About us

CARN Capital is an independent investment organization located in Oslo. The firm deploys a fundamental equity strategy investing in quality companies in the Nordics. CARN manages one fund, CARN Latitude, with a concentrated portfolio and long-term holdings.

Our name is based on the old Gaelic word for cairn. For thousands of years cairns have marked the landscape and helped travellers navigate the terrain. For us carn is a symbol of sustainability and responsibility. A mark that shows us that we are on the right path into the future.

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.



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.



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.



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.



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.



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 started his career as equity analyst in First Securities before he joined the investment team in Formuesforvaltning where he was responsible for the Nordic public equity portfolios and hedge fund portfolios. He was also co-head for global equities. In 2013 he founded CARN Capital.

Andreas has a Master of Science Degree in Business Administration from the Norwegian School of Economics. He is also an Authorized Portfolio Manager and has completed studies in Advanced Valuation from The Norwegian Society of Financial Analysts and Norwegian School of Economics.

Jostein Rødland


Jostein has a background in accounting and project management. He has previously worked at Knif Regnskap, an accounting agency. Jostein has a Bachelor’s degree in Business Administration from Oslo Metropolitan University (OsloMet).

Daysiane Lerøy


Daysiane Lerøy has a legal background and five years of experience working as a litigator in Brazil, during which time she led and ran her own law firm. Her skills include analyzing legal issues, drafting pleadings and motions, conducting research, and representing clients in court proceedings. In 2017, Daysiane earned her Law degree from the Pontifical Catholic University of Minas Gerais in Brazil. She passed the Brazilian Bar Association exam and became registered as a practicing attorney that same year.