New Director of Ferd Invest motivated by competition
Lars Christian Tvedt has little time to get bored: he has recently been appointed the new Director of Ferd Invest, has just moved into a new house in Tåsen, has three children aged 2, 5 and 7, and his wife has a senior role at Get.
“I like operating at full speed and being busy. My wife and I think that the best motto is ‘we can do it’”, comments Lars Christian Tvedt, who turns 39 in June.
From auditing to the stock market
It was not obvious that Lars Christian Tvedt would end up working in the stock market. He holds a master’s degree in business economics and later qualified as a state-authorised public accountant at the Norwegian School of Economics, and has worked in audit at PricewaterhouseCoopers (PwC) and at Elkem as group financial reporting manager. And so when Alexander Miller, his predecessor as head of Ferd Invest, contacted him in 2007, he was not really looking for a new job.
“We met over lunch and did not talk much about the job. He seemed much more interested in finding out whether we would get on well together”, comments Lars Christian Tvedt.
They must have got on well, as a short time later Lars Christian Tvedt was employed as an analyst at Ferd Invest, and so became part of the team along with Alexander Miller and the late Gaute Garshol.
“In my first year my role was to provide Gaute and Alexander with analysis to support their work, and at the same time I had to learn how the stock market worked. And I had two really good teachers! It was definitely a year or two before I was able to make myself particularly useful. Since then things have moved on”, comments Lars Christian Tvedt, who after a year became a portfolio manager in charge of making his own investment decisions.
He explains that his day-to-day work has not changed appreciably since he was formally appointed as Director of Ferd Invest on 1 April this year. He is, however, very conscious of the responsibility that the role brings.
“The team has never operated particularly hierarchically, and this is not something that is going to change. When things go well, we share the credit. On those days when things are going badly, the responsibility is mine. That is how I see this job”, he comments.
In any case, at the moment the Ferd Invest team only has one member in addition to Lars Christian Tvedt, namely Samson Sørtveit. The long-term plan is to grow the team by employing an additional person.
Six billion kroner
The value of the Ferd Invest portfolio is approximately NOK 6 billion. In the course of a year the portfolio turns over once, which is to say that Ferd Invest carries out trades worth between NOK 5 billion and NOK 6 billion each year. Its mandate is to invest in shares listed across the Nordic region. The business area currently holds positions in around 20 companies, and its target is to outperform the combined Nordic benchmark index.
“I am very motivated by the competitive element of the job. As I am tasked with beating an index, I am always in a position to measure how I am doing. Wanting to be the best is probably an innate trait that defines much of what I do, whether at work or when I play football or compete in cross-country skiing races”, comments Lars Christian Tvedt.
A longer version of this article is available in Norwegian in the Ferd Magazine by clicking here.