 473
4,99%
0,73%
Atlas Copco AB ser. B
Industrials
1 487 823
162,60
213 240
228 372
15 133
2,92%
0,38%
1) The Industry Classification is based on the Global Industry Classification Standard (GICS) from Morgan Stanley AND Standard & Poor's
2) Costprice is based on average
I 14 I
ANNUAL REPORT 2013
Fund commentary - ODIN Finland
A fantastic year for ODIN Finland’s unit holders
Truls Haugen,
Portfolio manager
Finland The fund’s benchmark was up 49.7 per
cent during the same time period.
Return 2013
60
50
40
30
20
10
0
Fund
Fond
ANNUAL REPORT 2013
Benchmark
Indeks
I 15 I
ODIN Finland - Annual Report 2013
ODIN Finland
1) Benchmark
Total return
5 561,27%
19,17%
760,68%
9,81%
4 800,60%
9,37%
Last 5 years (p.a.)
Last 3 years (p.a.)
10,93%
15,28%
6,13%
9,92%
12,66%
6,90%
1,01%
2,62%
-0,78%
2013
49,44%
49,70%
-0,26%
2012
12,59%
10,40%
2,19%
2011
-28,96%
-26,08%
-2,88%
2010
24,98%
22,19%
2,80%
2009
36,33%
21,63%
14,71%
2008
-38,86%
-34,64%
-4,22%
2007
-4,59%
4,64%
-9,23%
2006
42,88%
34,16%
8,72%
2005
37,92%
30,24%
7,68%
2004
20,64%
18,82%
1,82%
ODIN Finland
OMX Helsinki Cap GI measured in NOK
OMX Helsinki Cap GI has been the benchmark since 03.06.1996.
OMX Helsinki Cap was the benchmark from 27.12.1990 to
31.05.1996.
Index
Norway).
I 16 I
ANNUAL REPORT 2013
ODIN
Finland
ODIN
Finland - Annual Report 2013
NOK 1000
1.Interest income
2.Dividend
3.Gain/loss on sale
8
NOK 1000
81
116
61,564
62,498
-1,930
697
626,005
126,379
1,650
-671
1.Shares
11
11
11
3.Warrants
1,926,312
1,339,053
0
0
0
0
4
0
14,075
0
22
6,915
33,922
405,981
35,119
457,378
5,067
5,348
2.Other receivables
9.Other revenues
5
6
7
10.Other costs
8
0
0
-32,220
1,135
-10
0
0
-27,675
0
-28
2.Premium/discount
9,10
11.Tax cost
-9,002
-8,300
0
0
0
0
Total liabilities
1,340,642,265
266,971,137
-319,564,474
647,274,949
0
Redemptions in 2013
1,935,323,878
1
2
Lower risk
3
4
5
6
Amount of shares
NAV 31/12
339,223
5,705.43
351,599
3,817.95
366,879
3,390.96
7
Higher risk
19,08
17,19
ANNUAL REPORT 2013
I 17 I
ODIN
Finland
ODIN
Finland - Annual Report 2013
Local currency
NOK 1000
EUR/NOK=
NOK 1000
NOK 1000
8,3970
Amer Sports
651 985
15,10
52 574
82 668
30 095
4,27%
0,55%
Caverion Corp
Industrials
526 311
8,87
11 185
39 200
28 015
2,03%
0,42%
Cramo
Industrials
825 518
15,41
97 948
106 820
8 872
5,52%
1,93%
Kiinteistösijoitus Citycon
Financials
2 017 441
2,56
26 319
43 368
17 048
2,24%
0,46%
0,06%
Fortum
Utilities
575 787
16,57
87 828
80 114
-7 714
4,14%
Huhtamäki
Materials
900 785
18,79
87 946
142 126
54 179
7,34%
0,84%
KCI Konecranes
Industrials
77 493
25,93
10 151
16 873
6 722
0,87%
0,12%
Metso
Industrials
236 824
31,02
48 651
61 687
13 035
3,19%
0,16%
Marimekko
344 251
9,83
24 997
28 415
3 419
1,47%
4,26%
Nordea (Eur)
Financials
1 152 070
9,65
70 996
93 305
22 309
4,82%
0,03%
Nokia
Information technology
3 014 272
5,80
68 786
146 676
77 891
7,58%
0,08%
Nokian Renkaat/Tyres
345 390
34,75
36 273
100 783
64 511
5,21%
0,26%
Oriola
Health care
1 044 510
2,53
24 275
22 190
-2 085
1,15%
0,69%
Olvi A
Consumer staples
142 796
28,24
4 279
33 861
29 582
1,75%
0,69%
Outotec
Industrials
747 904
7,67
36 610
48 137
11 527
2,49%
0,41%
PKC Group
Industrials
345 796
24,24
35 615
70 384
34 770
3,64%
1,45%
Pohjola Bank
Financials
754 850
14,61
46 974
92 605
45 631
4,78%
0,24%
Poyry
Industrials
254 460
4,10
6 641
8 760
2 119
0,45%
0,43%
Rapala
1 326 869
5,19
56 456
57 826
1 369
2,99%
3,36%
Ramirent
Industrials
1 183 086
9,20
35 481
91 396
55 916
4,72%
1,09%
Rautaruukki
Materials
661 190
6,75
89 986
37 476
-52 510
1,94%
0,47%
Sanoma
270 388
6,36
45 223
14 429
-30 794
0,75%
0,17%
Sampo A
Financials
378 266
35,61
49 673
113 108
63 435
5,84%
0,07%
Stora Enso R
Materials
878 787
7,31
34 618
53 942
19 324
2,79%
0,14%
Tikkurila
Materials
172 609
20,03
19 060
29 031
9 971
1,50%
0,39%
TeliaSonera (EUR)
1 709 220
5,99
59 198
85 899
26 701
4,44%
0,04%
Technopolis
Financials
1 119 944
4,35
28 300
40 908
12 609
2,11%
1,05%
UPM Kymmene
Materials
546 318
12,34
40 178
56 609
16 431
2,93%
0,10%
Wärtsilä
Industrials
232 780
35,73
29 129
69 840
40 711
3,61%
0,12%
YIT
Industrials
547 311
10,20
39 508
46 877
7 368
2,42%
0,43%
Industrials
175 180
66,50
10 288
10 997
709
0,57%
0,18%
SEK/NOK=
0,9440
Sanitec Corp
I 18 I
ANNUAL REPORT 2013
Fund commentary - ODIN Norge
Turbulent end to 2013
Norge The fund’s benchmark was up 24.2 per cent
during the same time period.
Carl Erik Sando,
Portfolio manager
Return 2013
30
25
20
15
10
5
0
-5
Fund
Fond
ANNUAL REPORT 2013
Benchmark
Indeks
I 19 I
ODIN
Norge - Annual Report 2013
ODIN
Norge
1) Benchmark
Total return
1 943,62%
15,06%
861,71%
11,09%
1 081,91%
3,96%
Last 5 years (p.a.)
Last 3 years (p.a.)
9,60%
10,38%
-4,01%
11,83%
20,57%
6,82%
-2,23%
-10,19%
-10,83%
2013
14,48%
24,17%
-9,69%
2012
9,38%
21,01%
-11,63%
2011
-29,36%
-18,87%
-10,49%
2010
23,85%
21,54%
2,30%
2009
49,64%
72,10%
-22,46%
2008
-50,90%
-57,71%
6,81%
2007
3,54%
10,10%
-6,56%
2006
25,91%
33,13%
-7,23%
2005
53,09%
39,59%
13,50%
2004
55,95%
38,84%
17,10%
ODIN Norge
Oslo Exchange Mutual Fund Index measured in NOK
Oslo Exchange Mutual Fund Index has been the benchmark
from 26.06.1992 to 31.12.1995.
Index
Norway).
