Småbolagen på rekordrabatt - är vändningen här?
Summary
Petter Löfqvist and Janis Kitsakis discuss their new fund, Coeli Svenska Småbolag, launching after years of underperformance in the Swedish small-cap sector. They argue that current valuations are historically low and that recent positive earnings revisions and macroeconomic signals create a favorable entry point. The guests emphasize a bottom-up investment strategy focused on strong corporate governance and long-term capital allocation, targeting sectors like software, healthcare, and infrastructure. They also highlight the importance of active portfolio construction and the excitement of …
Topics discussed
Introduction to Coeli Svenska Småbolag and guests
Guest backgrounds and fund launch context
Market timing and current small-cap valuations
Why launch the fund now: Platform and timing
Macro signals and large-cap vs small-cap performance
Valuation gaps, earnings momentum, and fund flows
Bottom-up approach and finding quality companies
Differentiation: Portfolio construction and active management
Investment horizon and definition of small caps
Interesting sectors: Software, healthcare, real estate
Consumer, infrastructure, and construction outlook
View on serial acquirers and valuation challenges
Portfolio size, core holdings, and future winners
Position sizing and daily portfolio optimization
Corporate governance and meeting management teams
Warning signs: Short-termism and capital allocation
Examples of good capital allocators: Lifco, Biogaya
Joy of early investment and long-term ownership
Companies that graduated to large caps
Spin-offs: Asmodea, Hexa, and Salix
Closing remarks and disclaimer
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