That's why the Swedish firm, which oversees about EUR 6.2bn (SEK 65bn) in assets, most recently invested in AstraZeneca Plc. Spiltan’s chief executive officer, Erik Brandström, is now considering boosting his holding in Astra because of the attractiveness of it being “more like an investment company but within the pharmaceutical sector.”

Brandström’s Spiltan Aktiefond Stabil fund, which returned 37 percent in 2019, favors other investment companies such as Investor AB and Latour AB. The portfolio also includes Indutrade AB, AAK AB and sustainable heating company Nibe Industrier AB, which Brandström says is benefiting from strong demand and laws restricting the use of fossil fuels for heating homes.