At the outset, the manager notes that the majority of stock markets in leading global economies rose during the month.
He observes that the global equity market as a whole increased by three percent, with Japan standing out as the clear winner, followed by the United States. In Europe, performance was more mixed, illustrated by gains in the United Kingdom and France, while Germany declined.
Emerging markets were reported to be predominantly positive. South Korea and Taiwan posted particularly strong gains, whereas developments in Brazil and Hong Kong were described as more modest.
Meanwhile, the Stockholm Stock Exchange saw broad-based gains, with all sectors contributing positively. Telecommunications was highlighted as the strongest sector of the month, followed by raw materials, while IT and consumer goods showed more cautious progress. The manager also emphasizes that the industrial and financial sectors recorded clear advances.
Furthermore, it is explained that around eighty-five percent of the exchange's total value had reported their quarterly results by the end of the month. Profits are said to have fallen by about two percent, though this is considered less dramatic in a historical context. The report describes how over sixty percent of companies nevertheless reported profit increases, while the median outcome indicates that mid-sized companies performed better than the largest ones.
On the bond market, movements were limited. The Swedish ten-year yield fell slightly, and the bond index rose by nearly one percent. It is also noted that the krona strengthened against the euro but weakened against the dollar.
Regarding the fund's performance during the month, gains were supported by developments in the telecommunications sector. This was explained by a position in Nokia, which rose on news that Nvidia had invested in the company. Sandvik also performed well.
On the negative side, Bonesupport and Novo Nordisk were mentioned. Both holdings are described as having reached attractive valuations after declines earlier in the year, which is why the fund chooses to maintain its positions.
The fund's largest holdings at the end of the month were Sandvik, Atlas Copco, and Investor. The biggest sectors were industrials, finance, and healthcare.
| Indecap Sverige A, % | October, 2025 |
| Fund MoM, change in percent | 5.92 |
| Index MoM, change in percent | 4.10 |
| Fund YTD, change in percent | 8.69 |
