About Traction

Traction is an investment company with active ownership interest in listed and unlisted small- and medium-sized companies. Traction is also engaged in investment activities for the purpose of obtaining a good yield on the Company’s capital through financial investments, mainly in other listed companies and interest-bearing assets. Traction’s role as owner is based on an active and long-term engagement in close co-operation with other active owners, entrepreneurs and corporate management groups. Traction does not focus on singular industries. Traction instead is engaged in development and transformation work applicable to all companies intending to prioritize business sense, a long-term approach and sound business principles. Traction’s shares are traded on NASDAQ Stockholm (the Mid Cap list).


Traction develops and improves businesses

•To conduct development and change work through active ownership of wholly and partly owned companies in order to achieve a high return and value growth.
•To run an investment business in order to achieve a good return on the company’s capital
•We take a long-term view.
•We do not seek to build up a group, but work with a number of independent companies whose added value will be realised over time.
•Our field of work is change and development of companies in general. Necessary technical and industry knowledge must be available in the company.
•To sustainably generate an increase in Traction’s net asset value per share, including dividends, that substantially exceeds the overall performance of the Stockholm Stock Exchange.
•To create profitable growth in our wholly and partially owned companies.
In order to achieve Traction’s objectives, the following is necessary:
•The ability to identify interesting business projects, situations and attractive investment opportunities.
•The ability to select the right partners; primarily business leaders/entrepreneurs, but also other active partners.
•Project managers who can provide business leaders with the support and complementary expertise they need.
•Partners who can act as project manager, board member, CEO and/or partner.
•Financial resources
For Traction it is important that our companies have long-term growth and earnings capacity. Traction has no strategic holdings or motives for its ownership other than purely commercial ones. In principle, our holdings are thus always for sale at the right price and to a suitable owner. In companies where we have owner partners, the exit strategy varies depending on the companies’ development phase and specific conditions, and not least the intentions of other owners.

Traction’s universe

Entrepreneurs who:
  • Possess the right characteristics, i.e. people who are extremely industrious and resilient, who can get things done, who are simultaneously thrifty, and ensures that the customer pays, is satisfied, and buys again.
  • Are willing to abandon strategic plans in favour of what their external universe (the customer) is willing to pay for, and are always willing to review their business concept and adapt it on an ongoing basis.
  • Run companies with the right prerequisites for expansion.
  • Have a long-term objective for their engagement.
Active partners who in co-operation with Traction:
  • Are able to work operatively as project managers, directors or as chief executive officer.
  • Acts as an active partner.
  • Want to finance a buy-out, a new issue or participate in refinancing a business.
Company managements, company presidents, owners who:
  • Lack an active joint owner.
  • Need help in conjunction with a management buy -out spin-off or sale, acquisition of a business or a change of generations.
  • Otherwise need a financially strong owner and engaged owner in conjunction with a major transaction.
Financiers, owners, reconstruction specialists who:
  • Need support in specific situations when urgent operational measures are needed in critical phases of reconstruction of operations.
  • Are looking for a partner with the ability to provide financing to save a business from financial collapse.
  • Need a partner with the financial resources needed to enter into a major project.
  • Need a guarantor/underwriter in connection with raising capital.


Traction’s central business organisation also includes a network of partners who participate actively, or have participated in the development of Traction’s portfolio companies such as external directors, entrepreneurs, owners, members of senior management and financiers. Traction’s book-keeping is handled by an external consultant.


Petter Stillström

CEO, M. Sc. (Business Administration).
Active in Traction since 1999, CEO since 2001. Previously active in corporate finance.

Joakim Skoglund

Asset manager and analyst, B. Sc. (Business Administration).
Active in Traction since 2015. Previously portfolio manager and equity strategist in fund company and bank.

Johan Nilsson Wall

Analyst, B. Sc. Finance & M. Sc. Accounting. Active in Traction since 2019. Previously equity research analyst in investment bank.


Traction was started in 1974 by entrepreneur Bengt Stillström as a one-man consultancy with a capital of a few thousand kronor. Today Traction is a stock exchange-listed investment company with equity of more than SEK 3.9 billion, while SEK 1,0 billion has been distributed to the shareholders in the form of dividends and repurchase of shares since the listing in 1997.

