The culture in Sweden for creating shareholder value is unlike anywhere else, even the US. Over 40% of my entire portfolio is Swedish companies:
🇸🇪- Lifco
🇸🇪- HMS Networks
🇸🇪- Lagercrantz
🇸🇪- Fortnox
🇸🇪- Addtech
🇸🇪- Teqnion
🇸🇪- Prevas
Do you hold any of these?
The culture in Sweden for creating shareholder value is unlike anywhere else in the world, including the US. So much so that over 40% of my entire portfolio is invested in Swedish businesses.
🇸🇪- Teqnion
🇸🇪- Vitec Software
🇸🇪- Lagercrantz
🇸🇪- HMS Networks
🇸🇪- Lifco
🇸🇪- Lime
A market-cap of roughly $500m/£392m is seen as the sweet-spot for multi-baggers.
🇨🇦- Terravest £463m
🇸🇪- Lime Technologies £313m
🇩🇪- Amadeus Fire £552m
🇩🇰- cBrain £481m
🇬🇧- Cerillion £473m
🇳🇴- Medistim £305m
🇫🇷- Infotel £291m
🇸🇪- Teqnion £330m
Small - but not too small. 🎯
The sector I am most bullish on, within which nearly half the entire fund’s assets are invested in, is serial acquirers:
🇸🇪- Teqnion
🇬🇧- Judges Scientific
🇸🇪- Addtech
🇸🇪- HMS Networks
🇬🇧- SDI Group
🇸🇪- Lagercrantz
🇸🇪- Lifco
Are you invested in any serial acquirers?
The 5-year CAGR of the real Magnificent Seven:
🇸🇪- Vitec - 46.2%
🇸🇪- Teqnion - 42.1%
🇸🇪- Addtech - 38.9%
🇸🇪- Lagercrantz - 35.8%
🇸🇪- Lifco - 31.5%
🇸🇪- Indutrade - 27.3%
🇸🇪- HMS Networks - 24.7%
The ‘invincible’ NASDAQ $QQQ did 21.5% over the same period.
Here are some of the highest quality companies I have found in Sweden:
🇸🇪 Prevas
🇸🇪 HMS Networks
🇸🇪 Lagercrantz
🇸🇪 Fortnox
🇸🇪 Teqnion
🇸🇪 Lifco
🇸🇪 Addtech
🇸🇪 Indutrade
🇸🇪 Momentum Group
🇸🇪 Vitec Software
🇸🇪 Evolution
🇸🇪 Atlas Copco
Do you hold any Swedish stocks?
The bombed-out UK market is now being tipped to out-perform its peers over the next 10-15 years. Here are some quality under-the-radar UK small-caps:
🇬🇧- Calnex Solutions
🇬🇧- SDI Group
🇬🇧- MacFarlane
🇬🇧- James Halstead
🇬🇧- Focusrite
🇬🇧- Kainos
🇬🇧- Tatton Asset Mgmt
🇬🇧- Cerillion
Here are my top 10-positions as of now:
🇸🇪 Fortnox - 6.47%
🇬🇧 Cerillion - 5.22%
🇸🇪 Lagercrantz - 5.19%
🇸🇪 Addtech - 5.10%
🇸🇪 Lifco - 5.07%
🇬🇧 Calnex Solutions - 4.95%
🇸🇪 Teqnion - 4.87%
🇩🇰 ChemoMetec - 4.77%
🇸🇪 HMS Networks - 4.11%
🇬🇧 YouGov - 3.98%
Do you hold any of these?
Italy also has some high-quality small/mid-caps, some of which are not well known:
🇮🇹- Carel Industries
🇮🇹- Sesa
🇮🇹- Davide Campari
🇮🇹- Technoprobe
🇮🇹- Diasorin
🇮🇹- Recordati
🇮🇹- Moncler
🇮🇹- Cembre
Do you hold any of these?
