As the son of a herring fabrikant from Tjörn, Richard Bråse confidently orders three types of herring and herring with clarified butter and mashed potatoes for lunch at Sturehof. The waiter patiently listens to him, indulging in his knowledge of herring craftsmanship. Bråse’s debut as a fund manager is fast approaching, with the launch of the Protean Aktiesparfond on March 31st. This launch will test his skills in managing stocks and writing about them, transitioning from his role as an analyst at Di where his sharp recommendations earned him the nickname “Bråsningar.”
Despite the skepticism surrounding his career change, Bråse is determined to prove his critics wrong. Known for his contrarian approach and disdain for conventional investment strategies, he is excited about the opportunity to challenge index funds with Protean’s active management at a low cost. His investment criteria focus on Nordic companies with strong free cash flow yield, minimal debt, and potential for long-term growth.
While enjoying his herring, Bråse reveals little about the fund’s holdings, teasing that he wants to buy them first. However, he hints at companies like Kone, a Finnish elevator manufacturer, as a significant investment due to its resilient business model. Bråse’s strategy involves selecting stocks with weaker momentum rather than chasing high-flying ones, citing examples like Hexagon and Securitas to illustrate the risks of following market trends blindly.
Bråse’s fondness for Atlas Copco, an industrial giant dominating its niche, reflects his penchant for quality companies with sustainable growth potential. He is cautious about acquisitions and values family-owned businesses for their long-term focus and strong incentives for success. His emphasis on cash flow and sustainable practices is reflected in his stance on ESG issues, such as Evolution’s ethical concerns in Cambodia.
Raised on a fishing island outside Gothenburg, Bråse’s journey from historian to journalist to analyst showcases his unconventional path to finance. Despite his late start in investing, he quickly gained expertise and confidence in the stock market. Bråse’s unique blend of experience and insight promises an eclectic mix of companies in the Protean fund, challenging investors to think differently and question conventional wisdom.
As he prepares to launch his fund, Bråse remains committed to his contrarian style and critical analysis, seeking out hidden opportunities and reading between the lines in company reports. His dedication to uncovering the truth behind corporate narratives reflects his belief in Karl Marx’s words: “It is essential to distinguish between what someone says about themselves and who they truly are.” Richard Bråse’s journey from a herring expert to a fund manager is a testament to his unorthodox approach and unwavering commitment to seeking value where others overlook.