Markus Allard

“Keep your winners and stay cool when markets are wild.” In this episode of Investing Unwrapped, our Head of Risk and Banking, Christoffer Sagild, shares key insights and practical tips from his investing experience. #BeInvested

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byWiT interim report H1 2024! ✔Over all our four largest portfolio companies within the Scale-up Growth phase are developing well, where Proxify and Pensionera.se stands out extra positively. ✔Our Early Growth companies are also progressing well and two out of four of them are already showcasing profitable growth. ✔ In Future Champions byWiT, where we do peakhole investments, we currently have three interesting investments. FLOAT, which provides lending to B2B SaaS companies, has developed well in a short timeframe, and has established its business across multiple markets in Europe. ✔ In Q2 we strengthened byWiT’s board with two experienced leaders and entrepreneurs – Asa Hedin, who was appointed chairman, and with Jenny Keisu, board member. Thanks to all our amazing portfolio companies for the fantastic teamwork during H1 2024 Proxify E-FARM Pensionera.se Root Digital Group Klingit Bright Energy AB GFO-X Epicenter Stockholm Prime Penguin Lanetalk AB Lucy Analytics Senseworks.io FLOAT Zebrain Make sure to visit our website for the full H1 2024 interim report (in Swedish), please see link in the comments below. 👇 We see an exciting value potential in our portfolio, where we continue to focus on profitable growth, and we are so ready for all the good things this Autumn has in play! Wit, dedication and drive ahead! 🚀 #investments #growth #scaleup #digitalization

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We are pleased to have successfully contributed to Baseload Capital’s €53 million Series B capital raise 🚀 Baseload Capital’s geothermal power plants deliver renewable baseload energy, addressing the intermittent nature of wind and solar power and playing a crucial role in creating a balanced and reliable renewable energy mix. #GeothermalEnergy #RenewableEnergy #BaseloadCapital

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Thanks (again) Martin and Jan for the great discussion in today’s Investments & Exits episode of Startup Insider. See the link to the episode in the comments. 👉 TL;DR: (1) Swedish GreenTech Aira was founded in 2022 and has recently raised a 200m EUR financing line from BNP Paribas - adding to a total of >450m USD financing in equity and debt so far. (2) Aira offers an integrated solution for #heatpumps for homes - integrating across production, distribution, installation, services and financing (subscription). (3) Their solution might be the starting point for expanding into the entire home energy stack - including other home energy assets and even home energy management solution. (4) Aira was incubated by the industrial investment group Vargas Holding which also successfully helped launch H2 Green Steel and Northvolt, for instance.

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10 years ago, on 21 November 2014, #LIFCO AB(PUBL) was introduced on Nasdaq Stockholm. I had learned about the company 18 months earlier in April 2013 from an article: “Carl Bennets private juvel” – Carl Bennet’s private jewel. And what a jewel! The IPO price was set at 18,6 (adjusted for a 2021 split). My fair value was close to 30. It was therefore prudent to treble the IPO allocation on the first trading day at 22. Mr. Bennet’s own valuation in the article was at least 6 billion SEK; at the introductory price it was 8,4 billion SEK. The market cap today with a share price of 308 is 140 billion SEK. Stable organic growth, substantial increase in the EBITA margin and free cash flow plus an impressive quality in M&A led to multiple expansion on significantly higher earnings and with still a strong balance sheet. I have always included M&A in my valuation in contrast to sell side analysts. It confirmed and still confirms my own long-term investment in Lifco. That is true compounding!   Lifco stayed a top 5 position in the Equity fund that I managed, I&T Aktier, from the day of the IPO until I left at the end of 2023. It was indeed a strong contributor to my long-term outperformance in fund.   If you invest long-term in stocks you will see large drawdowns from time to time. Also, in Lifco; the most significant minus 35% in 2022. A premise accepted only by few in my close working network at the time – But it was a good opportunity to add to the position. Lifco continued the strong operating performance, and the share recovered impressively. My long experience tells me that strong companies led by highly capable leaders with viable and value-creating strategies will always come back and continue to prosper. Lifco is a prime example of this.

