Finansavisen: Likes Europe and emerging markets
- EKP
- 2 days ago
- 2 min read

Investment Director Even Krohn-Pettersen's favorites include Norway's largest company, as well as five exciting equity funds.
– War and conflict have come closer, especially for us Europeans, and we have elected politicians who trigger strong emotions in people, states Krohn-Pettersen at Stavanger Asset Management.
– It is therefore becoming increasingly difficult to distinguish between general unrest and what actually constitutes a real risk for the financial markets.
The investment director clarifies that Norway has benefited from the unrest in many ways, due to higher oil and gas prices.
– Also, less focus on sustainability and the slowdown in the electric car market mean that the energy sector and Equinor are still sensible investments – especially with a P/E in the sevens and solid dividend capacity, he adds.
Capital to Europe
The investment director also points out that a lot of capital has been moved from the US to Europe and Asia in recent months.
– This may be due, among other things, to higher pricing of US stocks and the trade war, he says.
– At the same time, Europe's defense budgets are increasing sharply, and several countries are now working towards a target of 5 percent of GDP – which makes the region more attractive as an investment area.
Stavanger Asset Management therefore likes the iShares funds MSCI Europe Value Factor and European Aerospace & Defense.
– Although Trump's tariff policy has been overshadowed by the war headlines, it is still a significant risk, Krohn-Pettersen continues.
– Whether the dollar's fall is mainly due to volatile tariffs, Trump, expensive stocks or capital flight, we can only speculate, but it may seem like a deliberate policy in any case.

Decent currency risk
– Won't foreign equity funds give poor returns if the NOK strengthens?
– Currency is a natural part of investing in stocks and funds, but it becomes more visible if you invest internationally, Krohn-Pettersen answers.
– Most larger Norwegian companies have great currency sensitivity, due to exports/imports, even if the shares are priced in Norwegian kroner.
Currency should therefore be considered on an equal footing with other risk elements in the portfolio, according to the investment director.
– Investors should decide whether they want to lower dollar exposure, currency hedging – or whether they accept the fluctuations represented by the current dollar exchange rate, he recommends.
Could be a plus
Krohn-Pettersen also points out that a weaker dollar and lower interest rates can be good news and contribute to an upturn in emerging markets.
– For a conservative exposure, we prefer funds such as Nordea Stabile Nye Markeder and iShares EM Minimum Volatility, while BGF Asian Growth Leaders provides a more focused exposure, he says.
– Markets are once again showing an impressive ability to adapt, whether it’s geopolitical turmoil or volatile US politics, and despite the noise, there are plenty of opportunities out there.
Finansavisen
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