Mona Stenmark

HQFS is an active, value-oriented investment manager focused on return consistency over the long term and investing globally in equity and fixed-income. They specialize in Swedish and emerging market equity, including the Eastern Europe markets. The firm's investment philosophy focuses on long-term growth and limiting risk exposure. Their investment process consists in bottom-up stock picking based on fundamental research, paying limited attention to index weightings. Determinant factors include low market price, a track record of profitability, optimized cash flow, dividend yields and dividend growth, shareholder-conscious and competent management as well as the analysis of key ratios. The research process may include company visits. HQFS aims at following closely each portfolio company, and thus manages concentrated portfolios. They emphasize diversification as a means to limit risk. In-house research is supplemented with outsourced analysis.

Functions as a College/University

Carnegie Fonder is an active, specialist manager which aims to generate positive and stable returns by investing in value companies that have sustainable businesses, strong balance sheets and attractive dividend opportunities. The firm do their own analysis, and only invest in companies they really believe in and not simply because it is included in an index. They prefer liquid securities, since it is relatively easy to find buyers should it become necessary to sell.