I 20 I
ANNUAL REPORT 2013
ODIN
Norge
ODIN
NOK 1000
1.Interest income
NOK 1000
1,019
1,222
2.Dividend
169,481
132,473
1.Shares
3.Gain/loss on sale
208,285
-294,707
347,180
663,895
3.Warrants
219
44
8
11
11
11
4,744,714
4,475,945
0
0
0
0
366
0
57,788
-2
1,158
72,798
234,432
-1,056,104
254,102
-699,605
12,226
14,463
2.Other receivables
9.Other revenues
5
6
7
10.Other costs
8
0
0
-93,302
0
-20
127
0
-94,651
717
-44
2.Premium/discount
9,10
11.Tax cost
-1,501
0
0
0
0
0
Total liabilities
Redemptions in 2013
4,535,435,761
480,654,531
-856,809,224
631,360,403
0
4,790,641,471
1
2
Lower risk
3
4
5
6
Amount of shares
NAV 31/12
2,344,317
2,043.62
2,541,593
1,785.15
2,631,673
1,632.07
7
Higher risk
16,23
16,33
ANNUAL REPORT 2013
I 21 I
ODIN
Norge
ODIN
Local currency
Aker Solutions
Energy
Atea
NOK 1000
NOK 1000
NOK 1000
982 381
108,40
63 034
106 490
43 457
2,22%
0,36%
1 670 463
59,75
97 488
99 810
2 322
2,08%
1,62%
Austevoll Seafood
Consumer staples
1 496 655
35,50
57 114
53 131
-3 982
1,11%
0,74%
BW Offshore
Energy
9 781 798
7,25
178 760
70 918
-107 842
1,48%
1,42%
Energy
2 645 420
66,70
109 314
176 450
67 135
3,68%
1,88%
Ekornes
1 432 808
82,25
120 022
117 848
-2 173
2,46%
3,89%
Electromagnetic Geoservices
Energy
7 838 224
7,87
47 986
61 687
13 700
1,29%
3,92%
Farstad Shipping
Energy
624 565
131,50
35 415
82 130
46 715
1,71%
1,60%
2 008 905
115,70
119 528
232 430
112 902
4,85%
0,40%
472 601
127,50
46 010
60 257
14 246
1,26%
1,40%
46,50
236 579
173 686
-62 893
3,63%
1,91%
7,34%
Gjensidige Forsikring
Financials
Ganger Rolf
Energy
Hafslund B
Utilities
3 735 192
I.M. Skaugen
Energy
1 987 740
9,45
50 590
18 784
-31 805
0,39%
Kongsberg Gruppen
Industrials
1 152 181
127,50
62 712
146 903
84 191
3,07%
0,96%
Marine Harvest
Consumer staples
8 629 386
7,39
57 205
63 728
6 523
1,33%
0,21%
Sparebank 1 SMN,
Financials
4 168 311
55,00
171 805
229 257
57 452
4,79%
3,21%
Norsk Hydro
Materials
5 127 960
27,07
172 040
138 814
-33 227
2,90%
0,25%
Nordic Semiconductor
1 827 622
27,70
11 765
50 625
38 860
1,06%
1,12%
Olav Thon Eiendomsselskap
Financials
91 901
1 070,00
94 904
98 334
3 430
2,05%
0,86%
Petroleum Geo-Services
Energy
1 611 040
71,45
124 992
115 109
-9 883
2,40%
0,74%
Photocure
Health care
Q-Free
Royal Caribbean Cruises (NOK)
SalMar
Consumer staples
Schibsted
Sparebank 1 SR-Bank
Financials
Statoil
Energy
Subsea 7
Energy
Telenor
Tomra Systems
679 037
25,70
25 955
17 451
-8 504
0,36%
3,17%
5 214 283
14,00
55 226
73 000
17 774
1,52%
7,67%
238 310
287,30
41 187
68 466
27 279
1,43%
0,11%
1 930 117
74,00
55 157
142 829
87 671
2,98%
1,70%
682 112
401,20
100 451
273 663
173 212
5,71%
0,63%
5 896 605
60,25
247 471
355 270
107 799
7,42%
2,31%
3 050 710
147,00
393 900
448 454
54 554
9,36%
0,10%
1 579 694
116,10
190 558
183 402
-7 156
3,83%
0,45%
1 514 462
144,60
163 756
218 991
55 235
4,57%
0,10%
Industrials
2 368 905
56,50
104 635
133 843
29 208
2,79%
1,60%
Veidekke
Industrials
1 413 268
48,80
56 210
68 967
12 757
1,44%
1,06%
VIZRT
4 032 513
25,50
76 880
102 829
25 949
2,15%
5,98%
Industrials
655 510
202,00
47 867
132 413
84 546
2,76%
1,41%
Yara International
Materials
1 642 684
261,00
428 914
428 741
-173
8,95%
0,59%
I 22 I
ANNUAL REPORT 2013
Fund commentary - ODIN Sverige
A good year for ODIN Sverige
Vegard Søraunet
Portfolio manager
Sverige The fund’s benchmark was up 37.5 per
Return 2013
60
50
40
30
20
10
0
Fund
Fond
ANNUAL REPORT 2013
Benchmark
Indeks
I 23 I
ODIN
Sverige
ODIN
Sverige - Annual Report 2013
1) Benchmark
OMXSB Cap GI measured in NOK
Total return
2 293,76%
18,02%
816,94%
12,26%
1 476,82%
5,76%
Last 5 years (p.a.)
Last 3 years (p.a.)
13,43%
24,20%
14,55%
12,01%
20,31%
11,07%
1,43%
3,88%
3,48%
2013
53,53%
37,51%
16,02%
2012
18,99%
15,92%
3,07%
2011
-17,72%
-14,04%
-3,68%
2010
35,21%
36,08%
-0,87%
2009
45,52%
35,30%
10,22%
2008
-35,26%
-33,61%
-1,65%
2007
-17,66%
-9,85%
-7,81%
2006
41,27%
35,99%
5,29%
2005
30,63%
28,43%
2,21%
2004
21,38%
18,00%
3,38%
ODIN Sverige
OMXSB Cap GI has been the benchmark since 31.12.1995.
Stockholm Exchange General Index was the benchmark from
31.10.1994 to 31.12.1995.
Index
Norway).
