The Alfred Berg Nordic Small Cap R (SEK) fund declined by 1.17 percent in January, outperforming its benchmark index, which fell by 2.49 percent. Over the past 12 months, the fund has returned 3.98 percent, outpacing the index, which decreased by 0.83 percent. This information comes from a monthly report by fund managers Dan Fredrikson and Kristian Tunaal.

 The 2026 stock market year began on a positive note, with large Nordic companies performing well. The MSCI Nordic, in Swedish kronor, rose by 2.5 percent in January. Small caps, however, fared worse, with the MSCI Nordic Small Cap, in Swedish kronor, dropping by 1.6 percent.

Despite the ongoing fourth-quarter earnings season and international concerns related to tariffs, political statements, and military posturing, markets reportedly held up relatively well. Among small caps, the strongest sectors were energy and utilities, buoyed by rising oil prices and electricity prices, which tend to follow both oil prices and cold weather. The weakest performance was seen in healthcare and communication services.

The fund posted negative returns in line with other Nordic small caps but still outperformed its benchmark index. Outperformance was mainly driven by security selection, while asset allocation had a negative impact.

The largest positive contributions relative to the index came from overweight positions in Boliden and Denmark's ISS.

"On January 16, Boliden applied to the European Commission to designate the Nautanen copper deposit as a strategic project under the Critical Raw Materials Act, with a conceptual annual production of 2–3 million tons and a mine life of 20 years. Continued rising commodity prices also contributed positively," the managers wrote.

ISS secured an annual contract worth 300 million Danish kroner with a Swiss pharmaceutical company. The company also received positive analyst upgrades from, among others, Morgan Stanley and Bank of America.

Among the negative contributors were overweight positions in Scandic Hotels and Denmark's Alk-Abello.

Scandic Hotels, one of last year's winners, fell sharply after major shareholder Eiendomsspar sold shares in November, and the stock has struggled to recover. Alk-Abello performed negatively without any direct market-moving news, and the company's quarterly report is expected on February 20.

The largest holdings in the fund's portfolio at the end of the month were Boliden, Ambea, and Per Aarsleff Holding, with weights of 3.87, 3.56, and

Alfred Berg Nordic Small Cap R (SEK), %January, 2026
Fund MoM, change in percent-1.17
Index MoM, change in percent-2.49
Fund one year, change in percent3.98
Index one year, change in percent-0.83