HF Best Ideas
AnalysesQuarterly LettersInsightsChartsWarren AI
All funds

Kavaljer

Sep 2025 → Sep 2026 · 2 funds

Our archive holds 7 letters from Kavaljer, behind 17 investment theses and positions in 68 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

Get an email when this fund publishes its next letter

7
Letters
68
Companies
53
Moves
17
Theses

2 strategies

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

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 53 moves

  • New positionVBG Group
    September 2026
    “Now we have bought the stock again.”
    Read the letter
  • TrimmedBravida Holding
    September 2026
    “During the month the fund sold its holding in Vitec, and reduced its holdings in Storytel, Proact, Bravida, Pandora, Brdr. A&O Johansen, Carasent, BTS and Huhtamäki.”
    Read the letter
  • TrimmedBeijer Alma
    September 2026
    “During the month the fund reduced its holdings in Beijer Alma and Vitec Software.”
    Read the letter
  • AddedNederman Holding
    September 2026
    “In addition, we bought back an old favorite, VBG Group, and increased our positions in Nederman and ITAB.”
    Read the letter
  • TrimmedCarasent
    September 2026
    “During the month the fund sold its holding in Vitec, and reduced its holdings in Storytel, Proact, Bravida, Pandora, Brdr. A&O Johansen, Carasent, BTS and Huhtamäki.”
    Read the letter
  • TrimmedProact IT Group
    September 2026
    “During the month the fund sold its holding in Vitec, and reduced its holdings in Storytel, Proact, Bravida, Pandora, Brdr. A&O Johansen, Carasent, BTS and Huhtamäki.”
    Read the letter
  • TrimmedBrdr. A&O Johansen
    September 2026
    “During the month the fund sold its holding in Vitec, and reduced its holdings in Storytel, Proact, Bravida, Pandora, Brdr. A&O Johansen, Carasent, BTS and Huhtamäki.”
    Read the letter
  • TrimmedVitec Software
    September 2026
    “During the month the fund reduced its holdings in Beijer Alma and Vitec Software.”
    Read the letter
  • TrimmedHuhtamäki
    September 2026
    “During the month the fund sold its holding in Vitec, and reduced its holdings in Storytel, Proact, Bravida, Pandora, Brdr. A&O Johansen, Carasent, BTS and Huhtamäki.”
    Read the letter
  • ExitedVitec Software Group
    September 2026
    “During the month the fund sold its holding in Vitec, and reduced its holdings in Storytel, Proact, Bravida, Pandora, Brdr. A&O Johansen, Carasent, BTS and Huhtamäki.”
    Read the letter
  • AddedITAB Shop Concept
    September 2026
    “In addition, we bought back an old favorite, VBG Group, and increased our positions in Nederman and ITAB.”
    Read the letter
  • TrimmedStorytel
    September 2026
    “During the month the fund sold its holding in Vitec, and reduced its holdings in Storytel, Proact, Bravida, Pandora, Brdr. A&O Johansen, Carasent, BTS and Huhtamäki.”
    Read the letter
  • New positionFlat Capital
    September 2026
    “Flat Capital is a new holding.”
    Read the letter
  • TrimmedPandora
    September 2026
    “During the month the fund sold its holding in Vitec, and reduced its holdings in Storytel, Proact, Bravida, Pandora, Brdr. A&O Johansen, Carasent, BTS and Huhtamäki.”
    Read the letter
  • AddedBonesupport
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
    Read the letter
  • 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.”
    Read the letter
  • AddedValmet
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
    Read the letter
  • AddedChemoMetec
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
    Read the letter
  • AddedXvivo Perfusion
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
    Read the letter
  • 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.”
    Read the letter
  • 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.”
    Read the letter
  • 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.”
    Read the letter
  • 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.”
    Read the letter
  • AddedITAB Shop Concept
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
    Read the letter
  • AddedSiemens AG
    July 2026
    “The fund added to Alphabet, Danaher, Lifco and Siemens AG.”
    Read the letter
  • AddedNederman Holding
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
    Read the letter
  • AddedAlphabet
    July 2026
    “The fund added to Alphabet, Danaher, Lifco and Siemens AG.”
    Read the letter
  • ExitedBahnhof
    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
  • AddedProact IT Group
    July 2026
    “We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.”
    Read the letter

Showing the 30 most recent of 53 recorded moves.

Companies held · 68

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

Theses · 17

  • Exsitec
    September 2026

    Exsitec is seen as resilient to AI disruption because most work is process- and implementation-heavy, while its low valuation and migration-driven demand support the investment case.

    Read the full thesis
  • VBG Group
    September 2026

    VBG Group is supported by pricing power, aftermarket stability and an industrial consolidation investment that should lift margins and earnings.

    Read the full thesis
  • ChemoMetec
    September 2026

    ChemoMetec benefits from a dominant market position, recurring revenues and growth in cell and gene therapy and bioprocessing automation.

    Read the full thesis
  • Thermo Fisher Scientific
    September 2026

    Thermo Fisher Scientific is positioned to benefit from recovering volumes, AI-driven lab investment, and operating leverage across its broad life-science platform.

    Read the full thesis
  • BB Biotech
    September 2026

    BB Biotech owns a concentrated portfolio of validated biotech companies and trades at a NAV discount despite improved sector conditions.

    Read the full thesis
  • HBM Healthcare Investments
    September 2026

    HBM Healthcare has significant unlisted biotech exposure and trades at a NAV discount despite a more favorable funding environment.

    Read the full thesis
  • Linc
    September 2026

    Linc invests in Nordic life science companies and is seen as attractive due to its NAV discount, buybacks, and strong balance sheet.

    Read the full thesis
  • Latour
    September 2026

    Latour is supported by improving markets and Nord-Lock’s strong niche positions, high returns on capital, and bolt-on acquisition potential.

    Read the full thesis
  • Svolder
    September 2026

    Svolder focuses on quality small-cap companies with strong market positions, and its long-term track record supports the investment case.

    Read the full thesis
  • 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

Letter archive · 7

2026

2025

Get Kavaljer’s next letter the day it lands

We track Kavaljer alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund