We are launching Amos Value.

The Nordic stock exchanges are full of interesting companies, but most of them do not meet our criteria. Many trade at prices that require most things to go according to plan for several years to come. Unforeseen factors often emerge along the way, and then the calculations fall apart. Other companies look cheap on the surface but lack the stable history required for us to commit.

What we are looking for is the layer in between: high-quality companies that the market is currently uncertain about.

Our fundamental rule: the company and the stock are not the same thing.

The market sometimes forgets the simplest fundamental rule of all. A fantastic company does not necessarily make a good investment - not if you buy it when it is overvalued.

Therefore, we perform our own valuation work. We do so conservatively, based on the company rather than the share price. We base our analysis on historical cash flows, normalised margins, and how the business actually performs - not what we hope will happen. We only buy when the price gives us a margin of safety against our valuation. This should protect us if we are wrong and provide clear upside if the market eventually agrees with us.

While we wait, the company is expected to generate returns for us through its free cash flow - and we have acquired the company cheaply. No loss-making companies and no companies that first need to be turned around. This strategy means we will miss many soaring stocks. That's fine. If we control the downside, the upside usually takes care of itself.

The Portfolio

Amos Value does not invest in companies on the front page of business newspapers, but in quality companies that have, for some reason, fallen into obscurity. The result will be a portfolio of approximately 25-35 Nordic companies that we believe are trading below their intrinsic value.

• Amos Value A (Accumulating): Here, all distributions are automatically reinvested in the fund to allow for maximum compound interest effect.
• Amos Value E (Distributing): For those who want annual distributions. Here, equity dividends are paid directly to your account as a lump sum.

With Atle behind us. On the same terms as you.

Amos Value is managed by Atle Fund Management, a subsidiary of Bure Equity. This gives us a stable structure and owners who share our view on time horizon and long-term value creation.

We invest our own money in the fund on the same terms as all other unitholders. Your money is as important to us as our own.

Regards,

Sebastian and Joel