At the 2025 Value Investing Seminar, Gianfranco Rosati, a value and special situations investor, presented a detailed analysis of a Swedish-based consumer packaging company. Prior to managing proprietary capital and advising investment funds, Rosati specialized in evaluating serial acquirers, conducting private equity-style due diligence, and assessing per-share performance, Return on Invested Capital (ROIC), and reinvestment rate sustainability for a European value investing firm.
In 2008, Manuel returned to his native Spain and launched his own investment fund, initially structured as a private vehicle supported by friends and family. Over time, he transformed it into a regulated European hedge fund. Since inception, the fund has consistently outperformed the MSCI World Net Return Index by an average of more than 5% annually.
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2025 Value Investing Seminar - Gianfranco Rosati
Rosati began by noting the company's remarkable performance, achieving a 7x return from January 2020 to January 2025, which translates to a 45% Compound Annual Growth Rate (CAGR) without multiple expansion. This success, he explained, stemmed from a series of "very smart" acquisitions orchestrated by a young management team. The management transformed an older business model, which originally focused on a stevia-based sugar substitute, into a "dynamic group of entrepreneurial consumer packaging companies". The company's operations are predominantly in Sweden (45% of net sales) and the Nordics (over 50%).
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