I 24 I
ANNUAL REPORT 2013
ODIN
Sverige
ODIN
NOK 1000
1.Interest income
NOK 1000
635
1,089
2.Dividend
108,275
92,472
1.Shares
3.Gain/loss on sale
245,193
36,131
1,127,417
309,379
2,076
-3,953
8
11
11
11
3.Warrants
4,524,096
2,356,582
0
0
0
0
51
0
42,491
310
159
64,528
188,853
1,240,536
154,013
601,140
18,860
5,884
2.Other receivables
9.Other revenues
5
6
7
10.Other costs
8
0
0
-71,198
46,697
-71
12
0
-45,623
0
-122
2.Premium/discount
9,10
11.Tax cost
-1,176
-226
0
0
0
0
Total liabilities
2,415,693,905
1,981,466,256
-1,307,229,759
1,457,848,778
0
Redemptions in 2013
4,547,779,180
1
2
Lower risk
3
4
5
6
Amount of shares
NAV 31/12
1,888,536
2,408.12
1,539,511
1,568.55
1,576,533
1,318.20
7
Higher risk
17,45
16,19
ANNUAL REPORT 2013
I 25 I
ODIN
Norge
ODIN
Local currency
Aker Solutions
Energy
Atea
NOK 1000
NOK 1000
NOK 1000
982 381
108,40
63 034
106 490
43 457
2,22%
0,36%
1 670 463
59,75
97 488
99 810
2 322
2,08%
1,62%
Austevoll Seafood
Consumer staples
1 496 655
35,50
57 114
53 131
-3 982
1,11%
0,74%
BW Offshore
Energy
9 781 798
7,25
178 760
70 918
-107 842
1,48%
1,42%
Energy
2 645 420
66,70
109 314
176 450
67 135
3,68%
1,88%
Ekornes
1 432 808
82,25
120 022
117 848
-2 173
2,46%
3,89%
Energy
7 838 224
7,87
47 986
61 687
13 700
1,29%
3,92%
Farstad Shipping
Energy
624 565
131,50
35 415
82 130
46 715
1,71%
1,60%
2 008 905
115,70
119 528
232 430
112 902
4,85%
0,40%
472 601
127,50
46 010
60 257
14 246
1,26%
1,40%
46,50
236 579
173 686
-62 893
3,63%
1,91%
7,34%
Gjensidige Forsikring
Financials
Ganger Rolf
Energy
Hafslund B
Utilities
3 735 192
I.M. Skaugen
Energy
1 987 740
9,45
50 590
18 784
-31 805
0,39%
Kongsberg Gruppen
Industrials
1 152 181
127,50
62 712
146 903
84 191
3,07%
0,96%
Marine Harvest
Consumer staples
8 629 386
7,39
57 205
63 728
6 523
1,33%
0,21%
Sparebank 1 SMN,
Financials
4 168 311
55,00
171 805
229 257
57 452
4,79%
3,21%
Norsk Hydro
Materials
5 127 960
27,07
172 040
138 814
-33 227
2,90%
0,25%
Nordic Semiconductor
1 827 622
27,70
11 765
50 625
38 860
1,06%
1,12%
Financials
91 901
1 070,00
94 904
98 334
3 430
2,05%
0,86%
Energy
1 611 040
71,45
124 992
115 109
-9 883
2,40%
0,74%
Photocure
Health care
Q-Free
Royal Caribbean Cruises (NOK)
SalMar
Consumer staples
Schibsted
Sparebank 1 SR-Bank
Financials
Statoil
Energy
Subsea 7
679 037
25,70
25 955
17 451
-8 504
0,36%
3,17%
5 214 283
14,00
55 226
73 000
17 774
1,52%
7,67%
238 310
287,30
41 187
68 466
27 279
1,43%
0,11%
1 930 117
74,00
55 157
142 829
87 671
2,98%
1,70%
682 112
401,20
100 451
273 663
173 212
5,71%
0,63%
5 896 605
60,25
247 471
355 270
107 799
7,42%
2,31%
3 050 710
147,00
393 900
448 454
54 554
9,36%
0,10%
Energy
1 579 694
116,10
190 558
183 402
-7 156
3,83%
0,45%
Telenor
1 514 462
144,60
163 756
218 991
55 235
4,57%
0,10%
Tomra Systems
Industrials
2 368 905
56,50
104 635
133 843
29 208
2,79%
1,60%
Veidekke
Industrials
1 413 268
48,80
56 210
68 967
12 757
1,44%
1,06%
VIZRT
4 032 513
25,50
76 880
102 829
25 949
2,15%
5,98%
Industrials
655 510
202,00
47 867
132 413
84 546
2,76%
1,41%
Yara International
Materials
1 642 684
261,00
428 914
428 741
-173
8,95%
0,59%
I 26 I
ANNUAL REPORT 2013
Fund commentary - ODIN Europa
Good returns in a recovering region
Alexandra Morris,
Portfolio manager
2013 ended with a rise of 39,6 per cent for ODIN
Europa. The fund’s benchmark was up 36.4 per
Return 2013
50
40
30
20
10
0
Fund
Fond
ANNUAL REPORT 2013
Benchmark
Indeks
I 27 I
ODIN
Europa
ODIN
Europa - Annual Report 2013
1) Benchmark
MSCI Europe net Index USD measured in NOK
Total return
31,60%
1,96%
40,76%
2,45%
-9,16%
-0,49%
Last 5 years (p.a.)
Last 3 years (p.a.)
7,51%
14,98%
13,04%
6,19%
10,06%
11,07%
1,32%
4,92%
1,97%
2013
39,64%
36,38%
3,26%
2012
22,77%
11,17%
11,61%
2011
-15,76%
-9,63%
-6,13%
2010
13,29%
5,98%
7,31%
2009
22,91%
11,25%
11,65%
2008
-42,30%
-30,67%
-11,64%
2007
-17,59%
-1,00%
-16,59%
2006
41,99%
23,67%
18,32%
2005
40,46%
22,26%
18,19%
2004
8,30%
8,82%
-0,52%
ODIN Europa
From 15.11.1999 to 24.11.2004 this fund was a fund of funds,
invested solely in Robur Europafond.
Index
Norway).
I 28 I
ANNUAL REPORT 2013
ODIN
Europa
ODIN
NOK 1000
1.Interest income
NOK 1000
369
170
29,015
26,851
3.Gain/loss on sale
108,707
8,346
301,858
164,382
2,262
-1,331
2.Dividend
8
1.Shares
3.Warrants
11
11
11
1,619,878
952,212
0
0
0
0
4,784
0
50,461
4,552
-189
26,681
1,269,569
203,079
1,028,430
158,775
4,434
14,195
2.Other receivables
9.Other revenues
5
6
7
10.Other costs
8
0
0
-24,629
1,142
-54
0
0
-17,960
0
-89
2.Premium/discount
9,10
11.Tax cost
-2,486
-2,502
0
0
0
0
Total liabilities
969,061,164
544,671,529
-259,228,370
416,184,376
0
Redemptions in 2013
1,670,688,699
1
2
Lower risk
3
4
5
6
Amount of shares
NAV 31/12
12,695,686 10,264,131
131.60
94.24
10,189,526
76.76
7
Higher risk
15,27
11,66
ANNUAL REPORT 2013
I 29 I
ODIN
Europa
ODIN
Local currency
DKK/NOK=
NOK 1000
NOK 1000
NOK 1000
4 552
1,1257
Novo Nordisk B
Health care
44 741
993,50
45 486
50 038
Schneider Electric
Industrials
95 681
63,34
42 222
50 889
Michelin
64 406
76,84
28 791
41 556
Leoni
74 393
54,33
15 112
33 939
Adidas
73 904
92,63
29 177
57 484
Allianz
Financials
50 507
130,40
36 680
EUR/NOK=
EUR/NOK=
3,00%
0,01%
8 668
3,05%
0,02%
12 765
2,49%
0,03%
18 826
2,03%
0,23%
28 307
3,44%
0,04%
55 304
18 624
3,31%
0,01%
8,3970
8,3970
BASF
Materials
61 556
77,70
25 260
40 162
14 902
2,40%
0,01%
HUGO BOSS
53 393
103,65
28 795
46 471
17 676
2,78%
0,08%
SAP AG
185 561
62,53
71 024
97 431
26 408
5,83%
0,02%
EUR/NOK=
8,3970
Kerry Group
Consumer staples
132 527
49,97
45 819
55 603
9 784
3,33%
0,08%
C&C Group
Consumer staples
1 311 722
4,29
45 138
47 241
2 103
2,83%
0,38%
EUR/NOK=
8,3970
Astaldi
Industrials
254 409
7,71
10 573
16 460
5 887
0,99%
0,26%
Prysmian
Industrials
335 847
18,72
32 139
52 792
20 653
3,16%
0,16%
Energy
589 425
71,45
40 580
42 114
1 535
2,52%
0,27%
Subsea 7
Energy
357 904
116,10
40 785
41 553
768
2,49%
0,10%
139 337
30,95
22 557
36 206
13 649
2,17%
0,03%
EUR/NOK=
8,3970
Amadeus IT Hldg A
CHF/NOK=
6,8460
Austriamicrosystems
68 595
107,20
27 242
50 341
23 099
3,01%
0,47%
Holcim
Materials
122 846
66,70
51 436
56 095
4 659
3,36%
0,04%
Syngenta
Materials
23 267
354,30
55 875
56 435
560
3,38%
0,02%
Swatch Group
66 220
99,90
27 267
45 289
18 022
2,71%
0,05%
219 042
2 469,00
46 053
54 316
8 263
3,25%
0,01%
GBP/NOK= 10,0434
Unilever
I 30 I
Consumer staples
ANNUAL REPORT 2013
ODIN Europa - Annual Report 2013
ODIN Europa
Local currency
NOK 1000
NOK 1000
NOK 1000
GBP/NOK= 10,0434
Weir Group
Industrials
218 883
2 150,00
36 815
47 264
10 449
2,83%
0,10%
Travis Perkins
Industrials
330 203
1 836,00
55 994
60 888
4 895
3,64%
0,13%
Tui Travel
397 123
407,80
16 116
16 265
149
0,97%
0,04%
Spectris
224 540
2 549,00
42 777
57 484
14 706
3,44%
0,19%
Rolls-Royce Holdings
Industrials
383 764
1 257,00
27 323
48 448
21 125
2,90%
0,02%
Shire
Health care
230 149
2 820,00
38 012
65 184
27 172
3,90%
0,04%
Smith & Nephew
Health care
480 026
856,50
25 270
41 293
16 023
2,47%
0,05%
0,01%
Standard Chartered
Financials
302 514
1 357,00
44 392
41 229
-3 163
2,47%
IMI
Industrials
349 932
1 523,00
30 760
53 526
22 766
3,20%
0,11%
GKN
1 397 409
371,00
23 502
52 069
28 567
3,12%
0,09%
Diageo
Consumer staples
285 122
1 982,00
41 542
56 756
15 215
3,40%
0,01%
Bunzl
Industrials
360 339
1 430,00
34 661
51 752
17 092
3,10%
0,11%
ANNUAL REPORT 2013
I 31 I
Fund commentary - ODIN Europa SMB
A strong year for ODIN Europa SMB
Alexandra Morris,
Portfolio manager
Europa SMB. The fund’s benchmark was up 52.2
per cent during the same time period.
