At the outset, the managers note that the first month of the year was marked by a robust equity market, despite rising long-term interest rates and renewed high political tensions from the United States. The Swedish stock market rose by just over two percent, driven notably by large-cap companies. Banks, Saab, and industrial firms with raw material exposure were among the top contributors.
However, performance was unevenly distributed. Smaller companies continued to lag behind, and Carnegie's small-cap index started the year in negative territory. The return gap between large and small companies reached nearly ten percentage points after January alone, which, according to the managers, underscores the ongoing divergence in the market.
The reporting season for the fourth quarter of 2026 gained momentum towards the end of the period. The overall picture points to a still cautious consumer and postponed investments outside the rapidly growing data center segment.
For globally exposed companies, the effects of tariffs and currency movements are significant. Getinge is highlighted as an example, where the recovery towards higher margins is expected to take longer than previously assumed. Dynavox, which has yet to report, has also been negatively affected in sentiment, and both holdings weighed on the fund's performance.
The dominant structural theme, according to the managers, remains investments linked to data centers. The entire value chain—from construction and electrification to cooling, equipment, and metal supply—is described as having benefited. Raw material prices rose sharply last year and have continued to support suppliers of mining equipment.
Within the portfolio, Epiroc contributed positively, as did Alfa Laval, where expectations ahead of the upcoming report include improvements in the Marine business area.
The fund's largest holdings at the end of the month were Volvo, Atlas Copco, and ABB, with portfolio weights of 7.4, 5.8, and 5.4 percent, respectively. The largest sectors were industry, healthcare, and consumer discretionary.
Sweden was the largest market with a weight of 83.9 percent, followed by Switzerland and the United Kingdom at 5.4 and 4.7 percent, respectively.
| Carnegie All Cap A, % | January, 2026 |
| Fund MM, change in percent | -0.21 |