Here are my 10 largest holdings. They make up over half the funds assets:
🇬🇧- Cerillion 6.52%
🇸🇪- HMS Networks 6.52%
🇸🇪- Lagercrantz 6.39%
🇸🇪- Lifco 6.05%
🇬🇧- Calnex Solutions 5.91%
🇸🇪- Teqnion 5.91%
🇸🇪- Addtech 5.60%
🇩🇰- ChemoMetec 4.79%
🇸🇪- Fortnox 4.75%
🇸🇪- Prevas 4.20%
My favourite German Small/Mid-caps:
🇩🇪- Atoss Software $AOF
🇩🇪- Mensch und Maschine $MUM
🇩🇪- Amadeus Fire $AAD
🇩🇪- Nemetschek $NEM
🇩🇪- Rational $RAA
🇩🇪- Ringmetall $HP3A
🇩🇪- Elmos Semiconductor $ELG
Any others I am missing?
Switzerland is known for large-cap giants like Nestle and Richemont. Yet few people know about its high-quality small/mid caps:
🇨🇭- Sensirion
🇨🇭- Interroll
🇨🇭- LEM Holdings
🇨🇭- Comet Holdings
🇨🇭- SFS Group
Do you hold any Swiss small/mid-caps?
Germany has some ultra high-quality small/mid caps, some of which are not well-known. Here are 7 from my investable universe.
🇩🇪- Nemetschek
🇩🇪- Rational
🇩🇪- Atoss Software
🇩🇪- Elmos Semiconductor
🇩🇪- Mensch und Maschine
🇩🇪- Amadeus Fire
🇩🇪- Fabasoft
Do you hold any of these?
Here are some high-quality small-caps I’m researching:
🇬🇧- Alpha Group $ALPH
🇩🇪- Elmos Semiconductor $ELG
🇬🇧- Fevertree Drinks $FEVR
🇳🇴- Norbit $NORBT
🇺🇸- Franklin Electric $FELE
🇮🇹- Italian Sea Group $TISG
🇫🇮- QT Group $QTGPF
🇺🇸- National Research $NRC
🇳🇱- BE Semiconductor $BSI
Hey. Great list btw
Here’s a few small/mid-caps missing that you may like based on your other high quality picks:
🇨🇭- Sensirion
🇸🇪- Indutrade
🇩🇰- cBrain
🇮🇹- Carel Industries
🇸🇪- Lime Technologies
🇺🇸- Napco Security Technologies
🇮🇱- Nova
🇳🇴- Europris
🇺🇸- Lattice Semiconductor
🇫🇷-
UPDATED: Here's our latest list of global quality compounders.
Thanks to everyone who commented on the previous versions.
Any obvious ones missing or need removing?
Recent adds: Meta, Qualys, Interpump, Tencent, Pro Medicus, Xero
Recent removals: Teleperformance
Here are my top-10 holdings as of now:
🇬🇧 Cerillion - 7.56%
🇸🇪 Prevas - 6.81%
🇸🇪 Teqnion - 6.66%
🇸🇪 HMS Networks - 6.58%
🇸🇪 Lagercrantz - 6.31%
🇸🇪 Lifco - 6.16%
🇸🇪 Addtech - 5.97%
🇬🇧 Calnex Solutions - 5.75%
🇸🇪 Fortnox - 5.66%
🇬🇧 SDI Group - 5.23%
Do you hold any of these?
Merry Christmas Everybody. To celebrate, here is a list of under-the-radar small/mid caps I have in my investable universe:
🇺🇸 Applied Industrial Technologies
🇸🇪 Indutrade
🇺🇸 SPS Commerce
🇮🇹 Sesa
🇬🇧 Bytes Tech
🇸🇪 Bufab
🇺🇸 Kinsale Capital
🇩🇪 Rational
🇳🇱 Alfen
🇺🇸 Franklin Electric
When fishing for high-quality small/mid caps, the fishing is great in Europe. Here are some I am researching atm:
🇳🇴 Nordic Semiconductor
🇫🇷 Esker
🇮🇹 Diasorin
🇫🇮 Boreo
🇳🇴 Europris
🇩🇪 Elmos Semiconductor
🇵🇱 Dino Polska
🇳🇴 Medistim
🇳🇱 Alfen
🇸🇪 Addvise
Do you hold any of these?
An under-the-radar sector for high-quality small/mid-caps is consultancy:
🇦🇺 Technology One
🇬🇧 Softcat
🇫🇷 Wavestone
🇩🇪 Mensch und Maschine
🇬🇧 Kainos
🇫🇷 SII
🇸🇪 Prevas
🇬🇧 Keystone Law
🇺🇸 Exponent
🇬🇧 Next 15
🇫🇷 Neurones
🇬🇧 Bytes Technology
Do you hold any of these?
