At the turn of the year, the fund underwent a change in management. It is noted that Mattias Montgomery and Isak Lenholm, who also manage the Carnegie Small Cap Fund, have taken over the management of Carnegie Micro Cap. They intend to apply the same case-based and active analytical methodology as in the Small Cap Fund, focusing on identifying undervalued companies with high long-term potential.
The market development in January was mixed. The Stockholm Stock Exchange, including dividends, reportedly rose by around 3.3 percent.
Meanwhile, there was weak performance for the small-cap and micro-cap indices, which fell by 4.2 and 2.8 percent, respectively. This can be compared to the large-cap index OMXS30, which increased by about 5.0 percent.
From a Nordic perspective, all stock exchanges rose, with the Danish market posting the strongest performance, up 6.5 percent.
It is also noted that the Swedish krona strengthened against major currencies, and the US dollar fell below 9 kronor for the first time since the end of 2021.
As the reporting season for the previous financial year has now begun, TF Bank was among the first companies to report. The bank posted a 29 percent increase in operating profit during the fourth quarter and proposed a dividend of 5 kronor per share, reportedly the first regular dividend in four years.
The fund's largest holdings at the end of the month were TF Bank, AQ Group, and Bufab, with portfolio weights of 12.1, 8.0, and 5.9 percent, respectively. The largest sectors were industry, technology, and finance.
Sweden was the largest market, accounting for 93.9 percent of the portfolio, followed by Norway with 1.8 percent of allocated capital. Cash holdings amounted to 2.3 percent.
| Carnegie Micro Cap, % | January, 2026 |
| Fund MM, change in percent | -2.23 |
