Date: 05.06.2026.
Portfolio comment: Rockwool, Accenture, SharkNinja and Match Group are all leaders in their industry. They are all trading significantly below historical valuations. Together they make up 57% of the portfolio.
Date 05.06.2026 – Bigger adjustments across portfolio.
While NetEase has shown exceptional capital discipline, is founder let and trades at a PE 16 – into a growing sector- and are highly effective at using influencers to create awareness and hype around their games. They are also using a VIE structure to circumvent Chinese laws, heavily monetising a small whale audience and are reliant on the Westward forward journey (a 20 year old MMO). I have sold the whole position, as the PE 16 along with anticipated future earnings growth is not providing a satifactory risk/reward.
I have sold 50% of Trifork as I am worried about mismanagement. Selling cyber security and building out data centers, imo is not the way the sector is going. AI increases the need for cyber security and with the mag7 investing heavily in data centers, is processing power becoming a race to the bottom. While GDPR is a real concern, Europe cannot realistically “just change to European data centers”. Date: 05.06.2026
I have added Accenture; The worlds leading consultancy agency. Currently facing both tail – and headwinds due to AI. The decreased visibility, has led to a selloff. The fear being that AI will disrupt coding tasks and lower the value of billable hours. ACN is thus trading below historic averages at a TTM PE of 14.72 – significantly bellow historical averages at around PE 25. It’s competitive advantages include strong competencies due to a highly educated and highly specialised workforce, sector know how and data advantages along with strong customer relations with the worlds biggests firms. Date: 05.06.2026
I have added more to Rockwool as the cash injection lead me with a smaller % position than I would have liked. My conviction of Rockwool has increased. They are a likely beneficiary of data centers, rebuilding of Ukraine and management vaguely addressed an optionality for a more aggressive build out of factories. The downside is capped due to pricing power, and the upside is getting increasingly bigger. Date: 05.06.2026
Sold all of Boliden and some of Rio Tinto, as valuations did not reflect the cyclicallity of earnings. Date: 05.06.2026
I have added a smaller position in Unilever, for stability. About 4%. Analysis coming. Date: 05.06.2026
Small increase to Match Group. Date: 05.06.2026
Updated 02-06-2026
Note 01.06.2026 – Sold Tesco. Admittedly I was too quick. I came to the conclusion that it is like the equivalent of investing in car manufactures or air lines. Competition is intense, it drives margins down. Essentially people don’t care if they are shopping at Aldi, Lidl, Carrefour or Tesco. They pick the one that is cheapest and most convenient. Tesco at a PE 16, is imo just not attractive. It is above historical averages, low margin and there are better deals out there.
Tesco is already using white labels – and there is a limit to how much in the store are likely to be white label. People do have preferred products and brands. At the same time, consumer goods are increasing and concentrating advertisement efforts.
Market share is most likely not gonna change immensely. Anyhow, Tesco are “forced to” grow on other verticals such as insurance – but even with 2.5 million insurance customers, it is still a small part of their overall operating profit. I did an assessment of Tesco and their marketing strategy -> link
Note 27.05.2026 – Added Tesco because Tesco’s brand is leverage-able across product categories. It fundamentally provides stability, to a portfolio with heavy weight in discretionary’s and cyclical’s. Tesco is using a data driven and customer centric marketing strategy, likely to drive increased margins. Tesco is trading at a PE 16, a bit above what I would like to pay for it, but not entirely unfair for a supposedly stable cash generator with margin potential.
Note 22.05.2026 – Added SharkNinja because SharkNinja’s exceptionel marketing strategy drives strong sales momentum across new products and new markets. At a PE 22, it is not my usual contrarian value stock -> but analysing their marketing strategy I dont see momentum stopping anytime soon.
Note 20.05.2026 – Replaced Genmab with a broad Europe healthcare ETF.
Note: 18.05.2026 – Portfolio size doubles due to cash injection. Added more to Rockwool.
Note 27.04.2026 – Added more to Trifork (about 20%) and took the top off Rio Tinto (about 35%). My expected earnings growth for both companies, dictates a difference in weighting. This leaves me about 7% cash.
Note 02.04.2026 – Added Trifork – Claude driven selloff might be overdone as -> While every application can be coded easily – the structure above and behind the code cannot – brand reputation, customer relations, navigating regulation etc. are all important metrics of a software company – Also, tailwinds in security needs for European software infrastructure might be vastly underrated – Also, Trifork had severe multiple contraction based on increased risk.
Sold SCA – As I learned forrest value should be seen globally – where other countries have more productive forests – On the contrary, envionmental regulation might still be a positive driver of forrest valuations – there is no guarantee for if and when and how much this would happen”
Added to Rockwool “I increased my positioning by about 15% – after a massive selloff. Some times energy prices goes up and sometimes they go down. While high energy prices most likely will hurt margins in the mid term. This does not meaningfully change the total addressable market. Also, during last energy crisis was Rockwool able to pass increased costs on to customers. Thus, the thesis I have written is largely unaffected by current volatility in energy markets.” -> See more, click Link
Added to Match Group “I doubled my positioning in Match Group. It is simply to cheap, for me not to own it. While the online dating market is becoming stagnant and Match Group has done abselutely terrible product management and capital allocation – a new leadership is about to turn the ship – addressing key issues! – focus on product development and share buybacks!. Match Group is a turn around case. Read more here -> Link
Sold Novo Nordisk “When Novo Nordisk and Eli Lily first agreed on a pricing strategy in the US – I knew Novo Nordisk margins were going to bleed. While I at this time only sold half of my 10% positioning – the remaining half would get “yeeted out the window” as they showed lower margins. Baffled they didn’t guide this like half a year before! With a internal power struggle – and a seemingly overrated management – and a struggling pibeline – I saw it unfit to hold on.
Sold Pandora ” As a marketing student – one thing is fundamental – the customer!. Simply put – The better the products attributes aligns with the customer expectations – The more value the company should from their marketing expenditures. Transitioning to platinium metals to protect margins is fundamentally ignoring marketing principles – and in my book worrisome! While I do acknowledge platinium as a coating – I am not convinced the survey Pandora did – will actually reflect the attitude -> intention -> behavior of consumers. Also, their capital allocation could be way better”. See a more in depth analysis -> Link
Rio Tinto PLC -> Link