Here is my full portfolio breakdown as of today.
Weighted Averages:
Market Cap = $3,292m
5-yr Rev CAGR = 18.77%
5-yr EPS CAGR = 27.35%
ROCE = 26.32%
Gross Margin = 55.51%
Op Margin = 20.07%
FCF Yield = 3.35%
Cash Conversion Cycle = 138.5%
Current Ratio = 2.37
Roughly 10% of my entire net-worth is invested in the healthcare sector, mainly medical devices. An aging population, high barriers-to-entry, high gross margins and high returns on capital - boom or bust, people still need healthcare.
So, here are some of my favourite
My favourite Italian small/mid-caps:
🇮🇹- Carel Industries $CRLM
🇮🇹- Brunello Cucinelli $BCUCY
🇮🇹- The Italian Sea Group $TISG
🇮🇹- Sesa $SES
🇮🇹- Recordati $REC
🇮🇹- Moncler $MONC
🇮🇹- San Lorenzo $SL
🇮🇹- Campari $CPR
🇮🇹- Cembre $CMB
🇮🇹- Technoprobe $TPRO
Do you hold any of these?
Here are some more high-quality small/mid caps I am researching at the moment:
🇦🇺- Mader Group
🇬🇧- Mortgage Advice Bureau
🇺🇸- National Research Corp
🇩🇪- Ringmetall
🇸🇪- MedCap
🇮🇹- Moncler
🇵🇱- Dino Polska
🇮🇱- Nova Measuring Instruments
🇺🇸- XPel
Do you hold any of these?
Looking for high-quality small-caps that don’t get talked about?
Here are some of my favs:
🇪🇸- Altia Consultores
🇬🇧- Spectra Systems
🇸🇪- Prevas
🇩🇪- Amadeus Fire
🇬🇧- Calnex Solutions
🇫🇮- Revenio
🇫🇷- Neurones
🇬🇧- Bytes Technology Group
🇪🇸- Clinica Baviera
🇸🇪- Lime Technologies
Here is my full portfolio breakdown as of today.
Weighted average metrics:
Market Cap: $3.39bn
ROCE: 25.08%
ROIC: 22.67%
Gross Margin: 53.94%
Op Margin: 19.77%
FCF Yield: 3.16%
The battered UK market is widely tipped to outperform in 2024. Here’s some UK mid-caps with high ROCE:
🇬🇧 Rightmove $RMV 317.08%
🇬🇧 Games Workshop $GAW.L 61.56%
🇬🇧 Auto Trader $AUTO.L 49.01%
🇬🇧 Croda International $CRDA.L 25.79%
🇬🇧 Burberry $BRBY.L 23.49%
🇬🇧 Greggs $GRG.L 21.33%
Microsoft is nearly $3T in size. If it were to 10x it would be larger than the US economy ($28T).
Trees don’t grow to the sky. Here are some high-quality small-caps I’ve been researching:
🇬🇧- Next 15 Group
🇺🇸- Comfort Systems
🇸🇪- Sectra
🇩🇪- Ringmetall
🇬🇧- Spectra Systems
🇺🇸-
France has several high-quality small-caps. Here are some of my favs:
🇫🇷- Wavestone $WAVE.PA
🇫🇷- Neurones $NRO.PA
🇫🇷- Infotel $INF.PA
🇫🇷- Equasens $EQS.PA
🇫🇷- Esker $ALESK.PA
🇫🇷- Remy Cointreau $RCO.PA
Any others I am missing?
Another UK stock under the cosh is Burberry $BRBY.L. The only globally relevant UK luxury stock that’s listed. Currently available for its 2011 price, also very near its covid crash price.
ROCE >23%
Op Margin >20%
PE TTM <12
Div yield now >4%
Surely a takeover target?
Everyone knows US Megacaps. But here are some high-quality under-the-radar smaller businesses I’ve found:
🇺🇸 - Hawkins
🇺🇸 - Aehr Test Systems
🇺🇸 - National Research
🇺🇸 - CorVel
🇺🇸 - Diodes Inc
🇺🇸 - Camtek
🇺🇸 - Kinsale Capital
🇺🇸 - Axcelis Technologies
Do you hold any of these?
Looking for quality companies in huge drawdowns?
Here are some of my favs:
🇬🇧- YouGov -65%
🇫🇷- Remy Cointreau -68%
🇺🇸- Lattice Semiconductor -49%
🇮🇹- Carel Industries -39%
🇫🇷- Sartorius Stedim -68%
🇬🇧- Spirax Group -56%
🇩🇪- Amadeus Fire -53%
🇬🇧- Croda Int -62.18%
If you had to invest you and your family’s entire net worth in a single stock for the rest of your lives, what would it be and why?
Mine would be 🇸🇪 Lifco. A high-quality serial acquirer with a winning strategy that can run and run.
Canada has some of the highest quality compounders in the world.
🇨🇦- Constellation Software
🇨🇦- LuluLemon
🇨🇦- Boyd Group
🇨🇦- TerraVest
🇨🇦- Topicus
🇨🇦- Canadian Pacific Railway
🇨🇦- Canadian National Railway
🇨🇦- Lumine Group
🇨🇦- Waste Connections
Do you hold any of these?
The sector I am most bullish on, within which I have invested over 40% of my entire assets, is Serial Acquirers:
🇸🇪- Teqnion
🇨🇦- Topicus
🇬🇧- Judges Scientific
🇺🇸- Comfort Systems
🇨🇦- Lumine Group
🇸🇪- Lifco
🇩🇪- Nemetschek
🇸🇪- Lagercrantz
🇨🇦- Terravest
Do you hold any of these?
France is known for luxury titans like $MC.PA and $RMS.PA. Yet in the small/mid-cap space, it is mainly IT companies that stand-out:
🇫🇷- Wavestone
🇫🇷- Infotel
🇫🇷- Neurones
🇫🇷- Esker
🇫🇷- Equasens
🇫🇷- Societe Pour L’Informatique Industrielle (Under-Offer)
🇫🇷- Ipsen
Here’s some high-quality small/mid-caps I don’t yet own but am currently researching:
🇺🇸- Franklin Electric
🇵🇱- Dino Polska
🇸🇪- Bufab
🇺🇸- TecnoGlass
🇳🇴- Medistim
🇬🇧- Dominos Pizza Group
🇺🇸- Hawkins
🇸🇪- Momentum Group
🇺🇸- Applied Industrial Technologies
Do you hold any of these?
The bombed-out UK market is now being tipped to out-perform its peers over the next 10 years. Here are some quality under-the-radar UK small-caps:
🇬🇧- Clarkson
🇬🇧- Calnex Solutions
🇬🇧- Bytes Technology
🇬🇧- Tatton Asset Mgmt
🇬🇧- Kainos
🇬🇧- Cerillion
🇬🇧- Keystone Law
🇬🇧- Cake Box
Norway’s best kept secret is its impressive array of potential multibagger small-caps.
🇳🇴- Borregaard
🇳🇴- Nordic Semiconductor
🇳🇴- Bouvet
🇳🇴- Medistim
🇳🇴- Europris
🇳🇴- MultiConsult
🇳🇴- Hafnia
🇳🇴- Elkem
Do you hold any of these?
The bombed-out UK market is tipped to out-perform over the next decade. Here’s some high-quality mid-caps I’m researching:
🇬🇧- Intertek
🇬🇧- Burberry
🇬🇧- IHG
🇬🇧- Greggs
🇬🇧- Croda International
🇬🇧- Games Workshop
🇬🇧- Halma
🇬🇧- Diploma
🇬🇧- Howden Joinery
Do you hold any of these?
Here are some under-the-radar small-caps that I’m currently researching:
🇮🇹- The Italian Sea Group
🇳🇴- Norbit
🇸🇪- Hexatronic
🇬🇧- Clarkson
🇩🇪- Amadeus Fire
🇩🇰- cBrain
🇺🇸- CorVel
🇦🇹- Fabasoft
🇫🇷- Thermador Group
🇬🇧- Keystone Law
🇫🇮- GoFore
Do you hold any of these?
If you are interested in Nordic Serial Acquirers (and you should be!), I recommend checking out REQ Capital’s deep dive on the sector below.
