Historically BFAB mainly operated as a holding company with interests in industrial businesses and commercial real estate. The company started investing in listed equities in 2015 and is fully focused on financial investments since 2019, when Christian Billinger took over control of the company.
Our ambition is to generate attractive long-term total returns in real terms. We aim to do this without employing any financial leverage.
In order to achieve this, we are long-term investors in a small number of high quality, listed companies mainly in Europe and the US. Portfolio concentration is relatively high where our 10 largest holdings represent around 75 % of total portfolio value. We operate with very low portfolio turnover.
Our structure, which provides us with permanent capital to invest for an infinite time horizon, is well aligned with the investment philosophy. Simplicity and focus are cornerstones of our set-up and this also enables us to operate with a low expense ratio.
Our investment decisions are based on in-house research and company contacts although we also make selective use of third-party experts and sell-side research as well as conversations with other investors who share a similar mindset.
Our heroes are investing greats like Nick Train, Terry Smith, Tom Gayner, Tom Russo and, of course, Warren Buffett and Charlie Munger.
Board of directors
Our board consists of Christian Billinger, Kenneth Billinger and Per Flöstrand.
Christian Billinger (b. 1980)
Christian is chairman of Billinger Förvaltnings AB. He lives in London, UK.
He previously covered European equities for Cheyne Capital, Gartmore and GAM in London. Prior to this, he was an associate at PwC in London.
Christian has an MSc in accounting and finance from the London School of Economics and an Ekonomie Magisterexamen from Karlstad University, Sweden.
He is a CFA® charterholder.
Kenneth Billinger (b. 1947)
Kenneth is a director of Billinger Förvaltnings AB. He lives in Karlstad, Sweden.
He was previously the owner and general manager of Värmlands Motor AB in Karlstad where he was active between 1980 and 2020 and where he is still chairman.
Kenneth founded Billinger Förvaltnings AB in 1995 as a holding company for industrial- and commercial real estate holdings.
Per Flöstrand (b. 1980)
Per is a director of Billinger Förvaltnings AB. He lives in Stockholm, Sweden.
He is head of equity sales international at ABG Sundal Collier in Stockholm, where he has worked since 2009.
Prior to this, Per was at Credit Agricole and JP Morgan in London.
He has a PhD in accounting from Uppsala University, Sweden, an MSc in accounting and finance from the London School of Economics and a BSc in business administration from Flagler College, Florida.
PwC was re-elected as our auditor at the 2021 AGM. They are represented by Jan Lennart Nyström, authorised public accountant.