Our History

Dunross is a story about an idea developing into a worldwide investment company, now solely focused on Breakout Nations, promoting wealth creation and poverty reduction all around the world.

1990

2004

2017

Dunross Prehistory

Everything must start somewhere – here with the first investment

 

Sweden is in a structural crisis, with the steel, shipyards and forestry industries in structural decline. Labor unions are squeezing companies and the cost pressure is enormous. A decision is taken to socialize all Swedish companies, through funds owned by the unions. There is an oil crisis and later one more and petrol is rationed. We have heavy capital controls and the marginal income tax is 90 percent, sometimes over 100 percent. The average turnover per day at the Stockholm stock exchange is 0.5 MUSD. Dunross’ contrarian investment style is born in this environment, with the acquisition of 15 shares in Boliden…

1977…
Dunross Prehistory

Reagan and Thatcher – change is needed and change is coming

 

The liberalization and internationalization of the world takes place through President Reagan and Prime Minister Thatcher, releasing hidden creativity. The people and the economy starts to flourish. More companies get started, free trade agreements are signed and income taxes are reduced. Prosperity is coming and wealth is created. A new digital trading system is introduced on the Swedish Stock Exchange and call- and put options starts trading. The turnover on the Swedish stock exchange explodes. During the 1980’s the founder of Dunross starts and develops a lot of companies that later on will be brought together in Dunross.

1984–1989

Genesis!

 

The free market in Sweden now gets its first hang over, caused by too much leverage and speculation. When Saddam Hussein invades Kuwait oil prices spikes and the property market in Sweden collapses. We get a major banking crisis and a lot of companies and local profiles go bankrupt. Dunross starts its operations and all investments done during the 1980’s, and some cash from divestments, is now united under one umbrella and our contrarian style saves us from the property mania and its backlash. Dunross starts with a financially strong balance sheet.

1989–1995

Creating business the contrarian way

 

Sweden now gets into the dotcom era, where the combination of globalization and technology makes people see no limits… It ends with a crash, but Dunross takes no part of this and continues to work with development of companies. Among other things we take part in the foundation of the independent stock brokerage firm, Matteus Fondkommission AB, which later is introduced on the Swedish stock exchange, as are two of our other founding investments; Riddarhyttan Resources (gold resources) and Diffchamb (food diagnostics). All three, mainly owned by Dunross, were all considered contrarian at the time, but become very successful! After the fall of the Soviet Union, Russia opens up, and we decide to invest heavily there.

1996–2000

Change of direction to internationalization and stock market participation

 

The dotcom crash and 9/11 occur and the world is getting paralyzed, but Dunross is unaffected and contrarian to “Main Street” invests in “old” industries that has gotten out of fashion. After the dotcom crash restructuring possibilities in the IT-sector emerges and Dunross takes part in the restructuring of the IT infrastructure company Song Networks. Diffchamb is acquired by Finnish company Rasio and delisted. Riddarhyttan makes an astonishing gold discovery in northern Finland and Dunross makes a major shift in its strategy, deciding to focus more on international listed companies. Especially in, at the time, very unpopular Emerging Asian Markets.

2000–2003

Further Internationalization and divestment of private equity investments

 

Internet is now getting big in the world and globalization and digitalization starts to be a major force in driving wealth creation and poverty reduction. Dunross increases its international focus and decides to divest all its private equity investments to focus more on emerging markets. Among the biggest divestments is Riddarhyttan, whose major gold deposit in northern Finland turns out to be too big to be developed by the company itself. It’s bought out from the stock market by Canadian gold producer Agnico Eagle Mines Ltd and the deposit becomes the biggest gold producer in Europe.

2004–2006

Local presence – physical establishments abroad

 

The first Iphone is introduced and will revolutionize digitalization and connectivity, the world “shrinks” even further. The subprime mortgage scandal emerges and the central banks pumps the system full of “cheap” money avoiding a 1929 like depression. However, these measures also sow the seeds for another perhaps much greater crash later on. Dunross decides to leave the old highly indebted world and goes, in its contrarian style, all in on emerging markets, where debt levels are low and demography much better. Subsidiaries and physical presence in Singapore and Paphos are established and many Dunross employees goes international and finds new career paths. Dunross takes a new strategic decision to get even more internationalized, through the establishment of our Luxembourg office. In 2012 we also start a foundation in Sweden, Stiftelsen Dunross & Co, which creates its own model of greater good for young people, www.stiftelsendunross.se.

2007–2012

Focus on Breakout Nations

 

The world is now very globalized and efficiency gains from digitalization are driving wealth creation and poverty reduction. Dunross develops a concept of Breakout Nations, which is defined as nations that tries to decrease poverty by introducing market economic reforms, just like Sweden did during the 1980s. In these countries we invest in great companies that can take advantage of the secular growth that is created by a more liberalized economy. In 2016 Dunross’ equity portfolio nearly only consists of investments outside of Sweden.

