Kavaljer
Kavaljer Quality Focus
US Quality
Sep 2025 → Jul 2026
Our archive holds 3 letters from this strategy, behind 6 investment theses and positions in 23 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years — follow all of Kavaljer for every strategy.
What it bought and sold
We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.
- ExitedNilörngruppenJul 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.
We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.
We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.
We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.
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.
- AddedITAB Shop ConceptJul 2026
We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.
We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.
- ExitedBahnhofJul 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.
We also added to ChemoMetec, Xvivo, BoneSupport, Nederman, ITAB, Proact and Valmet.
During the month, the fund fully exited its holding in Green Landscaping and reduced its positions in Proact IT, Storytel, BTS, Bravida, and Alligo.
The fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.
- AddedSvedbergs GroupMay 2026
The fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.
During the month, the fund fully exited its holding in Green Landscaping and reduced its positions in Proact IT, Storytel, BTS, Bravida, and Alligo.
The fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.
During the month, the fund fully exited its holding in Green Landscaping and reduced its positions in Proact IT, Storytel, BTS, Bravida, and Alligo.
- AddedSwedencareMay 2026
The fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.
The fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.
- AddedBahnhofMay 2026
The fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.
- TrimmedBTS GroupMay 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.
- AddedITAB Shop ConceptMay 2026
The fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.
During the month, the fund fully exited its holding in Green Landscaping and reduced its positions in Proact IT, Storytel, BTS, Bravida, and Alligo.
During the month, the fund fully exited its holding in Green Landscaping and reduced its positions in Proact IT, Storytel, BTS, Bravida, and Alligo.
The fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.
Also held
- Bravida Holding
- Huhtamäki
- Inwido
- Carasent
- Svedbergs Group
- Storytel
- Swedencare
- Ratos
- RVRC Holding
- Idun Industrier
- Brdr. A&O Johansen
- CAG Group
- Nilörngruppen
- Pandora
- Securitas AB
Its investment theses
- Idun IndustrierJul 2026Idun Industrier is a B2B serial acquirer with market-leading niche businesses, strong cash flows, high ROE, insider-aligned ownership, and valuation support.
- ValmetJul 2026Valmet could unlock significant value by separating its businesses, reducing a conglomerate discount and highlighting the value of its capital-light, high-ROCE assets.
- Proact IT GroupJul 2026Proact IT Group is benefiting from a strong structural demand trend in data storage, recurring service revenues, and room for valuation rerating.
- CarasentMay 2026Carasent is an electronic medical records platform that is strengthening its moat through a mission-critical acquisition and higher pricing power.
- StorytelMay 2026Storytel is strengthening its publishing moat in Europe through a platform acquisition and bolt-on strategy.
- BTS GroupSep 2025BTS 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.