• Our portfolios

    The mutual fund, BLS Invest, has two sub-funds: Danish Equities and Global Equities. Both sub-funds are founded on the same investment philosophy focusing on the generation of attractive risk-adjusted returns to our co-investors over the long term.

    Learn more…

  • 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.

    Learn more…

  • Company information

    The prestigious investment analysis and news magazine I&PE has also noticed BLS Capital and how long term thinking in the investment philosophy can facilitate attractive returns.

    In an article from November 2013, I&PE focuses on BLS Capitals investment strategy as particular attractive to generate returns for investors with a long term mindset.

    We see this as a recognition by I&PE of BLS Capital being among the top in international portfolio management.

    Learn more…

  • Invest with us

    You can invest in our portfolios through the fund BLS Invest, which is advised by BLS Capital. The fund has two sub-funds, Danish Equities and Global Equities, both of which are publicly traded, and where there is daily subscriptions and redemptions.

    Learn more…

  • Our companies

    Please fill in the form on the right to subscribe to our newsletter and/or receive the 5th 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.

  • book


To millions of people with a chronic problem, Coloplast is the discreet daily helper. For Coloplast as a company, this creates a firm foundation

Coloplast is a global market leader in medicinal devices for ostomy, urology and continence. Furthermore the company occupies a significant market position in the wound and skin care segment. Since its initial public offering in 1983, the company has experienced significant growth and has created considerable value for its shareholders. 2012 was no exception.

Value creation in Coloplast took a quantum leap forward in 2009, 2010,

Læs mere...


In Denmark, the national credit card, Dankort, is the main credit card. In the rest of the world two debit cards predominate in an exceedingly profitable market – one is MasterCard

Being able to pay one another for products and services is fundamental to modern society. Only a few years ago, cash and cheques were the most widespread payment method, but with the launch of electronic payment in Denmark in 1983 a trend was started in which more and more transactions became electronic. In the world around us, the use of payment cards has also become more widespread, but globally

Læs mere...


For a finance sector in a crisis, control and monitoring is worth its weight in gold. Also for those who make control and monitoring possible

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

Læs mere...


It couldn’t possibly do any damage getting new costumers …? Yes it could!

Over the past four years, Topdanmark has focused on a more realistic price level for its insurance risks. The company’s strategy has been on a further segmentation of costumers by risk profile as well as a deep-seated unwillingness to lower insurance prices in order to chase new costumers. This strategy has caused a strong development in the technical result for both 2011 and 2012 and thereby demonstrated that the latest years’ subdued hunt for costumers in Topdanmark has been the right strategy.

Læs mere...

William Demant Holding

It is wise – and profitable – to listen to those who cannot hear

The whole world is hard of hearing. All over, there is a huge unmet need for hearing aids. According to the US National Institute of Deafness and Other Communication Disorders (NIDCD), 36 million Americans, or 17% of the population, suffer from hearing problems. Furthermore, only one in five who ought to use a hearing aid actually has one.

At the same time, all research shows that loss of hearing rises dramatically with age. Hearing loss affects 30% of all Americans between the ages of 65 and 74

Læs mere...


Nothing is too good for man’s best friend. That is something both PetSmart and the investors are very aware of.

The North American market for products and services for pets at the moment has a value of USD 41 billion. PetSmart is – with a market share of 15% – market leading, and the company has a range of products of more than 10,000 items, which are being marketed through more than 1,200 PetSmart stores. Finally, PetSmart is leading in online trade with articles for pets.

The market for pets is very attractive because most owners have a very emotional

Læs mere...

Ringkjøbing Landbobank

The old merchant has been followed by a new. Besides that, everything is much as usual in Ringkjøbing Landbobank. And that is good – very good!

In 2012, a line of local banks ended in problems concerning capital after the Danish Financial Supervisory Authority (FSA) tightened demands on calculations of loss provisions. In the recent months, this has resulted in a number of bank assumptions in which the shareholders have lost considerable value.

