In ancient tales, Nordic warriors believed that if they fell in battle, they would be welcomed in Valhalla with Odin. In Valhalla, the routine was always the same: each morning they went out to fight; after the battle they all rose whole again and went to a feast where they ate, drank mead, and celebrated late into the night. Early the next day, they rose refreshed and ready to fight again. It can be inferred that the hope of such an appealing afterlife significantly influenced risk assessment in earlier times when it came to armed conflict. The reward was great, the risk limited, and courage therefore almost a rational consequence.
At times, equity investing seems to follow a similar Valhalla approach, where risk is viewed merely as a means to achieve quick gains. This is not the approach of Spakur Invest. Spakur is not built on standing or falling in a single glorious battle with expectations of an afterlife in Valhalla, but on enduring many battles—and delivering stable and sustainable returns to investors over time. The fund’s investments are based on a long-term perspective, with an emphasis on high-quality companies with clear and durable competitive advantages. Spakur Invest is neither leveraged nor engaged in short selling, and investment risk is kept to a minimum.
Despite this, the fund delivered very strong performance in 2025. For the year, the fund returned 32.85% after costs, compared with a 16.39% return for the S&P 500, while Iceland’s OMXI15 index declined by 2.6%. Since inception, Spakur Invest’s annualized return has been 10.74%.
It should be noted, however, that part of the 2025 return reflects volatility at the end of 2024. The fund’s performance fell from around 10% at the end of November to about 1% at the end of December, before recovering to approximately 10% by the end of January 2025. As the fund incurs no additional costs at year-end, these temporary fluctuations had no impact on investors’ positions. In effect, roughly 10 percentage points of the 2025 return could be attributed to 2024.
The strong performance in 2025 is not the result of increased risk-taking or attempts to chase the market, but rather the outcome of a clear investment strategy. Spakur Invest is built on identifying companies believed to be capable of delivering stable and strong performance over the long term, thereby providing investors with solid and sustainable returns.
