The Kavaljer Quality Focus fund rose 7.2 percent in May. Since the turn of the year, the fund has declined 3.1 percent. This is stated in a monthly report from managers Peter Lindvall, Håkan Telander, and Jesper von Koch.

Over the past five years, the fund's return amounts to 19.7 percent. For comparison, the OMXSPI-GI has returned 39.4 percent and the Carnegie Small Cap Return Index Sweden 2.2 percent over the same period.

The largest positive contributors to the fund's performance during the month were Nilörngruppen, Proact IT, Pandora, and BTS. The largest negative contributors were Firefly, Catella, and Carasent.

The fund divested its entire holding in Green Landscaping during the month. Holdings in Proact IT, Storytel, BTS, Bravida, and Alligo were reduced.

At the same time, the fund increased its holdings in Nederman, Swedencare, ITAB, Svedbergs, AOJ, Bahnhof, Inwido, RVRC, and Xvivo.

During the month, a takeover bid was launched for Nilörngruppen.

'On May 4, Trimco Group (one of the major players in the industry with over 1,200 brands as customers) made a cash bid of SEK 77 per share, representing a premium of 53 percent,' the managers write, continuing:

'The main owner Traction, together with Kavaljer Quality Focus, Protector Forsikring, and the CEO, who together control 66 percent of the votes, have committed to accepting the bid. This means there is a high probability that the bid will go through, even though 90 percent acceptance is required.'

The managers assess that the current valuation environment in the market creates conditions for further acquisitions and also point out that several portfolio companies have completed acquisitions.

At the end of the month, the equity exposure amounted to 99 percent.

The largest holdings in the fund's portfolio at the turn of the month were Storytel, Proact IT, and Securitas, with weightings of 4.9, 4.6, and 4.4 percent respectively.

Kavaljer Quality Focus, %May, 2026
Fund MTD, percentage change7.2
Fund YTD, percentage change-3.1