Arne Ulland manages Torghatten Capital as a boutique hedge fund operation, communicating with investors through a Substack platform and direct email contact. The fund has achieved exceptional performance with a 35.2% return in 2024, 14.8% ten-year annualized return, and 20.03% annual return since 2018. Key holdings include established companies like Visa and Constellation Software, reflecting the fund's preference for businesses with strong market positions and predictable cash flows.

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Torghatten Capital employs a quality investing approach centered on the 'Quality Triangle' methodology, evaluating investments through historical financial metrics, management clarity, and forecastability. The fund emphasizes a highly disciplined, focused strategy favoring inactivity over frequent trading. Investment criteria prioritize companies with strong competitive advantages, trustworthy management, profitable operations, smart capital allocation, and predictability. The approach deliberately avoids speculative sectors like commodities, small caps with customer concentration risks, and businesses with high terminal value risk. Portfolio construction mirrors SaaS business analysis, focusing on recurring revenue models and sustainable competitive moats.

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