The managers note at the outset that February saw continued strong performance for large-cap indices, while small-cap stocks recorded only a modest increase.
Despite the broad index rising, it is pointed out that the gains were concentrated and that the majority of Swedish stocks have declined so far this year. Large outflows from small-cap funds are described as having created forced selling pressure, which in turn has depressed company valuations.
During the month, Industrivärden, Investor, and Linc were the main contributors to the fund's returns. On the negative side of the scale were Prosus, Svolder, and Microsoft.
Regarding portfolio activity, the managers chose during the month to reduce holdings in Investor, Industrivärden, and Lundbergs. At the same time, they increased exposure to Bure Equity.
Looking ahead, the team notes that the large fluctuations in investment companies' net asset value discounts are creating interesting opportunities.
"So while we are taking the opportunity to reduce in Investor, we see opportunities elsewhere, not least in Latour, whose valuation is lower than it has been for many years, while its holdings remain strong."
At the end of the month, the fund's three largest equity holdings were Investor, Berkshire Hathaway, and Svolder, with portfolio weights of 7.9, 7.4, and 6.4 percent, respectively.
The fund's equity share amounted to 99 percent, and its geographical exposure was primarily directed toward Sweden, followed by the USA and Canada, as well as the rest of Europe.
| Kavaljer Investmentbolagsfond, % | February, 2026 |
| Fund MM, change in percent | 2.1 |
| Fund YTD, change in percent | -3.6 |
