Deep value (low P/B)
Companies priced lowest relative to their book value.
2023-04-03 to 2026-11-06, 100,000 DKK to 196,815 DKK, after 1,083 DKK in trading costs. On average 10.0 stocks held; the portfolio is turned over 2.4 times a year.
This strategy uses annual report figures, which our data has from 2023, so its results start then rather than ten years back.
How it works
Every quarter, buy the ten liquid companies with the lowest price relative to the equity in their latest annual report.
The idea
Benjamin Graham's classic approach: buy assets cheaply. It works best in recoveries and can lag for years when growth stocks lead; many picks are banks, shipping and property companies.
Equity (DKK)
Year by year
| Year | Deep value (low P/B) | Benchmark | Difference |
|---|---|---|---|
| 2026 (part of year) | +31.4% | +15.5% | +15.9% |
| 2025 | +27.6% | +13.4% | +14.1% |
| 2024 | +12.6% | +14.8% | −2.2% |
| 2023 (part of year) | +4.3% | +5.4% | −1.1% |
Backtests are simulations on historical data, not investment advice. Past results don't guarantee future returns.