Skagen Fund Shifts to Samsung From Alibaba in Memory Chip Bet

A top-performing Norway-based Skagen AS fund is betting on diverging fortunes for two of Asia’s hottest artificial intelligence trades: Samsung Electronics Co. and Alibaba Group Holding Ltd.

Fredrik Bjelland, who manages Skagen’s $2 billion Kon-Tiki emerging markets fund, added to his position in Samsung throughout 2025 as the stock more than doubled. He’s sticking with the wager, expecting demand for memory chips to remain strong for two more years.