Introducing: The Conviction List

Over the past months, we’ve been writing research notes, analysis, and case deep dives on a number of Nordic growth companies.

That work has laid the foundation for what we’re now ready to fully launch: the Conviction List, a living portfolio of the best ideas that we believe can generate attractive long-term returns. It’s not just a watchlist; it’s a curated selection of companies where the analysis runs deep and where we see a clear path to value creation.

The process works like this: new cases are first introduced to Premium members, who get access to the full investment memo report and updates. After a time embargo, the reports are released more broadly to all subscribers. This way, Premium members not only get the earliest access but also the full depth of our work. The recent Embracer case was shared to showcase the format and level of analysis you can expect from these reports.

So far, the results from published ideas have been encouraging. The conviction call on Better Collective (BETCO) is up 58% since publication, an annualized return of around 43%. The case on Physitrack (PTRK) has performed even stronger, up 53%, corresponding to an annualized return of 425%. Of course, past performance is no guarantee of future returns, but it highlights the type of opportunities we are aiming to identify.

The Conviction List is built on what I call an Active Value philosophy. It’s neither passive value investing nor traditional activism, either. Instead, it’s about identifying situations where the market’s expectations are too low (or sometimes too high) relative to the fundamentals and then being active in helping to close that gap.

For Core holdings, we are willing to allocate 5–20% of the portfolio. These are the highest conviction cases, often with catalysts or the ability for us (or other long-term investors) to play a role in accelerating value creation. For starter positions of 2–5% allocations, we see enough mispricing to warrant exposure, but want more proof points before committing heavier capital. It’s a way of letting the thesis play out and building conviction over time.

A good example of this approach is Physitrack. When we first initiated coverage, the company had fallen from being a growth darling to trading at low EV/S multiples. Our thesis was that the market underestimated the quality of the Lifecare segment and the company’s ability to generate profitable growth.

Since then, several things have happened. The company has taken to heart much of the feedback I highlighted in the initiation report, shifting its reporting focus from EBITDA to cash flow, improving segment transparency, and reducing headquarters costs. At the same time, I have been actively involved in finding long-term investors to help ease the transition as a large shareholder exited, removing selling pressure that had weighed on the stock. That work culminated in a block transaction, and immediately after, the share price rose +15% from intraday lows as the overhang finally cleared.

This is what I mean by Active Value: combining deep research with engagement, feedback, and a willingness to act when opportunities arise.

I’m currently preparing a memo report on a new company and expect to release the analysis in the coming weeks. With the launch of the Conviction List, we’re also introducing an exclusive Premium offer: 50% off for the first three months. This is the best way to get early access to full reports, real-time updates, and the deepest research before it’s released to the wider subscriber base.

👉 Become a Premium member here and get early access to the Conviction List.

This list reflects our highest-conviction ideas, structured around two position sizes. Core positions (5–20% allocations) represent companies where we have strong conviction and see meaningful upside with manageable risk. Starter positions (2–5% allocations) are smaller entries in promising opportunities, allowing us to build exposure while continuing to evaluate catalysts, fundamentals, and valuation.

Negative convictions represent companies where our research suggests the market is overly optimistic and downside risks are underappreciated. These are most often tracked as hypothetical shorts rather than active positions, serving as a counterbalance to our conviction portfolio.