Alphabet

Behind this relatively unknown name, we find Google, which has impressive earnings and is still growing at an impressive pace – in part thanks to the acquisition of YouTube, which has been taking off in recent years. Outside the core business, Alphabet is also a large shareholder in a number of start-ups including Uber.

When you stop to consider that you can find almost anything through a Google search, it is hard to grasp (...) Læs mere...

American Express

American Express issues credit cards with a quite unique ability to generate earnings. The reasons for the ability are extensive – it includes a carefully developed mystique surrounding one of the world’s most exclusive credit cards: Centurion. The company is focused on increasing its market share among companies just below the very largest. The CEO of 16 years, Kenneth Chenault, stepped back in the fall.

American (...) Læs mere...

Autozone

AutoZone continues to deliver impressive growth rates in earnings per share. A number of market speculators sold their shares in 2017, which we took advantage of to increase our holdings at very attractive prices. We have analysed the business model extensively in relation to changes generally seen in retails concerning e-commerce, and it remains our assessment that AutoZone is a unique company with an impressive culture and (...) 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...

Diageo

Very few companies own as many valuable brands that so many consumers know globally. Diageo [Di ’a djo] has a portfolio of products so wide and deep which no competitors can match. One advantage from this is that Diageo is with them on the entire journey when consumers upgrade to better and pricier products.

Think of a spirit’s brand. It’s likely that your thoughts brought up one of Diageo’s many brands, which together (...) Læs mere...

Estée Lauder

Estée Lauder’s prestigious beauty products are found on shelves in most countries around the world. Even though the company strives to be innovative and creative, they never compromise on the quality of their products. Due to this, they own some of the leading brands in the beauty industry. The company’s innovativeness is illustrated by the fact that a fourth of the company’s sales comes from products that have been developed in (...) Læs mere...

Expeditors

In our view, one of the world’s most well-managed freight forwarders, where the employees’ attitude and a deep understanding of customer service has placed the company in a unique position with high profitability. The company flies under the radar because it prioritises its customers to such a great extent that there isn’t always time to deal with analysts and the press. We’re more than fine with that.

Producers of (...) Læs mere...

Galaxy

The hotel and casino operator from Macau is in the midst of a market change, where the share of revenue from VIP is declining while the share of the more profitable mass market is increasing. On top of that, Galaxy Entertainment (Galaxy) owns a lot of undeveloped land, why significant expansions are under way. The best part is that only a small share of the potential gamblers has had the pleasure of a visit yet.

On the island (...) Læs mere...

InterContinental Hotels Group

Not many recognize the owner of a number of the world’s largest and most familiar hotel brands. Perhaps this is because IHG was a conglomerate and did not become an independent hotel business until 2005. IHG is not a classic hotel owner, but operates a business benefitting from the same underlying trends without the operational and financial risks, raking in money from supplying purchasing power and a unique brand value to the owners of (...) Læs mere...

Kone

The Finnish company Kone has an ultra-conservative balance sheet and has been at something of a standstill for the last few years, but the growth potential is still large and achievable. A strong position in China provides good opportunities to be a consolidator which can increase the margins. Additionally, a wave of elevator modernisations in Europe is a promising prospect for the years ahead. Kone has been part of our portfolio since (...) Læs mere...

LVMH

Louis Vuitton Möet Hennessy, which is the name behind the abbreviation LVMH, is the names of three of the company’s strongest brands that, along a broad portfolio of brands, comprise the world’s leading producer of luxury brands. The senior management is keen on protecting the group’s brands and would rather burn products than sell them at a discount.

LMVH came into being in 1987 through a merger between Moët Hennessy (...) Læs mere...

Mastercard

Mastercard is in a sweet spot, where the demand for the company’s services is growing significantly. Thus, the underlying growth is excellent for one of the world’s leading payment networks, and so is the marginon the core business. It is so high, in fact, that many other highly profitable industries can only look at with envy. Exciting potential awaits in India.

Electronic payments are becoming an increasing part of (...) Læs mere...

