Dan Rohinton Tryg A/S TRYG-CPH PAST TOP PICK Jan 03, 2025

P&C insurance in Scandinavia. Scandinavian market for insurance is one of the most profitable in the world. Policy holders actually own half of the company. The more profit Tryg makes, the more of a rebate they get. They don't spend on marketing, because customers never leave. And those customers spread the word to their friends. (Price target in krona.) Great yield of 5.3%.

Valuation's been coming in because it lost track of the cost-price dynamic. Thinks we're on the other side of that headwind now. Valuation's reasonable for its quality. Profit trajectory on an upward path.

He keeps it unhedged, focuses on the fundamentals, and is actually more worried about the CAD.

(Note the short timeframe.) Still a fan for the long term. Relief rally of late, with losses coming more into line. As long as these companies can take price from customers for cost inflation, margins remain stable.