THE LOYAL INVESTOR
Investment Director at ODIN, Senior Portfolio Manager ODIN Sverige and ODIN Norden
ODIN Fund Management
Siviløkonom 2004, Master in Accounting 2006
“The financial industry is not easy. If you don’t have passion for shares and companies, look for something else.”
Vegard Søraunet began his career as a trainee at ODIN Fund Management. Eleven years later he is Investment Director.
What has been the biggest change in the financial industry since you started in 2006?
Markets are getting more and more correlated. Before the financial crisis, it was possible to diversify in different regions and countries. Today I would say that sectors are the best way to diversify your portfolio. Another long-term change in the financial industry is short-term obsession. In the 1990s, an average holding period of shares was two to three years, and today it is less than six months.
How much do you trust your instinct, your gut feeling?
Gut feeling is just an add-on to a deeply analytical and fundamental approach to investing. At ODIN, we decide by looking at three P’s. Performance, Prospects and Price determine whether to invest or not. In addition, we are very focused on the management of a company, and the owners. We get on the phone or a plane to find out more.
What makes a great Portfolio Manager?
I think portfolio managers spend too much time deciding whether a share is cheap or not. If they spend the same amount of time analysing the long-term development of a company, they could see a bigger return on their investment.
What has your career been like?
After the dotcom crisis and the terror attacks of 2001-2003, opportunities in the financial industry were affected. To get a job in accounting at PwC at the end of 2003 was a milestone. While doing my Masters in accounting at BI, I started as a trainee at ODIN Fund Management while I was still studying.
As a leader, what is your focus?
I am a true fan of decentralised leadership, where every employee has a goal and where performance is monitored along the way.
What career advice would you give to someone who wants to work for ODIN Fund?
The financial industry is not easy. If you don’t have passion for shares and companies, look for something else.