A new position after a long time: Creades.
Purchased on 27.08.2025 @79.50 SEK. My holding period: +5 years.
Justification:
A large, interesting acquisition was completed - together with, among others, Bure - in June: Silex Microsystems, the world’s leading semiconductor company.
The current NAV discount is exceptionally large at approximately +7%. For example, the 5-year average is approximately a -20% NAV premium.
Impressive track record: since listing in 2012, the return excluding dividends is approximately +500%.