“Petrobras has become very unpopular and we have purchased an item to keep us informed. You should buy oil shares after, not before, the price of oil has fallen,” said Skagen manager Stensrud Bloomberg .
Kon-Tiki fund’s holdings now represent one percent of its managed assets of 51 billion Norwegian kroner. Calculated on Petrobras current market capitalization of about 300 billion NOK, a fund owns about 0.2 percent of the company.
Petrobras is not the only Brazilian company which has attracted Christopher Stensruds interest: The Fund has also invested the retailer Cia Brasileira de Distribuicao and increased its holdings in mining company Vale.
“The values and the currency is low in Brazil, which is an advantage for those who compete against imported goods. And better regulation can lead to a revaluation of companies, “motivates him.
In other mentions Bloomberg article that Kon-Tiki sold Heineken shares in February, owns shares of ABB and AP Møller-Maersk, and reduced its exposure to India after the stock market which valued up lately.
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