Portfolio manager comments — Q2 2025
Fund performance was positive during the second quarter, rising by nearly 6% in SEK.
After concerns surrounding Trump’s tariff announcements subsided, global equity markets—including Sweden’s—recovered. Toward the end of the quarter, several central banks, including the Riksbank, began cutting interest rates—with signals of further easing ahead. This boosted risk appetite in the equity market.
Among the fund’s top contributors were Dynavox, Stillfront and Intea. All three companies delivered quarterly reports and corporate news that met market expectations.
On the negative side were AFRY, Vitrolife and Yubico, which did not fully meet expectations in connection with their reports.
The fund’s largest investments during the quarter were in Balder, SKF and Munters. Balder benefits from falling interest rates, while Munters continues to see strong demand for its products, particularly in the data center segment.
The largest divestments were in Volvo Cars, Fortnox and Biotage, with the latter two being sold following takeover bids.
We remain optimistic about an improving industrial economy toward the end of the year and expect a rebound in consumption in Northern Europe. Following the recovery in Q2, the outcomes of upcoming quarterly reports will be crucial for market sentiment in the coming months. While short-term uncertainty remains, we see strong potential for solid economic growth in 2026 – something the equity market is likely to increasingly focus on during the autumn.