Nordic Value 2019

Programme

14th June 2019

  • 08:00 - Registration
  • 08:15 - Welcome coffee
  • 09:00 - Introduction
  • 09:15 - Niels Jensen, Absolute Return Partners
  • 09:45 - Adam Rozencwajg, Goehring & Rozencwajg
  • 10:15 - 15 min break
  • 10:30 - Juan Huerta de Soto, Cobas AM
  • 11:00 - Olutayo Osunkunle, Nordea AM
  • 11:30 - Jamie Carter, SW Mitchell
  • 12:00 - Buffet lunch
  • 13:00 - Vegard Søraunet, Odin Fonder
  • 13:30 - Andreas Brock, Coeli AM
  • 14:00 - Josh Shores, SouthEastern AM
  • 14:30 - 15 min coffee break
  • 14:45 - Ralph Kruger, Arcstone Capital
  • 15:15 - Jens Moestrup, Sparinvest
  • 15:45 - Kurt Kara, Maj Invest
  • 16:15 - Closing remarks
  • 20:00 - Networking dinner @ Toldboden

15th June 2019

  • COMPANY MEETINGS DAY
  • Brødrene Hartmann, CEO
  • Scandinavian Tobacco, IRO
  • Pandora, IRO
  • Matas, CFO
  • DFDS, IRO
  • NNIT, IRO

Summary

A year has passed since the first Nordic Value and the fundamental investment approach has continued to be challenged by conceptual disrupters and high growth business profiles. In the summary letter after Nordic Value 2018 the question was if fast growth companies in digital, biotech and conceptual disrupters will leave value investors in the dust. One year later the answer is yes.

Stock markets have been through a roller coaster since last year and yet the net result is around zero return for the overall market. However, returns vary a lot. The inspiration at Nordic Value 2019 was very diverse and the conversations I had during the breaks and the evening drinks & dinner was centered around single stocks and investment methods.

In overall terms investors discussed level of interest rates and trade war. And a few comments that valuation-based investment approach has had a tough time. At some point the gravity of financial markets will move towards fundamentals again as Kurt Kara explained. We just don’t know when.

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