The Stockholm Stock Exchange, including dividends, climbed approximately 3.3 percent in January. However, the managers noted that the market's development was divided.
The small-cap index fell by 4.2 percent, while the large-cap index OMXS30 increased by around 5.0 percent. Across the Nordics, all stock markets performed positively, with the Danish exchange leading the way, up 6.5 percent. In the US, the S&P 500 gained 1.5 percent, while Europe's Euro Stoxx 50 advanced 2.8 percent. The Swedish krona strengthened against major currencies, with the dollar dropping below 9 kronor for the first time since late 2021.
Stockholm-based satellite company Ovzon made a positive contribution to the fund's returns. During the month, the government announced a decision to allocate SEK 1.3 billion to the Swedish Armed Forces for the purchase of military spy satellites. At the same time, the planned space program was moved forward by four years due to the deteriorating security situation, which is said to strengthen the company's long-term prospects.
Meanwhile, tech company Plejd is reported to have posted strong figures, which were well received by the market. Revenue increased by 41 percent in 2025, and operating profit rose nearly 50 percent. According to the company's CEO, part of the growth was driven by the successful launch of the TRM-01 thermostat, which by year-end became the top-selling product in Norway by revenue. Sweden remains the company's largest market, but Norway is catching up quickly after 71 percent growth in the fourth quarter, compared to 29 percent in Sweden.
Elsewhere, it is noted that we are in the midst of earnings season, with preparations underway for an intense period featuring many important company updates.
The fund's largest holdings at the end of the month were Hoist Finance, Asmodee, and Lundin Mining, with portfolio weights of 5.1, 4.5, and 4.5 percent, respectively. The largest sectors were financials, industrials, and consumer discretionary.
Sweden remained the fund's largest market with a weighting of 77.2 percent, followed by Finland and Canada at 6.2 and 4.5 percent, respectively.
| Carnegie Small Cap Fund, % | January, 2026 |
| Fund MM, change in percent | 0.71 |
