Handelsbanken Nordiska Småbolag (A1 SEK)

Handelsbanken Nordiska Småbolag

Legal name: Handelsbanken Nordiska Småbolag (A1 SEK)

Equity Fund Registered in Sweden (UCITS) Bid

About risk

Historical yields are not a guarantee of future returns. A fund can both increase and decrease in value and it is not guaranteed that you will recover the entire invested amount. Note that a fund with risk level 5-7, as stated in the fund's fact sheet (KID), can vary greatly in value due to the fund's composition and management methodology. The prospectus, fund rules and KID are available under each fund. Summary of investors' rights.

The fund is actively managed and invests in equities and equity-related instruments issued by small and mid-sized companies headquartered in Sweden, Norway, Denmark, Finland and Iceland, or in companies traded on a regulated market in the Nordics. The fund thereby has a currency exposure in these markets. Investments are made in companies with market values at the time of the investment that do not exceed the market value of the largest company in the fund’s benchmark index. The fund may also invest in larger companies and in unlisted companies if we deem this to be beneficial to unit holders.

For this fund, the fund company's Enhanced exclusion level applies. For information about sectors that the fund excludes, see the Detailed information tab.

The fund is reported as an Article 8 fund pursuant to EU regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).

Fund manager

Tore Marken Experience in the fund industry 1996. Portfolio Manager since 1 January 2008.

Risk 4/7

The risk indicator provides guidance on the risk level for this product relative to other financial products. It shows the likelihood that the product will decrease in value due to market performance. Risk level 1 represents a low risk and risk level 7 is a high risk.

About risk

The risk/return indicator illustrates the link between risk and potential returns from an investment in the fund. The indicator is based on the change in the fund’s value over the past 5 years.

This shareclass belongs to category 4, which means there is a medium risk for up- and downturns in the net asset value. Category 1 does not mean that the fund is risk-free. The fund's risk indicator can change both upwards and downwards on the scale over time, as the indicator is based on historical data that does not guarantee future risk/returns.

An investment in an equity fund is generally characterized by high risk as the value of the equities can fluctuate significantly over time but also has the potential for high returns.

The indicator primarily reflects the upturns and downturns in the value of the fund’s equity investments and fluctuations in exchange rates.

The indicator reflects the most important risks in the fund but excludes the following material risks:

Given that the fund’s investments are made in one country or a limited number of countries, the fund normally has a higher risk relative to investments that are allocated with a broader geographical distribution across several regions or countries.

The fund's investment focus entails exposure to smaller companies that frequently have lower liquidity. In general, the variation in liquidity is considered to be higher relative to the equity market overall. This can impact the fund's ability to manage significant outflows at a relatively low cost.

This product does not provide any protection from future market performance. You could therefore lose some or all of your investment.

Additional information about the risks may be found in the prospectus available at www.handelsbanken.se/funds.

Total Rating™

31.12.2025

The rating shows which funds have historically posted the strongest performance in relation to risk. Ratings are denoted by a scale of one to five stars, with five as the highest rating. A fund must have a performance history of at least three years to receive a rating.
Read more about the fund's rating

SFDR

This fund promotes environmental and social characteristics through its investments but does not have sustainable investments as its objective. As a result, the fund takes into consideration the environment and climate, as well as human rights, employees’ rights and corruption.
The fund is reported as an Article 8 fund pursuant to EU regulation on sustainability-related disclosures in the financial services sector (SFDR).

31.10.2025

Sustainability-
rating

The sustainability rating is developed by the fund information company Morningstar. The rating measures how well the fund's investee companies manage sustainability risks relative to other funds within the same global Morningstar category. If the fund has invested in government bonds issued by sovereign states, the respective country's sustainability risk is included in the calculation. The analyzed funds can receive a sustainability rating between 1 and 5 globes, with 5 as the highest rating.

About Sustainabilty rating

The fund complies with the UN Principles for Responsible Investments.

Graph

Performance

Monthly savings

In percent including distribution in SEK

2026

1 year

3 years

5 years

10 years

Handelsbanken Nordiska Småbolag (SEK)

Note that benchmark returns, unlike fund returns, do not take distributions into account. As a result, fund returns are higher than they would otherwise be relative to benchmark.

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Historical rates

Performance

Rate 27.01.2026	1 week	1 month	3 months	2026	1 year	5 years	10 years
1,754.12 SEK	0.49%	-1.66%	-4.29%	-2.92%	-1.18%	12.57%	161.61%

Portfolio 26.01.2026

Portfolio manager comments — Q4 2025

Nordic equity markets performed well during the fourth quarter, with the small‑cap index rising by 5.4% (CSX Nordic). At the country level, Finland performed most strongly, advancing by 13.4%, followed by Sweden, which rose by 8.6%. Denmark also posted positive performance of 5.9%, while Norway increased by 2.6%. From a sector perspective, financials and healthcare were the strongest contributors, while technology and energy underperformed.

The quarter began in a clear risk‑on environment. During October, the market was characterized by strong momentum in AI‑related investments, electrification, and associated themes. Capital flows were concentrated and expectations high, particularly toward companies expected to benefit from the continued build‑out of AI.

In November, sentiment shifted. An increasing number of investors began to question the sustainability of AI‑driven demand, while stretched valuations created headwinds. The technology sector became the weakest sector of the quarter, and the market rotated toward more defensive areas, where healthcare performed strongly. At the same time, the third‑quarter reporting season provided solid support. In Europe, corporate results exceeded expectations, leading to broad upward revisions of earnings forecasts. In the US, the picture was more mixed: lower‑income households remain under pressure, the labor market is showing signs of cooling, and inflation remains persistent.

At the same time, it is clear that the technology sector has been the primary driver of global earnings growth in recent years. The development of AI investments will therefore play a decisive role for market returns also in 2026.

Meanwhile, the backdrop remains favorable for Nordic companies. Clearer political frameworks, relatively stable macro data, and strengthening growth support investments and consumption. Companies generally exhibit strong balance sheets, global exposure, and continue to trade at lower valuations than comparable US peers. This creates attractive opportunities for investors focused on quality, cash flows, and sustainable growth.

During the period, we increased our holding in Volvo Cars and reduced exposure to Stora Enso. Gränges and NKT contributed positively to performance, while Truecaller and Pandora had a negative impact.

Portfolio distribution 31.12.2025

Geographic breakdown 31.12.2025

Svenska Handelsbanken AB (PLC)

Historical yields are not a guarantee of future returns. The money you invest in a fund can both increase and decrease in value and it is not guaranteed that you will recover the entire invested amount.
Handelsbanken does not assume liability for any errors in the information.

Handelsbanken's funds are classified in seven risk classes, 1 for the lowest risk and 7 for the highest risk.