Return 2013
60
50
40
30
20
10
0
Fond
Fund
I 32 I
Indeks
Benchmark
ANNUAL REPORT 2013
ODIN
Europa
SMB SMB - Annual Report 2013
ODIN
Europa
1) Benchmark
Total return
122,43%
5,82%
217,64%
8,52%
-95,21%
-2,70%
Last 5 years (p.a.)
Last 3 years (p.a.)
10,99%
16,04%
14,19%
10,80%
19,80%
14,05%
0,19%
-3,76%
0,14%
2013
44,62%
52,18%
-7,56%
2012
32,35%
20,11%
12,24%
2011
-22,21%
-18,84%
-3,37%
2010
18,59%
23,89%
-5,29%
2009
19,24%
34,39%
-15,15%
2008
-39,53%
-40,38%
0,85%
2007
-14,23%
-11,11%
-3,12%
2006
47,20%
34,32%
12,88%
2005
46,43%
32,89%
13,54%
2004
20,68%
19,47%
1,20%
MSCI Europe net Small cap Index USD measured in NOK
invested solely in Robur Småbolagsfond Europa.
ODIN Europa SMB
Index
Norway).
ANNUAL REPORT 2013
I 33 I
ODIN
Europa
ODIN
Europa
NOK 1000
1.Interest income
NOK 1000
292
617
2.Dividend
51,260
54,804
1.Shares
3.Gain/loss on sale
38,355
36,075
781,892
392,198
7,152
-3,604
8
3.Warrants
11
11
11
2,659,363
1,873,799
0
0
0
0
3,981
0
60,271
4,422
-68
76,693
1,220,872
769,840
1,248,829
779,071
8,106
34,463
2.Other receivables
9.Other revenues
5
6
7
10.Other costs
8
0
0
-44,417
1,785
-55
95
0
-34,073
61
-76
2.Premium/discount
9,10
11.Tax cost
-3,951
-4,785
0
0
0
0
Total liabilities
Redemptions in 2013
1,920,384,008
475,614,418
-512,801,201
832,311,024
0
2,715,508,250
1
2
Lower risk
3
4
5
6
Amount of shares
NAV 31/12
12,208,723 12,481,462
222.43
153.80
11,992,269
116.21
7
Higher risk
17,07
13,65
I 34 I
ANNUAL REPORT 2013
ODIN Europa SMB - Annual Report 2013
ODIN Europa SMB
Local currency
EUR/NOK=
NOK 1000
NOK 1000
NOK 1000
8,3970
Huhtamäki
Materials
742 906
18,79
79 497
117 215
37 719
4,32%
0,69%
Teleperformance
Industrials
290 101
44,39
58 928
108 121
49 193
3,98%
0,51%
SEB
223 760
64,73
94 216
121 622
27 406
4,48%
0,45%
0,63%
EUR/NOK=
EUR/NOK=
8,3970
8,3970
Leoni
204 590
54,33
46 080
93 336
47 255
3,44%
Pfeiffer Vacuum Technology
Industrials
112 000
98,94
64 685
93 050
28 364
3,43%
1,13%
HUGO BOSS
96 944
103,65
70 020
84 375
14 355
3,11%
0,14%
EUR/NOK=
8,3970
C&C Group
Consumer staples
4 073 849
4,29
116 580
146 719
30 139
5,40%
1,18%
Kerry Group
Consumer staples
189 666
49,97
62 311
79 576
17 265
2,93%
0,11%
Smurfit Kappa
Materials
906 911
17,77
56 766
135 324
78 559
4,98%
0,40%
EUR/NOK=
8,3970
Ansaldo STS
Industrials
1 506 804
7,87
68 239
99 513
31 274
3,66%
0,84%
Prysmian
Industrials
525 000
18,72
46 293
82 526
36 232
3,04%
0,24%
Danieli & C Risp NC
Industrials
533 685
16,27
44 298
72 912
28 614
2,69%
0,66%
Astaldi
Industrials
2 029 498
7,71
92 028
131 306
39 278
4,84%
2,06%
Royal Imtech
Industrials
4 029 072
2,09
44 378
70 743
26 365
2,61%
0,89%
Nutreco
Consumer staples
487 574
35,83
100 903
146 673
45 770
5,40%
0,69%
Energy
977 997
71,45
77 287
69 878
-7 409
2,57%
0,45%
Sparebank 1 SMN,
Financials
1 326 937
55,00
54 492
72 982
18 490
2,69%
1,02%
Schweizerische Natl-V
Financials
160 791
64,00
36 879
70 450
33 570
2,59%
0,73%
Bucher Industries Ltd
Industrials
46 069
258,75
28 678
81 607
52 929
3,01%
0,45%
Austriamicrosystems
161 835
107,20
64 097
118 769
54 672
4,37%
1,12%
1 190 499
942,50
63 398
112 691
49 294
4,15%
0,69%
EUR/NOK=
CHF/NOK=
8,3970
6,8460
GBP/NOK= 10,0434
Berendsen
ANNUAL REPORT 2013
Industrials
I 35 I
ODIN
Europa
ODIN
Europa
Local currency
NOK 1000
NOK 1000
NOK 1000
GBP/NOK= 10,0434
Dechra Pharmaceuticals
Health care
561 425
691,50
31 482
38 991
7 509
1,44%
Dixons Retail
22 918 641
48,59
52 725
111 845
59 120
4,12%
0,64%
0,63%
GKN
2 014 359
371,00
55 795
75 057
19 262
2,76%
0,12%
Spectris
409 436
2 549,00
75 091
104 818
29 727
3,86%
0,35%
Travis Perkins
Industrials
445 847
1 836,00
74 935
82 213
7 278
3,03%
0,18%
Tui Travel
986 545
407,80
40 031
40 406
375
1,49%
0,09%
Ultra Electronics Hldgs
Industrials
494 496
1 946,00
72 708
96 647
23 938
3,56%
0,71%
I 36 I
ANNUAL REPORT 2013
Fund commentary - ODIN Global
Good absolute return - weak relative return
Oddbjørn Dybvad
Portfolio manager
Global. The fund’s benchmark was up 38.9 per
Return 2013
50
40
30
20
10
0
Fond
Fund
ANNUAL REPORT 2013
Indeks
Benchmark
I 37 I
ODIN
Global - Annual Report 2013
ODIN
Global
1) Benchmark
MSCI World Net Index measured in NOK
Total return
40,69%
2,45%
25,48%
1,62%
15,21%
0,83%
Last 5 years (p.a.)
Last 3 years (p.a.)
5,09%
15,23%
9,35%
5,87%
11,95%
12,62%
-0,78%
3,28%
-3,27%
2013
26,94%
38,85%
-11,91%
2012
12,53%
7,18%
5,34%
2011
-8,46%
-4,02%
-4,44%
2010
18,18%
13,04%
5,14%
2009
31,54%
8,97%
22,57%
2008
-38,61%
-24,28%
-14,33%
2007
-10,88%
-5,33%
-5,55%
2006
15,91%
11,04%
4,87%
2005
18,31%
22,34%
-4,03%
2004
7,74%
3,27%
4,47%
ODIN Global
invested solely in Templeton Global Fund A.
Index
Norway).