Also pictured is a list of the Nordic Acquirers REQ tracked along with their 20-year performance (19.4% CAGR!):
🇬🇧 Spectra Systems $SPSY.L
Spectra Systems is a UK small-cap in the niche-area of security technology. Products include software and advanced materials and verification devices for use in banknotes, product authentication, and gaming. Think ultra-high value physical documents
The bombed-out UK market is tipped to outperform over the next 10 years. Here’s some quality small-caps that could stage a rebound:
🇬🇧- Kainos
🇬🇧- Tatton Asset Mgmt
🇬🇧- James Halstead
🇬🇧- Keystone Law
🇬🇧- Calnex Solutions
🇬🇧- SDI Group
🇬🇧- Focusrite
Do you hold any of these?
The culture in Sweden for creating shareholder value is unlike anywhere else, including the US…
Norway: ‘hold my beer!’
🇳🇴- Medistim
🇳🇴- Europris
🇳🇴- MultiConsult
🇳🇴- Hafnia
🇳🇴- Elkem
🇳🇴- Borregaard
🇳🇴- Nordic Semiconductor
Do you hold any of these?
YTD Performance of the Magnificent Seven:
🇸🇪- AddTech +50.93%
🇸🇪- Lagerkrantz +35.86%
🇸🇪- Lifco +30.76%
🇸🇪- Indutrade +19.48%
🇸🇪- Vitec Software -6.23%
🇸🇪- HMS Networks -11.38%
🇸🇪- Teqnion -19.83%
Do you hold any of these?
Here are some of the highest quality small/mid-caps I have found in the UK:
🇬🇧 YouGov
🇬🇧 Greggs
🇬🇧 Calnex Solutions
🇬🇧 Games Workshop
🇬🇧 Judges Scientific
🇬🇧 Bytes Technologies
🇬🇧 Cerillion
🇬🇧 Kainos
🇬🇧 James Halstead
🇬🇧 MacFarlane
🇬🇧 Diploma
🇬🇧 Keystone Law
🇬🇧 Tatton Asset Mgmt
100-bagger fishing is particularly good in Europe. Here’s some little-known quality small-caps:
🇪🇸- Laboratorios Farmaceuticos Rovi
🇸🇪- Sectra
🇳🇴- Elkem
🇫🇷- Neurones
🇳🇱- Alfen
🇮🇹- Cembre
🇬🇧- Bytes Technology
🇩🇰- cBrain
🇦🇹- Fabisoft
🇩🇪- Atoss Software
Do you hold any of these?
🇳🇴- Europris $EPR.OL
Europris is a high-quality Norwegian discount retail chain business. It has achieved impressive 5-year total return of 238.99%. Can this continue?
Europris is a ‘Super Stock’ according to
@Stockopedia
, a rare example of a stock boasting high-quality, strong
Here are some ‘Super Stocks’ according to
@Stockopedia
. This means they somehow have Quality, Value and Momentum simultaneously.
🇨🇦- Metro $MRU
🇺🇸- Atkore $ATKR
🇬🇧- MacFarlane $MACF
🇺🇸- Semler Scientific $SMLR
🇩🇪- Amadeus Fire $AAD
🇬🇧- Clarkson $CKN
🇺🇸- Williams-Sonoma $WSM
I have 52 stocks in the Lion-Cubs fund, but there are still many other small-caps I like the look of:
🇪🇸 Altia Consultores
🇸🇪 Invisio
🇬🇧 Cake Box
🇺🇸 Choice Hotels
🇦🇺 Mader Group
🇮🇹 Sesa
🇳🇴 Norbit
🇩🇪 Amadeus Fire
🇫🇷 G.Perrier
🇬🇧 Clarkson
🇸🇪 Troax
🇬🇧 SDI Group $SDI.L
SDI (Scientific Digital Imaging) Group is a UK micro-cap serial acquirer. Once a pandemania darling, the stock is now 71% off its all time high of 215p due to a perfect storm of bearish factors:
- an overpriced acquisition
- pandemic overstocking dampening
A study by MSCI found that small-cap stocks outperformed large firms over 15-year periods about 9 in 10 times. Here are some of my favs:
🇨🇦- Lumine Group
🇸🇪- Sectra
🇩🇪- Atoss Software
🇬🇧- Cerillion
🇫🇷- Equasens
🇮🇱- Camtek
🇺🇸- Kadant
🇨🇦- Terravest
Do you hold any of these?
High-quality mid-caps can outperform large-caps over time.
