Investment
Management

The portfolio

msr. Portfolio

A long-term portfolio in two parts: a core of quality companies we intend to own for years, and a maritime satellite where our specialist research goes.

Performance The team

About the portfolio

msr. manages its partners' own capital in one portfolio with two clearly separated parts.

The core gives the portfolio its ballast: established, well-run companies with strong market positions, roughly half Swedish and half global, owned in the spirit of the great holding companies. We change it rarely and mainly by adjusting how much of the portfolio it makes up.

The maritime satellite is where we try to earn our edge. Shipowners across tankers, containers, car carriers and gas, and the companies that equip and serve them. Each position is pitched, challenged and voted on, and its size moves with where we believe the shipping cycle is heading.

Individual holdings are disclosed in our quarterly reports.

Follow the portfolio

msr. is a closed, proprietary portfolio. This is how you can follow our work.

Quarterly reports
Published after each quarter with holdings, portfolio decisions and our outlook. First quarterly report: April 2027 (Q1 2027).
Reports
Monthly letter
Our thinking on shipping and maritime markets, once a month.
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LinkedIn
Short updates, articles and news from the team.
Follow msr.

msr. invests only its partners' own capital and does not accept outside investment.

Performance

msr. portfolio (backtest) against its benchmark, 50% OMXS30 and 50% MSCI World, in SEK. Indexed to 100.

Backtest, hypothetical
As of
Sep 2026Monthly data, 100 = Sep 2021
1 month
+2.7%Benchmark +1.4%
Year to date
+24.5%Benchmark +19.2%
1 year
+33.0%Benchmark +25.8%
3 years
+89.4%Benchmark +67.0%
5 years
+166.9%Benchmark +85.8%
msr. portfolio (backtest) Benchmark
  1. Simulated backtest of today's portfolio composition. The companies were selected in 2026, with hindsight, so the result is an upper bound and not something anyone could have achieved in real time. Annual rebalancing, dividends reinvested, before fees and taxes.
  2. msr. runs a paper portfolio until January 2027, when live trading with the partners' own capital begins. Actual results will be reported here from then on.
  3. Past performance, real or simulated, is no guarantee of future returns. The value of investments can go down as well as up.

Portfolio exposure

Whole portfolio, 25 Sep 2026. Figures are rounded. Individual holdings are published in our quarterly reports.

Sector

  • Shipping and marine25%
  • Industrials15%
  • Holding companies13%
  • Gold9%
  • Consumer staples9%
  • Technology7%
  • Financials6%
  • Health care5%
  • Communication4%
  • Interest-bearing (tilt reserve)4%
  • Consumer discretionary1.5%
  • Materials1.5%

Inside the maritime satellite

  • Tankers (crude, product, chemical)5.5%
  • Marine equipment5%
  • Containers3%
  • Car carriers2.5%
  • Gas carriers2%
  • Combination carriers2%
  • Logistics2%
  • Marine technology2%
  • Maritime services1%

Geography

  • Sweden43%
  • Nordics excl. Sweden22%
  • North America19%
  • Gold (not country-specific)9%
  • Europe excl. Nordics6%
  • Asia2%

The team

Three partners with complementary backgrounds: equity research, life at sea and quantitative analysis. Every decision is taken together.

Photo to come

Partner

Joel Mondor

Co-founder, equity research

Joel studies Financial Economics at the School of Business, Economics and Law at the University of Gothenburg. He brings a quantitative and equity-research background: valuation models and investment memos for a private client, and systematic strategies he has designed and backtested himself. At msr. he leads equity research and portfolio construction.

Experience
Co-founder, msr. Investment Management, 2026 to present
Co-founder and Research Analyst, Camelot, 2025 to present
Investment Analyst, private client mandate, Mallorca, 2025
Independent trader, equity-index futures, 2020 to 2025
Education
B.Sc. Financial Economics, School of Business, Economics and Law, University of Gothenburg, 2026 to 2028
LinkedIn
Photo to come

Partner

Linus Stålby

Co-founder, maritime

Linus is studying to become a master mariner at Chalmers University of Technology. He has extensive experience on the open ocean, having served on board vessels across several shipping companies and fleets. At msr. he leads maritime research: the operational view of vessels, trades and fleets that the numbers alone do not show.

Experience
Co-founder, msr. Investment Management, 2026 to present
Sea service on board vessels in several shipping companies' fleets
Education
Master Mariner programme, Chalmers University of Technology
LinkedIn
Photo to come

Partner

Simon Rosberg

Co-founder, quantitative analysis

Simon studies mathematics at Chalmers University of Technology alongside studies at the School of Business, Economics and Law. With an eye for numbers and a strong quantitative angle, he leads msr.'s modelling: risk, portfolio analytics and the data behind the msr. Terminal.

Experience
Co-founder, msr. Investment Management, 2026 to present
Education
Mathematics, Chalmers University of Technology
School of Business, Economics and Law, University of Gothenburg
LinkedIn

Key facts

Reports

  • First quarterly report: April 2027 (Q1 2027)
All reports
CompanyM.S.R. AB
Founded2026, Gothenburg region
CapitalPartners' own capital only
Benchmark50% OMXS30 and 50% MSCI World, in SEK

Portfolio insights

All insights
Newsletter
Joel Mondor

Why we started msr.

Three friends, one sector and one simple rule: our own money goes in first. An introduction to msr. and to what this letter will cover.

Read more
Research
Simon Rosberg

Reading the shipping cycle

Freight rates, fleet supply and ton-miles. A short primer on the mechanics that drive shipping earnings, and how we use them before we look at a single share price.

Read more
Newsletter
Linus Stålby

Home port: why Gothenburg

Scandinavia's largest port, a deep maritime tradition and one of the Nordics' strongest maritime schools. Why we are building msr. on the West Coast.

Read more

Subscribe to our newsletter

The msr. letter arrives once a month with our thinking on shipping markets, the portfolio and the cycle. Quarterly reports land in the same inbox.

  • Monthly letter on shipping and maritime markets
  • Quarterly reports when they are published
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msr. invests only its partners' own capital and does not accept outside investment. Nothing on this website is investment advice or an offer to invest. Past performance, real or simulated, is no guarantee of future returns.Own capital only. Not investment advice or an offer to invest. Read more