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 CFA IRC 2015 winning team


David Salomon, Chadwich Rufus Dorai, Martijn Bakker, Hendrich Ilchmann and Koen van Veen

 2015 IRC

After five months of research on this year's subject company AtlasCopco. Thursday the 12th of February saw the four finalst teams; KTH, Lund University, Mälardalen University and Stockholm School of Economics, in the 2015 Swedish IRC final present their recommendation and target price on AtlasCopco.

Lund University's written report impressed the graders. The judges, Charlotta Faxen (Lannebo Fonder), Peder Frölen (Handelsbanken Capital Markets), Jill Bederoff (Veckans Affärer) and Thomas Brodin (Cliens) were equally convinced by the team's HOLD recommendation. The team gave a very professional presentation supported by robust financial analysis and conclusions.

Lund University was represented by Martijn Bakker (team captain), Chadwick Rufus Dorai, Koen van Veen, Hendrik Ilchmann and David Salomon. The team was mentored by Alf Riple, CFA and had guidance from their faculty advisor Niclas Andren, PhD.

The Board of CFA Sweden would like to thank all the volunteers that made this year's challenge a great success: mentors, graders, judges, Karin von Matern at AtlasCopco. A big thank you goes out to the challenge sponsors; Handelsbanken, FactSet and Kaplan Schweser.

 CFA Global IRC Sponsor

 CFA Sweden IRC Sponsor

 Investment Research Challenge

The CFA Institute RESEARCH CHALLENGE offers students the unique opportunity to learn from leading industry experts and compete with peers from the world’s top finance programs. This annual educational initiative promotes best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills. The challenge gathers students, investment professionals, publicly traded companies and corporate sponsors together locally for a real world competition on a global scale.

What is the Research Challenge?
The Research Challenge is a global Team competition in equity analysis for tomorrow’s best analysts. The contest’s goal is to promote best practices in equity research and company analysis. Students research, analyze, and report on a company as if they are practicing analysts. Additionally, all participants are introduced to and held to the standard of the CFA Institute Code of Ethics and Standards of Professional Conduct.

Click here for a presentation sheet of the Challenge.

How does the Challenge Work?
• The national CFA society hosts and launches the Research Challenge in conjunction with the participating universities.
• The universities assemble teams of 3-5 business and finance students who work directly with a company in researching and preparing a company analysis.
• Mentors with equity analysis experience will be assigned to each team to help the students.
• Each team (one team per school) submits a research report on a specified company and later does a final presentation in front of a judge’s panel consisting of high-profile members of the Swedish investment community.

 Company sponsor

 Participating Universities and Mentors




Göteborgs Handelshögskola

Sven Zetterqvist, Senior PM, Stena


Serge Houles, Investment Strategy, IPM

Linköpings Universitet

Filip Boman, Senior PM, DnB

Lund Universitet

Alf Riple, PM, Västra Hamnen

Mälardalens Universitet

John Afzelius-Jenevall, Thinfilm

Stockholms Handelshögskola

Fredrik Ahlin, Senior PM, If Försäkring 

Stockholms Universitet

Mark Shay, founder, Accendo HF