We employ a global equity investment approach with a concentrated portfolio of 10 to 20 companies through publicly traded common stocks.
Our selection strategy is based on fundamental research and follows a consistent investment process developed by Raven. The process and valuation methodology is build on the writings of many great investors and thinkers such as Seth Klarmann, Michael Mauboussin and Aswath Damodaran.
Deep company and industry research enable investment decisions independent of consensus.
Our Companies
Each company is selected solely based on its long-term risk-adjusted return potential. Key characteristics for our portfolio companies are:
Strong balance sheet, typically with low or no net debt.
Predictable and growing earnings and free cash flow generation
Consistent and sustainable high return on invested capital
Competent and shareholder-oriented management teams
Bought at a price below the intrinsic value of the business
Below is a subset of the companies we own in our Raven Global Fund portfolio. We have owned many of the companies for years. (Updated september 30, 2025)
About
Founded in 1984, Fiserv is a global financial technology provider to banks and businesses across more than 100 countries. The company delivers core banking systems for banks and credit unions as well as payments processing of credit cards and online transactions to businesses worldwide.
About
Prosus was established in 2019 as a spin-off from South African media group Naspers to unlock shareholder value and focus on international internet investments. The Dutch-listed global technology investor operates across multiple high-growth sectors including e-commerce, food delivery and payments with its most notable investment being a +25% stake in Chinese tech giant Tencent.
About
Founded in 1996 and headquartered in Stockholm, Nordnet pioneered online brokerage services in the Nordic region as one of the first internet brokers in Sweden. The pan-Nordic digital platform provides savings and investment services including securities trading, pension savings and private banking across Sweden, Denmark, Finland, and Norway, serving over one million customers.
About
Established in 1972 by the Norwegian government as Statoil (rebranded to Equinor in 2018), the company was created to manage Norway's vast oil and gas resources discovered on the continental shelf. Equinor engages in exploration, development, and production of oil and gas, operates refineries and petrochemical plants, and has increasingly diversified into renewable energy and offshore wind.
About
Paycom was founded in 1998 by Chad Richison as one of the first companies to offer fully online payroll processing. The company provides cloud-based human capital management solutions encompassing payroll, time tracking, HR management and employee self-service tools for businesses across the United States. Chad is still running the business.
About
Founded in 1990 in Ireland with a team of five employees, Icon has grown into one of the world's leading contract research organizations with nearly 40,000 employees in over 40 countries. Icon provides comprehensive drug development and commercialization services to pharmaceutical and biotech companies, managing clinical trials from early phase through regulatory approval and market access.
About
Established in 1998 as Confinity by Peter Thiel, PayPal launched its electronic payments system in 1999 and adopted the PayPal name in 2000 following a merger with Elon Musk's X.com. PayPal facilitates secure online transactions across over 200 markets, offering payment processing, merchant services and digital wallets such as Venmo in the US for consumers and businesses worldwide.
About
Founded in 1930 by Samuel A. Markel, Markel began by providing specialized insurance to the emerging trucking and bus industries. Today, Markel operates as a specialty insurance and reinsurance underwriter focusing on niche markets, while also maintaining a diversified investment portfolio through its Markel Ventures and a significant equity portfolio.
About
Founded in 1967, Applied Materials has grown into the world's largest semiconductor equipment manufacturer. Applied produces advanced fabrication equipment, services, and software used to create virtually every new chip and advanced display globally, serving customers across semiconductor, flat panel display, and solar photovoltaic industries.
Portfolio composition
Structuring a portfolio of companies is the art of prioritising return potential and concentration on the one hand while ensuring unforseen events will not harm the whole portfolio.
At the end of Q3 2025 our portfolio was diversified into 13 different companies with revenue diversified across North and South America, Europe and Asia. The companies was also diversified across seven different sectors, ranging from Financials to Information Technology and Energy.
