An investment company focused on long-term ownership in public and private companies in the Nordic region, with an active and hands-on value creation approach.

Aeternum Capital

Aeternum is an active and long-term owner of listed and privately owned high-quality companies in the Nordics, headquartered in Oslo, Norway. The company is independently managed by Aeternum Management AS and is led by Mr. Vegard Søraunet. It is registered as an “Alternative Investment Fund” (AIF), with the ambition of seeking a full license during 2021.

Aeternum Management AS

We are thrilled to announce that KAOS is the latest addition to Aeternum's investment portfolio. After evaluating numerous private investment opportunities, KAOS stood out with its exceptional product and stellar team. We're confident that KAOS will make a significant impact, and we are eager to support their journey ahead. 🚀💼

https://lnkd.in/dDfNJNkS

With reference to the calling notice for extraordinary shareholders meeting in Carasent ASA we want to share our letter to the chairman of the board in Carasent. This explains the background for our proposal more in detail and clarifies misunderstandings in the media today. Our proposal is for a board candidate from ACapital CARA HoldCo, which could either be a representative from Aeternum Capital or WQZ. Hence we don't understand the reluctance from the nomination committee.

May was a strong month for Aeternum Investors, marking our second-best month since inception with a +9% performance (+10.3% in SEK). Our portfolio companies delivered strong first-quarter results, and we received another industrial bid for one of our holdings, the third bid out of our 20 holdings since we started.
 
With two-thirds of our portfolio in listed equities, the market doesn't always reflect our view of value in quality companies with strong market positions. However, a return to a more "normal" market environment is starting to validate our investments, alongside strong EBIT growth in our holdings.
 
We have consistently told our clients that a minimum five-year timeframe is necessary to demonstrate that our investment philosophy and strategy can lead to good performance. Since our start in January 2021, we have achieved a time-weighted NAV performance of over 41.5% (46.3% in SEK), meeting our initial NAV target of 10-15%. From the second half of 2023, we've updated this target to 15-20%.
 
Thank you to our long-term investors for making these achievements possible. Our team continues to diligently balance managing our existing portfolio while exploring new investment opportunities.

Winter came early this year, and for our biggest investment SkiStar the season is off to a great start! The favourable currency is also expected to attract many international guests this season. As of November 17th, all three Swedish destinations are opening, which has only happened once before. We can’t wait to hit the slopes! ⛷❄

In the first quarter Aeternum Capital increased NAV by 17.2% in NOK and 16.7% in SEK, bringing the NAV return since inception to 31.3% in NOK and 32.7% in SEK. Our largest positions, Skistar, ITAB, Visma, Anticimex and AQ Group, constituting over 65% of our portfolio, continue to develop strongly in line with our long-term goals. On average, our portfolio companies delivered sales and operating profit growth of 10% and 9% respectively compared to the same twelve-month period last year. Our Net Asset Value stood at NOK 1 502 million at the end of first quarter.

Having navigated a challenging year, Aeternum is pleased to share that our 2023 performance concluded on a positive note. Our year-end NAV reached NOK 6.8 billion, marking a robust increase of over NOK 1.0 billion for the year, translating into a healthy return of 17.5%. This brings our cumulative return since inception to 12.0%, positioning us favourably against listed investment companies, particularly in the SME segment.

In 2023, our top contributors AQ Group, Visma, and Skistar, demonstrated strength, while challenges were faced with Elektroimportøren, ALM Equity, and Carasent.

On January 24th, the departure of WQZ marked the conclusion of a turbulent period. We express gratitude for the trust exhibited by the majority of our investors who continue to stand with us. Aeternum remains steadfast in investment mode, driven by the same dedicated team and commitment to our long-term strategy.

As we step into 2024, a positive market outlook unfolds. The significant de-rating in the small and mid-cap market, coupled with the high quality of our portfolio, signals potential for a rebound. In response, we are upgrading our long-term NAV target to a range of 15-20% annually. Our journey continues towards our ambitious goal of creating Norway's first diversified listed investment company, with a targeted listing in 2026

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AETE

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Aeternum Capital