Portfolio manager comments — Q2 2025
Fund performance was positive during the quarter, rising by just over 7.5% in SEK, despite initial volatility due to concerns about tariffs and global trade routes.
As the market recovered in the middle of the quarter, the fund benefited particularly from strong performance in technology and semiconductor companies such as Microsoft and TSMC, which were the top contributors to both absolute and relative returns. Industrial companies with exposure to electrification and smart metering—such as Itron, Badger Meter and nVent—also contributed positively relative to the benchmark index*.
One of the fund’s strongest contributors was Intuit, whose platform helps individuals, freelancers and small businesses manage finances and accounting. The company reported very strong growth figures. Both its Credit Karma product, which helps individuals make informed credit decisions, and TurboTax, which supports tax filing, were strong contributors. Intuit also increased cross-selling to its existing customer base, which is driving profitability.
Microfinance company ASA International reported strong loan portfolio growth and improved profitability. It was the best-performing holding in the portfolio. The medtech company Dynavox, which develops advanced medical communication aids, also showed very strong growth in its latest report—evidence that earlier investments are now bearing fruit and that demand growth continues.
The weakest contributor to absolute returns was the fund’s overweight in the healthcare sector, specifically the holding in Organon, which has experienced a prolonged negative sales trend. The company once again reported disappointing results during the quarter, which led us to divest the holding.
Five new companies were added to the fund: Veralto (water purification technology), Iron Mountain (information and data management services), Garmin (GPS technology and healthy lifestyle promotion), Zimmer Biomet (orthopedic implants), and Verra Mobility (traffic monitoring and safety solutions). The fund sold its holdings in UnitedHealth, Organon and Aspen Pharma.
* Solactive ISS ESG Screened Global Markets Index NTR