AIA

Among the ruins of one of the biggest victims of the financial crisis, we have found a pearl in the Orient – built on American entrepreneurship and a strong focus on shareholder value. AIA has unique opportunities to reap the rewards of higher growth with the added benefit that the Chinese central government has issued national ambitions that will serve as fuel on the fire.

With a 100-year history in China, the logo (...) Læs mere...

American Express

This American credit card issuer and payment network is an excellent company with high growth rates,high revenues and an impressive brand value ensuring that customers are happy and stick around while spending significantly more than the average consumer. The fee itself, charged as the card is used, remains the engine driving earnings for a company that is back in shape after a minor, temporary (...) Læs mere...

Diageo

Diageo [Di’a djo] came about by way of a giant merger 22 years ago and owns a number of the world’s most famous liquors and spirits. The company has overcome a few difficult years and is once again delivering growth rates and earnings that we, as co-owners, can appreciate. The company’s prospects are very much in line with the global increase in prosperity. Most of us probably did not know that India is the (...) Læs mere...

Estée Lauder

Behind some of the world’s largest beauty brands, you will find a company with a robust business model that is based on low levels of tied-up capital, a solid level of demand and high profits. These attributes benefit us as co-owners. More than half of the billion dollar sales of the company’s most exclusive brand came from first-time buyers. So even though Estée Lauder Companies has proud traditions and strong historical roots, (...) Læs mere...

Expeditors

Expeditors International of Washington – Expeditors – is quite a unique freight forwarder. The Seattle-based company stands apart from the crowd by having a deeply embedded customer-centric service culture, and not just anyone can become an employee either. The returns on invested capital are at levels that competitors must be envious of.

When clothes, electronics, cars or other products are (...) Læs mere...

Galaxy

The casino floors on Macau are still crowded – and Galaxy Entertainment Group (Galaxy) can barely meet the demand for hotel rooms from the many visitors flocking to Macau each year to try their luck. In the last few years, the island has gone from being mostly for the serious VIP players to being a place for mass market players who benefit greatlyfrom both the casino operations and the many other services on the island. Galaxy is (...) Læs mere...

InterContinental Hotels Group

Within this company is a high-quality business model that has removed the need for tying up large amounts of capital while maintaining a large growth potential and generating high and stable cash flows. Changing the structure of an old, British conglomerate was the first step towards the creation of this beauty. In a few years InterContinental Hotels Group, IHG, is expected to have more than one million hotel rooms in its network.

Kone

This Finnish elevator manufacturer has been in our portfolio since we incepted our global equity portfolio in September 2008. We remain patient and satisfied co-owners, and we are in this for the long run even if

the company’s earnings have been at a standstill for the last few years. An untapped potential remains, particularly in China, and the management team is working hard to exploit this. As co-owners, (...) Læs mere...

Kuehne + Nagel

Swiss quality in the form of one of the world’s largest freight forwarders. Each year, more than 4.5 million container units are transported by ship, and more than 1.7 million are transported by air. Kuehne + Nagel’s story is one of strong and profitable growth, and with investments in new solutions meant to take profitability to new heights – the target is to grow twice as fast as the market.

For years, we have (...) Læs mere...

L’oréal

The world’s largest cosmetics company has made a comeback in the portfolio. Since the 1980s, the company has grown 60 percent faster than the industry average. This is a testimony to the fact that part of the corporate culture is to always strive to outperform competitors. We see enormous growth potential, particularly in Asia. In addition, we hope that one of the company’s major shareholders will one day decide (...) Læs mere...

LVMH

Beloved brands, a unique distribution network and a conservative balance sheet are the main ingredients in LVMH. In addition, the luxury conglomerate has an experienced management team that continually succeeds in taking advantage of the group’s strengths. In general, we prefer organic growth, but if LVMH is the one pulling the trigger on an acquisition, we are less concerned. The group’s historical track record (...) Læs mere...

Mastercard

Mastercard has the exact characteristics that we as portfolio managers truly appreciate: there are almost no competitors, the underlying growth in the industry is high, the business is stable and there are several pockets of growth that the highly competent management can exploit. A return on invested capital of more than 100 percent and a growth rate in free cash flows of more than 15 percent almost says it all.

Master (...) Læs mere...

Moody’s

It will take you a long time to find a company with such a strong and growing moat as Moody’s credit rating agency (and S&P Global, another of our companies). This strength flows to the bottom line and provides Moody’s with a return on invested capital amounting to an impressive 90 percent adjusted for goodwill.

Moody’s consists of two business units: Moody’s Investors Service and Moody’s Analytics. Moody (...) Læs mere...

Nike

In its latest financial year, the world’s largest manufacturer of shoes and sportswear demonstrated what long-term focus and investments can yield in terms of accelerating sales growth and increased margins. The management of Nike masters the unique combination of being extremely long-term oriented and innovative. At the same time, they remain conservative in relation to the balance sheet and are (...) 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...

Prudential Plc

An insurance company almost in a league of its own. With earnings in Asia expected to double in five years, a strong focus on technology that increases profitability, increasingly satisfied customers, more stability and a focusing of the corporate structure, we are very satisfied co-owners. At the same time, the share price is so attractive that further growth is currently free. All things we (...) Læs mere...

Richemont

The company behind some of the world’s most prestigious watch and jewellery brands has been facing headwinds in the last few years. However, we believe that the company’s experienced management team on several occasions has demonstrated that they have a long-term view and are highly competent. This, combined with a strong balance sheet, makes us believe that the company can once again regain its footing and re-est (...) 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...

Samsonite

The year 2018 proved to be fairly disappointing in terms of shareholder return, and also one in which Samsonite was affected by a surprising scandal. However we do not see any signs of changes to the fundamentally strong sides of the company which we continue to appreciate. The company’s board of directors showed the ability and willingness to act when necessary, which convinces us that trust will be slowly, but surely, restored – (...) Læs mere...

Sands China

The global financial crisis led to an initial public offering in 2009, and we continue to be grateful co-owners of Sands China. A single visit to Macau, where the company operates hotels and casinos, will provide an insight into an enormous construction boom – not least in infrastructure – which means many more years with even greater activity than today.

Gamblers love to visit the island of Macau and its many (...) Læs mere...

S&P Global

Few companies worldwide can boast a market position so strong that they can raise prices year after year without problems. This is the case for S&P Global, and it is a quality which we value dearly as co-owners.

Although we are sceptical of investing in companies with levered balance sheets we can rejoice in the fact that many companies have a different view on the matter. Many companies carry debt, and when that (...) Læs mere...

St. James’s Place

An ageing population places increasingly higher demands on savings, including pension schemes. But how to manage the pension – with whom should one invest, and how does one manage one’s assets most efficiently with regards to tax? The greater one’s personal assets, the greater the supply of advisors. St. James’s Place makes a virtue out of offering advice to a group of British citizens who do not otherwise receive many offers. (...) Læs mere...

Starbucks

The year 2018 proved to be an eventful one for Starbucks, with the founder of the modern version of Starbucks stepping down after 31 years. New management always leads to some degree of change, and 2018 certainly did show changes. A new and greater focus on the cost base, divestment of non-core activities, and significant capital distributions. The shareholder register now also includes an activist with the view that the coffee chain (...) 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...

Visa

Payment networks can be seen as railways: once in place, it makes no sense to put down new tracks right next to them. Visa has put down its global network, but is expanding with tracks to new destinations and upgrading with new payment methods. As co-owners of a company approaching a 70 percent operating margin, we are happy that the journey is still long with Visa.

Visa is the world’s largest payment network and (...) Læs mere...

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