I 38 I
ANNUAL REPORT 2013
ODIN
Global
ODIN
NOK 1000
1.Interest income
NOK 1000
192
138
30,392
19,189
1.Shares
3.Gain/loss on sale
110,663
18,568
227,018
71,976
3.Warrants
253
-785
2.Dividend
8
11
11
11
1,616,416
871,190
0
0
0
0
3,611
0
34,649
1,525
-15
12,034
1,173,278
70,811
792,738
16,653
4,092
6,247
2.Other receivables
9.Other revenues
5
6
7
10.Other costs
8
0
0
-28,451
34
-78
2
0
-15,943
0
-66
2.Premium/discount
9,10
11.Tax cost
-2,624
-1,062
0
0
0
0
Total liabilities
878,487,175
776,391,650
-341,694,191
337,399,736
0
Redemptions in 2013
1,650,584,370
1
2
Lower risk
3
4
5
6
Amount of shares
NAV 31/12
11,732,775
140.69
7,906,313
110.83
7,184,420
98.49
7
Higher risk
10,70
8,97
ANNUAL REPORT 2013
I 39 I
ODIN
Global
ODIN
Local currency
AUD/NOK=
NOK 1000
NOK 1000
-12 331
4,53%
0,40%
0,13%
5,4133
ALS
Industrials
EUR/NOK=
NOK 1000
1 558 471
8,87
87 162
74 831
102 806
24,25
12 950
20 934
7 984
1,27%
66 353
77,70
30 260
43 292
13 031
2,62%
0,01%
8,3970
Carl Zeiss Meditec
Health care
BASF
Materials
Henkel
Consumer staples
139 168
75,56
46 964
88 299
41 335
5,35%
0,05%
Consumer staples
286 925
49,97
73 548
120 381
46 833
7,29%
0,16%
Kongsberg Gruppen
Industrials
374 564
127,50
37 639
47 757
10 118
2,89%
0,31%
TGS Nopec Geophysical
Energy
308 556
160,80
60 972
49 616
-11 356
3,01%
0,30%
493 153
21 621,00
49 901
61 960
12 058
3,75%
0,03%
Industrials
315 425
162,60
48 385
48 416
30
2,93%
0,08%
Schweizerische Natl-V
Financials
133 129
64,00
29 642
58 330
28 687
3,53%
0,60%
Syngenta
Materials
35 803
354,30
75 297
86 842
11 544
5,26%
0,04%
Weir Group
Industrials
182 126
2 150,00
27 330
39 327
11 997
2,38%
0,09%
Rolls-Royce Holdings
Industrials
387 112
1 257,00
20 153
48 871
28 718
2,96%
0,02%
Halma
814 856
611,50
44 089
50 045
5 956
3,03%
0,22%
0,21%
EUR/NOK=
8,3970
Kerry Group
ZAR/NOK=
0,5811
MTN Group
SEK/NOK=
0,9440
CHF/NOK=
6,8460
GBP/NOK= 10,0434
USD/NOK=
6,0838
Hubbell
Industrials
106 985
108,65
55 152
70 718
15 566
4,28%
Illinois Tool Works
Industrials
148 124
83,43
54 142
75 184
21 042
4,55%
0,03%
Nordson Corp
Industrials
171 717
74,39
58 144
77 715
19 571
4,71%
0,27%
38 445
337,80
51 434
79 009
27 574
4,79%
0,29%
425 279
37,82
79 464
97 852
18 388
5,93%
0,01%
NewMarket
Materials
Oracle
Agilent Technologies
Health care
205 142
57,12
50 988
71 288
20 300
4,32%
0,06%
Ball Corp
Materials
164 519
51,47
42 726
51 516
8 790
3,12%
0,11%
I 40 I
ANNUAL REPORT 2013
ODIN Global - Annual Report 2013
ODIN Global
Local currency
NOK 1000
USD/NOK=
NOK 1000
NOK 1000
6,0838
Covidien
Health care
161 081
67,85
50 722
66 492
15 770
4,03%
Halliburton
Energy
49 770
50,76
10 230
15 370
5 139
0,93%
0,04%
0,01%
Laboratory Corp of Amer
Health care
37 484
90,92
23 667
20 734
-2 933
1,26%
0,04%
3M
Industrials
93 171
139,05
47 972
78 818
30 846
4,78%
0,01%
Varian Medical Systems
Health care
155 572
76,94
59 596
72 821
13 225
4,41%
0,14%
ANNUAL REPORT 2013
I 41 I
Fund commentary - ODIN Emerging Markets
Good returns in unpopular markets
Oddbjørn Dybvad and Vegard Søraunet
Portfolio managers
Emerging Markets The fund’s benchmark was up
6.1 per cent during the same time period.
Return 2013
25
20
15
10
5
0
-5
-10
Fund
Fond
I 42 I
Benchmark
Indeks
ANNUAL REPORT 2013
ODIN
Emerging
ODIN
Emerging
Markets Markets - Annual Report 2013
1) Benchmark
Total return
102,50%
5,12%
155,97%
6,88%
-53,47%
-1,76%
Last 5 years (p.a.)
Last 3 years (p.a.)
8,09%
12,35%
2,51%
10,03%
11,67%
-1,00%
-1,94%
0,67%
3,52%
2013
18,39%
6,06%
12,33%
2012
10,66%
10,01%
0,65%
2011
-17,76%
-16,84%
-0,92%
2010
17,22%
20,52%
-3,30%
2009
41,79%
48,59%
-6,80%
2008
-39,51%
-39,89%
0,38%
2007
10,53%
20,57%
-10,04%
2006
17,25%
22,24%
-4,98%
2005
41,71%
49,73%
-8,02%
2004
9,59%
13,02%
-3,43%
MSCI Daily TR Net Emerging Markets USD measured in NOK
invested solely in Templeton Global Fund A.
Index
Norway).
ANNUAL REPORT 2013
I 43 I
ODIN
Emerging
ODIN
Emerging
NOK 1000
1.Interest income
2.Dividend
3.Gain/loss on sale
8
NOK 1000
158
25
12,040
6,283
1.Shares
-3,401
-8,184
59,584
20,828
-332
-274
11
11
11
3.Warrants
2.Other receivables
9.Other revenues
5
6
7
10.Other costs
8
0
0
-7,501
3
-49
450,837
149,004
0
0
0
0
1,494
0
13,473
122
-2
13,266
229,590
138,520
92,714
28,494
902
3,825
16
0
-2,918
0
-30
2.Premium/discount
9,10
11.Tax cost
-1,069
-1,013
0
0
0
0
Total liabilities
158,565,638
316,770,508
-69,868,261
59,433,390
0
Redemptions in 2013
464,901,275
1
2
Lower risk
3
4
5
6
Amount of shares
NAV 31/12
2,295,898
202.50
923,456
171.04
919,097
154.57
7
Higher risk
13,87
13,27
I 44 I
ANNUAL REPORT 2013
ODIN
Emerging
ODIN
Emerging
Local currency
BRL/NOK=
Financials
NOK 1000
184 110
12,61
10 333
5 983
-4 351
1,29%
0,09%
46 439
75,56
19 045
29 464
10 419
6,34%
0,02%
8,3970
Henkel
HKD/NOK=
NOK 1000
2,5770
Banrisul
EUR/NOK=
NOK 1000
Consumer staples
0,7845
Samsonite International
1 075 908
23,15
14 283
19 540
5 257
4,20%
0,08%
Texwinca
2 550 117
7,99
13 285
15 985
2 700
3,44%
0,19%
INR/NOK=
0,0984
Mahindra & Mahindra Financial Financials
550 000
316,85
11 561
17 148
5 587
3,69%
0,10%
Tata Motors Pref
715 252
192,90
12 360
13 576
1 216
2,92%
0,15%
IDR/NOK=
0,0005
Semen Gresik
Materials
Telekomunikasi Indonesia
KES/NOK=
14 150,00
13 185
14 062
877
3,02%
0,03%
2 150,00
11 800
11 178
-622
2,40%
0,01%
5 942 750
47,50
14 085
19 873
5 787
4,27%
0,20%
0,0704
Kenya Commercial Bank
KRW/NOK=
1 999 619
10 461 295
Financials
0,0058
Hyundai Mobis
5 378
293 500,00
8 392
9 099
707
1,96%
0,01%
Hankook Tire OpCo
45 616
60 700,00
10 644
15 961
5 317
3,43%
0,04%
Health care
571 400
7,27
7 560
7 677
117
1,65%
0,08%
Financials
444 824
210,75
14 476
18 991
4 515
4,08%
0,18%
1 070 150
39,95
18 147
19 893
1 746
4,28%
0,12%
MYR/NOK=
1,8480
Hartalega Holdings
MUR/NOK=
0,2026
Mauritius Commerical Bank
MXN/NOK=
0,4653
Corp.Moctezuma
ANNUAL REPORT 2013
Materials
I 45 I
ODIN Emerging Markets - Annual Report 2013
Local currency
NGN/NOK=
Financials
16 877 753
27,01
12 761
17 186
4 426
3,70%
0,06%
Financials
992 343
80,03
13 527
14 724
1 197
3,17%
0,10%
38 789
58,35
13 115
13 770
655
2,96%
0,02%
0,04%
6,0838
Bashneft
ZAR/NOK=
NOK 1000
0,1854
Sberbank PFD CLS
USD/NOK=
NOK 1000
0,0377
Guaranty Trust Bank
RUB/NOK=
NOK 1000
Energy
0,5811
Bidvest
Industrials
145 959
26 999,00
20 529
22 900
2 371
4,93%
Nampak
Materials
602 470
4 087,00
14 020
14 308
289
3,08%
0,09%
MTN Group
217 405
21 621,00
23 558
27 315
3 757
5,88%
0,01%
Industrials
87 000
162,60
13 120
13 354
234
2,87%
0,02%
Financials
602 306
6,88
16 232
11 854
-4 377
2,55%
0,01%
Energy
242 419
565,00
12 118
13 756
1 639
2,96%
0,05%
SEK/NOK=
0,9440
TRY/NOK=
2,8607
Turkiye Garanti Bankasi
GBP/NOK= 10,0434
Dragon Oil
USD/NOK=
6,0838
Cia Cervecerias Unidas Adr.
