Our business principles
Now more than ever, strong business principles are essential when you navigate the market. We base all our business upon a set of principles.
Transparency
Most investors want to be able to monitor their investments closely, and therefore value transparency. We are willing to disclose everything we do to our investors, and we communicate in detail the development of the investments and the business in our monthly investor letters and performance updates.
Aligned Interests
For an investment management organization to have the highest probability of delivering strong returns to the investors, we believe it is crucial that the managers have aligned interests with the investors. Therefore, our team has their financial asset invested in CARN. Also, we have a fee model aligned to when our clients make money.
Long-term
We have a long-term focus in everything we do. This goes both for our investments and our business decisions. We look for clients who share our long-term perspective, we invest in the absolute best systems and infrastructure, and we always hire people with a long-term perspective. We are here for the long haul.
Focused
To achieve the highest level of performance in any field, whether it is in sports, music, academia, or in business, we believe it is imperative to be focused. This is particularly the case within capital management. Therefore, we have only one business philosophy and only one investment strategy.
Independent
We believe it is of utmost importance for an investment organization to be fully independent of other business lines and organizations. Independence secures that other business interests do not interfere with the investment management activities and minimize organizational bureaucracy and corporate politics. Therefore, CARN Capital is mainly owned by the employees and fully independent from other organizations.
How we work
We base our strategy on time tested and sound principles ensuring that your investments are sustainable and profitable.
Sustainability
Sustainable Investment is an umbrella term covering a range of different activities such as ethical exclusion, ESG integration, and positive selection through thematic and impact investing. We believe that promoting environmental and social characteristics can create significant value for investors.
Value investing and fundamental research
Value investing means investing with a disciplined focus on how the investments are valued vs. underlying earnings, cash flows and assets, and only investing when the investments are valued cheap or moderate. There is solid empirical evidence that value investing has been the best way of managing money over time. Therefore, we invest according to this investment philosophy. In practice, this implies a strong focus on fundamental analysis and valuation (i.e. not overpaying for assets).
Quality companies
Empirical evidence has shown that quality companies outperform the market over time. Therefore, we tend to focus our search for quality companies. Quality companies have strong balance sheets (low debt), a track record of delivering high returns to shareholders, and are in industries with high barriers to entry and good prospects. We continuously search for and monitor such companies and will invest in these when they are priced moderately or cheap.
Under-researched companies
We have an all-cap strategy, which means we can invest in small, mid-sized, and large companies. However, we favor small and mid-sized companies because we think the highest probability of finding good investments is among such companies. There are several reasons for that: These companies are less covered by the sell-side; large funds often cannot invest in these companies due to fund size issues; it is often easier to get meetings with senior management; and these companies are often less complex and more focused than large conglomerates. We have a flexible strategy and can therefore harvest the opportunities we see among mid-sized and small companies.
True active management
There has been a lot of focus in the financial press on how active the so-called active funds have been, often measured by the active share parameter. Several large funds have been criticized for having a portfolio that is too close to the index. We strongly believe that if a fund is marketed as an active fund, it should be truly active and not a “closet” index fund. Therefore, we do not focus on which shares have high weights in the different indices, and our portfolio will typically have large deviations from index and a high active share. We do not focus on how the index performs either since our goal is not to outperform a given index. We have an absolute return approach. Our goal is nothing else than to deliver the highest possible risk-adjusted return to our investors over time.
Our team
We are a closely-knit team of dedicated analysts with shared values. We are driven by a passion to contribute to a sustainable future and provide return on your investments.
Andreas Bomann-Larsen
Andreas startet sin karriere som aksjeanalytiker i First Securities før han ble en del av investeringsteamet i Formuesforvaltning, hvor han hadde ansvar for de nordiske børsnoterte aksjeporteføljene og hedgefondporteføljene. Han var også medleder for globale aksjer. I 2013 grunnla han CARN Capital.
Andreas er utdannet siviløkonom med spesialisering i finans fra Norges Handelshøyskole (NHH). Han er også autorisert porteføljeforvalter og har fullført studier i avansert verdsettelse ved Norsk Finansanalytikeres Forening (NFF) og Norges Handelshøyskole (NHH).
Olav Sirevaag
Olav Sirevaag har over 21 års internasjonal erfaring fra ledende roller innen offshore drilling-bransjen. De siste tre årene har han vært Chief Accounting Officer i det børsnoterte selskapet Northern Ocean, hvor han blant annet hadde ansvar for etableringen og ledelsen av selskapets kontor i Dublin, samt oppbyggingen av et regnskaps- og skatteteam fra bunnen av. Han har tidligere hatt ledende stillinger i Northern Drilling, Seadrill og Transocean.
Olav har bred erfaring innen økonomistyring og regulatorisk etterlevelse på tvers av flere jurisdiksjoner, herunder Norge, Singapore, Irland, USA og Namibia. Han har også omfattende egen investeringserfaring, med over 20 år som aktiv investor i aksjemarkedet og andre aktivaklasser. Olav er utdannet siviløkonom fra Norges Handelshøyskole (NHH).
Jostein Rødland
Jostein har bakgrunn innen regnskap og prosjektledelse. Han har tidligere jobbet i Knif Regnskap, et regnskapsbyrå. Jostein har en bachelorgrad i økonomi og administrasjon fra OsloMet – storbyuniversitetet.