Trees don’t grow to the sky - 🌴 ☁️ ❌
🇺🇸 Crox
🇬🇧 Intercontinental Hotel Group
🇸🇪 Lifco
🇩🇪 Nemetschek
🇺🇸 CorVel
🇨🇭 Geberit
🇬🇧 Intertek
🇮🇹 Diasorin
🇺🇸 Choice Hotels
🇫🇷 Remy Cointreau
Do you hold any of these?
The culture in Sweden for creating shareholder value is unlike anywhere else, including the US.
Over 38% of my fund is invested in Swedish businesses:
🇸🇪- Fortnox
🇸🇪- Teqnion
🇸🇪- Addtech
🇸🇪- Lagercrantz
🇸🇪- HMS Networks
🇸🇪- Lifco
🇸🇪- Prevas
🇸🇪- Vitec
🇸🇪- Indutrade
🇸🇪- Lime Tech
Germany has some of the greatest small/mid-caps in the world. Here are some within my investable universe:
🇩🇪- Mensch und Maschine
🇩🇪- Amadeus Fire
🇩🇪- Nemetschek
🇩🇪- Bechtle
🇩🇪- Atoss Software
🇩🇪- Elmos Semiconductor
🇩🇪- Rational
Do you hold any of these?
I tend to invest in companies under £8bn in size, but here are some great companies slightly bigger:
🇺🇸- Pool Corp
🇺🇸- Rollins
🇫🇷- Sartorius Stedim
🇮🇹- Moncler
🇺🇸- Heico
🇺🇸- Williams Sonoma
🇺🇸- Advanced Drainage Systems
🇺🇸- TopBuild
🇺🇸- Brown & Brown
Do you hold any of these?
When it comes to high-quality small-caps, Germany has some absolute belters. Here are some of my favs:
🇩🇪 Amadeus Fire $AAD.DU
🇩🇪 Atoss Software $AOF.DE
🇩🇪 Mensch und Maschine $MUM.DE
🇩🇪 Ringmetall $HP3A.DE
🇩🇪 Nemetschek $NEM.DE
🇩🇪 Elmos Semiconductor $ELG.DE
What else?
Another new position has been initiated this morning:
🇬🇧 Burberry $BRBY joins the Lion-Cubs.
Burberry is a globally relevant fashion brand with a long and rich history that is currently available in a once-in-a-generation 67% drawdown.
Welcome to the cubs!
People love the magnificent 7, but the US has some promising small/mid-caps which are largely overlooked:
🇺🇸- Advanced Drainage Systems
🇺🇸- Nova
🇺🇸- GMS Inc
🇺🇸- Installed Building Products
🇺🇸- Atkore International
🇺🇸- Skyline Corp
Do you hold any of these?
For quality small/mid-caps, Europe is arguably ahead of the US!
Here are some of my favs:
🇩🇪- Atoss Software
🇬🇧- Cerillion
🇸🇪- Lagercrantz
🇮🇹- Carel Industries
🇳🇱- Alfen
🇪🇸- L F Rovi
🇨🇭- Sensirion
🇫🇮- Revenio
🇫🇷- Neurones
🇩🇰- ChemoMetec
🇧🇪- Melexis
🇳🇴- Medistim
🇵🇱- Dino Polska
Italy is often overlooked by investors yet it has some of the most promising small/mid-caps:
🇮🇹- Diasorin
🇮🇹- Recordati
🇮🇹- Moncler
🇮🇹- Cembre
🇮🇹- Carel Industries
🇮🇹- Sesa
🇮🇹- Davide Campari
🇮🇹- Technoprobe
Do you hold any of these?
Profitable, capital-light, installed base - hard to change… you can see why software is eating the world, especially small/mid-caps:
🇩🇰- cBrain
🇸🇪- Lime Technologies
🇩🇪- Atoss Software
🇬🇧- Cerillion
🇸🇪- Fortnox
🇨🇦- Topicus
🇸🇪- Vitec Software
🇩🇪- Nemetschek
🇫🇷- Esker
🇦🇹-
Small-cap IT businesses have delivered high returns on capital, gross margins, growth and have long growth runways ahead:
🇬🇧- Bytes Technologies
🇬🇧- Kainos
🇬🇧- Softcat
🇫🇷- Infotel
🇫🇷- Neurones
🇫🇷- Wavestone
🇮🇹- Sesa
🇳🇴- MultiConsult
🇩🇪- Mensch und Maschine
🇦🇺- Technology One
Finland is known for the likes of Nokia and Kone. But rarely discussed are its exciting small/mid-caps which have delivered impressive returns on capital over the past 5 years:
🇫🇮- Revenio
🇫🇮- Orion
🇫🇮- Vaisala
🇫🇮- eQ
Do you know any other hidden gems in Finland?
