Busy And Useful

“Slow acceleration” is probably the best way to describe Industrivärden, with Industrivärden today you get a fine mix of high-quality companies that have proven their stability, year after year. In addition, you get a dividend that has historically been reliable.

The dividend has grown by an average of 7% since 1999. There have also been relatively few periods in which the dividend has been reduced and it has always quickly found its way back to a rising trend.

Positive and negative

If we look at what did best in 2023 in their portfolio, it was newcomer Alleima. This is then Sandvik’s steel division which was spun off in 2022. Essity, which is also a spin-off, went really well during 2023.

We should remember that major changes rarely occur in Industrivärden’ s portfolio. Major portfolio changes recently are that the entire holding in the ICA group was sold in 2018 and that SSAB was sold in 2021.

I also find this image interesting, although at first glance it can be difficult to decipher. It shows how much of the total each holding weighs over time. There we can clearly see that holdings like Alleima and Volvo are only getting heavier and heavier, while sourdoughs like Ericsson are suffering.

The absolute best thing about Industrivärden seems to be that you have some kind of crystal ball when it comes to the interest rate situation, but it’s probably just a coincidence. For many years, it has gradually reduced its debt from quite high levels in 2013. The goal right now is to be between 0% – 10% net debt of the share portfolio’s value.

What I personally like to look at is how Industrivärden has chosen to invest in recent years. Last year people filled up mostly in Sandvik and Volvo. 

Industrivärden’s purchase (SEK million)	2023	2022
Sandvik	1 137	467
Volvo	853	1,312
Handelsbanken	635	357
SCA	228	0
Essity	0	199
Alleima	0	676
Skanska	0	174
Total	2,853	3,185

At the moment, I have a small share count in Industrivärden, but the plan is to add more during this year.