2013–2017

Our History

Dunross is a story about an idea developing into a worldwide investment company, now solely focused on Breakout Nations, promoting wealth creation and poverty reduction all around the world.
Dunross Prehistory

Everything must start somewhere – here with the first investment

Sweden is in a structural crisis, with the steel, shipyards and forestry industries in structural decline. Labor unions are squeezing companies and the cost pressure is enormous. A decision is taken to socialize all Swedish companies, through funds owned by the unions. There is an oil crisis and later one more and petrol is rationed. We have heavy capital controls and the marginal income tax is 90 percent, sometimes over 100 percent. The average turnover per day at the Stockholm stock exchange is 0.5 MUSD. Dunross’ contrarian investment style is born in this environment, with the acquisition of 15 shares in Boliden…

1977…
Dunross Prehistory

Reagan and Thatcher – change is needed and change is coming

The liberalization and internationalization of the world takes place through President Reagan and Prime Minister Thatcher, releasing hidden creativity. The people and the economy starts to flourish. More companies get started, free trade agreements are signed and income taxes are reduced. Prosperity is coming and wealth is created. A new digital trading system is introduced on the Swedish Stock Exchange and call- and put options starts trading. The turnover on the Swedish stock exchange explodes. During the 1980’s the founder of Dunross starts and develops a lot of companies that later on will be brought together in Dunross.

1984–1989

Genesis!

The free market in Sweden now gets its first hang over, caused by too much leverage and speculation. When Saddam Hussein invades Kuwait oil prices spikes and the property market in Sweden collapses. We get a major banking crisis and a lot of companies and local profiles go bankrupt. Dunross starts its operations and all investments done during the 1980’s, and some cash from divestments, is now united under one umbrella and our contrarian style saves us from the property mania and its backlash. Dunross starts with a financially strong balance sheet.

1989–1995

Creating business the contrarian way

Sweden now gets into the dotcom era, where the combination of globalization and technology makes people see no limits… It ends with a crash, but Dunross takes no part of this and continues to work with development of companies. Among other things we take part of the foundation of the independent stock brokerage firm, Matteus Fondkommission AB, which later is introduced on the Swedish stock exchange, as are two of our other founding investments; Riddarhyttan Resources (gold resources) and Diffchamb (food diagnostics). All three, mainly owned by Dunross, were all considered contrarian at the time, but becomes very successful! After the fall of the Soviet Union, Russia opens up, and we decide to invest heavily there.

1996–2000

Change of direction to international­ization and stock market participation

The dotcom crash and 9/11 occurs and the world is getting paralyzed, but Dunross is unaffected and contrarian to “Main Street” invests in “old” industries that has gotten out of fashion. After the dotcom crash restructuring possibilities in the IT-sector emerges and Dunross takes part in the restructuring of the IT infrastructure company Song Networks. Diffchamb is acquired by Finnish company Rasio and delisted. Riddarhyttan makes an astonishing gold discovery in northern Finland and Dunross makes a major shift in its strategy, deciding to focus more on stock quoted companies, internationally, especially in the at the time very unpopular Emerging Asia Market.

2000–2003

Further International­ization and divestment of private equity investments

The first I-phone is introduced and will revolutionize digitalization and connectivity, the world “shrinks” even further. The subprime mortgage scandal emerges and the central banks pumps the system full of “cheap” money avoiding a 1929 like depression. However, these measures also saw the seed for another perhaps much greater crash later on. Dunross decides to leave the old highly indebted world and goes, in its contrarian style, all in on emerging markets, where debt levels are low and demography much better. Subsidiaries and physical presence in Singapore and Paphos are established and many Dunross employees goes international and finds new career paths…

2004–2006

Local presence – physical establishments abroad

The first Iphone is introduced and will revolutionize digitalization and connectivity, the world “shrinks” even further. The subprime mortgage scandal emerges and the central banks pumps the system full of “cheap” money avoiding a 1929 like depression. However, these measures also sow the seeds for another perhaps much greater crash later on. Dunross decides to leave the old highly indebted world and goes, in its contrarian style, all in on emerging markets, where debt levels are low and demography much better. Subsidiaries and physical presence in Singapore and Paphos are established and many Dunross employees goes international and finds new career paths. Dunross takes a new strategic decision to get even more internationalized, through the establishment of our Luxembourg office. In 2012 we also start a foundation in Sweden, Stiftelsen Dunross & Co, which creates its own model of greater good for young people, www.stiftelsendunross.se.

2007–2011

Focus on Breakout Nations

The world is now very globalized and efficiency gains from digitalization are driving wealth creation and poverty reduction. Dunross develops a concept of Breakout Nations, which is defined as nations that tries to decrease poverty by introducing market economic reforms, just like Sweden did during the 1980s. In these countries we invest in great companies that can take advantage of the secular growth that is created by a more liberalized economy. In 2016 Dunross’ equity portfolio nearly only consists of investments outside of Sweden.

2013–2017