Traction’s service has always been to participate in the development of companies. We have worked with the companies’ unusual events. By that we mean everything but the day-to-day work in the companies, where the initiative and the competence of the entrepreneur or other part owners already exists. It has often been a matter of how to exploit new ideas and how to give new direction to operations that are not functioning well. In support of such action we have devised a business philosophy which experience tells us really works. That philosophy is our instrument and serves as our guide. One could also say that the philosophy has become Traction’s Product.

In addition to adaptation, new sales, development and startup of new products, these unusual events have often been a matter of purchases and sales of businesses, reconstructions, reorganisations, recruitment, financing, co-operation efforts and international expansion. We have assisted entrepreneurs and chief executive officers and complemented them in such a way as to make us strong together. At Traction we have had personnel with varying backgrounds: in sales, technology, law, finance, etc. to manage this broad approach. In many cases we have been forced to step in as temporary chief executive and negotiator. During the first ten years Traction was a one-man company. Then in the beginning of the 1980s a central organization was created and it grew to about ten persons. We also work with independent individuals in specific projects together with us and it is not unusual that the managers in our project companies are engaged as directors in other companies where Traction is a major owner.

Bengt Stillström was CEO from the start in 1974 until 2001, and today serves as Chairman of the Board of Directors of Traction. Petter Stillström became a director in 1997 and is Traction’s CEO since 2001.

From the outset our customer base was business owners and entrepreneurs. Later, major companies and banks came into the picture, primarily in connection with projects to save businesses that had faltered. As a positive effect of profitable business ventures, our capital has grown allowing investment in larger and more mature companies and since the beginning of the 1990s Traction has functioned as an active owner in several listed companies, where we work based on an active board-of-directors/ owner role. In parallel with active corporate development, portions of the capital have also been invested in other listed shares, which over time has contributed to Traction’s capital growth.

The business model began as a consultancy, based on compensation for time spent, and developed into becoming a partnership with the entrepreneurs – becoming part owner, getting performance related compensation for work done and eventually also investing equity, granting loans and issuing guarantees. In recent years the main thrust of our business has become active and long-term ownership of small and medium-sized companies at the same time as capital has been invested in other listed equities and bonds in the interest of creating a return on the capital.

Traction’s capital has been built over a long period of time, without debt in the parent company, and with low or no leverage in the project companies. We have a business model that is of a long-term nature and which we believe is sustainable. Traction is helpful in creating sound companies.



  • AcadeMedia, interactive education and later focus on charter schools.
  • Allgon, antennas and system components for mobile telephones and base stations.
  • Ankarsrum Motors, volume production of electric motors (universal motors) mainly for consumer products, customized production of DC motors for welding wire feeders and contract manufacturing of household appliances.
  • Ankarsrum Diecasting, high-tech foundry that molds and finishes aluminum products to mainly volume customers in the automotive industry.
  • Arvako, staffing and recruitment.
  • Banking Automation Ltd, deposit machines, bill payment machines and cash exchange Machines for banks and others.
  • Bricad, real estate development and management.
  • Centrum Invest, consultancy and development company for shopping centres.
  • CMA Computer Marketing, rental of mainframe computers and sales of computers.
  • Duroc, an industrial group that during Traction’s active ownership period operated in areas such as laser surface treatment, train wheel maintenance, saw blades and machine trade. Traction has been a major owner since the acquisition of International Fiber Group 2017, but has not been active in board work since 2020.
  • Eitech respective EIAB, electrical installations and works/mounting.
  • EasyT, internet travel agency and software.
  • Eska Komponenter, an attempt to structure the Swedish foundry market.
  • Gnosjö Plast, injection moulding of plastic articles.
  • Haldex, automotive components.
  • Inter Innovation, development and exploitation of a mechanism for feeding paper currency in banking machines.
  • Jarl 20, construction and sale of freehold appartments.
  • JC, clothing chain.
  • JP Bank, monetary broker, banking operations.
  • Kjessler & Mannerstråle, technology consultancy.
  • KnowIT, IT consultancy.
  • Maxitech, thick film hybrids.
  • Mutter Media/Metronome, TV production company.
  • Nordic Camping, a national camping chain.
  • PartnerTech, contract manufacturing.
  • Standard Radio, communication radio.
  • Svecia, silk-screen printing machines.
  • Svenska Järnvägsverkstäderna, ASJ, a foundry specialized in the production of brake pads for rail vehicles.
  • Sweden Table Tennis, table tennis equipment under the brand name of Stiga.
  • Swedish Tool, machinery trade with focus on machine tools, acquired by Duroc 2007, was founded by Bricad
  • Thalamus Networks, control technology, broadband networks.
  • Tolerans, rotary stapling machines for tabloids.
  • Waterman, technology Consulting Company with headquarters in London.
  • WYG, technology consultancy based in Leeds.