Consumer staples
122 489
24,02
18 917
17 900
-1 017
3,85%
0,07%
Globaltrans Investment GDR
Industrials
148 188
15,79
13 212
14 235
1 024
3,06%
0,08%
3M
Industrials
21 267
139,05
11 502
17 991
6 489
3,87%
0,00%
Mindray Medical
Health care
79 522
36,03
16 562
17 431
869
3,75%
0,09%
Nordson Corp
Industrials
34 652
74,39
12 724
15 683
2 959
3,37%
0,05%
I 46 I
ANNUAL REPORT 2013
Fund commentary - ODIN Maritim
A good year for ODIN Maritim
Jarle Sjo and Lars Mohagen
Portfolio managers
Maritim. The fund’s benchmark was up 51.8 per
Return 2013
60
50
40
30
20
10
0
Fund
Fond
ANNUAL REPORT 2013
Benchmark
Indeks
I 47 I
ODIN
Maritim - Annual Report 2013
ODIN
Maritim
1) Benchmark
Total return
786,30%
12,06%
66,96%
2,71%
719,34%
9,35%
9,68%
6,41%
-1,33%
4,27%
4,47%
0,50%
5,42%
1,94%
-1,84%
2013
44,34%
51,82%
-7,48%
2012
3,60%
-2,84%
6,43%
2011
-35,77%
-31,18%
-4,59%
2010
20,87%
42,48%
-21,61%
2009
17,57%
-13,95%
31,53%
2008
-55,71%
-32,80%
-22,91%
Last 5 years (p.a.)
Last 3 years (p.a.)
2007
37,23%
10,05%
27,18%
2006
24,08%
3,46%
20,61%
2005
51,39%
44,89%
6,50%
2004
61,87%
10,10%
51,77%
ODIN Maritim
MSCI World Gross Marine Index measured in NOK
MSCI World Gross Marine Index has been the benchmark since
sedan 31.12.1998. Orkla Enskildas Shipping Index was the
benchmark from 31.10.1994 to 31.12.1998.
Index
Norway).
I 48 I
ANNUAL REPORT 2013
ODIN
ODIN
Maritim
NOK 1000
1.Interest income
NOK 1000
766
863
15,322
26,698
3.Gain/loss on sale
-106,203
-256,525
363,439
264,776
3.Warrants
1,419
-1,228
2.Dividend
8
1.Shares
11
11
11
2.Other receivables
9.Other revenues
5
6
7
10.Other costs
8
0
0
-13,868
1,297
-24
856,622
560,240
8,214
10,700
0
0
639
0
28,452
476
79
40,533
100,137
570,119
99,186
554,338
5,904
2,732
0
0
-13,345
0
-38
2.Premium/discount
9,10
11.Tax cost
-159
-289
0
0
0
0
Total liabilities
Redemptions in 2013
609,296,440
243,880,423
-227,142,154
261,989,041
0
888,023,751
1
2
Lower risk
3
4
5
6
Amount of shares
NAV 31/12
1,001,367
886.83
996,759
614.39
1,092,606
593.06
7
Higher risk
19,21
18,49
ANNUAL REPORT 2013
I 49 I
ODIN
Maritim
ODIN
Local currency
NOK 1000
DKK/NOK=
NOK 1000
NOK 1000
1,1257
D/S Norden
Industrials
180 907
286,40
39 838
58 325
18 486
6,57%
0,42%
A.P. Möller - Maersk B
Industrials
500
58 900,00
24 278
33 152
8 874
3,73%
0,01%
Pacific Basin Shipping
Industrials
6 100 000
5,48
24 321
26 224
1 903
2,95%
0,31%
8% TTS Group 11/16
Industrials
6 500 000
124,75
6 370
8 221
1 739
0,93%
Awilco LNG
Energy
702 784
18,60
12 556
13 072
515
1,47%
Bonheur
Energy
136 102
128,50
27 830
17 489
-10 341
1,97%
0,33%
DOF
Energy
765 247
31,70
19 389
24 258
4 870
2,73%
0,69%
HKD/NOK=
0,7845
1,04%
Farstad Shipping
Energy
110 155
131,50
15 445
14 485
-959
1,63%
0,28%
Frontline 2012 Ltd
Energy
1 271 721
49,50
48 199
62 950
14 752
7,09%
0,51%
Golden Ocean Group
Industrials
3 400 000
14,54
24 541
49 436
24 895
5,57%
0,76%
Ganger Rolf
Energy
272 957
127,50
34 590
34 802
212
3,92%
0,81%
Havila Shipping
Energy
532 604
32,50
14 959
17 310
2 350
1,95%
1,76%
0,70%
Höegh LNG Holdings
Energy
Hurtigruten
I.M. Skaugen
Energy
488 562
47,80
19 801
23 353
3 552
2,63%
2 000 000
3,47
8 661
6 940
-1 721
0,78%
0,48%
645 000
9,45
24 737
6 095
-18 642
0,69%
2,38%
Odfjell B
Industrials
900 000
39,50
50 337
35 550
-14 787
4,00%
1,47%
Stolt Nielsen
Industrials
380 000
167,00
48 275
63 460
15 185
7,15%
0,59%
Solstad Offshore
Energy
259 396
120,50
25 502
31 257
5 755
3,52%
0,67%
Siem Shipping
Industrials
199 537
71,00
19 957
14 167
-5 790
1,60%
2,07%
Norwegian Car Carriers
Industrials
12 113 999
1,71
37 481
20 715
-16 766
2,33%
5,00%
The Containership Company
Industrials
625 000
0,10
7 188
63
-7 125
0,01%
4,63%
TTS Group
Industrials
2 048 906
6,20
49 683
12 703
-36 980
1,43%
2,37%
Western Bulk
Industrials
2 083 400
16,00
25 001
33 334
8 334
3,75%
1,32%
Wilh. Wilhelmsen Holding A
Industrials
115 931
202,00
14 620
23 418
8 798
2,64%
0,25%
Industrials
212 218
202,00
33 091
42 868
9 777
4,83%
0,46%
Industrials
4 000 000
1,12
27 079
21 505
-5 574
2,42%
0,15%
SGD/NOK=
4,8003
Neptune Orient Lines
USD/NOK=
6,0838
Navigator Holdings
Energy
100 000
26,07
12 257
15 860
3 603
1,79%
0,18%
Knightsbridge Tankers
Energy
189 842
9,27
9 452
10 706
1 254
1,21%
0,62%
Scorpio Tankers
Energy
499 730
11,70
23 124
35 556
12 432
4,00%
0,26%
DryShips
Industrials
1 400 000
4,51
45 734
38 413
-7 321
4,33%
0,33%
Navios Maritime Acquisition
Energy
1 309 000
4,47
21 158
35 598
14 439
4,01%
0,96%
DHT Holdings certificate
Energy
609 000
5,24
17 726
19 414
1 688
2,19%
1,05%
DHT Holdings Pref
Energy
4 436
524,00
12 912
14 142
1 230
1,59%
0,01%
I 50 I
ANNUAL REPORT 2013
Fund commentary - ODIN Offshore
A good year for ODIN Offshore
Jarle Sjo and Lars Mohagen
Portfolio managers
Offshore. The fund’s benchmark was up 39.1 per
Return 2013
50
40
30
20
10
0
-10
Fond
Fund
ANNUAL REPORT 2013
Indeks
Benchmark
I 51 I
ODIN
Offshore
ODIN
Offshore - Annual Report 2013
1) Benchmark
Total return
139,17%
6,74%
37,36%
2,40%
101,81%
4,34%
Last 5 years (p.a.)
