BLS CAPITAL FONDSMAEGLERSELSKAB A

BLS Capital, an asset management company and investment adviser, provides advisory services to clients. The company is authorized by the Danish FSA to provide these services. BLS Capital has a service minimum of $20 million USD, where portfolio managers meet with investors and clients at least once per year to review account performance and conduct mid-year updates. Investors also receive monthly unaudited performance reports, semi-annual performance commentary and reports, and annual audited financial statements and reports. BLS Capital has an agreement with a U.S.-based marketing agent to pay a fixed percentage of fees collected from referred investors or clients. The client pays no additional fee regardless of investing with BLS Capital through the marketing agent. Payment of fees to the marketing agent is clearly disclosed to the individual client, and clients are obligated to sign a disclosure statement prior to investing. This agreement complies with the requirements of Rule 206(4)-1 under the Advisers Act.

The investment strategy focuses on absolute return, seeking to maximize the return potential of each investment. The portfolio is concentrated in 25-30 equity securities of companies listed on global stock exchanges, primarily in North America, Asia, Europe, and emerging markets. The strategy does not use derivatives and is based on assessing each company's long-term risk-adjusted return potential, rather than relying on market indices. The investment selection process involves a three-step approach. Initially, a quantitative screen of approximately 20,000 companies is conducted, considering factors such as return on invested capital, return on equity, and capital distribution. This screen generates a list of approximately 1,000 potential candidates. Next, a thorough fundamental analysis is performed, involving desk research, field visits, and meetings with company management to assess the business models and environments of potential portfolio companies. Finally, the investment philosophy emphasizes identifying exceptional quality companies with robust business models, competent management teams, and a high potential return on invested capital.

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