Selection of transactions over the ten past years


The result for 2023 of MSEK 270 represents an increase in net asset value of 7 (-9) percent compared with the Stockholm Stock Exchange’s 19 (-20) percent. The return on active holdings was approximately 10 percent and other listed shares approximately 13 percent. Rising market interest rates contributed to higher interest income and earnings from interest-bearing investments totalled MSEK 75 (17). The holding in OEM International contributed MSEK 150, Drillcon MSEK 24 and Nilörngruppen MSEK 57 to the result. Additional shares were acquired in Driver Group (MSEK 13), whereby the ownership increased to 27 (21) percent. Ownership in Portmeirion Group passed 10 percent to just over 11 percent, whereby the holding was reclassified as active. During the year, shares were acquired for MSEK 20. Shares in OEM International were sold for just under MSEK 63. OEM International and Softronic posted record results and Drillcon its best result since 2019. Hifab also developed strongly after several years of weak development, where the result was the best in over ten years. For BE Group and Nilörngruppen, 2023 was more challenging compared to 2021/2022 when both companies posted record results. Ankarsrum Kitchen increased sales by 14 percent to just over MSEK 240, with the newly established subsidiary in the US contributing to growth and profitability. Dividends from the active listed holdings totalled MSEK 75 (77), with BE Group and Nilörngruppen accounting for a dominant share.


In 2022 Traction showed a decrease in net asset value of 9 percent, while the Stockholm Stock Exchange as a whole developed more weakly with a return (including dividends) of minus 20 percent. Traction’s active listed holdings, which contributed MSEK 870 to earnings in 2021, burdened earnings by MSEK 357, corresponding to a return of -21 percent. Traction’s financial investments developed marginally positively (+1 percent) during the year, with major positive contributors being the holdings in Wallenius Wilhelmsen and the British technology consulting company RPS Group Plc, where two industry players made competing bids for the company. Meanwhile, the holdings in Duroc, PION Group (formerly Poolia) and Portmeirion developed weakly. Traction’s fixed income investments developed positively in an environment where many fixed income funds showed a negative development despite rising market interest rates during the year. New CEOs took office in Hifab Group and Softronic. OEM International and Nilörngruppen posted record results and BE Group delivered another strong year in terms of earnings


2021 developed in terms of earnings into Traction’s best year to date with a profit of MSEK 1,344, corresponding to a net asset value increase of 47 percent. The return on the active listed holdings amounted to approximately 76 percent, where changes in the value of the holdings in BE Group and OEM International, among others, were major contributors. BE Group showed a record profit after tax of just below MSEK 500 and the company’s share price increased by approximately 270 percent. Nilörngruppen, OEM International and Softronic also showed record results in a world characterized by Covid-19, travel restrictions, component shortages and sharply rising raw material prices. Traction’s financial investments, which developed weakly in 2020, recovered significantly during the year and contributed MSEK 257, corresponding to a return of approximately 47 percent. Traction’s unlisted holdings also developed strongly, with revaluations contributing just over MSEK 200 to the result. It is primarily Ankarsrum Industries and Sigicom that showed continued profitable growth with sales increases of 110 and 40 percent, respectively. Weak earnings development in Drillcon and Hifab. The majority of the smaller holding in Alternus Energy was sold at the end of the year with good profits. Minor new investment in Brillianze Sweden, an unlisted company. Increased ownership in Driver Group to 21 percent. Divested a small share of the holding in OEM International and marginally increased the ownership in BE Group. In January 2022, it was announced that new CEOs will take office at Hifab and Softronic. At the end of 2021, Traction’s net asset value amounted to MSEK 4,235, half of which consisted of active listed and unlisted holdings. Other listed shares accounted for 18 percent and the remaining 32 percent interest-bearing investments incl. cash and cash equivalents.


