Investments

We do not invest based upon which companies currently are in vogue, or based upon the composition of a benchmark.

Furthermore, we cannot predict future economic developments, or how rational or less rational investors value individual companies or equity markets in general. Thus, we do not have a position on the direction of equity markets in general in the short- or medium term.

What we do is investing in companies we understand, and trust. Companies we believe has an attractive business model, competent management and the ability to increase value creation for us as shareholders, and thus become more valuable.

Consequently, we only invest in companies we trust. We will not invest in equities solely due to the popularity of certain companies or sectors. This might create significant gains for the short term investor, but we strongly believe that we can create a better and more stable long term return by only investing in what we understand.

However, we are fully aware that our returns in the short and medium term can deviate from general market returns, both positively and negatively. However, over time we believe that our investment philosophy creates the best basis for an attractive positive long term return.