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Kavaljer

Sep 2025 → Jul 2026 · 2 funds

Our archive holds 5 letters from Kavaljer, behind 8 investment theses and positions in 36 companies. Every quote below is copied verbatim from the letter it came from.

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Kavaljer’s own letters page
5
Letters
36
Companies
34
Moves
8
Theses

2 strategies

Kavaljer publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

What they bought and sold · 34 moves

  • AddedBonesupport
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
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  • ExitedNilörngruppen
    July 2026
    “During the month the fund reduced its holding in Pandora and sold its entire holdings in Bahnhof, in connection with the Telenor bid, and in Nilörngruppen, where the bid went through as expected.”
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  • AddedValmet
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
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  • AddedChemoMetec
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
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  • AddedXvivo Perfusion
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
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  • AddedDanaher
    July 2026
    “The fund increased its holding in Danaher on the day of the report, as the share price decline was judged to be excessive.”
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  • TrimmedBure Equity
    July 2026
    “During the month, the fund reduced its holdings in Bure Equity, Idun Industrier and Industrivärden, and fully divested its holding in VEF.”
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  • TrimmedIdun Industrier
    July 2026
    “During the month, the fund reduced its holdings in Bure Equity, Idun Industrier and Industrivärden, and fully divested its holding in VEF.”
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  • TrimmedPandora
    July 2026
    “During the month the fund reduced its holding in Pandora and sold its entire holdings in Bahnhof, in connection with the Telenor bid, and in Nilörngruppen, where the bid went through as expected.”
    Read the letter
  • TrimmedIndustrivärden
    July 2026
    “During the month, the fund reduced its holdings in Bure Equity, Idun Industrier and Industrivärden, and fully divested its holding in VEF.”
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  • AddedITAB Shop Concept
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
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  • AddedSiemens AG
    July 2026
    “The fund added to Alphabet, Danaher, Lifco and Siemens AG.”
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  • AddedNederman Holding
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
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  • AddedAlphabet
    July 2026
    “The fund added to Alphabet, Danaher, Lifco and Siemens AG.”
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  • AddedProact IT Group
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
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  • AddedLifco
    July 2026
    “The fund added to Alphabet, Danaher, Lifco and Siemens AG.”
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  • ExitedVEF
    July 2026
    “During the month, the fund reduced its holdings in Bure Equity, Idun Industrier and Industrivärden, and fully divested its holding in VEF.”
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  • TrimmedStorytel
    May 2026
    “During the month, the fund fully exited its holding in Green Landscaping and reduced its positions in Proact IT, Storytel, BTS, Bravida, and Alligo.”
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  • TrimmedLundbergs
    May 2026
    “During the month, the fund reduced its holdings in Berkshire Hathaway and Lundbergs,”
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  • AddedNederman Holding
    May 2026
    “The fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.”
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  • AddedSvedbergs Group
    May 2026
    “The fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.”
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  • TrimmedProact IT Group
    May 2026
    “During the month, the fund fully exited its holding in Green Landscaping and reduced its positions in Proact IT, Storytel, BTS, Bravida, and Alligo.”
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  • New positionThermo Fisher
    May 2026
    “New positions are Alphabet and Thermo Fisher.”
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  • New positionAlphabet
    May 2026
    “New positions are Alphabet and Thermo Fisher.”
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  • AddedXvivo Perfusion
    May 2026
    “The fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.”
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  • TrimmedBravida Holding
    May 2026
    “During the month, the fund fully exited its holding in Green Landscaping and reduced its positions in Proact IT, Storytel, BTS, Bravida, and Alligo.”
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  • AddedInwido
    May 2026
    “The fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.”
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  • ExitedVNV Global
    May 2026
    “During the month, the fund reduced its holdings in Berkshire Hathaway and Lundbergs, and fully divested its positions in Dometic, Green Landscaping, VNV Global, and Spiltan Invest.”
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  • TrimmedBerkshire Hathaway
    May 2026
    “During the month, the fund reduced its holdings in Berkshire Hathaway and Lundbergs,”
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  • ExitedDometic
    May 2026
    “During the month, the fund reduced its holdings in Berkshire Hathaway and Lundbergs, and fully divested its positions in Dometic, Green Landscaping, VNV Global, and Spiltan Invest.”
    Read the letter

Showing the 30 most recent of 34 recorded moves.

Companies held · 36

Every company Kavaljer has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 8

  • Idun Industrier
    July 2026

    Idun Industrier is a B2B serial acquirer with market-leading niche businesses, strong cash flows, high ROE, insider-aligned ownership, and valuation support.

    Read the full thesis
  • Valmet
    July 2026

    Valmet could unlock significant value by separating its businesses, reducing a conglomerate discount and highlighting the value of its capital-light, high-ROCE assets.

    Read the full thesis
  • Proact IT Group
    July 2026

    Proact IT Group is benefiting from a strong structural demand trend in data storage, recurring service revenues, and room for valuation rerating.

    Read the full thesis
  • Danaher
    May 2026

    Danaher is a recurring-revenue life science and diagnostics compounder with improving bioprocessing demand, AI tailwinds, and a discounted valuation.

    Read the full thesis
  • Vitec Software Group
    May 2026

    Vitec Software Group is returning to organic growth and margin expansion, with AI efficiencies, manageable leverage, and a low valuation supporting upside.

    Read the full thesis
  • Carasent
    May 2026

    Carasent is an electronic medical records platform that is strengthening its moat through a mission-critical acquisition and higher pricing power.

    Read the full thesis
  • Storytel
    May 2026

    Storytel is strengthening its publishing moat in Europe through a platform acquisition and bolt-on strategy.

    Read the full thesis
  • BTS Group
    September 2025

    BTS Group is a global consulting firm currently facing a downturn but expected to benefit from new AI initiatives and is trading at a low valuation, offering a substantial margin of safety for long-term investors.

    Read the full thesis

Letter archive · 5

2026

2025

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