2020 was a year marked by Covid-19 and its impact on health and the world economy in largely closed national borders, meeting restrictions and teleworking. In addition, extremely large monetary policy and fiscal support packages that contributed to continued asset inflation on equities and real estate. The Stockholm Stock Exchange plummeted in March followed by a gradually recovery during the year, which summed up to an increase of 13 percent. Traction showed a loss of MSEK 19 for the full year, derived from a weak development for other listed shares, which largely consisted of investments in the energy sector and capital-intensive sectors such as banks and basic industry. Traction’s active listed holdings contributed positively, as did the unlisted holdings. Overall, the development was stable for the active holdings despite the ongoing pandemic. Krister Magnusson was appointed as the CEO of Nilörngruppen. Strong volume increase for the wholly owned household appliance Ankarsrum Assistant Original™. The holding in Ankarsrum Motors was discontinued. The holding in Duroc was reclassified as a financial investment as Traction is no longer involved in the board and the ownership since 2017 is less than ten percent of the votes. Traction’s view of Duroc is not affected by this reclassification, which is only a consequence of the accounting principles that Traction applies. Minor new investments were conducted in the unlisted companies Tengai and Medino. Increased ownership in Driver Group and Nilörngruppen to 17 percent and 26 percent of capital, respectively. Acquired just above four percent of the capital in the British AIM-listed company Portmeirion in connection with a private placement and approximately five percent in the Irish solar park company Alternus Energy prior to an unofficial listing of the company’s shares.


In terms of profit a record year where Traction showed a profit of MSEK 416, equivalent to a net asset value increase adjusted for dividend paid of 16 percent. The return on the active listed holdings amounted to approximately 21 percent and for other listed shares 42 percent, in a generally strong stock market where the Stockholm Stock Exchange rose by about 35 percent. Yet another year with negative interest rates in Sweden and several other countries. This contributed to a continued asset inflation and generally challenging conditions for Traction to find new, attractive investment objects to get involved in as active owner. The holding in WYG Plc was brief and was sold with a good profit in connection with a bid (bid premium of 244 percent) from the American consultancy TetraTech. Proceeds amounted to MSEK 91. Mönsterås Metall filed for bankruptcy, but this did not have negative effect on Traction. Record results in several of the active holdings, such as Drillcon, OEM International and Softronic. Weak development on Hifab, where costs such as recruitment costs burdened the result. Softronics’ founder, principal owner and CEO handed over CEO role to Per Adolfsson in January. Peter Andersson was appointed new CEO i BE Group in September. Acquired a major lot of shares (14.2 percent) in the British AIM listed company Driver Group Plc for approximately MSEK 52. Marginal increase in ownership of Nilörngruppen and a small reduction in Duroc. Strong financial position with more than SEK 1.2 billion in the form of cash and interest-bearing investments.


The holding in Eitech Holding was formally sold in January after approval by the Swedish competition authority. Proceeds, including repayment of receivables, approximately MSEK 50 in all, was received during 2018. The transaction was negotiated at the end of 2017 and contributed to Traction’s result for that year. In February, Traction became a major owner of Mönsterås Metall (49 percent), which simultaneously acquired Ankarsrum Diecasting from Traction. The British technology consultancy WYG became a new active holding when Traction in several transactions acquired 15 percent of the shares outstanding for a total of approximately MSEK 48. The development of Traction’s active holdings (−5 percent) as well as overall for the Stockholm stock market. The earnings and  operational  development  for several of the active holdings, among them BE Group, Nilörngruppen, OEM International, Sigicom and Softronic, with the latter four recording record results. BE Group came in with its best result since 2008. Ownership in BE Group increased slightly to 22 percent of capital through purchases in the amount of MSEK 15. Ownership in Nilörngruppen decreased slightly in connection with a sale of shares in the amount of MSEK 25. The financial position is strong with just shy of SEK 1.2 billion in the form cash, cash equivalents and interest-bearing investments. Ankarsrum Industries, with operating companies Ankarsrum Motors and Ankarsrum Kitchen were revalued by MSEK −29 against a background of low capacity utilisation in the group’s production lines for electric motors. The proprietary kitchen appliance Ankarsrum Original showed a stable development, however. There is also a positive development plan for coming years. A new CEO, Carl Sigfridsson, took office in February 2019.


