We are launching Amos Value.
We are launching Amos Value. A Swedish equity fund that seeks out quality companies hidden from the front pages of business newspapers, acquired only when the…
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Swedish equity fund
Amos Value
Amos Value is an actively managed Swedish equity fund that invests in quality companies with strong cash flows and proven profitability, purchased with a margin of safety. We always separate the company from the stock and only invest when the price offers a clear upside to our estimate of fair value.
Swedish equity fund
Focus on quality
Amos Value is an actively managed Swedish equity fund that invests in quality companies with strong cash flows and proven profitability, purchased with a margin of safety. We always separate the company from the stock and only invest when the price offers a clear upside to our estimate of fair value.
- Price discipline
- We buy when the price offers a margin of safety. We sell when it no longer does.
- Quality companies
- Strong balance sheets, robust cash flows and sustainable business models.
Our edge
Quality at the right price
Amos Value focuses on the combination of quality and price, and is uncompromising on both. We do not buy companies just because they are cheap, and we do not buy quality regardless of price. We only invest when quality meets a margin of safety.
Mispricing, not just low multiples
We do not focus solely on low valuations. We focus on identifying companies that are undervalued relative to their fair value.
Numbers over narratives
We do not do company visits. We trust ten years of cash flows more than one hour of presentation. That gives us time to turn over more stones.
No style drift
We follow our process rigorously. We will make mistakes, but not because we deviated from the strategy.
Quality definition
What we mean by quality companies
For us to classify a company as a quality company, it needs to have proven itself over a multi-year period. The company must have weathered at least one major crisis, one economic cycle and other disruptions without resorting to a defensive rights issue or seriously jeopardising its existence. 2-3 good reports are not enough for us to reclassify a previously weak company as quality. We want to see strong delivery over several years.
- Quantitative criteria
- Rising revenue and earnings per share over time, stable operating margins, strong balance sheet
- Qualitative criteria
- Proven and understandable business model, ability to handle disruptions and crises, efficient capital allocation and strong cash flows.
Selection process
From universe to portfolio
Our total universe comprises approximately 1,600 Nordic companies. Through qualitative and quantitative filters we narrow this down to approximately 100 quality companies. The list is dynamic and companies are added and removed as conditions change.
~1,600Universe
Nordic companies
100+Watchlist
Quality companies tracked and evaluated quarter by quarter
25 to 35Portfolio
Stock by stock
Value discipline
Price and margin of safety
We require a margin of safety in every investment. This partly protects us from mistakes and provides clear upside if the market eventually sees the same qualities we do. We will miss next year's winners. But we should not own next year's big losers.
- Motivated value
- Every company in our universe is assigned a fair value estimate, updated after each quarterly report. When a margin of safety appears, the company becomes a portfolio candidate.
- Sell discipline
- We reduce or sell when the price approaches fair value. Occasionally leaving money on the table is the cost of maintaining a consistent process.
- Complete absence of FOMO
- A stock rising 40 percent is irrelevant when the margin of safety is absent. Returns should come from the company's earnings, not from the next buyer's optimism.
“The stock market is filled with individuals who know the price of everything, but the value of nothing.”
Share classes
Accumulating and Distributing
Amos Value comes in two share classes with the same investment process: long-term, active and quality-focused. The difference lies in how returns are handled. Choose the share class that best suits your savings.
- Accumulating (Amos Value)
- Distributions are automatically reinvested in the fund, creating a natural compounding effect over time. Suited for long-term savers.
- Distributing (Amos Value Distribution)
- Part of the return is paid out to you as an investor. Suited for those who want regular cash flow from their savings.
Frequently asked questions
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