The managers noted that the Stockholm Stock Exchange continued its upward trajectory in May, allowing the fund to conclude the month with positive returns. The strongest contributions came from Hoist Finance, Asmodee, and ABB, while Coffee Stain, Kalmar, and Vend were among the weaker performers.
Hoist Finance exceeded first-quarter expectations in terms of both collections and profitability. Management highlighted strong performance in recent portfolio investments and the Azzurro acquisition, while noting that the capital position remains robust.
During the quarter, Hoist also completed its conversion into a Specialized Debt Restructurer (SDR). This transition is expected to provide the company with greater flexibility, lower capital requirements, and improved prospects for higher return on equity over time. The managers believe the stock's valuation does not yet fully reflect its enhanced earning capacity.
Asmodee also reported strong results, demonstrating continued organic growth and margin improvements that surpassed market expectations.
The managers further noted that Asmodee has become more active in its capital allocation since the start of the year, announcing both acquisitions and its first dividend. As an independent entity, Asmodee is believed to have significant opportunities for value creation, particularly through acquisitions where its proprietary distribution network can be leveraged.
During the month, the fund visited Essity in conjunction with the company's capital markets day. The management team argues that the company is fundamentally stronger than its valuation suggests. The strategic review of Consumer Tissue could lead to a more streamlined business model, while operational improvements may support a re-rating over time.
Regarding portfolio adjustments, the fund increased its holdings in Medicover, Hexagon, and Epiroc, among others. Conversely, the position in Kalmar was reduced.
The fund's three largest holdings at month-end were ABB, Asmodee, and Sampo, with portfolio weights of 6.7, 5.6, and 4.5 percent, respectively.
| Carnegie Spin-Off, % | May, 2026 |
| Fund MoM, percentage change | 4.33 |
| Fund YTD, percentage change | 5.84 |
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