• Our portfolios

    BLS Capital manages two portfolios: Danish Equities and Global Equities. Both portfolios are founded on the same investment philosophy focusing on the generation of attractive risk-adjusted returns to our co-investors over the long term.

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  • Our investment team

    BLS Capital was established in 2008 and is owned by the two investment professionals, Peter Bundgaard and Anders Lund. We focus on investments in Danish and global equities. The investment professionals are required to invest all of their investable assets in portfolios managed by BLS Capital.

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  • Company information

    It is important to us at BLS Capital to be open and accessible to our co-investors. We hope you will find our Annual Letter of interest and are of course always available if you want to know more about us, our companies and our investment philosophy.

    Read the 2015 Annual Letter here.

  • Invest with us

    You can invest in our portfolios through the fund BLS Invest, which is advised by BLS Capital. The fund has three sub-funds; Danish Equities, Global Equities and Global Equities Akk., all of which are publicly traded and where there is daily subscription and redemption.

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  • Our companies

    Please fill in the form on the right to subscribe to our newsletter and/or receive the 8th edition of our book “Our companies” – in which you can read more about the portfolio companies in BLS Invest.

    If you require any further information or wish to be contacted, please advise us thereof in the “message” box.

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The entire world is on its way to give up on cash and pay by card. This has made the money pour into MasterCard.

Not more than a few years ago, cash and cheque were the most widespread payment methods in Denmark, but with the launch of electronic payment in Denmark in 1983 a trend began in which more and more transactions were carried out electronically. The same has happened in the rest of the world, but not to the same extent. Globally, as much as 55 percent of all payments are still carried out using cash or cheques, and with retailers the figure is as high as 85 percent.

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They ease burdens for people all over the world. They run the company tightly and profitably. So it feels good to be a co-owner of Coloplast.

Coloplast is a global market leader in medical devices for ostomy and continence. Furthermore the company occupies a significant market position in the skin and wound care segment. Since its initial public offering in 1983, the company has experienced significant growth and has created considerable value for its shareholders. 2013 was no exception. Value creation in Coloplast took a quantum leap in 2009, 2010, 2011, 2012 – and

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Copenhagen Airports

Copenhagen Airports makes money on everything that moves. Even things that do not move – such as sleeping hotel guests or parked cars – create earnings. And this is quite profitable.

In spite of worries and low economic growth in Denmark, Copenhagen Airports achieved a decent increase in passengers in 2013. Air traffic out of Copenhagen grew by almost 3 percent to 24.1 million passengers, so things have been lively here – and that is what it is all about. One could say, Copenhagen Airports earn money every time somebody arrives or leaves; by plane, car or as passengers,

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Ringkjøbing Landbobank

Common sense, engagement and vision are old fashioned banking virtues. Ringkjøbing Landbobank have kept them – and gained great respect with a gilt-edged business.

Throughout 2013 the Danish banks have been plagued by the weak development in just about all of society’s activities, so the banks have extensively concentrated on reducing their cost bases. There has only been a modest demand on loans and the low interest level has pressurized the banking sector’s earnings. Therefore, there has been hectic activity in the banking sector with regards to automation,

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It’s all about having the right customers and pricing them right.

Topdanmark attaches crucial importance to a correct pricing of insurance risks. The strategy has partly been dividing customers after risk profile, partly a strong reluctance against unfounded lowering of the prices on insurances in the hunt for new customers. This strategy has resulted in Topdanmark being in a strong position with a very attractive customer portfolio, which is priced correctly.

Topdanmark’s successful strategy has also been reflected in the competitive situation in the well-consolidat

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YUM! Brands

In 2013, the Chinese kitchen was struck with chicken distress. But the Chinese continue to love the colonel and his fast food.

YUM! Brands opened its first Kentucky Fried Chicken restaurant in China in 1987 and with its more than 4,500 restaurants KFC is the leading fast food chain in China today. In 2013, YUM! opened more than 700 new restaurants in the country, and it is expected to open another 700 restaurants in China annually in the coming years.

When Colonel Saunders founded Kentucky Fried Chicken – better known as KFC – in 1964, he could hardly have imagined

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The flagship in McGraw-Hill Financial is an American dream and a brilliant business – it is Standard & Poor’s.

In 1849, Henry Poor became the editor of the magazine The American Railroad Journal, which described the American railroad industry with relevant information for investors. This happened in a time when trading in securities – bonds as well as shares – grew and at the same time started to spread between the states.  Previously this type of investment was mostly done within one’s own state, and therefore access to information was easier. But when

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Good ideas and drive turned a small group of Danish carriers into a global haulage contracting company with an annual revenue of DKK 500 billion.

DSV is founded on ideas of collaboration and economies of scale. Those were ideas that Leif Tullberg in 1976 used to convince ten other haulage contractors that this was the way to go. Since then De Samvirkende Vognmænd – now simply DSV – has grown significantly, both organically and through targeted acquisitions.

Today DSV is a global company and among the largest providers in Europe. The group is a global

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SimCorp delivers portfolio management systems to the financial world – and has its own finances well under control.

SimCorp products are software to control and monitor securities portfolios for investments companies, banks, pension funds and other large investors, and the company is the global market leader in this area with approximately 1,000 employees and sales companies in some 20 countries.  Over the past ten years, SimCorp has created significant shareholder value through high growth in revenue and increasing operating profits as percentage of sales. It is software

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Novo Nordisk

They are working non-stop to make life easier for patients everywhere. Novo Nordisk are rewarded for this by an increasing number of diabetics.

Novo Nordisk looks back at 2013 as an extremely challenging year. The American Food and Drug Administration (FDA)’s rejection of Novo Nordisk’s new long-acting insulin Tresiba in February was a significant setback to the company’s ambitions concerning increased market shares in the important American market.

But even in a year, that Novo Nordisk looks back on with disappointment, it is comforting and pleasing that sales

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BLS Invest Net Asset Value

Danish Equities: 1426.59     Global Equities KL: 1618.42     Global Equities Akk: 1088.82

Last update on May 3rd at 12:35