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ANTAP CAPITAL
Clearing the forest
in search of the next
investment
From stock market reporter at Dagens Industri to professional asset
manager for Mellby Gård. Gustaf Tapper founded Mellby Gård’s investment
company Antap Capital along with Rune Andersson. As a former journalist,
Gustaf Tapper is used to putting together the pieces of the puzzle in the
search for the right investment.
Antap Capital is a privately owned investment company founded “I can go out into the forest with my chainsaw, even in the heat of the
in 2019 by Rune Andersson and Gustaf Tapper. Its portfolio summer vacation, and thin birch pulpwood,” says Gustaf Tapper. “It’s
consists of both Swedish and foreign shares – a mix of an incredible workout, and also encouraging to see the results in the
industrial companies, highly profitable small companies and stable forest. I cut down at least one full logging truck and trailer each year.”
value companies in mature sectors.
READY TO INVEST IN THE STOCK MARKET WHEN NEW
“We prefer to own manufacturing companies with unique, high- OPPORTUNITIES ARISE
quality products that generate value for the customer, with high market
shares in a small market and with good pricing and high barriers to The appetite for competition is also evident when Gustaf Tapper
entry for new competitors,” says Gustaf Tapper, CEO of Antap Capital. reflects on 2023.
FROM ANALYSIS TO MANAGEMENT “As an asset manager, you’re rarely satisfied,” he says. “The challenge
is to keep a cool head even during difficult periods on the stock market
Gustaf Tapper’s interest in shares was sparked in his teens by the 1987 and not to sell good companies when prices keep falling and falling.
stock market crash. While studying economics in Lund, he was given Bad companies may go down in a crisis, but in the long run, the stock
the opportunity to write about the day’s stock exchange developments market will climb to new record highs. Timing is mostly luck – time in
in southern Swedish daily newspaper Sydsvenskan – which is how he the market is more important.”
got started on his current trajectory. Over the years, he has worked
as news editor, editorial director, news reporter and senior reporter at 2023 was an extremely volatile year, according to Gustaf Tapper,
Swedish financial newspapers Finanstidningen and Dagens Industri. with uncertainty about inflation, interest rates, geopolitics and
the economy. Investors struggled to make up their minds – would
“After 19 years at Dagens Industri, I wanted to do more than just write everything remain as dark as a day in Sweden in November, or was
about shares and transactions,” says Gustaf Tapper. “My experience there sunshine up ahead, with a soft landing and cuts in interest rates?
as a journalist, spanning everything from research and interviews to When analyses diverge, it seems that the most important quality of
analysis, is useful when putting the pieces of the puzzle together as an asset manager is patience. As a reward, several of the portfolio
an asset manager. The overall picture is crucial in assessing whether a companies delivered record figures.
company is good or bad, with good or bad management. I usually say: I
don’t like surprises. Unfortunately, you can’t completely avoid them.” “My strategy in 2023 was to buy more in the companies that had
moved from ‘good’ to ‘great’: Trelleborg, VBG and Bufab in Sweden,
When Mellby Gård presented their proposal to start Antap Capital, and Chemring, GEA and Iradimed abroad,” says Gustaf Tapper. “The
I didn’t hesitate to accept the role of CEO. Today, the portfolio offers best part of my job is seeing companies outperform themselves. It
great breadth, with shares in Swedish industrial companies such as was good to see Trelleborg develop positively in 2023 after the sale
Trelleborg, VBG and Alleima, the general partnerships Christian Berner of its tire business. Similarly, Christian Berner has really fulfilled my
and Bufab and the power network company Dala Energi – to name just expectations, and Chemring’s order intake increased by an amazing 37
a few. percent.”
DAILY CONTRASTS Gustaf Tapper sees Mellby Gård’s long-term approach as crucial.
“A year ago, Antap Capital’s investments were expanded by a
It was the challenge of building a portfolio that attracted Gustaf portfolio focused on Nasdaq Stockholm OMX Large Cap,” he says. “We
Tapper – he undoubtedly has a competitive streak. He enjoys running have more funds available for investments if the right situation arises
in his spare time and has completed the ten-kilometer Midnattsloppet to expand that portfolio.”
race five times in times under 40 minutes. His daily life in the financial
sector is contrasted with work in the forest, which is also high up on his
list of interests, as he owns a piece of land in Småland county.
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