The fund managers note that the new trading year started off strong, but risk appetite diminished after President Trump threatened punitive tariffs against countries that had sent military personnel to Greenland during the conflict between the United States and Denmark. Although the threats were quickly withdrawn, the uncertainty in the market increased, resulting in significant price swings.
The strong Swedish krona also had a negative impact on returns from the fund's international equity holdings. Among sectors, semiconductor companies and mining and mining equipment firms were the month's winners. In contrast, consumer-oriented companies performed more hesitantly, as e-commerce was weaker than expected.
Market focus was said to be on rising metal prices, especially for precious metals such as gold and silver, as well as developments in AI. High demand for semiconductors provided a clear boost for the relevant sectors, while more mature industries lagged behind with subdued performance.
Full-year reports have so far been stronger than expected, but there are signs of caution ahead due to geopolitical risks and a more hesitant end consumer. Nevertheless, the conditions for a broader economic recovery are still considered to be in place.
The Swedish krona strengthened by 4 percent against the dollar to around 8.8 kronor, its strongest level in four years.
Looking ahead, a gradual improvement in the economy is expected to benefit company earnings, although sharp currency fluctuations complicate profit assessments depending on companies' geographic exposure. In the short term, risk levels remain elevated and market developments are difficult to predict, but over the longer term, growth and strong earnings capacity are expected to have a positive impact on share prices.
For the fund, major consumer goods companies moved in different directions in terms of share prices. Electrolux rose by 11 percent, while Dometic fell by 19 percent, both affected by reactions to their respective earnings reports.
The largest holdings in the fund at the end of the month were Getinge, Alligo, and Hansa Biopharma. The biggest sectors were healthcare, consumer discretionary, and industrials.
| Espiria Sweden Small Cap A, % | January, 2026 |
| Fund MoM, percent change | -3.7 |
| Index MoM, percent change | -4.8 |
