Handelsbanken Nordiska Småbolag (A10 NOK)

Legal name: Handelsbanken Nordiska Småbolag (A10 NOK)

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 Spotlight

The fund rules will be changed on 10 October 2025.
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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 a limited number of regions or issuers, the fund normally has a higher risk relative to investments that are allocated with a broader geographical distribution and across a larger number of issuers.

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™

30.09.2025

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).

31.07.2025

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 NOK

2025

1 year

3 years

5 years

10 years

Handelsbanken Nordiska Småbolag (A10 NOK) (NOK)

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 14.10.2025	1 week	1 month	3 months	2025	1 year	5 years	10 years
2,018.36 NOK	0.15%	-0.34%	-0.25%	7.26%	2.28%	28.90%	-

Portfolio 09.10.2025

Portfolio manager comments — Q3 2025

Nordic equity markets were subdued during the third quarter. The Nordic small cap index, CSX Nordic, rose by 0.7%, while the broader Nordic market declined by –1.9% (MSCI Nordic), underperforming the MSCI World Index, which gained 7.6%. Among the Nordic countries, Denmark fell by –10.8%, while Norway increased by 1.4%, Sweden by 4.1%, and Finland by 4.3%. At the sector level, consumer and financials performed strongly, while staples and healthcare lagged.

The quarter ended with continued strength in global equity markets, driven by strong momentum in semiconductor and AI related companies. The Federal Reserve cut interest rates by 25 basis points, while GDP forecasts were revised higher on the back of robust consumption. Despite weak employment data, risk appetite remained resilient, particularly within technology and innovation.

Europe presented a mixed picture. German industry remained weak, and political uncertainty increased in France, while sectors such as defense and commodities posted strong gains. In Asia, equity markets were supported by sharp rallies in China, Japan, and South Korea, led by semiconductor and internet companies.

For Nordic small caps, the quarter offered both opportunities and risks: lower interest rates and global technology optimism on one side, but persistent geopolitical uncertainty as a reminder of a fragile environment on the other.

During the quarter, the fund increased its holding in Terveystalo and reduced its position in Asker Healthcare. The strongest positive contributors to performance included Scandic and NKT, while Truecaller and Norbit underperformed, weighing on relative returns.

Portfolio distribution 30.09.2025

Geographic breakdown 30.09.2025

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.