2 Stocks From My Portfolio + 8 Years of Performance!

Value Investing with Sven Carlin, Ph.D.•Apr 25, 2026

Summary

Sven provides a comprehensive review of his portfolio's performance since its inception in May 2018, noting that his strategy has evolved significantly, particularly after a major reset in 2022. He reports a compound annual growth rate (CAGR) of 15.6%, which has outperformed the S&P 500's 14% return over the same period. Sven attributes this success to a disciplined approach of finding businesses that reward owners with at least a 10% yield and possess a strong margin of safety to allow for long-term compounding.

The current portfolio strategy focuses on companies with low P/E ratios (around 9-10), high return on equity (20%), and low price-to-book ratios, sometimes as low as 0.3 or 0.8. Sven emphasizes that research compounds over time and that patience is critical for navigating market volatility. He also highlights a shift toward quality, noting that his performance has improved in the last few years as his methodology matured.

Vår Energi (Norway Oil Exposure): Sven initiated a position in this Norwegian oil producer in December when prices were low, attracted by its 10% dividend yield and low-cost production profile. He originally planned to slowly build a 15-20% exposure to the oil sector through 2027, but the stock has already seen a price increase. He views the stock as a way to collect dividends while waiting for market inflections.

Bergbahnen Engelberg-Trübsee-Titlis (Titlis): Sven describes this Swiss mountain resort as a unique small business that allows investors to own a "piece of Switzerland." The company is currently investing heavily in new systems and infrastructure to accommodate more visitors and increase long-term earnings. Sven bought the stock when it was much cheaper a couple of years ago and continues to find it an interesting long-term hold despite recent price fluctuations.

General Portfolio Holdings: Sven mentions that his key positions now consist of companies compounding at a 20% return on equity with substantial cash reserves. He looks for catalysts that could unlock value over the next four to five years. He maintains a watch list of 50 additional companies and sectors to identify new opportunities when they reach attractive entry points.

Mentioned Stocks

VAR.OL

Sentiment: BUYAction: RECOMMENDED

Reasoning: Sven bought this stock in December to gain exposure to Norwegian oil at a 10% dividend yield. He likes its low-cost production and sees it as a compounding play, despite high Norwegian taxes. He originally intended to build a larger position (15-20% of the portfolio) and remains positive as the stock has already increased to a 2.7% position.

Loading chart...

TIBN.SW

Sentiment: BUYAction: RECOMMENDED

Reasoning: Sven views Titlis as a high-quality asset that represents owning a piece of Swiss infrastructure. He notes that the company is investing in new systems and visitor capacity, which should drive future earnings. He entered the position when it was cheaper a few years ago and views it as a strong small-business component of his portfolio.

Loading chart...