Margin of safety: how we account for being wrong
It's impossible to predict the future, but with a 20% margin of safety against our calculated fair value, we can afford to be wrong. If Sunbeam & Cloud Ltd's…
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FAQ
Frequently asked questions
Answers to the most common questions about Amos Fonder, Amos Value and how we invest. Can't find the answer? Get in touch.
About Amos Fonder
- Amos Fonder is the name under which Atle Fund Management AB manages Amos Value, a Swedish equity fund focused on quality companies acquired with a margin of safety. Atle Fund Management AB is a wholly owned subsidiary of Atle Investment Management AB, majority owned by the listed investment company Bure Equity AB (publ).
- Amos Fonder operates under Atle Fund Management AB, a wholly owned subsidiary of Atle Investment Management AB, majority owned by the listed investment company Bure Equity AB (publ). Portfolio managers Sebastian Olson and Joel Forsberg run the day-to-day operations and share the same philosophy of long-term, disciplined management.
Yes, you can become a direct customer at Amos Fonder. It also works perfectly to invest through selected platforms. Read more about how to invest.
- Yes. The portfolio managers are themselves unitholders in Amos Value and invest on the same terms as all other unitholders.
About Amos Value
- A Swedish equity fund is a fund that invests primarily in Swedish companies. According to the fund's investment policy, at least 80 percent of the capital must be invested in Sweden. Amos Value is a Swedish equity fund with clear value discipline.
- Amos Value focuses on quality companies with strong cash flows and proven profitability, acquired with a margin of safety. Unlike many other Swedish equity funds, the portfolio is concentrated to ~25 to 40 high-conviction holdings, and the portfolio managers invest their own money on the same terms as all unitholders.
- Amos Value is an actively managed Swedish equity fund managed by Atle Fund Management AB. The fund invests long-term in quality companies with strong cash flows, proven profitability and attractive valuations, always with a margin of safety.
Amos Value is available on Avanza, Nordnet, SAVR, Montrose and Alpcot. Read more about how to invest.
Missing Amos Value at your bank? Ask your bank to add the fund to its range, or contact us at Amos Fonder and we will start a dialogue with your bank. Amos Value is currently available on Avanza, Nordnet, SAVR, Montrose and Alpcot. Read more about how to invest.
- Amos Value is classified at risk level 4 out of 7 on the European SRI scale, corresponding to medium risk. The scale runs from 1 to 7. A lower number means lower risk and lower return potential, a higher number the opposite. Risk level 4 out of 7 is typical for actively managed equity funds. The recommended investment horizon is at least 5 years.
The portfolio is concentrated and typically contains ~25 to 40 companies. Each holding represents high conviction from the portfolio managers. Read more about why a concentrated portfolio in a Swedish equity fund matters.
- Amos Value is open for trading every Swedish banking day, i.e. days when Nasdaq Stockholm is open. On public holidays, Midsummer's Eve, Christmas Eve and New Year's Eve, the fund is closed for trading. Orders placed before the cut-off time on a banking day are executed at that day's NAV price.
In the accumulating share class, everything is automatically reinvested in the fund. A distributing share class instead pays out part of the return as cash to you as a unitholder.
- Margin of safety means that we buy shares at a price below our estimate of the company's fair value. This provides a buffer against unexpected events and gives us a better starting point going in.
Fees and costs
Amos Value has a fixed management fee. The exact fee level is stated in the fund's factsheet and prospectus, which you can find on our documents page. There are no subscription or redemption fees.
- No, Amos Value does not have a performance fee. You pay the same fixed fee regardless of the fund's performance.
- Yes. The minimum investment is SEK 100 for both Amos Value A (Acc) and Amos Value E (Dist).
- ISK (investeringssparkonto) and capital insurance are the two most common account types for fund saving in Sweden. An ISK is taxed on a notional income based on the account value, not on gains at sale. Capital insurance works similarly but has different rules for inheritance and gifts. Both are tax-efficient for long-term saving and the choice depends on your personal situation.
Investment process
We combine quantitative screening with in-depth fundamental analysis focused on quality and margin of safety. Each potential holding is evaluated on business model, competitive advantages, cash flows, management and valuation. We only buy when the price offers a clear margin of safety against our fair value. Read more about our investment process.
- We invest in companies that have shown they can navigate different types of market environments, including crises, economic cycles and other turbulence without defensive share issues or threats to the company's survival. We want to see sustainable profitability, stable or improving margins and considered capital allocation over time. At least 80 percent of the capital is invested in Swedish companies.
- Amos Value is compared against SIX Portfolio Return Index (SIXPRX), which is a total return index for the Stockholm Stock Exchange. It is the most common benchmark for Swedish equity funds.
Saving and buying
Yes, monthly saving is easy to set up. At most platforms you can configure automatic monthly saving with any amount. Read more about how to invest.
- Amos Value is an equity fund with a long-term orientation and a focus on quality companies. Saving for children often has a horizon of 10 to 20 years, and compounding means that even small monthly amounts can grow significantly over time.
- Pension saving often has a very long horizon. The fund's strategy is to own quality companies over time, and it can be a complement to public and occupational pensions.
- It depends on your situation, your goals and your time horizon. Use our savings calculator on the respective saving goal page to see how different saving levels can develop over time. Even small amounts can make a difference in the long run.
We will announce when and where the fund can be purchased. The process will be: open an account at one of our platforms, search for Amos Value and place your order. Read more about how to invest.
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