In the beginning of 2017 Duroc International acquired Fibres Group with payment on newly issued stock in Duroc. The holding in Waterman Group was sold after a public offer, which as far as Traction is concerned meant a bid value of just short of MSEK 85 and an earnings effect in 2017 of MSEK 40. Shares in Nilörngruppen were sold for MSEK 67, which reduced ownership to 24 percent of capital and 57 percent of votes. The holding in Banking Automation Ltd was sold towards the end of 2017. Traction has been a part owner of Banking Automation Ltd since 1986. Strong stock price performance in Drillcon (82 percent) and Softronic (71 percent) made a positive contribution to earnings. A weak development in the Ankarsrum companies burdened results with a total of MSEK 60 during 2017. The financial position remains strong with almost SEK 1.2 billion in the form of cash, cash equivalents and interest- bearing investments. The return on listed active holdings was 29 percent and the return on other listed shares was 13 percent.


Traction reported its best result ever in the amount of MSEK 401, equivalent to a return of 19 percent. MSEK 30 was invested in Eitech Holding AB in the form of shares and loans, equivalent to 10 percent of the capital and 4 percent of the votes. New chief executives were appointed in Duroc and in Drillcon. All shares in Nordic Camping & Resort were sold after a tender offer from Norwegian venture capital firm Norvestor Equity AS. Gradually increased ownership in Waterman Group during the year brought our stake from 11 percent to about 16 percent. Shares in Nilorn were sold for MSEK 79, reducing ownership to 31 percent of capital and 61 percent of the votes. Acquired 8 percent of the capital and 4 percent of the votes in Poolia thus becoming the company’s second largest owner, also gaining representation on the company’s election committee. Strong share price performance in Nilorn (99%), BE Group (40%) and Hifab Group (36%) contributed positively to results. Nilorn and OEM International recorded record results. Ankarsrum Motors was revalued by MSEK –25 due to weaker performance. The return on other shareholdings amounted to 45 percent. Negative deposit interest rates prompted us to invest most of Traction’s liquid funds in short-term interest-bearing investments with a marginally positive return. Strong financial position with more than SEK one billion in the form of cash and cash equivalents and interest-bearing investments. Just after the end of the year 2016, Duroc acquired International Fibres Group with payment in newly issued stock in Duroc.


The holding in PartnerTech was sold for just over MSEK 100 in connection with a bid from industry colleague Scanfil. Nordic Camping & Resort, which continued its positive development, floated a new issue to strengthen the balance sheet and broaden the shareholder base. BE Group floated a rights issue, which to a considerable extent was underwritten by Traction. A new CEO was appointed in the BE Group and Traction’s CEO assumed the role of Chairman of the Board. Nilorn was listed in June on First North at the same time as Traction sold shares for just over MSEK 180, equivalent to half of the holding. This constituted a major contribution to the year’s profit. In late autumn Traction acquired all outstanding class A shares in Nilorn, whereby Traction’s ownership increased to 66 percent of the votes. Nilorn’s share price showed a weak development, whereas the company’s operations again delivered record earnings. Hifab Group suffered an unexpected legal loss which compelled the company to float a new issue, which also was underwritten by Traction. Banking Automation had a record year. Shares in OEM International, Softronic and Waterman showed a strong development, while BE Group and Hifab Group were a drag on earnings. A major holding in staffing company Proffice was revalued following a public offer from an international player. The holding in Modular Streams was sold. Significant sales of active holdings and a sceptical view of the stock market’s valuation levels had the effect that Traction’s cash and cash equivalents rose to more than MSEK 900.


Traction turned 40. Traction switched to Investment Entity Accounting, which means that the subsidiaries in Ankarsrum and Nilörngruppen are valued at market rather than being consolidated in the Traction Group. Sold 50 percent of the holding in OEM International after a rising price trend for a long period. As a company, OEM has shown a very positive development since Traction became a part owner in 2009, as has its share price. BE Group floated a new issue, largely underwritten by Traction. The issue was oversubscribed and Traction sold parts of its holding during the year, reducing the stake to 17 percent. BE Group’s development was very weak, which weighed on Traction’s profit. The holding in Catella was sold. Participated in the underwriting of real estate company Amasten in connection with a preferred share issue. A new chief executive was appointed in Duroc. An action program was initiated immediately. Ownership in Drillcon and Hifab passed the 50-percent-mark for capital and votes. Ownership in PartnerTech increased to just over 23 percent. Nordic Camping & Resort grew and the share price advanced by 59 percent. Nilörngruppen recorded a revenue increase of 20 percent and delivered all-time-high earnings. In addition to net sales of active holdings and other listed shares, dividends from unlisted holdings contributed an increase in Traction’s cash and cash equivalents, and interest-bearing investments to approximately MSEK 600.



