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How the frog was slowly boiled by interest rates
Monthly letter

How the frog was slowly boiled by interest rates

Interest rates have risen by 0.6 percentage points since the fund's inception, and real estate holdings have taken the hit. Banks held their ground, and NYAB secured a power line contract worth just under a third of its own market capitalisation.

Sebastian Olson
Joel Forsberg
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Tired Germans and eager directors
Monthly letter

Tired Germans and eager directors

Despite RevolutionRace being weighed down by dampened German consumption, confirmed by Klarna, the company increased its earnings per share and trades at an EV/EBIT of 13. CEO…

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