Sparinvest’s Value strategy celebrates its 20th anniversary

22.06.2018
20 years ago, value investment was a relatively unknown concept in Denmark and the rest of Europe, although it enjoyed more attention in the US.

The value philosophy has its roots in the writing of Benjamin Graham, an American who developed his theories during the 1930s, having witnessed the stock market boom, the Wall Street Crash, and the Great Depression. Graham introduced the concept of fundamental analysis of stocks and the companies behind them as we know it today. We have always been inspired by, and faithful to, Graham’s most central idea: that investing should be about buying solid companies that are undervalued in terms of their asset value or earnings power.

About Sparinvest Value

We have approximately EUR two billion in the overall value strategies, and we have investors in Denmark and internationally.
Over the years, our belief in that basic concept has not changed. You might say it is almost sacred to us that our investment process is based on sound and reasonable principles, where the core is to generate value by analyzing and picking the right companies. Nevertheless, we like to think that some elements of our investment process have improved over the years. Just consider the tools at the heart of our day-to-day work. In the late 1990s, we were using fax machines and snail mail to correspond with companies, whose websites – if they existed – carried hardly any information. On our desks were paperclips, and old school calculators and Bloomberg terminals. Since then, technological development has transformed our working day, with digital tools and access to vast amounts of information. Our team has also grown, and Sparinvest currently has one of the most experienced teams in Europe in terms of value investment, with more than 100 years of combined investment experience. But our philosophy is that there is no final version of our investment process: we must, and we will, always challenge ourselves, disrupt ourselves, as we look for ways to improve it further.

Sparinvest funds

  • Value Aktier (20 years)
  • Global Value in Luxembourg
  • Ethical Global Value in Luxembourg
  • 2 x European Value (Lux/DK)
  • Ethical Emerging Markets in Luxembourg
  • Emerging Markets Value in DK.
Today Sparinvest has built a history of more than 20 years as value investors since we introduced the investment style to Denmark in the late 1990s. Of course, that was not ideal timing: right in the middle of the dot-com bubble, with the stock market in love with internet stocks. Despite high valuations, many investors took heavy exposure to tech, and value investors were left out in the cold – until, of course, the markets turned. In our 20 years managing value funds, value investing has probably been declared dead twice, but then returned to life. In many ways, it is about time horizons. The stock market has always shown a remarkable ability to chase short-term trends, and over the last decade or so, it feels as though the world has become even more short-term in its focus – but as value investors, we aim to see beyond short-term noise, and focus on long-term value. Therefore, value investing requires patience. We have not drifted, but stayed true to the core concept of investing in undervalued stocks. We remain convinced that value will continue to perform well in the long run, offering investors a compelling option in their asset allocation toolbox.

Jens Moestrup Rasmussen
Name
Position
Funds
Sector
Background
Experience
Jens Moestrup Rasmussen
Head of Value Equities team
Global and European
Energy & Materials
M.Sc. Ecomomics, University of Copenhagen
Industry 27, Sparinvest 21
Kasper Billy Jacobsen
Name
Position
Funds
Sector
Background
Experience
Kasper Billy Jacobsen
Chief Portfolio Manager
Global and EM
IT, Telecom & EM Financials
B.Sc. Ecomomics, Copenhagen Business School
Industry 24, Sparinvest 16
Per Kronborg Jensen
Name
Position
Funds
Sector
Background
Experience
Per Kronborg Jensen
Senior Portfolio Manager
Global and European
Industrials, Consumer Discretionary & DM Financials
M.Sc. Ecomomics, Aarhus University
Industry 13, Sparinvest 13
David Orr
Name
Position
Funds
Sector
Background
Experience
David Orr
Senior Portfolio Manager
Global and EM
Health Care, Consumer Stables, Utilities & EM Financials
BA Law, Oxford, MA Advanced Japanese, Sheffield
Industry 14, Sparinvest 10
Jeroen Bresser
Name
Position
Sector
Background
Experience
Jeroen Bresser
Portfolio Manager
Health Care, Consumer Stables, Utilities & DM + EM Financials
CFA, Japanese Language & Culture, Leiden University
Industry 18, Sparinvest 10
Lisbeth Søgaard Nielsen
Name
Position
Sector
Background
Experience
Lisbeth Søgaard Nielsen
Portfolio Manager
Industrials & Consumer Discretionary
M.Sc. Ecomomics, Copenhagen Business School
Industry 13, Sparinvest 7
Morten Rønnow Tandrup
Name
Position
Sector
Background
Experience
Morten Rønnow Tandrup
Senior Analyst
IT & Telecom
M.Sc. Ecomomics, Aarhus University
Industry 12, Sparinvest 10
Mark Feasey
Name
Position
Sector
Background
Experience
Mark Feasey
Senior Analyst
Energy, Materials & DM Fianancials
CFA, MBA, UCLA Anderson School of Management
Industry 23, Sparinvest 1
Marco Schwenneseb Orland
Name
Position
Sector
Background
Experience
Marco Schwennesen Orland
Analyst
Industrials & Consumer Discretionary
M.Sc. Finance, Copenhagen Business School
Industry 3, Sparinvest 3
Martin Stoltenberg Strøh
Name
Position
Background
Experience
Martin Stoltenberg Strøh
Student Analyst
Student, International Business, Copenhagen Business School
Industry 1, Sparinvest 1

Mission

Our mission is to deliver the best long-term performance with a strong emphasis on risk. Based on a systematic and objective approach to investment - and a great commitment.

 

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