• 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 over the long term to our co-investors.

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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. 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 are therefore always available if you want to know more about us, our companies or our investment philosophy.

  • 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 have 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 9th 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 company has everything we look for when investing in companies. Strong management, cost control, continuous operational improvements. Growth through acquisitions are and will remain a driving force in one of Denmark’s strongest companies.

With the acquisition of American UTi, DSV expanded its revenue in one take by approximately 50 percent. The acquisition particularly increased DSV’s presence in air and sea freight and also provided offices in South Africa, which is showing great progress. With the takeover, DSV acquired a high number of large and interesting contracts with several

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The stock market did not reward the operationally strong fiscal 2016. A fundamentally strong business model, competent management and robust growth initiatives in a small but highly profitable business area in the USA are the main reasons we continue to have great faith in Coloplast.

Coloplast creates billions of DKK in value by helping millions to live comfortably and undisturbed, despite chronic illness.

Coloplast has delivered impressive continuous results in both value creation and shareholder value through impressive share price increases, as well as regular dividends and share

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MasterCard is a giant in its industry. The underlying market growth is enviable and the balance sheet is conservative with the addition of managerial courage and strength to purchase innovative solutions. Even governments around the world appreciate MasterCard.

As a resident in a Scandinavian country, it may sound incomprehensible, almost inconceivable that consumers in many European countries still prefer to pay with cash when shopping – even for online purchases. Sweden is expected to be the first country to become practically cashless around the year 2030. It is not without reason

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Ringkjøbing Landbobank

If you compare an average German bank with Ringkjøbing Landbobank, the cost-income ratio south of the border is twice that of Ringkjøbing. In a European context, the bank stands out positively – partly due to a CEO who refused to accept that he could not be employed in the bank.

Solid and profitable banking is about having the right commitments with the right customers. The bank from West Jutland would probably be the favourite for a National Championship again this year, if such a thing existed for banks. But we believe that we can correctly call it Denmark’s, and perhaps Europe’s,

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In our opinion, the company has long been an overlooked gem on the Danish stock exchange. The company’s market position is impressive, it’s innovative strength is clear and its growth potential in the USA is remarkable yet achievable.

When billions are invested, complete control and oversight is essential. SimCorp helps many of the world’s leading asset managers with IT systems to keep track of the figures. SimCorp is a global market leader, with a 15 percent market share in their markets, and its market share among the 200 largest potential customers is 30 percent. The

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S&P Global

A divestment to a private equity fund gave us the opportunity to become co-owners of a business model that includes all the components we value highly as co-owners. In the case of S&P, it is worth highlighting its high market share, as it implies that the company simply cannot be avoided.

Debt is a necessity for businesses around the world – but to avoid excessive costs, they better go to S&P (or Moody’s – another of our companies).

2016 was the year when the name became more indicative of the underlying business. We do not care much about a name change as such,

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Novo Nordisk

Despite being tarnished in 2016, it feels good to be owners of Novo Nordisk, in which we continue to have great confidence. The company is managed profitably and with focus, and we are sure that higher growth rates can be achieved, than the company has communicated.

Novo Nordisk’s exceptionally strong image has undoubtedly been somewhat tarnished in 2016, but this is overshadowed by the quality of the business – an unstoppable and hard-working diesel locomotive. Despite the headlines and bulletins over the past year, stating that Novo Nordisk is not the same company anymore, the

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Copenhagen Airports

Rarely is it possible to invest in a value-creating monopoly, but with Copenhagen Airports we come close. The hub for Nordic air traffic is in full swing to implement a large-scale investment programme to prepare the airport for nearly 40 percent more passengers. Only one airport in Europe has higher operating profit per passenger.

Whether it’s business or pleasure, Copenhagen Airports facilitates domestic or international travel. In 2016, the airport’s approximately 2,500 employees helped almost 80,000 passengers a day, and for most pleasure was the purpose.

In the

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BLS Invest Net Asset Value

Please be aware that on January 25th, 2018, BLS Invest Global Equities and BLS Invest Danish Equities have paid DKK 142 and DKK 147 per share in dividends, respectively.

BLS Invest Danish Equities: 1550.03     BLS Invest Global Equities: 1987.91
BLS Invest Global Equities Akk.: 1547.79

Last update on Apr 25th at 16:09

*) Returns in DKK after all costs, and including reinvested dividends.
**) Market is represented by the OMX Copenhagen Capped index (KAX CAPPED) and MSCI World from launch and to January 1, 2011 and from January 1, 2011 by MSCI All Countries World (MSCI AC WORLD) – both include reinvested dividends.