When Spiltan was founded in 1986, it began as an investment club among friends from Linköping Institute of Technology. The starting capital was a modest SEK 40,000, but within the very first year, the investment had already doubled. This early success led to the club transitioning into a limited company – a company that today is a key player in the Swedish investment market.

Driving this development is Per Håkan Börjesson, the company’s CEO and co-founder, who has led the company full-time since 1997. Inspired by Warren Buffett, he has established a long-term investment philosophy focused on profitable companies and sustainable value creation. Like Buffett, he advocates for buying strong, well-managed companies at a fair price and then holding them for the long term. He emphasizes the importance of compound interest, avoiding quick exits, and steering clear of “turnaround cases” – companies in deep crisis that rarely manage to reverse their trajectory. For Per, successful ownership is all about patience, long-term thinking, and letting time work for the investor.

A Philosophy of Long-Term Ownership

“We have never had an explicit exit focus,” says Per. “Our philosophy is built on investing in good companies, holding onto them for a long time, and letting compound interest do the work. It’s surprising how many investors sell too early, just when the value has doubled. We believe that’s actually when the journey is just beginning.”

This strategy has certainly paid off. Today, Spiltan’s stock portfolio is valued at over SEK 8 billion. Among its listed holdings are Paradox Interactive – a company that has grown into a billion SEK success – along with Teqnion, Bonäsudden, and KlaraBo. On the unlisted side, the portfolio includes Spiltan Fonder, P&E Fastigheter, Carbomax, Realforce, Alcadon, and several other fast-growing entrepreneurial companies.

Funds with Broad Reach

In 2002, Spiltan launched Spiltan Fonder, which today manages around SEK 100 billion across nine different funds, ranging from actively managed Swedish funds to index-like global funds. The success has not gone unnoticed: the fund company has been named “Fund Company of the Year” several times and has received top ratings from both Morningstar and Privata Affärer.

Balancing Risk and Long-Term Growth

As CEO, Per wears two hats: one as co-owner of the family business Börjessons Bil, and the other as the figurehead of Spiltan. “It’s all about balance. In the family business, we may crunch the numbers for a new facility and need to be willing to take on some risk. At Spiltan, however, we invest in stable, profitable companies where we see long-term value creation for future generations. Many are tempted to invest in AI and the defence industry, but it’s often wiser to stick with solid companies. Our model is to take minority stakes, often around 30 percent, which gives entrepreneurs access to capital without losing control. One example is our recent SEK 50 million investment in Switch Nails.”

Board Work Focused on the Business

As active owners, Spiltan ensures they are always represented on the boards of portfolio companies.

“The challenge is to keep the focus on the business. New regulations—especially related to ESG—risk taking up too much time. Growth companies need to put their energy into developing the business, not drowning in reporting. We tailor board expertise to the company’s needs—sometimes we act as mentors for entrepreneurs, while other times we bring in external experts or chairpersons to complement the team. What’s important is always having the right people around the table,” says Per.

Despite Spiltan’s success, Per is critical of the increasing regulatory burden from the EU. “In Sweden, we always want to be a bit better than everyone else, but at the same time, we’re bad at influencing decisions in Brussels. Regulations and trade tariffs hit particularly hard, especially for smaller growth companies. One example is women’s footwear brand Flattered, which is struggling to ship to the US due to tariffs.”

Spiltan has deliberately chosen not to be locked into a single sector. “We look for talented entrepreneurs, regardless of industry. As minority owners, we sit in the backseat – we can’t replace the CEO – but that’s also our strength. We let the entrepreneur retain control, unlike many venture capitalists,” Per explains.

“Sweden’s Warren Buffett”

Per himself has been called “Sweden’s Warren Buffett” and has written several well-known books on saving and investing, including How All Swedes Can Become Millionaires and How to Become a Millionaire in a Hammock. He agrees with Buffett’s quote, “Turnarounds seldom turn”: “I completely agree. We avoid companies in crisis. It’s much wiser to invest in already well-run companies with strong competitive advantages.”

Never Stopping to Work

Although Per is officially retired, he continues to work full-time. “I’m always working, but I don’t see it as work – I enjoy it. Reading books, writing, listening to the radio program Sommar i P1, or skiing is how I recharge,” he says.

With more than 21,000 shareholders in Spiltan Invest and an investment company growing at a record pace, Per continues to pursue his vision: to build long-term ownership for generations to come.

“We want to show that it’s possible to combine profitability with resilience. Spiltan is built to endure – long beyond my own lifetime,” he concludes.

#Spiltan