Value Investing in equities

• Proven method for generating long-term returns – buying a dollar for fifty cents never goes out of fashion
• Invest in and hold companies only when trading at a discount to underlying earnings, cash flows and assets

Search for inefficiencies

• All-cap fund with no size, sector or geography restrictions. Our flexibility is ideal to seize opportunities within SMBs

Independent research

• Independent research on all companies we invest in, as attractive investment cases are uncovered through fundamental research
• We are not afraid of going against market sentiment and consensus, and we are willing to invest in out of favor sectors and companies

Focused portfolio

• Portfolio typically consists of 15 - 25 companies spread across various industries

Identify quality

• Value is Holmen’s core, but great investment happen when value and quality intersects
• High returns on equity using little or no debt, shareholder friendly management, durable free cash flows and high barriers to entry