Skagen Fund in Norway Lowers Investment in Alibaba Group and Invests in JD.com

Written by Emily J. Thompson, Senior Investment Analyst

Source: aastocks

Updated: 10h ago

0mins

Source: aastocks

Fund Performance and Strategy: The US$2 billion Kon-Tiki emerging markets fund, managed by Skagen AS, has shifted its investment strategy by reducing its stake in Alibaba and increasing its investment in Samsung, focusing on companies driving AI development.
Samsung Investment Rationale: The fund believes that the demand for memory chips will remain strong over the next two years, leading to a favorable outlook for Samsung's valuation compared to competitors like SK Hynix and Micron Technology.
JD.com Investment: In November 2025, the fund invested in JD.com, citing its significant stock price drop of 17% last year and its attractive valuation, which is lower than the combined value of its cash, investments, and listed subsidiaries.
Market Context: The fund's adjustments reflect a broader strategy to minimize exposure to application firms with unproven business models while capitalizing on the growth potential in AI-related sectors.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.