In July 2008, North Media received an unpleasant letter. That letter is one of the main reasons the listed media company owns a large equity portfolio. Its value made up 48% of the market cap by the end of Q2 2020. Another reason the portfolio is so large is the significant outperformance created by Richard Bunck. Bunck is the founder and majority owner of North Media, a company he started in 1965. He has more than 55 years of experience both in equity investments and in running a business. His investment philosophy has been shaped by the successes and mistakes he has made in both areas. As Warren Buffett puts it: “I am a better investor because I am a businessman, and a better businessman because I am an investor”. The investment strategy is simple, concentrated, and long-term focused. He trusts his common sense and tries to shield himself from all outside influence and advice. He focusses on industries that will see increasing demand in the next 5–10 years and tries to find the companies within these industries that will see increasing demand for their products as well. Bunck and his company were among the early movers in the IT …
Since Aaen launched Symmetry Invest in 2013, the IRR has been 17%. He combines his accounting background and his focus on the human side of running a business to find attractive small cap investments. Learn about how he invests, what characterizes the companies he owns and two interesting cases from his portfolio
For more than 18 years, John William Olsen has successfully followed his long-term focused investment philosophy, first at Danske Bank and now at M&G Investments. Learn about his portfolio construction and how he has structured his work to help maintain his long-term focus. And read about what kind of companies he owns and why he thinks WH Smith is misunderstood.
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. They are focused on rights issues and related areas in the Nordic small- and mid-cap market and have delivered a 13% annual return with almost no correlation to the market.
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 from Odin Funds. Jamie Carter from S. W. Mitchell Capital presented the case for Irish housebuilder Glenveagh Properties and Adam Rozencwajg from Goehring & Rozencwajg went through their specialized approach to contrarian investments in natural resource equities.