Fair value volatility in portfolio holdings
Reported performance depends heavily on mark-to-market changes in listed and unlisted investments.
- Scope
- Concentrated life science portfolio
- Materiality
- high
Lincoln Electric Holdings, Inc
Linc AB is a Stockholm-based investment company focused on Nordic life science businesses. It invests in both private and listed companies, with a portfolio centered on product-oriented pharmaceutical and medical technology businesses that can scale internationally.
19,3 %
36,2 %
12,3 %
+5,6 %
1.82
1.16
| % | |
|---|---|
| Direct portfolio investments | 70% Ownership stakes in private and listed life science companies held for value appreciation. |
| Capital commitments | 15% Committed follow-on funding for portfolio companies advancing clinical or commercial milestones. |
| Listed securities and ETF exposure | 15% Public market positions in medtech and pharmaceutical companies through shares and ETFs. |
Linc does not sell products to end customers; its capital is deployed to portfolio companies in the life science sector...
- Clinical-stage biotech companiesprimary
Companies such as Gesynta Pharma and Oncorena that need staged funding for trials and development milestones.
- Commercial medtech companiesprimary
Businesses like Stille and OssDsign that use capital to expand operations, supply chains, and product reach.
- Listed life science issuerssecondary
Publicly traded holdings where Linc participates as a long-term owner and benefits from market re-rating.
- ETF and index exposuressecondary
Broader medtech and pharma market exposure used to diversify the portfolio beyond single-name risk.
Linc is headquartered in Stockholm and operates as a Nordic investment company. Its portfolio is concentrated in the...
- •Headquartered in Stockholm, Sweden
- •Core investment focus is the Nordic life science market
- •Portfolio companies often sell into global healthcare markets
- •Listed holdings add exposure to Nordic stock markets
- •Currency moves such as SEK/USD can affect reported value
Linc’s strategy is to back product-oriented life science companies with global potential and to hold stakes long enough...
01
Back companies with clear product and market potentialmedium-term
The portfolio depends on scientific and commercial milestones translating into valuation gains.
02
Maintain diversified exposure across private and listed assetsshort-term
Diversification reduces single-asset volatility in a sector where outcomes are binary and timing is uncertain.
03
Preserve flexibility for follow-on investmentsshort-term
Capital commitments are often released in tranches tied to development milestones.
Linc’s results are driven by fair value changes in a concentrated portfolio, so valuation swings in a few holdings can...
Clinical and regulatory failure risk
Many holdings depend on trial outcomes, approvals, and development milestones.
- Scope
- Private biotech investments
- Materiality
- high
Market risk in listed life science shares
Public holdings can reprice quickly on sector sentiment, financing events, or trial news.
- Scope
- Listed medtech and pharma positions
- Materiality
- high
Currency exposure
Some portfolio exposure is denominated in USD and other currencies, affecting returns in SEK.
- Scope
- ETF and international holdings
- Materiality
- medium
Tax on non-qualifying holdings
Certain direct holdings may be taxable, creating volatility in net result from unrealized gains.
- Scope
- Directly owned listed shares below qualifying thresholds
- Materiality
- medium
Fair value measurement of portfolio investments
Large unrealized gains or losses can dominate quarterly results
Valuation of unlisted investments
Estimation uncertainty can materially change NAV
Tax on non-qualifying shareholdings
Can create period-specific tax charges unrelated to cash flow
Investment commitments and tranches
Affects future liquidity planning and capital allocation
: 11/08/2026