Nordic Investment Partners
About Nordic Investment Partners
Nordic Investment Partners was founded in 2017 by Ole Søeberg. Ole has a broad and long experience in global equity markets since early 1980's. He has been in investment banking, Investor Relations in large corporates, Asset Management and in various leadership roles.
Nordic Investment Partners functions as a family office within global equity investment strategies focus on multi baggers using GARP investment style.
Consultancy, education and inspiration for investment strategies provided.
Speaker assignments on request
Investors interested in a similar investment strategy are kindly suggested to take a look at Brock Milton Capital investment funds.
Investment inspiration and education for family offices and smaller investment funds. Focus on wealth preservation and capital growth using GARP and deep due diligence. External roadmaps was provided free on an annual basis. The quarterly updates is only to paying investors such as Nordic Value participants, Brock Milton co-investors, co-board members etc. The roadmaps have worked quite well in the past and they stimulate my investment passion and curiousity .
Introducer for Brock Milton Capital Link
Global long only, concentrated portfolio of 30-35 companies. High quality 'champions' and a smaller section of 'special situations'. Growth without overpaying. BMC Global turned 10 years old in December 2024 and is among 1% best global long only funds
Since inception in 2014 the fund has outperformed and the fund's founder, Andreas Brock, has made this book for better insight in the investment thinking
Nordic Value - a two day conference / boot camp for investment learnings and inspiration for experienced equity investors. Not for profit and a vetting process for all attendees. Check the Nordic Value tab for more
Contributor and/or speaker at Børsen All-Star team, Cyprus Value, ValuEspana, ValueX Klosters, Miilionærklubben, MOI Global and SumZero and other.
Reach out if you're interested knowing more.
You can reach me on ole.soeberg@nordic-investment-partners.com or via the contact box
On this website you find
Investment roadmaps for inspiration and education only
Nordic Value Conference - a conference for investment entusiast sharing investment ideas. More on Nordic Value section on this site
Pitches and illustration for investment proces for a single company
Contact
Nordic Investment Partners is owned by Ole Søeberg. More on LinkedIn
info@nordic-investment-partners.com
Fell free to reach out via the boxes below:
Monthly observation
Danish equities: earnings growth without recognition
1 June 2026
Danish equities have been among the worst-performing markets in recent years. While North America and Northeast Asia are propelled forward by AI infrastructure investment, Europe — and Denmark in particular — appears to have been left standing on the platform as the growth train departed.
The index is broadly unchanged since 2021, a striking contrast to the long-run annual return of 8.5% per year (plus dividends) since 1954 for Danish All-Shares. The last comparable five-year consolidation was during the high-inflation era of the 1970s.
The causes of the current stagnation are well-documented. Danish equities carried elevated valuations during the era of negative interest rates, and the subsequent re-rating has been compounded by a structural shift in domestic institutional capital — with Danish pension funds and asset managers rotating out of Danish equities and into global index funds. The chart of accumulated net transactions tells the story clearly: Danish investors have been net buyers of foreign shares to the tune of DKK 131 billion this year alone, while foreign appetite for Danish equities remains negligible.
Yet the underlying earnings picture tells a different story. As illustrated, aggregate operating earnings for Danish large caps have grown substantially — and when the cyclical distortions of AP Møller Mærsk and the exceptional GLP-1-driven trajectory of Novo Nordisk are stripped out, the remaining companies show a "grey mass" earnings CAGR of 14.5% from 2022 to estimated 2028. That is not a stagnant economy — it is a re-rating waiting to happen.
Valuations have compressed to undemanding levels: 16x forward P/E and 11x EV/EBIT on 2027 estimates. Q1 2026 earnings came in broadly in line with expectations, and while guidance upgrades were modest, this reflects rational caution given geopolitical uncertainty and the energy price spike since March 2026 — not a fundamental deterioration.
The OMX C20 has survived 40–50% drawdowns twice in the past 25 years and recovered to new highs both times. History suggests that stock prices ultimately follow earnings, and with the index flat for five years while underlying profits have compounded at double-digit rates, the gap between price and value in Danish equities is becoming difficult to ignore.
