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Specialization has paid off for Formue Nord

The success of Formue Nord Markedsneutral is an example of how you can find inefficiencies and develop an edge by specializing in niches that few others pay much attention to. The special situations fund is focused on rights issues and related areas in the Nordic micro-, small- and mid-cap market. They have delivered a 13% annual return with almost no correlation to the market.

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Nordic Value 2019 – Interesting investment cases and inspiring speakers

The value investor conference Nordic Value mainly focuses on actionable investment ideas presented by carefully selected value investors. The second edition was held in Copenhagen in June 2019. Read highlights from a couple of the presentations. Learn about the investment case for Swedish contract manufacturer AQ Group presented by Vegard Søraunet. Jamie Carter presented the case for Irish housebuilder Glenveagh Properties and Adam Rozencwajg went through their specialized approach to contrarian investments in natural resource equities. 

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The 16th Annual Value Investor Conference in Omaha

The conference is held every year in the days leading up to the Berkshire Hathaway shareholder meeting. It had an interesting lineup with presenters like Tom Russo and Tony Nicely. Read the highlights from some of the many great presentations. Learn about Robert Robotti’s contrarian value investor approach and an investment case from his portfolio, learn about Charles Murphy’s well thought out niche investment strategy, and learn about Yefei Lu’s key takeaways from his interesting book on Buffett’s past investments.

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A good stock picker in a good setup is a powerful combination – Learn about both in the interview with Henrik Stang Heffermehl

Henrik Stang Heffermehl is the portfolio manager at Oslo-based Park Lane Family Office. He talks about how he invests and discuss two of his holdings. Heffermehl’s investment writeups in the online investor community SumZero has earned him a spot among the top-performing members on multiple occasions. He mostly focuses on smaller companies with little or no analyst coverage. You can also learn about the family office’s interesting and differentiated setup – for example, the 10-year bonus period.

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Tom Stubbe Olsen has delivered great returns for more than two decades by executing on a simple but well-structured value strategy

Olsen, the founder and one of the portfolio managers at Mensarius, has a strong focus on capital preservation and a long-term investment horizon. He buys companies with attractive business models in viable industries at bargain prices, often when other investors are skeptical and concerned. Learn about his three preferred types of investments, his due diligence process, and why he recently bought SAF-Holland.

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Mikael Tarnawski-Berlin collects good companies for the Carnegie Global fund. Read about how he does it and about some of his favorite companies, managers, and books

“Moody’s has a 40 percent market share in credit ratings and that is unlikely to change soon. The moat is almost structural and built into the system. A lot of fixed-income investors require a rating from either Moody’s or S&P to be able to invest…” Read the whole Moody’s investment case and other cases that live up to Tarnawski-Berlin’s strategy of making long-term investments in a few good companies that are well managed and undervalued.

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Investing is a core business for insurance company Protector Forsikring – CIO Dag Marius Nereng and his team have outperformed the market by running a highly concentrated equity portfolio

Despite an attractive combined ratio, investment income has made up the majority of the after-tax income for Protector Forsikring. Since they insourced the asset management the equity portfolio has outperformed by 100 percentage points. Nereng leads a team of investment enthusiasts with a strong focus on both in-depth research and continuous learning. Find out how they invest and why the team members do not speak to each other before 12 o’clock.

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Due to great performance, MediumInvest has a long waiting list of interested investors. Learn about the investment philosophy and process

Thomas Tang, founder of MediumInvest, focuses on Scandinavian small cap equities. He invests in companies that he understands very well and which trade at big discounts to their fair value. Read how Tang finds new ideas, how he looks at valuation, and why he believes small-cap equities are attractive. Also, read about three of the investment cases from the portfolio.

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Equity investors can gain unique insights via expert interviews – be inspired by how private equity funds use them

Andreas von Buchwald, founder and CEO of Nordic Knowledge Partners, talks about how expert interviews can add value to the investment process and how to get the best results from them. See examples of what kind of experts can help you make a more informed investment decision.

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Kurt Kara has outperformed by thinking independently – learn about how he works and some of his favourite industries

The successful value investor from Maj Invest talks about his investment process, idea generation, and his preferred sources of information. Kara never meets with management and he believes the setup is essential for good results. He likes to invest in industries with long-term visibility – read about two of these in the article.

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The Fundsmith portfolio – Big changes without changing much

Terry Smith has significantly outperformed the market by owning high-quality growth companies. The portfolio’s sector exposure has changed a lot. Holdings in consumer staples have been cut by 25 percentage points. See what they bought instead and see the statistics on Fundsmith’s main reasons for selling a company. Also, learn which portfolio company Smith would own for the next 15 years if he could only select one.

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