Last 3 years (p.a.)
14,23%
12,41%
0,17%
10,59%
15,34%
5,83%
3,64%
-2,93%
-5,65%
2013
24,52%
39,11%
-14,59%
2012
4,05%
-4,97%
9,02%
2011
-22,42%
-10,35%
-12,07%
2010
18,83%
26,66%
-7,83%
2009
50,32%
36,06%
14,26%
2008
-56,74%
-49,56%
-7,18%
2007
10,73%
32,63%
-21,90%
2006
41,66%
1,51%
40,14%
2005
96,83%
64,48%
32,35%
2004
57,95%
20,08%
37,87%
ODIN Offshore
Philadelphia Stock Exchange Oil Service Sector Index (OSX)
measured in NOK
The benchmark index is not adjusted for dividend.
Index
Norway).
I 52 I
ANNUAL REPORT 2013
ODIN
ODIN
Offshore
NOK 1000
1.Interest income
NOK 1000
374
293
42,126
31,841
3.Gain/loss on sale
141,157
-153,815
329,357
271,874
3.Warrants
3,987
-2,072
2.Dividend
8
1.Shares
11
11
11
2,113,394
2,067,548
0
0
0
0
408
0
63,342
-11
53
33,293
904,420
-547,617
1,089,930
-329,882
14,145
7,632
2.Other receivables
9.Other revenues
5
6
7
10.Other costs
8
0
0
-43,410
-2
-22
104
0
-47,667
0
-18
2.Premium/discount
9,10
11.Tax cost
-574
-396
0
0
0
0
Total liabilities
Redemptions in 2013
2,093,250,860
245,888,337
-649,134,122
472,992,915
0
2,162,997,989
1
2
Lower risk
3
4
5
6
Amount of shares
NAV 31/12
9,044,195 10,895,058
239.17
192.08
13,047,479
184.60
7
Higher risk
18,18
20,24
ANNUAL REPORT 2013
I 53 I
ODIN
Offshore
ODIN
Local currency
NOK 1000
NOK 1000
NOK 1000
Bonheur
Energy
330 000
128,50
47 774
42 405
-5 369
1,96%
0,81%
BW Offshore
Energy
13 356 600
7,25
206 316
96 835
-109 481
4,48%
1,94%
3,63%
Badger Explorer
Energy
673 093
8,60
12 636
5 789
-6 848
0,27%
DOF
Energy
2 820 553
31,70
82 243
89 412
7 169
4,13%
2,54%
Energy
8 473 631
7,87
72 298
66 687
-5 611
3,08%
4,24%
EOC
Energy
8 078 418
5,79
101 140
46 774
-54 366
2,16%
7,28%
Atlantica Tender Drilling
Energy
5 336 645
8,30
47 489
44 294
-3 195
2,05%
4,34%
Bergen Group
Energy
2 480 000
3,46
56 340
8 581
-47 759
0,40%
4,09%
Farstad Shipping
Energy
620 553
131,50
52 261
81 603
29 342
3,77%
1,59%
Ganger Rolf
Energy
215 754
127,50
31 505
27 509
-3 997
1,27%
0,64%
Havila Shipping
Energy
2 042 500
32,50
89 195
66 381
-22 813
3,07%
6,77%
0,47%
Kongsberg Gruppen
Industrials
558 500
127,50
24 368
71 209
46 840
3,29%
Norwegian Energy Company A
Energy
2 764 500
5,29
8 570
14 624
6 054
0,68%
0,56%
Energy
900 000
71,45
67 808
64 305
-3 503
2,97%
0,41%
2,44%
Prospector Offshore Drilling
Energy
2 307 173
24,80
27 845
57 218
29 373
2,65%
Prosafe
Energy
1 250 000
46,80
57 489
58 500
1 011
2,70%
0,53%
Rector Marinus Invest
Energy
1 838 000
3,67
18 380
6 745
-11 635
0,31%
9,51%
Sevan Drilling
Energy
16 988 480
4,95
97 549
84 093
-13 456
3,89%
2,86%
Solstad Offshore
Energy
1 035 204
120,50
100 498
124 742
24 244
5,77%
2,68%
Subsea 7
Energy
350 000
116,10
38 368
40 635
2 267
1,88%
0,10%
TGS Nopec Geophysical
Energy
250 000
160,80
36 731
40 200
3 469
1,86%
0,24%
Weatherford Intl. (USD)
Energy
800 000
15,51
78 058
75 500
-2 558
3,49%
0,10%
Superior Energy Services
Energy
400 000
26,24
62 096
63 856
1 760
2,95%
0,25%
Schlumberger
Energy
221 900
89,66
95 404
121 040
25 637
5,60%
0,02%
USD/NOK=
6,0838
Rowan Companies
Energy
635 000
34,73
127 860
134 169
6 309
6,20%
0,51%
National Oilwell Varco Inc
Energy
200 000
79,22
54 138
96 392
42 254
4,46%
0,05%
Pacific Drilling
Energy
850 000
11,20
50 599
57 918
7 318
2,68%
0,40%
Halliburton
Energy
500 000
50,76
93 850
154 407
60 557
7,14%
0,06%
Baker Hughes
Energy
300 000
54,74
99 876
99 908
32
4,62%
0,07%
Ensco PLC
Energy
290 000
56,47
90 291
99 630
9 339
4,61%
0,12%
Cameron International
Energy
200 000
59,20
60 962
72 032
11 070
3,33%
0,08%
I 54 I
ANNUAL REPORT 2013
Fund commentary - ODIN Eiendom I
Further rise of property shares
Carl Erik Sando
Portfolio manager
Eiendom I. The fund’s benchmark was up 28.0 per
Return 2013
30
25
20
15
10
5
0
-5
Fund
Fond
ANNUAL REPORT 2013
Benchmark
Indeks
I 55 I
ODIN
Eiendom
I
ODIN
Eiendom
I - Annual Report 2013
1) Benchmark
Total return
34,34%
9,55%
34,21%
9,52%
0,13%
0,03%
Carnegie Sweden Real Estate Index measured in NOK
The benchmark index is not adjusted for dividend.
Last 3 years (p.a.)
2013
8,66%
7,74%
0,92%
27,80%
28,02%
-0,22%
2012
17,44%
13,44%
4,00%
2011
-14,51%
-13,89%
-0,63%
2010
4,70%
7,31%
-2,61%
Return in year of inception is calculated from the inception date for
both fund and benchmark.
ODIN Eiendom I
Index
Norway).