Here are some high-quality under-the-radar small/mid-caps I am currently researching:
🇺🇸- Weatherford Int.
🇨🇦- Metro
🇦🇺- Mader
🇸🇪- Bufab
🇳🇴- Bouvet
🇬🇧- Cake Box
🇸🇪- MedCap
🇮🇹- Sesa
🇳🇿- Fisher & Paykel
🇫🇷- Equasens
🇩🇪- Amadeus Fire
🇸🇪- Momentum Group
Do you hold any of these?
I’m pleased to share that 3 new holdings have been added to the fund:
🇮🇹- Carel Industries
🇺🇸- Napco Security Technologies
🇧🇪- Melexis
The companies are in the air conditioning, physical security devices and semiconductor industries respectively.
Welcome to the Lion-Cubs.
Many say the Swedish market is expensive.
Another way of looking at it is that it’s highly rated:
🇸🇪- Addtech
🇸🇪- Lifco
🇸🇪- Fortnox
🇸🇪- Teqnion
🇸🇪- HMS Networks
🇸🇪- Vitec Software
🇸🇪- Indutrade
🇸🇪- Bufab
🇸🇪- Prevas
🇸🇪- Lime Technologies
🇸🇪- Sectra
Do you pay up for quality?
Sweden is known for its unfathomably successful serial acquirers. Yet its small/mid-cap space also shines in software and tech.
🇸🇪- Lifco
🇸🇪- Addtech
🇸🇪- HMS Networks
🇸🇪- Teqnion
🇸🇪- Indutrade
🇸🇪- Lagercrantz
🇸🇪- Fortnox
🇸🇪- Lime Technologies
🇸🇪- Sectra
🇸🇪- Prevas
🇸🇪- Hexpol
Here are the Swedish stocks I hold big positions in, along with their Returns on Equity (RoE).
🇸🇪 HMS Networks - 36.44%
🇸🇪 Addtech - 32.80%
🇸🇪 Fortnox - 30.66%
🇸🇪 Lagercrantz - 28.95%
🇸🇪 Teqnion - 28.29%
🇸🇪 Prevas - 23.33%
🇸🇪 Lifco - 23.31%
What metrics/ratios do you value?
Here are my top 5 performers YTD:
🇨🇦- TerraVest $TVK.TO +37.33%
🇨🇦- Topicus $TOI.V +34.6%
🇩🇪- Atoss Software $AOF.DE +33.99%
🇪🇸- Laboratorios Farmaceuticos Rovi $ROVI.MC +32.19%
🇮🇱- Camtek $CAMT +24.18%
Also shown is the 5-yr performance.
What will they do in the next 5 years?
The UK market is still bombed-out. Here are some of my fav under-the-radar UK Small-Caps:
🇬🇧- Clarkson $CLK
🇬🇧- Calnex Solutions $CLX
🇬🇧- Cake Box $CBOX
🇬🇧- Spectra Systems $SPSY
🇬🇧- SDI Group $SDI
🇬🇧- Bytes Technology $BYIT
🇬🇧- Kainos $KNOS
🇬🇧- YouGov $YOU
When fishing for potential 100-bagger stocks, the fishing is very good in Europe.
Here are some of my favourite European small/mid-caps:
🇪🇸- LF Rovi $ROVI
🇸🇪- Momentum Group $MMGR
🇩🇪- Atoss Software $AOF
🇫🇷- Wavestone $WAVE
🇩🇰- ChemoMetec $CHEMM
🇳🇱- BE Semiconductor $BESI
An aging global populations means healthcare spending is likely to rise through the next decades. Here’s some quality under-the-radar healthcare small/mid caps:
🇫🇮- Revenio
🇺🇸- Catalyst Pharmaceuticals
🇳🇴- Medistim
🇮🇹- Recordati
🇩🇰- ChemoMetec
🇺🇸- MedPace
🇳🇿- Fisher & Paykel