This summer, Pareto Asset Management once again welcomed talented summer interns. We sat down with two of them to talk about how the summer has been, and what they're taking away from it.
"My interest in economics and stocks started back in upper secondary school," says Haakon Lunde. He went on to pursue a bachelor's degree in economics and business administration at NTNU in Trondheim, where he also became a member of Verdi NTNU. There, his interest in equities and company analysis grew further, making a master's in finance at Nova SBE in Lisbon a natural next step. "I wanted an internship at Pareto Asset Management because it's one of the Nordic region's leading independent asset managers. I was particularly interested in learning more about how buy-side work differs from sell-side, and how analysis is actually used when making investment decisions."
Erlend Høllen Sjøen has also long had a clear direction towards finance. "I chose to study economics because I've been very engaged with society from an early age, with a particular interest in the business world. My interest in stocks also grew a lot in the years before I started studying," he says.
Erlend studied at NHH, where he chose finance as his master's specialisation. "The reason I wanted to work at Pareto Asset Management was a strong desire to see how the various processes in investment work actually function. I was especially interested in learning more about portfolio construction, and how the analysis process works in connection with buying and selling positions in the funds," he says.
Haakon interned with the portfolio team of the equity fund Pareto Nordic Equity, where he mainly worked on a sector within telecom equipment.
"I put together a sector analysis where I looked at the market, the various players in the value chain, and the products and services they offer, along with an in-depth company analysis of two of the key players. I also got to put together a pitch on a company I've followed for a long time. Both projects were presented as pitch decks in front of a large part of PAM during the final week of the internship, which was an exciting and educational way to end the summer," he says.
Erlend worked on analysis for the equity funds Pareto Aksje Norge and Pareto Nordic Equity. "I got to work with many companies across different sectors, and the work involved building financial models, writing reports, creating presentations, and taking part in external meetings with companies and analysts. I also got to present my work directly to the portfolio managers, which was very educational."
Both highlight the combination of professional depth and a good social environment as what shaped the summer the most.
"As an intern at Pareto Asset Management, I've had the opportunity to work closely with highly skilled people, and I've learned a lot from being part of such a strong professional community. I also got to join lunches with analysts, brokers, and others from the finance industry, which gave me direct contact with the industry and was very inspiring," Haakon says. "At the same time, it's been a great social environment, with things like group runs, after-work gatherings, golf, and nice dinners."
Erlend recognises the same experience. "Being an intern here has been extremely educational, and a lot of fun! I've had the chance to try my hand at many different tasks, with a lot of trust and help from colleagues. Besides learning a great deal about asset management, there have also been several social gatherings like group runs, golf, tennis, and dinners with colleagues, which has been really enjoyable."
When asked to point to the most important thing they're taking away, both come back to understanding how portfolio managers actually think.
"The most important thing I've learned is what portfolio managers actually emphasise when they analyse and select stocks for their funds. The thinking behind investment decisions is, in many ways, different from what I had imagined," Haakon says. He also highlights the value of networking. "Through the internship, I've experienced how much you can learn from talking to skilled people in the industry, and how valuable it is to build relationships over time."
For Erlend, the learning is mostly about the selection process within the funds. "The most important thing I've learned this summer is gaining an even better understanding of the selection process across the different funds. The amount of information in today's market is enormous, so it's been very educational to see how you work to narrow down and analyze the information considered relevant for potential new and existing companies in the portfolios," he says.
"At Pareto Asset Management you get a lot of freedom, so use it," says Haakon. "Be curious, ask questions, and be a 'yes' person. Don't be afraid to reach out across funds and departments — there's a lot to learn from people with different perspectives."
Erlend agrees. "I've had a lot of value from picking up knowledge through discussions at the office and other professional and social gatherings. Seize the opportunity, be curious, and dive into new challenges!"