What is your investment edge?

Our starting point is simple: we want to own quality companies where the price is wrong. We focus on mispricing, not on low multiples per se. A company qualifies only when both the quality is high and the valuation provides a reasonable upside against our assessed fair value. Total absence of FOMO is a prerequisite for sticking to our process.

How do you define quality companies?

A quality company has shown that it can navigate different types of environments: at least one major crisis, an economic cycle and other disruptions without defensive share issues or threats to the company's survival. We want to see sustainable growth, stable or improving margins and considered capital allocation over time.

How do you calculate fair value?

There is no single formula that works for all companies. We base our assessment on the company's history, normalised margins, cash flows, balance sheet, growth prospects and risk, including for example political or regulatory risk where relevant. The goal is to estimate a reasonable level of earnings and cash flow going forward and set a fair value based on that.

How do you find investment ideas?

We combine quantitative screening with qualitative analysis. Screening models help us identify companies with attractive key metrics, which are then evaluated more deeply through fundamental analysis of business model, competitive advantages and management.

How do you value companies?

We do not marry numbers. Fair value is based on history, normalised margins and our view of the company's future profitability. Most important is the historical development in revenue and earnings per share and whether margins can be considered normalised. When conditions are updated we update fair value. The goal is to buy with a margin of safety, not to be right about a single number.

How do you handle liquidity risk in smaller companies?

In smaller companies we take smaller positions and set higher margin of safety requirements. Companies where liquidity is too weak are excluded. When we build or reduce a position we always think through how it would work in a weaker market, not just when everything is calm.

How do you manage risk in the portfolio?

Risk is managed primarily through company quality and margin of safety at purchase. The portfolio is concentrated but diversified across sectors and geography. We avoid companies with high leverage and weak cash flows.

How often are changes made to the portfolio?

Changes occur when the valuation of an existing holding has reached our estimate of fair value, or when we identify a new opportunity with a better risk and return profile.

When do you accept underperforming the index?

We want to beat the index over time, but we will not change our process to keep up with all short-term rallies. In periods when the market chases everything that rises, we may lag for a while. In that case we prefer to be consistent with our value discipline rather than chasing prices that have already run away.

Are you a Swedish fund or a Nordic fund?

We are in practice a Swedish equity fund. At least 80 percent of the capital is invested in Sweden. The mandate to invest up to 20 percent in the rest of the Nordics is a flexibility we use when we find individually very attractive cases, not something that fundamentally changes the strategy.

Where can I find explanations of terms like margin of safety and fair value?

We have a glossary explaining common investment terms such as margin of safety, fair value, GARP and economic moat.

How we invest

Our investment process

We follow a clear and disciplined process to find quality companies at the right price. The process is designed to minimise mistakes and maximise long-term value creation.

Our philosophy

Mispricing, quality and discipline

Our philosophy rests on three pillars. We clearly distinguish between a company and its stock. A fantastic company does not become a good investment if the price is too high, and a mediocre company does not become good just because it looks cheap on the surface. We want to own companies that can deliver sustainable profitability over time, but only when the price provides a reasonable upside.

Focus on mispricing: We do not just buy quality. We want to buy quality at the right price.
Margin of safety: We invest only when the price provides a clear buffer against our assessed fair value.

01

Step 1

Idea generation and screening

The process begins with a broad screening of the Nordic stock market. We look for companies with proven profitability, strong cash flows and sound balance sheets. The result is a shortlist of companies that meet our basic quality criteria and then go on to in-depth analysis.

Quantitative screening: Systematic review of Nordic companies based on financial key metrics.
Quality filter: Focus on profitability, cash flow and balance sheet strength.

02

Step 2

Analysis and valuation

In the second phase we conduct in-depth fundamental analysis of each company. We evaluate the sustainability of the business model, competitive advantages, management quality and capital allocation. Most important is the historical development in revenue and earnings per share and assessing whether margins can be considered normalised. We only buy at a price that provides sufficient margin of safety.

Fundamental analysis: Business model, competitive advantages, management and capital allocation.
Margin of safety: We buy below our estimate of fair value to create a buffer.

