During the first-quarter reporting period, portfolio companies reported average organic revenue growth of 9 percent, while operating profit growth reached 8 percent. The average operating margin stood at 23 percent. According to the manager, the quarter was impacted by significant currency headwinds.
'Overall, we are satisfied with the companies' fundamental performance during the quarter and can discern a certain optimism regarding the economic recovery from here, although significant clouds of uncertainty have emerged in recent months that could alter that outlook,' the manager writes.
The strongest performing stocks in the fund during May were Smartoptics and Raysearch, with price increases of 24 and 19 percent respectively. The weakest performers were Vimian and Vitrolife, which fell by 7 and 5 percent respectively.
Raysearch was the fund's largest positive contributor during the month. The company announced that the first patients have been treated using Raycare at Raigmore Hospital in Scotland.
During the spring, the fund initiated a new position through an investment in the medical technology company Sectra. The company develops imaging systems for hospitals, including modules within radiology, pathology, and orthopedics for analysis and diagnostics.
'The market is very slow-moving, and over time Sectra has secured contracts with world-leading hospitals, which we believe have great potential to continue contributing to growth and margin expansion.'
| Case All Star Småbolag A, % | May, 2026 |
| Fund MTD, percentage change | 3.48 |
| Fund YTD, percentage change | -9.14 |
