After strong performance in October, November was characterized by a more cautious stock market in the Nordic region, with sideways movements after an initial decline at the beginning of the month.
Third-quarter reports were generally good, with both positive and negative surprises. The most prominent feature of the reporting season was the large price movements in individual stocks in connection with the publication of reports.
Nordic small caps performed weaker and reversed October's gains. The MSCI Nordic Small Cap Index fell 0.75 percent, while the MSCI Nordic Index rose 0.2 percent.
Among small caps, consumer staples, commodities and energy were the strongest sectors, while IT, healthcare and telecommunications services performed the weakest.
In the Nordic stock markets, Denmark performed strongest with an increase of 2.3 percent. Sweden rose 0.5 percent, while Norway fell 0.1 percent and Finland declined 0.4 percent during the month.
The fund performed slightly positively during the month, significantly outperforming its benchmark index. The two largest positive contributions relative to the index came from overweight positions in two healthcare companies.
Ambea reported net sales of SEK 4.1 billion in the third quarter, in line with analysts' expectations. The company's board approved a share buyback program of up to 2 million shares, which will run until the 2026 annual general meeting.
Another positive contribution came from Danish company ALK-Abello, which reported global organic sales growth of 18 percent in the third quarter of 2025. Total sales amounted to DKK 1,530 million and operating profit increased by 41 percent compared with the previous year to DKK 423 million.
On the negative side was the fund's overweight position in FLSmidth. The share price fell following the announcement that CEO Mikko Keto was leaving the company for a new role at Swiss SIG. The company had recently completed the sale of its cement business to Pacific Avenue Capital Partners and reported mixed results for the third quarter of 2025, with 10 percent organic growth in service orders but weak order intake in products.
At the same time, FLSmidth continued its share buyback program of up to DKK 1.4 billion.
The largest holdings in the fund's portfolio at the end of the month were Ambea, Protector Forsikring, and Scandic Hotels, with weights of 3.62, 2.99, and 2.95 percent, respectively.
| Alfred Berg Nordic Small Cap R (SEK), % | November, 2025 |
| Fund MM, change in percent | 0 |
| Index MM, change in percent | - |
| Fund this year, change in percent | 6 |
| Index this year, change in percent | 5 |
