Carlsberg

Under a Dutch CEO, Carlsberg has shifted its focus from volume to profitability. In order to complete the significant cost reductions and increased returns on the invested capital, significant changes have been made to several management tiers. On the sales and marketing front, Carlsberg has good opportunities to improve the margins in China and it has unused capacity in Russia.

Carlsberg was founded in 1847 and named after (...) Læs mere...

Chr. Hansen

Chr. Hansen has a strong position in a consolidated market with high, stable growth rates and long client relationships. Seven percent of revenues are invested in R&D. The company thrives in an industry with slow, incremental changes in market shares.

The color and number of holes in the cheese and the acidity and consistency of yogurt. These food characteristics might appear as obvious and simple, but for producers, these (...) Læs mere...

Coloplast

One of Denmark’s undisputedly best-managed companies, with a share price that has been challenged over the last few years. However, we do not think this is warranted, and find Coloplast to be a growth and earnings machine that keeps blazing ahead. A management team with a long-term focus, a great ability to innovate and growth opportunities in both East and West continue to make us happy shareholders.

In the short run, the (...) Læs mere...

DSV

The integration of American, UTi, has resulted in significant margin increases at DSV, and we contribute the unique corporate culture of this freight forwarder. Time after time, textbooks state that acquisitions destroy value. Time after time, DSV has proven differently.

The story of DSV starts with eleven truckers joining forces. This took place in 1976, when Leif Tullberg lead the integration desiring collaboration and (...) Læs mere...

Jeudan

Per Hallgren may be one of the Danish stock exchange’s most overlooked and underrated CEOs when you consider the enormous shareholder value creation he has been responsible for during his 25 years managing Jeudan. He is extremely conservative and never compromises on his principles when chasing commercial rental properties on the most coveted addresses in Copenhagen. Those principles serve us well as co-owners.

Over the (...) Læs mere...

Novo Nordisk

Novo Nordisk remains a powerhouse with an impressive ability to innovate, a focus on the long term, market leadership and strategic position on key markets which is envied by almost everyone in the pharmaceutical industry. In the years ahead, we have a favourable view on Novo Nordisk’s product portfolio, and there is a small and somewhat overlooked product group that is growing in size and strategic importance.

Novo Nordisk (...) Læs mere...

Ringkjøbing Landbobank

No other Danish banks can compare with the results achieved at Ringkjøbing Landbobank, where efforts to keep the costs under control are in a league of their own. This is nothing new, and even though the bank’s senior management are very careful who they lend money to, the crafty businessmen from Ringkjøbing continue to find new niches that result in good customers, sky-high earnings and a low risk profile. Sweet music to our ears.

SimCorp

SimCorp is an innovative player in a small, but quite profitable market. The Danish software developer of portfolio management systems has begun to gain serious ground with its products, landing a large portion of the investment managers switching software suppliers. In the United States, which is a vital market, there are indications that the US customers are also impressed by the Danish technology.

SimCorp is a global market (...) Læs mere...

United International Entreprises

United International Enterprise (UIE) is a piece of Danish history in Malaysia. With a constant focus on streamlining costs and optimising operations, we do not understand why the company’s shares can be bought at such a discounted price on the stock exchange. We often say that good investment can be seen as paying less than 100 dollars for a 100-dollar bill – and in UIE’s case, you can buy one of those for 75 dollars.

A (...) Læs mere...

William Demant Holding

All over the world, there is a huge unmet demand for hearing aids. Hearing ability typically decreases with age, and time is therefore on William Demant’s side. The global demographic transition is boosting sales of one of the world’s largest producers of hearing aids, which, besides the growth in the market itself, can also win greater market shares. 2017 was a good example of this. Changes to the composition of senior management (...) Læs mere...

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