Investment Theses
Alimentation Couche-Tard
Alimentation Couche-Tard (ATD) is the world’s second-largest operator of convenience stores, with nearly 17,000 locations worldwide, including all TotalEnergies outlets in the Netherlands. Although selling fuel, drinks, and snacks may not sound as exciting as AI, convenience store chains are among the biggest success stories in the stock market.
TD SYNNEX
TD SYNNEX (SNX) is the latest equity addition to the Laaken portfolios. SNX is the largest global IT distributor, acting as a middleman between a highly diversified supplier base and a fragmented customer base. SNX distributes over 200.000 products of IT hardware and software from computers, servers, storage to hyperscale infrastructure and cloud services like cybersecurity software. SNX provides an opportunity to grow with IT spending, without having to predict which company will thrive or survive.
Booking Holdings
Booking Holdings is the online global leader in travel and related services. Its core business, the Netherlands-based Booking.com, stands as the largest online travel agency (OTA). The platform aggregates over three million properties and facilitated more than one billion room nights booked last year. Besides accommodations, Booking advertises airline tickets and car rentals on its platform.
EQT AB
EQT AB is an alternative asset manager with €130 billion in assets under management (FPAUM), which the company invests in unlisted companies and assets (private equity). EQT charges a management fee percentage of 1.4%. In addition to the management fee, they also earn a performance fee (carry) if the investments perform well. Laaken attended the first capital market day in Sweden last month.
Rightmove
Rightmove is UK’s largest online real estate portal and the first thing that comes to mind when people think of moving.
VISA International
VISA is a typical Laaken investment. The business model is simple, efficient, but almost impossible to imitate. An average of 0.05% is earned on every payment that passes through the VISA network. Buyers and sellers receive a reliable, fast and secure payment network. VISA is responsible for approximately 62% of total credit card traffic in the US and 40% worldwide.
Universal Music Group
Universal Music Group (UMG) is the world’s largest music label. They own a large and growing collection of irreplaceable music rights that we expect to increase in value over time. Music consumption has been steadily increasing, driven by the rise of streaming. UMG is a direct beneficiary of this secular trend, as it essentially earns a tax (or royalty) on music consumption.