Moody’s

If a 57 percent profit margin is not impressive, perhaps Moody’s return on invested capital at 75 percent will catch interest. The credit rating agency continues to improve its earnings year after year. The recent acquisition of a Dutch competitor brings major opportunities, and a settlement with the Department of Justice will allow management to focus entirely on the business..

For many investors, it is essential to (...) Læs mere...

Nike

The world’s most successful producer of athletic footwear and sports apparel has experienced adversity in its home market in the united states, mainly due to structural changes in the retail market. However, we are confident that the company’s new “Triple-double” strategy, along with a change in sales channel management, will tackle the problems. In other words, we are comfortable co-owners of a company that continues to have a (...) 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...

Prudential Plc

The British company Prudential is sitting on an Asian gold mine. The core services are the same from country to country, but whereas the company’s growth in some countries comes from bike-riding sales agents armed with insurance policies, it is very different in places such as modern and vibrant Singapore. The insurance company has gathered a veritable army of sales agents in the region, but the numbers are still woefully inadequate. (...) Læs mere...

Richemont

Richemont has a wide-ranging and valuable portfolio of jewellery and watches that can be compared to works of art. As an artist, you don’t let anyone buy or sell your works, and the same is true for Richemont. This artist intends to increase control of distribution as a way to increase value.

Richemont’s products are largely jewellery or watches, but the key selling proposition for the products is not their functionality. (...) Læs mere...

Samsonite

If you have a suitcase, a travel or laptop bag, there’s a good chance that you own a Samsonite product. That’s because there’s a lot more to Samsonite than luggage carrying the brand name.

Samsonite was founded in 1910 in Denver, Colorado by the Shwayder brothers. The company didn’t get the name Samsonite until 1966, when the company took the name of one of their suitcases. Prior to that, Samsonite went by the name (...) Læs mere...

Sands China

The company is raking in money, thanks to a number of infrastructure projects as well as rapid growth in the mass market – which is the casino operator’s target group. Sands China is out of land to expand on so instead of broadening its footprint, it is working towards the skies.

Macau and its many colourful casinos is a popular destination for Chinese gamblers, and many of these stay at one of Sands China’s hotels (...) Læs mere...

S&P Global

In 2013, the company promoted a CEO from outside the McGraw family, and Douglas L. Peterson has managed to elevate what was already a great profit margin to new, impressive heights. S&P Global has an impressive market dominance not found in many other industries or companies globally.

Debt is often regarded as an attractive way of financing business expansions or parts of daily operations, and just like individuals, (...) Læs mere...

St. James’s Place

A quintessential British company, and one that has discovered an attractive niche in the profitable market for investment advisory services. You need only look at how big a part of the new assets that comes from word of mouth from current clients to be convinced that the financial advisors at St. James’s Place provide something truly unique. The company has gone through a change in management and continues on a long-term expansion plan.< (...) Læs mere...

Starbucks

More than 30 years have passed since Starbucks’ executive chairman, Howard Schultz, took ownership of a small coffee chain. Every year many new Starbucks stores are opening all around the world and the chain has an impressive return on invested capital. Management’s primary focus is to constantly improve profitability as well as to exploit opportunities in the Chinese market. Here the company has opened a store in Shanghai that is (...) 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...

Visa

The world’s largest payment network, with a market value of no less than 255 billion dollars has plenty of potential. At the same time, we see the company’s earnings hitting new highs in the coming years as the formerly member-owned European business, recently acquired by Visa, is integrated into the organisation.

Visa is the world’s largest processor of electronic payments, but size is fortunately no obstacle for (...) Læs mere...

Walt Disney Company

2017 was – as expected – a mediocre year for the Disney empire. The management has a sharpened focus on new initiatives, in particular in Disney’s sport division, which includes the sport channel ESPN, the market leader. We are also happy to note that the strong business model has shown its strength when the ten top grossing movies in 2017 were either remakes or sequels, which in terms of profits is preferable.

S (...) Læs mere...

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