03

Step 3

Portfolio construction and risk management

The final portfolio is concentrated to our best ideas. Each position reflects our conviction level, how much upside we see and how the holding affects the portfolio's overall risk. We spread the risk across sectors and avoid becoming too dependent on a single theme. The portfolio is adjusted when conditions change, not because the market moves.

Stock by stock: 25 to 35 holdings where each company has an assessed fair value and is bought with a margin of safety.
Active risk management: Continuous monitoring and adjustment of the portfolio's risk profile.

04

Step 4

Monitoring and divestment

We monitor each holding continuously. We sell when the stock reaches fair value, when the fundamental picture deteriorates or when a better case is identified. We do not sit still out of laziness, but we do not change just because the market swings.

Disciplined divestment: We sell when the price reaches or exceeds our assessed fair value.
Ongoing reassessment: Each holding is continuously re-evaluated against alternative investment opportunities.

01

Step 1

Idea generation and screening

The process begins with a broad screening of the Nordic stock market. We look for companies with proven profitability, strong cash flows and sound balance sheets. The result is a shortlist of companies that meet our basic quality criteria and then go on to in-depth analysis.

Quantitative screening: Systematic review of Nordic companies based on financial key metrics.
Quality filter: Focus on profitability, cash flow and balance sheet strength.

02

Step 2

Analysis and valuation

In the second phase we conduct in-depth fundamental analysis of each company. We evaluate the sustainability of the business model, competitive advantages, management quality and capital allocation. Most important is the historical development in revenue and earnings per share and assessing whether margins can be considered normalised. We only buy at a price that provides sufficient margin of safety.

Fundamental analysis: Business model, competitive advantages, management and capital allocation.
Margin of safety: We buy below our estimate of fair value to create a buffer.

03

Step 3

Portfolio construction and risk management

The final portfolio is concentrated to our best ideas. Each position reflects our conviction level, how much upside we see and how the holding affects the portfolio's overall risk. We spread the risk across sectors and avoid becoming too dependent on a single theme. The portfolio is adjusted when conditions change, not because the market moves.

Stock by stock: 25 to 35 holdings where each company has an assessed fair value and is bought with a margin of safety.
Active risk management: Continuous monitoring and adjustment of the portfolio's risk profile.

04

Step 4

Monitoring and divestment

We monitor each holding continuously. We sell when the stock reaches fair value, when the fundamental picture deteriorates or when a better case is identified. We do not sit still out of laziness, but we do not change just because the market swings.

Disciplined divestment: We sell when the price reaches or exceeds our assessed fair value.
Ongoing reassessment: Each holding is continuously re-evaluated against alternative investment opportunities.

We do not marry our view of the company. That is how we divorce.

Fair value is an estimate, not a truth. When the conditions change we update our view.

The foundation of our philosophy

Our philosophy rests on three pillars: mispricing, quality and discipline. We clearly distinguish between a company and its stock. A fantastic company does not become a good investment if the price is too high, and a mediocre company does not become good just because it looks cheap on the surface.

The starting point is that we want to own companies that can deliver sustainable profitability over time, but only when the price provides a reasonable upside. We do not chase what is performing best right now, but look for situations where the market's short-termism has created a discount in quality companies.

From universe to portfolio

We start from a broad Nordic universe of listed companies and focus on those we judge to have sustainable quality. We monitor these continuously, with focus on track record, profitability, balance sheet, capital allocation and how the companies have acted in tougher periods.

For each company we set a fair value based on our view of normalised cash flows, margins, growth and risk. Only when the stock trades at a clear margin of safety does it become a candidate for the portfolio.

Discipline over time

The portfolio is concentrated but not narrow. We want few enough holdings for each position to matter, but enough to spread the risk. We sell when companies reach or exceed our assessed fair value, even if the market sometimes continues to push prices higher.

In periods when the market chases everything that rises, this may mean we lag the index for a while. That is a deliberate consequence of sticking to our strategy: we always want to buy quality with a margin of safety, not on the hope that someone else will be even more optimistic.

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28 May 2026Press

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