Portfolio manager comments — Q2 2025
Fund performance was positive during the second quarter of the year, rising by 11.3% in SEK. Significant contributions came primarily from Taiwanese Chroma ATE and Elite Material, as well as South Korean Cosmax. Chroma ATE benefited from increased demand for semiconductor and photonics testing equipment, particularly in areas such as electric vehicles, energy storage, and 5G infrastructure. Elite Material, which manufactures advanced laminate materials for circuit boards, was supported by high activity in the AI sector, where continued growth has driven investments in new hardware.
Cosmax, a leading producer in the beauty and skincare industry, also contributed positively. South Korea’s equity market has been one of the strongest equity markets in Asia during the first half of the year, driven by reform expectations, political stability, and capital-friendly government initiatives.
Meanwhile, export-dependent and politically less stable markets such as Thailand and Indonesia posted weaker performance. Among the companies with a negative impact was Bumrungrad Hospital, which lost international patients—particularly from the Middle East—due to Kuwait’s measures to prioritize domestic healthcare and increased geopolitical tensions. Chicony Electronics also weighed on returns after a few quarters of weak reports and downgraded forecasts. Industrial park operator AMATA underperformed as growth prospects for Thai exports and industry weakened.
The fund maintains its long-term focus on companies within technology and digitalization. Taiwan remains a core market with continued high exposure.