Financial history

Traction's return

Ten-year survey


Equity and net asset value

Traction applies investment company accounting (IFRS 10), which means that all holdings are continuously market valued instead of being consolidated in the Traction Group. However, central Traction companies are consolidated. For more detailed explanations, please refer to Traction’s formal annual report. Accumulated dividends and repurchases refer to since the listing in 1997.

Development of Net asset value, MSEK

Ownership policy for listed holdings

  • A company shall always be run on behalf of its owners and to afford the maximum possible return to those owners.
  • Major shareholders should be represented on the company’s Board of Directors.
  • A principal owner has the ultimate responsibility for to initiate changes to operations through the company’s management, the composition of its Board of Directors, major transactions and acquisitions.
  • A principal owner should consult with other major owners and explain the owners’ intentions to the Board of Directors and corporate management, and ensure that suggestions for new board members are presented.
  • The Board of Directors and management shall also gather and embrace the intentions of the owner and work in line with the specified orientation.
  • Takeover bids, mergers and major acquisitions should in the first instance be handled by the principal owner.
  • The Chairman of the Board of Directors, or the principal owner, must obtain support for major structural changes from the largest owners.
  • A principal owner may not grant favours to himself or herself at the expense of the company, but shall be entitled to reasonable compensation for his or her participation in the management of the company.
  • In the absence of a principal owner, the major shareholders should consult and formulate a form of corporate governance to compensate for the lack of a principal owner.
  • In the absence of a principal owner, or a group of major owners who assume responsibility, it shall be incumbent upon the Chairman, with the aid of the Board of Directors, to compensate for such lack of to the best of his or her ability.
  • The Board of Directors should be composed of persons with large personal shareholdings and other persons who can contribute to the development, and who have time to be actively involved.
  • The composition of the Board of Directors should be such that it includes numerous different skills, fields of experience and contact interfaces.
  • Traction wants to see a business-like and active Board of Directors that knows its company and its business environment well, and who can complement and support the CEO.
  • The Board of Directors shall make decisions regarding the company’s strategies, orientation, major transactions and other significant changes.
  • The Board of Directors shall exercise effective control over the company’s finances, risks and opportunities.
  • The Board of Directors works on behalf of the owners.
  • As a major owner, Traction always wants to participate in the nomination committee work.
  • The nomination committee should be composed of representatives of the owners. If ownership ceases, the representative in question should immediately resign from the nomination committee.
  • Traction wishes at all times to appoint at least one director in companies in which Traction has a major shareholding. Option programmes to employees should only be offered if the employee invests a market equity contribution.
  • Private placements with new, major owners may be suitable in the case of smaller companies, which thereby can avoid negative effects on the market price on the share and also get a better ownership structure.


Traction is an investment company with ownership interest in several companies in different industries, in varying phases of development and geographic focus. Traction’s ability to influence the development of the holdings varies depending on its’ ownership stake and the willingness of other shareholders to adhere to Traction’s approach. However, Traction’s employees, as well as the boards of directors of the project companies, are always expected to ensure that project company management groups attach great importance to the ongoing sustainability efforts that must be adapted to each respective company’s situation and local conditions.

Traction’s development model is based on the assumption that each respective management group and board of directors follow prevailing laws and regulations and always act ethically and in a commercially sound manner. This means that Traction has zero tolerance of human rights violations, extortion, corruption, child labour, forced labour, discrimination, etc. Traction also expects risks to be analyzed and goals to be formulated and that each company has appropriate processes in place to manage and monitor sustainability risks. Virtually every human activity and enterprise has some sort of impact on the environment. For Traction, sustainable operations ensure that the environmental impact is minimized and that the environmental impact is balanced against the benefits supplied.

Traction avoids engaging in companies that, according to Traction, do not provide any real benefit to their customers or society at large, but instead mostly contribute to tragedies in the form of dependence, poverty, death or other unnecessary suffering. Examples of this are companies dealing with alcohol, drugs, tobacco and gambling companies where the purpose is to incorporate the customer into a gambling addiction where the customer gambles away their savings. Credit companies whose existence is based on customers’ desperate need for liquidity also do not fit into Traction’s investment criteria. Traction also avoids involvement in companies that develop and sell military equipment, even though such companies are unfortunately needed to ensure free and open societies.