Christian Billinger of Billinger Förvaltning discussed his approach to investing in clusters of high-quality businesses at Best Ideas 2021.

Thesis summary:

As a long-term investor in high quality businesses, Christian tends to focus on a few “clusters” of companies that generate sustainably high returns on capital with limited downside.

Christian presented three of those clusters to the MOI Global community as part of Best Ideas 2021:

  • Elevators & Escalators,
  • TIC (Testing, Inspection & Certification),
  • and Aircraft Engines.

The “clusters” combine resilient top-lines, flexible cost structures, and attractive market dynamics to enable attractive rates of long-term compounding. Christian believes that thinking in “clusters” makes for an efficient way to manage a portfolio.

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About the instructor:

Christian Billinger is an Investor at Billinger Förvaltning, a family-held investment company with no external capital. The simplicity of the setup as well as permanent and patient capital provides Christian with the proper environment to pursue his strategy of identifying long term compounders.

Christian focuses first on the qualities of robustness and resilience which limit downside potential before determining the mix of returns on capital and scope for reinvestment opportunity that accounts for the upside. Often, these factors overlap with family-controlled management teams that more conservatively finance their operations.

Prior to Billinger Förvaltning, Christian worked as a European Equity Analyst for various investments funds. Before that, Christian was an associate at PwC. He holds an MS in Accounting and Finance from The London School of Economics as well as Karlstad University. He is also a CFA charterholder. He splits time between London and Sweden.

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