After strong performance in October, the Swedish stock market moved largely sideways in November. The largest positive contribution came from the financial sector, where the major banks performed steadily and the investment company Investor made a positive contribution. The healthcare sector also showed strength during the month.
Astra Zeneca, the largest company in the healthcare sector, continued the positive trend that began in the summer. The stock was supported by a stable report for the third quarter and positive data points linked to the company's product portfolio. On the negative side was the IT sector, where Ericsson fell back after the earlier positive reaction to its quarterly report.
Hexagon and several smaller IT companies also performed poorly during the period. Overall, this contributed to the IT sector being among the weaker performers in November.
The fund recovered after a somewhat weaker performance in October. AstraZeneca, which is one of the fund's larger positions, contributed positively in both absolute and relative terms. The care company Ambea also performed well during the month.
However, the largest positive contributors were two smaller holdings. The niche bank Noba, which is relatively new both on the stock exchange and in the fund's portfolio, and Lundin Gold contributed most positively, with the latter also being one of the holdings that contributed most during the year as a whole.
The defense company Mildef made a negative contribution. The company has a large order book but has been forced to postpone deliveries of larger orders until 2026, which has created uncertainty about its delivery capacity. The defense sector generally performed weaker in November.
The fund continues to hold a significant position in Saab, but exposure has been reduced. The reason for this is an assessment that the valuation more accurately reflects what is considered reasonable to expect.
The largest holdings in the fund's portfolio at the end of the month were Investor, Atlas Copco, and Volvo, with weights of 7.91, 7.72, and 6.46 percent, respectively.
| Alfred Berg Sverige Gambak R (SEK), % | November, 2025 |
| Fund MM, change in percent | 1 |
| Index MM, change in percent | 0 |
| Fund this year, change in percent | 1 |
| Index this year, change in percent | 10 |
