BLS Capital

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,

Mastercard

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

Coloplast

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

SimCorp

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

DSV

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

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,

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

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