Ulf Houlst

EPF engages in active and passive investment management following growth and value approaches with a long-term outlook. They manage concentrated to diversified portfolios invested globally in equity, fixed-income, derivatives and third-party funds with the bulk of investments in Swedish securities. The firm follows a top-down investment approach and specializes in index-tracking, and stockpicking as well as absolute return strategies such as long/short equity. Their portfolio managers base investment decisions on in-house macroeconomic and fundamental research

AA is an active investment manager with a long-term outlook, following a growth-and-value investment approach and focused on absolute returns. The firm invests globally in equity, fixed income, third party funds and derivatives, with a strong focus on Sweden. They adhere to ethical investment principles, and avoid companies deriving a significant part of their revenues from alcohol, tobacco, gaming, pornography or arms. AA's investment process is bottom-up and focused on financial results and P/E ratios, paying limited attention to general market trends. The firm invests across market caps and manages focused portfolios. Determinant stock selection criteria include a strong earnings track record as well as management competence and proactiveness. The investment process is informed by outsourced fundamental research. The firm's traditionally managed equity funds are invested in listed Swedish equity and in diversified European equity, favoring large-cap liquid stocks as well as growth small-cap companies. The Graal equity hedge fund, which ranks among the largest hedge funds in Sweden, follows a market neutral strategy involving leverage through an associated fund. Graal's performances are evaluated against the OMRX-T-bill index. AA also manages a short-term fixed-income fund, a fund invested in structured products and a fund of fund invested globally and covering equity, fixed income and alternative investments.