Home on F.Cap

About us

Mon, 01 Jan 0001 00:00:00 +0000

F.Cap is a student run investment fund belonging to the Physics Chapter at KTH Royal Institute of Technology, Stockholm. We were founded in 2022.

Contact: fcap [at – @] f.kth.se

We have a Portfolio Manager (PM) who is elected on an annual basis, and our investment theses are presented to the Investments Committee before any final decision, in accordance with the (sv) Verksamhetspolicy för Kapitalförvaltning.

Our whitepaper and other core documents are on their own page.

Portfolio

Mon, 01 Jan 0001 00:00:00 +0000

Current portfolio holdings and their calculated values.

Whitepaper

Mon, 01 Jan 0001 00:00:00 +0000

English version available here

(sv) Analysmall

(sv) Sållningslista för urval av aktier

(sv) Introduktion för nya analytiker

F.Cap – Analytiker-whitepaper (v1.1)

Gustaf Haglund

1. Syfte

F.Cap finns till för att träna analytiker att tänka som långsiktiga ägare.

Det är inte en kurs. Det finns inga poäng, inget betyg, och ingen som kontrollerar att du gör jobbet. Antingen gör du det, eller gör du det inte.

Det du får om du gör jobbet är något de flesta aldrig tycks lära sig på ett ekonomiprogram: förmågan att läsa ett bolag ärligt. Förstå hur pengarna faktiskt rör sig, om ledningen agerar i ägarnas intresse, och om priset du betalar är rimligt givet vad du faktiskt vet.

Lecture (April 17th/26): Valuation Models & Logical Traps

Fri, 10 Apr 2026 00:00:00 +0200

We will host our third lecture on April 17th with our Portfolio Manager Gustaf Haglund.

Topic: Valuation Models & Logical Traps

Valuation models fail less because of math, more because of the assumptions we smuggle into them.

We will go through DCF, WACC and scenario modelling from a systems perspective:

where structure matters, where industries diverge, and where models silently break.

Investor Lens: The biggest valuation errors come from structural blind spots, not from discount rates.

Nextdoor (2026-04)

Fri, 10 Apr 2026 00:00:00 +0200

This analysis can be downloaded as a PDF

Nextdoor (NXDR)

Decision: AVOID | COC: Yellow/Red | Aborted: Week 1 | Report date: April 10, 2026
Portfolio Manager: Gustaf Haglund
Team: Emil Nobrant (A), Tristan Harland-Peterson (B), Aron Gunnarsson (C), Albin Olsson (D)

[Lead Analyst (A)] - Overall Story & Synthesis

Nextdoor operates a hyperlocal social network connecting verified neighbors for recommendations, safety alerts, and local commerce. The thesis sounds appealing: a “digital town square” with potential network effects. Reality is less compelling. Since its 2021 SPAC debut at $4.3B, the stock has collapsed 80%+ to ~$500-800M market cap. Revenue growth decelerated to ~2% YoY in Q1 2025, and the company remains unprofitable. Management’s “NEXT” product transformation - launching mid-2025 - is effectively an admission that the core product requires reinvention. We could not confidently answer: does Nextdoor possess durable competitive advantage enabling attractive owner returns over the next decade? The burden proof was not met.

Lecture (March 5th/26): Incentives & Corporate Governance

Thu, 26 Feb 2026 00:00:00 +0100

Slides are available here

We will host our second lunch lecture on March 5th with our Portfolio Manager Gustaf Haglund. Topic: Incentives & Corporate Governance

Why governance failures rarely come from ignorance but almost always from misaligned incentives, and how insiders shape outcomes long before numbers reveal it.

Investor Lens: Profits ≠ value when the incentive architecture is wrong. Understanding who gets paid, for what, and when, is often more revealing than any KPI.

Lecture (February 20th/26): How to Read A Financial Statement

Tue, 17 Feb 2026 00:00:00 +0100

Slides are available here

We will host a lunch lecture on February 20th with our Portfolio Manager Gustaf Haglund.

Topic: How to Read a Financial Statement

What actually matters, where industry-specific risks are buried, and why the footnotes tell the real story.

Investor Lens: The danger of false signals when investors skim instead of diagnose.

Why it matters: Financial statements are not the business, just presentations of the business. If you read them at face value, you end up analysing the story rather than the structure.