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🎙️Do VCs have moral obligations when investing in & nurturing startups? I'm thrilled to share the latest episode of "Startup to Scale Up Game Plan" where I sat down with Robin Egerot, Managing Partner at Goose Valley Ventures . Robin's extensive experience investing in companies like Klarna, Lunar Bank, and Receipt Hero makes this episode a must-listen! We explored: 🧭 The ethical considerations in venture capital & the Mensarius Oath 🤝 The crucial role of trust & loyalty between investors and founders 🧠 Goose Valley's proactive approach to supporting founders' mental health 🚀 Insights into the Nordic startup ecosystem & emerging technologies like AI Robin's wisdom and passion for fostering innovation shine through, offering invaluable advice for both budding VCs and startup enthusiasts. Watch the clip below and share your thoughts! ⬇️ You can also listen to the full episode via the links in the 1st comment #VentureCapital #MentalHealth #AI #NordicStartups

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Want to master your portfolio management? 📈   👉 https://lnkd.in/emFxA-Zm   Get a head in your career with this eye-opening webinar with Joachim Klement, Head of Strategy, Accounting and Sustainability at Liberum 👏   Joachim will share his expertise on:   🔍 Understanding risk factors in the market 🔍 Identifying the most impactful factors for your strategy 🔍 Managing your portfolio with a few key factors   🗓️ 03.07.24 ⏰ 13:00 - 13:40 📍 Zoom   Gain practical strategies and insights to boost your investment approach and career. Don’t miss out 🚀   #CFAUK #PortfolioManagemnet 

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Find peace of mind during market storms and inflation with Sygnia ZenFunds 🌩️📈 The returns on our portfolios are consistently targeted to outpace inflation through our balanced investment approach 🌿 Invest today! https://lnkd.in/dW-8s-xR #SygniaZenFunds #InvestWisely #PeaceOfMindInvesting #Sygnia

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An interesting event covering both the institutional and retail angle of ETF usage. The global AuM growth in ETFs is amazing. In that context, the ETF volumes in Sweden are surprisingly low. The hurdles mainly consist of the large local banks, holding on to their own active mutual funds, but also of online brokers who still get kickbacks from the traditional active mutual fund industry. Independent (no own funds & not keeping kickbacks) financial advisors in Sweden are almost non-existent. When will this change?

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Stay ahead of the curve with expert insights from the Altitude Wealth Management team, featuring our Co-founder Stefan Griesel and Morne Steyn! 💼 In this video we dive into the impact of JSE delisting on and what it means for your financial future. 💡 Don’t miss out on valuable advice from our team of specialists. Watch now and ensure you're making informed decisions about your investments! https://lnkd.in/d2ZVentC #AltitudeWealth #JSEDelisting #FinancialAdvice #InvestmentStrategy #WealthManagement

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👏 Kudos to our summer interns Lasse, Berk and Berge for a great final presentation to cap their research project on the risk, momentum and value factors in the US stock markets (S&P 500, S&P 400 and S&P 600 universes). 📊 Gaston and Nikita led the project and were quite impressed with the speed at which the students learned the tools needed, analyzed the data and programmed their algorithms to present their findings. 🧑‍💻 Great to see how much easier programming is nowadays using a modern language such as python, implementing code quickly and building on the vast resources of the internet using AI. 🤖 Seeing young students and researchers always makes me remember our first steps developing our investment strategies at the Endowed Chair of Asset Management at EBS Universität für Wirtschaft und Recht with Lutz Johanning. Unbelievable- but our journey towards founding Source For Alpha (S4A) actually started 20 years ago… 🤩 P.S. Of course we picked the nice graphics of a Copula probability density function for the picture - all the other tables and graphs would have been too boring 😇

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After recent price drops of Tesla, Ionity is now also dropping prices to as low as 0.39cents per kwh for fast charging. This price is linked to a monthly subscription. This means that DC (fast) charging prices are getting on par with AC (slow) charging in cities 😳 #EV #EVCharging #Logisticstransition #Impact #Impactinvesting #Sustainability

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Markets think inflation will be too high for the next 20 years 👩‍🎓 This is the key takeaway in a new blog post by Jesper Rangvid from Copenhagen Business School From current rates on nominal and real bonds, we can infer expected real interest and inflation rates. Markets anticipate that real interest rates will remain slightly higher than 2% for the foreseeable future. They also expect inflation to exceed the 2% target for the next 20 years. The latter poses a challenge for central banks. The market anticipates that U.S. inflation will average 2.3% per year over the next decade. Between 2034 and 2044, expectations are even higher, at 2.65%. Consequently, the market lacks confidence in the Fed’s ability to steer inflation back to its 2% target over the next two decades. Given the significance of inflation expectations for monetary policy and the inflationary environment, this poses a challenge for the Fed.

