Carlsberg

The giant brewing company from Denmark has embarked upon a new chapter in it’s long history. The tough cost reduction has been implemented, but the cost discipline has been embraced by the company’s employees who will now need to focus on profitable organic growth, where there are many exciting opportunities in the beer industry’s new market segments.

Carlsberg Group is a story about expansion, where a brewer’s (...) Læs mere...

Coloplast

The Humlebæk, Denmark based company continues to gain ground on the complex and difficult North American market where there are great opportunities for growth. Management is driving this process by keeping a constant focus on doing things better each year. We view the somewhat surprising timing of a change in CEO as an undramatic event and consider it merely as a testimony to a successful (...) Læs mere...

Danske Bank

Denmark’s largest bank has been the subject of much discussion in the past year, as it was at the centre of a major money laundering scandal. In the shadow of this scandal, however, Danske Bank is at its core becoming gradually healthier and more focused.

Danske Bank is Denmark’s largest bank, mainly operating on the Scandinavian markets. Since the financial crisis, the bank’s activities have become increasingly (...) Læs mere...

Demant

William Demant – from now on simply Demant – has served us well as co-owners. After a successful executive succession, in which the “heir” is familiar with the company, the culture and the industry, we have confidence in him continuing to grow the company. There are plenty of opportunities. Just consider the fact, that only every fifth American who should currently be using a hearing aid actually has one.

Hearin (...) Læs mere...

DSV

DSV is a piece of Danish commercial history that keeps adding new chapters year after year and the desire to keep moving forward is deeply embedded in DSV’s DNA. Recently the company has completed a successful integration of a company in the United States. Increasing profitability is the highest priority while at the same time increasing the volume of transported goods. DSV masters the art of (...) Læs mere...

Jeudan

Location, location, location. Location is the most decisive factor when it comes to aluing real estate. We all know this – but if anyone understands the full significance, it is Jeudan. Jeudan is Denmark’s largest listed real estate company with properties in central Copenhagen worth more than 24 billion Danish kroner. There are hidden values amounting to billions of kroner in the company due to the applied (...) Læs mere...

Netcompany

The IT service and consulting firm is one of the youngest companies in our portfolios. It stands apart from our other companies by neither paying dividends nor repurchasing own shares. However, the growth rates are worth a chapter of their own, and so is the company’s culture. We are glad that we have become co-owners.

Issues such as digitalisation, use of data and optimisation of processes are discussed in board (...) Læs mere...

Novo Nordisk

Novo Nordisk continues to gain market share around the world under a relatively new management. The company is incredibly strong in research and development, costs have been cut, market share in the United States continues to strengthen, and several pockets of growth are looking quite attractive – both in terms of geography and products. Novo Nordisk is a winner, who is most definitely not stalling. Quite the (...) Læs mere...

Ringkjøbing Landbobank

In our opinion Ringkjøbing Landbobank is not just Denmark’s best run bank – it is also one of the very best banks in both a European and global context. It has been so for quite a few years, actually.

Bank services can be hard to differentiate – what one bank can provide, others might just as well. For this and other reasons, it is important to be highly cost-efficient, to minimise losses and to carry a strong (...) Læs mere...

SimCorp

This Danish software developer provides portfolio management systems to asset managers and owners and possesses several virtues that we appreciate as investors. The industry is evolving in a stable and predictable manner, the cash flows are high, the return on invested capital is impressive, and, on top of this, there is huge unexploited potential that is pursued by the highly competent management team day in and day out.

(...) Læs mere...

Topdanmark

Over the last 20 years, this insurance company from the outskirts of Copenhagen has been one of Denmark’s absolute best companies when it comes to creating shareholder value. We are co-owners because the company has the kind of quality, stability and predictability that we greatly appreciate. And even if the company is already a well-oiled machine, there are still opportunities for improvement on the sales as well as the costs sides (...) Læs mere...

Tryg

Since 2011, this Danish insurance market leader has benefitted from a highly capable management team that continually manages to improve the business – without taking unnecessary risks. Most recently, a large-scale acquisition of Alka has increased the business volume, and the company has more hands to play. One of the winning hands is a major shareholder who is extremely generous to customers which is (...) Læs mere...

United International Entreprises

Two brothers are the key people in a company that we have co-owned for a number of years. We are impressed by the efficiency of the plantations and the demonstrated business acumen. We like conservative balance sheets, but it can also end up being too much of a good thing and be costly in term of opportunity costs. We believe this imbalance should be addressed.

United International Enterprises (UIE) is listed in (...) Læs mere...

The Danish Companies list is updated periodically and may not reflect recent changes to the portfolio or all portfolio holdings.