I 56 I
ANNUAL REPORT 2013
ODIN
Eiendom
ODIN
Eiendom
I
NOK 1000
1.Interest income
NOK 1000
72
61
2.Dividend
3,388
2,592
3.Gain/loss on sale
7,702
-27
21,017
13,941
200
-70
8
1.Shares
11
11
11
3.Warrants
2.Other receivables
9.Other revenues
5
6
7
10.Other costs
8
0
0
-2,635
0
-13
137,878
97,249
0
0
0
0
0
0
4,571
0
4
3,499
113,105
2,838
99,601
952
597
628
0
0
-1,883
0
-50
2.Premium/discount
9,10
11.Tax cost
-79
-73
3,314
0
2,482
0
Total liabilities
100,124,684
72,569,912
-57,180,327
29,652,314
-3,313,864
Redemptions in 2013
141,852,719
1
2
Lower risk
3
4
5
6
Amount of shares
NAV 31/12
1,131,047
125.42
999,819
100.54
949,958
88.13
7
Higher risk
12,46
14,02
ANNUAL REPORT 2013
I 57 I
ODIN
Eiendom
I
ODIN
Eiendom
Local currency
EUR/NOK=
NOK 1000
NOK 1000
NOK 1000
8,3970
Kiinteistösijoitus Citycon
Financials
310 315
2,56
5 951
6 671
719
4,70%
Sponda
Financials
219 905
3,42
6 211
6 315
104
4,45%
0,07%
0,08%
Technopolis
Financials
246 088
4,35
7 043
8 989
1 946
6,34%
0,23%
0,15%
Norwegian Property
Financials
809 170
7,27
7 968
5 883
-2 086
4,15%
Financials
12 470
1 070,00
11 134
13 343
2 209
9,41%
0,12%
Selvaag Bolig
Financials
250 535
17,70
5 047
4 434
-612
3,13%
0,27%
Eiendomsspar
Financials
18 963
153,00
3 033
2 901
-132
2,05%
0,03%
Fabege
Financials
93 175
76,55
5 339
6 733
1 394
4,75%
0,06%
Heba Fastigheter B
Financials
69 060
75,50
3 794
4 922
1 129
3,47%
0,17%
Hufvudstaden A
Financials
166 847
85,85
11 897
13 522
1 625
9,53%
0,08%
JM Bygg
29 280
181,50
2 968
5 017
2 049
3,54%
0,04%
SEK/NOK=
0,9440
Kungsleden
Financials
246 243
43,20
9 713
10 042
329
7,08%
0,18%
Klövern
Financials
233 016
28,40
5 202
6 247
1 045
4,40%
0,13%
0,23%
Diös Fastigheter
Financials
171 714
45,30
5 086
7 343
2 257
5,18%
Balder B
Financials
109 471
66,25
2 814
6 846
4 032
4,83%
0,07%
Castellum
Financials
59 160
100,20
4 527
5 596
1 069
3,94%
0,03%
0,38%
Corem Property
Financials
309 526
20,20
6 023
5 902
-121
4,16%
Tribona
Financials
166 050
39,10
4 199
6 129
1 930
4,32%
0,43%
Wallenstam B
Financials
57 190
97,80
3 051
5 280
2 229
3,72%
0,03%
Wihlborgs
Financials
52 970
115,25
4 236
5 763
1 527
4,06%
0,07%
I 58 I
ANNUAL REPORT 2013
Auditor’s Report for 2013
To the Board of Directors of ODIN Forvaltning AS
Independent auditor’s report
Report on the Financial Statements
We have audited the accompanying financial statements of the funds, which comprise the balance sheet as at December 31, 2013, and
the income statement, showing an annual result for the year then ended, and a summary of significant accounting policies and other
explanatory information. The financial statements are showing the following results:
ODIN Norden
ODIN Finland
ODIN Norge
ODIN Sverige
ODIN Europa
ODIN Europa SMB
NOK 1 922 846 000
NOK 647 275 000
NOK 631 360 000
NOK 1 457 849 000
NOK 416 184 000
NOK 832 311 000
ODIN Global
ODIN Emerging Markets ODIN Maritim
ODIN Offshore
ODIN Eiendom I
NOK NOK
NOK NOK NOK
337 400 000
59 433 000
261 989 000
472 993 000
29 652 000
The Board of Directors’ Responsibility for the Financial Statements
The Board of Directors of the fund manager is responsible for the preparation and fair presentation of these financial statements in
accordance with Norwegian accounting act and accounting standards and practices generally accepted in Norway, and for such internal
control as The Board of Directors determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with laws, regulations, and auditing standards and practices generally accepted in Norway, including International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the
entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the funds as at December 31, 2013, and
of its financial performance for the year then ended in accordance with the Norwegian accounting act and accounting standards and
practices generally accepted in Norway.
Report on Other Legal and Regulatory Requirements
Opinion on the Board of Directors’ report
Based on our audit of the financial statements as described above, it is our opinion that the information presented in the Board of Directors report concerning the financial statements and the going concern assumption, and the proposal for the allocation of the profit/
coverage of loss is consistent with the financial statements and complies with the law and regulations.
Opinion on Registration and documentation
Based on our audit of the financial statements as described above, and control procedures we have considered necessary in accordance with the International Standard on Assurance Engagements ISAE 3000, “Assurance Engagements Other than Audits or Reviews
of Historical Financial Information”, it is our opinion that the company’s management has fulfilled its duty to produce a proper and
clearly set out registration and documentation of the company’s accounting information in accordance with the law and bookkeeping
standards and practices generally accepted in Norway.
PricewaterhouseCoopers AS
Magne Sem
State Authorised Public Accountant (Norway)
Note: This translation from Norwegian has been prepared for information purposes only.
ANNUAL REPORT 2013
I 59 I
Notice of election meeting
An election meeting is to be held for the following mutual funds:
ODIN Norden, ODIN Norden II, ODIN Finland, ODIN Finland II, ODIN Norge, ODIN Norge II, ODIN Sverige, ODIN Sverige II,
ODIN Europa, ODIN Europa II, ODIN Europa SMB, ODIN Global, ODIN Global II, ODIN Emerging Markets, ODIN Maritim,
ODIN Offshore, ODIN Eiendom, ODIN Eiendom I, ODIN Konservativ, ODIN Flex, ODIN Horisont, SpareBank 1 Pengemarked,
ODIN Pengemarked, ODIN Kort Obligasjon, ODIN Obligasjon and ODIN Rente.
Time: 6pm on Tuesday the 25 th of March 2014.
Place: Felix Conference center, Bryggetorget 3, 0250 OSLO
The following items are on the agenda:
1) Approval of the notice of the meeting
2) The election of two unit-holders to sign the minutes of the meeting
3) The election of unit-holders to the board of ODIN Forvaltning AS
4) Election of members to the nominating committee for unit-holders to the board of ODIN Forvaltning AS
5) Any other business
Unit holders who have questions they want discussed at the election meeting, must notify the Board of ODIN Forvaltning AS
in writing no less than a week before the election meeting is held. At the election meeting, the voting rights will be adjusted so
that unit holders who own equal values receive equal numbers of votes. With the exception of the elections, the election meeting
cannot pass decisions that bind the funds or the management company.
The board of ODIN Forvaltning AS
After the election meeting, we have the pleasure of inviting you to an information meeting, at which CIO Jarle Sjo will provide
an update of the market situation.
We kindly ask those who wish to attend the annual unit-holders meeting on Wednesday the 25th of March 2014 to submit this in writing
to:
ODIN Forvaltning AS
PO Box 1771 Vika
NO-0122 Oslo
NORWAY
Attn: Customer Service
Fax: +47 24 00 48 01
e-mail: [email protected]
Please rsvp no later than by 17 March 2014.
I 60 I
ANNUAL REPORT 2013
ODIN Fund Management AS Fjordalléen 16,
N-0250 Oslo, P.O. Box 1771 Vika, N-0122 Oslo
Telephone: +47 24 00 48 00 Fax: +47 24 00 48 01
E-mail: [email protected] www.odinfond.no

View the whole report - ODIN Fund Management

Transcription

Similar documents

a pas de deux drama for two girls and a piano man

Teambuilding Aktiv Fritid - Aktiv Fritid

art snorkelling

media information 2016

ODIN Fund Management

ODIN Fund Management

Rune Stones and Magnate Farms: The Viking Age in Vadsbo

AN INTRODUCTION TO RUNE MAGICK PART ONE What