Stenberg notes at the outset that the Small Cap index continues to lag behind the Mid Cap and Large Cap indices over 1-, 3-, and 5-year horizons, indicating that investors still prefer larger companies with stable earnings over smaller growth companies with higher risk profiles.
Furthermore, the manager observes that the major Swedish stock indices reached new record levels during the month, despite some market uncertainty. On global markets, developments were generally positive, driven by strong quarterly reports from several large American tech companies and increased expectations for a soft landing in the economy.
Interest rates remained at high levels, but investors have also started to price in possible rate cuts during 2025. However, geopolitical uncertainty and concerns about the pace of global growth contributed to periods of increased volatility.
The best-performing companies in the portfolio during the month were Saniona and Studsvik, which rose by 37.38 and 35.10 percent, respectively. Cantargia, Hanza, and Catena Media also contributed positively.
On the negative side, Hansa Biopharma, Net Insight, Viaplay, Tobii, and Xspray Pharma weighed on performance.
| Finserve Micro Cap, % | October, 2025 |
| Fund Month-on-Month, change in percent | -1.34 |
| Fund Year-to-Date, change in percent | 7.81 |
