Former Di profile Richard Bråse is running his Protean Aktiesparfond Norden fund, which he says will "unspectacularly generate higher returns than the stock market over time".
Prior to the launch, the fund was said to have between 35-40 Nordic holdings, and now Di can reveal who the ten core holdings are. Of these, five are Swedish companies, including the profit warning health investor Medcap. Atlas Copco, Getinge, Axfood and Essity also make the list.
The Nordic core holdings are Kone, UPM, Hiab, Kojamo and Odfjell Drilling. Bråse hinted already before the launch of the fund that Kone was an interesting case.
"Kone has been plagued by falling new construction in China for several years. Now that part is so small that the company's fast-growing service and modernization business will now shine through. It is family-owned, has a large net cash position and exceptional return on capital," said Bråse.
Kone Oyj is one of the world's leading manufacturers of elevators, escalators and automatic doors. The group also offers equipment installation, updating, and maintenance services. Net sales break down by activity as follows:
- installation, maintenance and repair services (42.3%);
- sale of equipment (36.4%): automatic doors, elevators, escalators, moving walkways and access control;
- modernization services (21.3%).
At the end of 2025, the group had 10 production sites worldwide.
Net sales are distributed geographically as follows: Europe (40.2%), Americas (25%), China (19.3%) and Asia/Pacific/Middle East/Africa (15.5%).
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