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Five things to monitor after the turmoil. Markets have been through a period of turbulence in August following a string of weak economic figures. The declines were out of proportion to the economic disappointments, suggesting that some investors were forced to liquidate positions with large losses. They were forced out during the violent sell-off and equities have since come back strongly. So far, so good. However, the underlying problem remains: valuations are high, global growth is too low to lift earnings, and the Fed still hasn't cut interest rates. So what happens next? Here are five themes that will determine how the return will be in the rest of 2024. 1: Is the US headed for recession? Last week's sell-off was triggered by recession fears and that was understandable after July's unemployment figures. However, the signal is not confirmed by other indicators, and the banks have started to lend more again – this does not normally happen in a recession. In fact, the US economy is probably closer to a renewed recovery than a recession right now if it gets a little help from interest rates. 2: Will the Fed cut interest rates? The markets now expect the Fed to cut interest rates by 100bp before the end of the year. If they do, the US economy is likely to turn up before the end of the year. Weak macro data, falling inflation and financial turmoil have opened the door to cutting interest rates faster, but we need to hear the Fed tell us that. 3: Are AI stocks seriously overvalued? Until now, the growth from AI has been primarily driven by massive investments in data centers and other infrastructure by large US technology companies feeding through to semiconductor producers. They have a problem: it will be a while before AI generates revenue to pay for those investments. However, I think they are aware of that, and they are unlikely to stop investing right now. 4: Will Trump return to the White House? After President Biden passed the baton to Vice President Kamala Harris, the probability of a Democratic election victory has increased. If Harris wins, America's economic policy will be a continuation of the relatively effective policy Biden has delivered; Trump would probably create more turbulence. Right now, Harris looks the likely winner, but there is a long time until the election and a lot can change. 5: Will there be a major war in the Middle East? Geopolitics gets a lot of attention but rarely moves the markets. Iran is now again threatening to attack Israel, and it is theoretically possible that it will hit the global economy. It's just impossible to assess the likelihood of that. As an investor, it is best to ignore this risk until something actually happens. Right now, the economy isn't strong enough to lift earnings, but with a little luck it is just a tactical growth pause. My guess is that the 'proper' bull market will return before the end of the year.

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🤯 Only a mere 1% of global AUM go to impact investing. Sounds unreal. Big news today as Norrsken VC just closed a second €320M impact fund, Europe’s largest to date, which only reinforces that return and impact should and can go hand in hand. Saving the planet is good business, period! Here's FT's piece on the story: https://lnkd.in/dRd-zrej Cheers to trailblazers and to hoping more will follow!

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Thanks to Ole Andersen and KapitalWatch  for highlighting our perspective on the current appetite of pension funds for venture capital “Our view isn’t that pension funds lack interest in venture investments—they’re simply being more selective,” says Morten Halborg. Although some pension funds' comments haven't been encouraging, it's crucial to understand their hesitation. Many have slowed venture investments due to past over-allocation to alternatives. The issue isn't a lack of interest—it's about being more selective in their investment choices. Institutional investors are keen to achieve meaningful, Article 9-aligned impact, but there are few true funds available. We are in active discussions with select pension funds and a number of institutional investors on how venture investments in new climate technologies can drive significant impact and deliver outsized financial returns. Please find a link to the article in the comment box below. #VentureCapital #InstitutionalInvestments #Article9 #ImpactInvesting

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Swedish fund manager #Nowo launched its unique #savings app NOWONOMICS AB to help individuals save for the future. Powered by Huddlestock’s investment infrastructure, Nowo scaled direct fund distribution to 100k+ investors. Find out how Nowo approached the implementation and the views from CEO Rutger Selin in our customer story: https://lnkd.in/eYwNh5rP #assetmanagement #funddistribution #wealthtech #fintech #investmentmanagement #funds #fundmanagement #investmentfund #fundmanager

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Lykke Li, a Swedish pop star, has a song that sings "Let it fall, let it fall". But Sweden, please don't! Don't let Northvolt fall. For the Nordic Venture Opportunity to be compelling to international capital, and for more private capital to flow to the green transition and the decarbonisation of the economy in the Nordic region, is key to have success cases that can exemplify the potential and the opportunity. Thanks to examples like Northvolt, the Nordic energy sector has managed to raised so far this year over €1 billion in venture funding (according to Dealroom.co). By far far the most funded sector in the region. Success is not linear. And Northvolt is not just another company. Northvolt is THE example to show the potential of the green energy sector, the decarbonisation market, and the trillion-dollar global clean energy opportunity - not only for Sweden or the Nordics, but for Europe. And probably beyond. Without it, it would be like starting from zero.

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