Investment AB Latour announced Tuesday that its Chief Investment Officer, Johan Menckel, will depart, as the Swedish investment company reported its portfolio of listed holdings underperformed the market in the first half of the year.
Menckel, who has held the role since 2021, has accepted the CEO position at mining company LKAB and will leave Latour by April 1, 2026, the company said.
The value of Latour's investment portfolio decreased by 4.2% in the first six months of 2025, adjusted for dividends and portfolio changes, while its benchmark index increased by 2.3%.
The company's net asset value per share fell 1.9% during the period.
"The stock market was characterised by subdued activity in the first six months of the year," CEO Johan Hjertonsson said in a statement.
"During the period, the net asset value of Latour decreased by 1.9 per cent and the value of our portfolio of listed holdings decreased by 4.2 per cent."
Overall group profit after tax fell to 2.29 billion Swedish kronor from 3.65 billion Swedish kronor a year earlier.
In contrast, Latour's wholly-owned industrial operations saw second-quarter net sales rise 9% to nearly 7.1 billion Swedish kronor.
Latour said it has started the process to find a successor for Menckel.
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