At the outset, the managers note that the market in January was clearly divided.
In 2025, large companies continued to outperform small ones, and this trend further intensified at the start of the year. The difference in returns between the segments was significant, with small-cap funds reportedly seeing substantial outflows. The clearest winner of the month was defense company Saab, which surged by 29 percent.
The metals market continued to be highly volatile. Copper prices rose by 4.8 percent and gold by 12.9 percent. Silver surged for most of the month but fell back sharply during the final trading days. Overall, not only were metal prices rising, but volatility also increased.
The bond market showed mixed developments for ten-year government bonds, according to the managers. The U.S. yield increased by 12 basis points, while the Swedish and German yields both fell by 2 points. The weak dollar is believed to potentially dampen Swedish inflation further. The U.S. ISM Purchasing Managers' Index stood at 47.9 compared to 48.2 in December.
The reporting season also brought sharp price reactions, especially among smaller companies.
According to the managers, Ericsson once again exceeded market expectations despite headwinds from a weaker dollar. The company demonstrated strong margins in Networks and improvements in Cloud Software and Services, and announced a share buyback program in addition to the regular dividend. Sandvik and Epiroc confirmed strong demand for mining equipment. H&M beat expectations thanks to good cost control and also plans to repurchase shares.
On the negative side, Hexpol was mentioned, where weak demand in the automotive sector led to negative organic growth, although cash flow and the balance sheet were described as strong.
During the month, the fund increased its holding in Pandox and slightly reduced its position in Sandvik following strong share price performance.
The fund's largest holdings at the end of the month were Investor, Atlas Copco, and Sandvik, with portfolio weights of 8.3, 6.8, and 5.6 percent, respectively. The largest sectors were industry, finance, and materials.
Sweden was the largest market with a weighting of 85.7 percent, followed by Finland and the United Kingdom at 3.5 and 3.3 percent, respectively. Cash holdings amounted to 4.9 percent.
| Carnegie Sverigefond, % | January, 2026 |
| Fund MM, change in percent | 1.60 |
