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Nielsen Capital Management

Deep Value Investing

Dear Investors, 

Welcome to our website. Nielsen Capital Management Fondsmaeglerselskab A/S is an advisory firm specialising in value investing.
For over 20 years, I have been active in the field of value investing. It is our only business and it is how we invest our own money.
We believe it is important that our clients understand what they own and that they invest with us for the right reasons. Therefore, we want to make it as easy as possible for prospective investors to learn about our investment philosophy and the ways we try to implement that philosophy in managing assets. So, we have tried to make our website informative and encourage you to read about whom we are and what we do.
I welcome your visit and hope you find this information helpful. If you would have any further questions, please feel free to give me a call.
Thanks for your interest,

Ole Nielsen


We regard patience as a virtue. We will demonstrate patience when we have invested in an undervalued company and the market price does not reflect the company’s intrinsic business value. We will also demonstrate patience when we find it more difficult to locate companies that meet our investment criteria.

Letter to Shareholders Nielsen Global Value 2006


1987 -5,26% -8,76%
1988 36,97% 58,66%
1989 46,09% 27,61%
1990 (aug) 7,68% -6,81%
1991 (mar) 4,18% -0,35%
1992 16,59% 3,03%
1993 31,04% 36,55%
1994 1,98% -8,97%
1995 (april) 1,36% 1,31%
1996 9,56% 25,02%
1997 26,54% 39,34%
1998 7,76% 17,46%
1999 33,28% 45,05%
2000 10,23% -6,13%
2001 12,26% -12,47%
2002 (jul) -11,27% -11,84%
2003 41,35% 10,74%
2004 23,41% 6,44%
2005 27,70% 26,13%
2006 1,84% 7,41%
2007 -7,58% -1,64%
2008 -23,51% -37,7%
2009 23,94% 25,73%
2010 4,77% 10,01%
2011 -9,03% -5,49%
2012 19,41% 15,71%
2013 19,61% 28,87%
2014 6,87% 9,81%
2015 7,68% 2,08%
2016 1,52% 9,00%
Per Annum 11,76% 8,90%
Total return 2.221,00% 1.015,20%

Declaration in %
Base Currency Euro
Source: Nielsen Capital Management Fondsmaeglerselskab A/S
All information is supplied without guarantee
Historical data don't provide indications for future developments

We would only be limiting ourselves if we focused on one single category only. That is why we invest across all categories. We don't care whether a company belongs to one category or another – we don't even think about it when we make our investment decisions. Nor do we think about whether the initial letter in the name of the company whose shares we buy belong to the first or the latter half of the alphabet. It is of no consequence whatsoever for the achievement of our objective. We are both big-cap, small-cap and "first half of the alphabet" investors.

Letter to Shareholders Nielsen Global Value 2003

Nielsen - Global Value 

The mutual fund Nielsen, FCP – Global Value is a Luxembourg based mutual fund initiated by Ole Nielsen, who is principal in the investment advisory company Nielsen Capital Management Fondsmaeglerselslkab.
Nielsen Global Value is administered by European Fund Administration who is a major independent provider of fund and admin services.
Nielsen Global Value has Banque De Luxembourg and it’s controlled subsidiary Conventum Asset Management as Custodian and asset manager.
Nielsen Global Value is thus having strong backing up of administrative organisations so that focus can be concentrated by the core investment objective of Nielsen Capital Management Fondsmaeglerselskab:

To maximize long-term average annual book value per share while minimizing the risk of permanent loss of capital.

The Nielsen Fund is authorized for distribution in Luxembourg and Germany.

Net Asset Value

Class A€ 202,2727.06.2017

Class B€ 204,8327.06.2017

Fund Size

Class A12,43 mill. €27.06.2017

Class B31,20 mill. €27.06.2017



3 Year p.a.3,38%31.05.2017


Volatility 1 Year5,29%31.05.2017

Sharpe Ratio0,6031.05.2017


But the combination of highly valued stocks, optimism and the fact that we have seldom found it this difficult to find underpriced companies tends to hamper our enthusiasm. Many years of experience tells us that there is shadow in paradise as well. We do not want to hunt for stocks in expectation of being able to or having to "follow suit" with the stock markets. We have our doubts and from experience we find wisdom in the saying: ”Results often follow – when adrenaline flows”.

Letter to Shareholders Nielsen Global Value 2005











Letter to Shareholders