"Stable businesses in traditional industries"

Listed companies

We invest in listed companies, based on a rigorous analysis and we continuously monitor the company’s performance.

As with unlisted companies, we prefer a great stable business in traditional industries. The main difference between these two categories is that our listed companies are larger with a broader international footprint.

We prefer traditional and simple to understand businesses in stable industries. Overall, it gives our portfolio a low risk profile.


Over the years, we have developed a model that provides a comprehensive investment framework for identifying new leads and evaluating existing holdings


Our investment operation is based on a simple model: the search for undervalued quality companies in the Graham & Dodd spirit.

We buy shares in Value companies and try to have the patience to wait for the market to discover the company’s true potential.

We have positions in General Electric, BofA and Cable & Wireless, among others. Our planning horizon is at least 5-10 years, but we are opportunistic. If really high  prices are offered by the market, we might be persuaded to sell.​


When selecting investment ideas, we look for:​

A large established business with a strong competitive position.​

  • Businesses and operations that are simple to understand
  • Strong management with owner-orientation
  • High return on equity
  • Advantageous price


Atnotera was founded in 2004. We make investments in stocks and bonds.

Our approach

A value based investor, guided by models and principles.

Unlisted companies

In private companies, built by entrepreneurs with a clear mission.

Listed companies

Low risk, traditional industries and mature businesses constituteour motto.


By invitation only