Ringkjøbing Landbobank is in a completely different position. First and foremost because the bank’s management was not

Læs mere...


It all started with ten haulage contractors and a few ideas of collaboration. Today over 22,000 are collaborating, based on the same fundamental ideas

DSV is a global company and among the largest providers in Europe. The group provides transport and logistics services from offices in 50 countries worldwide. If its network of partners and agents are included, DSV offers its services in more than 100 countries. In 2012 DSV expanded its presence in a number of new, fast growing markets with the establishment of hub centres in South America and Africa.

DSV is founded on

Læs mere...

Sa Sa International

Sa Sa sells beauty. To please – not just the eager Asian costumers – but also for the shareholders in the cosmetics chain with the ambitious plans for growth in most interesting fields

There is a very attractive and growing market for cosmetics in Asia. The cosmetics products are sold to the consumers by, among others, Sa Sa International, the leading cosmetics chain of Asia based in Hong Kong with stores in Singapore, Malaysia, Taiwan, Hong Kong, Macau and on the Chinese mainland.

Sa Sa markets, distributes and sells products distributed on more than 400 brands. Of

Læs mere...

Novo Nordisk

The unexpected slap in the face from America makes no difference. Novo Nordisk is world class, to both the diabetics and to the investors

The slap in the face: in 2011 Novo Nordisk sent in registration applications in the United States, Europe and Japan concerning the company’s new long-acting insulin Tresiba, which will be looking to compete with Sanofi’s successful long-acting insulin Lantus. According to plan, Novo Nordisk received approval concerning Tresiba in Europe and Japan, while the American health authorities FDA surprisingly demanded further studies of possible

Læs mere...

YUM! Brands

In China they love the colonel and his fast food restaurants – despite a slightly shaky end to 2012

When Colonel Saunders founded Kentucky Fried Chicken – better known as KFC – in 1964, he could hardly have imagined that his restaurants would spread to the then poor and distant China. But for today’s professional investors, China and its huge market potential are of utmost relevance when assessing the company YUM! Brands.

YUM! Brands opened its first KFC retaurant in China in 1987 and today, with 4,260 restaurants, it is the leading fast food chain in the

Læs mere...

NKT Holding

The investors are mostly interested in vacuum cleaners. But there are lots of other opportunities in NKT, certainly when there is new investment power and the Chinese plans are again back on track

Over the past decade, the conglomerate NKT Holding has been skilfully managed by CEO Thomas Hofman-Bang and, prior to him, Tom Knutzen. They have created significant shareholder value and a basis for large shareholder dividends.

The ”Best Owner Philosophy” of the NKT group has created a basis for considered divestment of subsidiary companies, at prices which have been

Læs mere...

Copenhagen Airports

Copenhagen Airports earn money every time somebody arrives or leaves; by plane, car or as passengers, shoppers or hotel guests

Things are lively here – and that’s what it is all about. This means inflation-proof, rising cash flow in Denmark’s absolute largest airport owner and operator. In 2012, Copenhagen Airports achieved a significant growth in the number of passengers despite increasing international problems and concerns and a low economic growth in Denmark. Even extreme turbulence at the airport’s largest customer – the economically pressured SAS –

Læs mere...

United Plantations Berhad

A piece of Denmark in Malaysia. With palm trees. And two Danish brothers who are specialized in oil, people and money

When visiting United Plantations in Malaysia, it is almost like coming home to Denmark. One is surrounded by Danish-speaking staff, and the company’s management, the brothers Carl and Martin-Bek Nielsen, clearly cultivate traditional Danish virtues such as respect for both employees and the environment. The brothers were raised on the Malaysian palm oil plantations that their father developed with great skill over many decades. They both speak fluent Malay,

Læs mere...

BLS Invest Net Asset Value

Danish value: 1676.01     Global value: 1723.15
Last update on Apr 24th at 16:21