The Carnegie Micro Cap fund decreased by 4.07 percent in February. Since the beginning of the year, the fund has declined by 6.21 percent. This is according to a monthly report written by the fund's managers, Mattias Montgomery and Isak Lenholm.

The managers note that the micro-cap segment performed more weakly than the large-cap market during the month of February.

During the period, holdings in Bufab, Hoist Finance, Berner Industrier, and Ovzon contributed positively to returns. At the same time, they point out that many companies in the portfolio had a significantly tougher period, which was the broader theme for smaller companies during the reporting season.

The managers continue to review the portfolio's composition.

"After managing the fund for approximately 2 months, we continue to evaluate the portfolio structure based on the management philosophy we have applied in the Small Cap Fund, adapted for the micro-cap segment," the managers write.

The fund's three largest holdings at the end of the month were TF Bank, AQ Group, and Bufab, with portfolio weights of 10.6, 7.5, and 7.2 percent, respectively.

Geographic exposure was primarily concentrated in Sweden at 94.6 percent, followed by Norway at 2.0 percent and Finland at 1.6 percent. Cash amounted to 1.9 percent of the portfolio.

Carnegie Micro Cap, %February, 2026
Fund MM, change in percent-4.07
Fund YTD, change in percent-6.21