The Stockholm Stock Exchange climbed at the start of the year, driven by a limited number of large industrial companies, particularly those exposed to commodities and defense. A small share of stocks accounted for the majority of the index's gains, reinforcing a trend that has prevailed since the summer of 2025.
The market is described as having been characterized by extremely strong performance among high price-momentum stocks, while growth and quality companies performed very weakly. Along with company size, this explains a large part of the price movements.
According to Bertilsson, such a pattern is often seen when the economy emerges from deep recessions, but unlike, for example, 2009, valuations are now significantly higher, which places greater demands on growth and positive surprises.
Small and mid-cap companies as a group continued to perform weakly, often without a clear link to expected profit developments. It is assessed that there is an unusually high number of companies where results merely in line with expectations could provide significant upside for the shares.
One such example is Beijer Ref, a holding in the fund, which is said to have a long history of stable organic growth combined with an active acquisition strategy. According to the manager, the stock is trading at an attractive valuation relative to the company's long-term growth potential.
Bonesupport presented preliminary sales figures for the fourth quarter during the month, as well as a new forecast for 2026. Organic growth amounted to 39.7 percent in 2025, slightly below the target, and the company expects over 35 percent organic growth in 2026. Despite this, the stock ended the month somewhat lower, which is explained by concerns over high short interest and currency effects.
"Our assessment is that the short sellers' reasoning has no factual basis. However, it has created significant anxiety in an already nervous market, while exchange rate changes have had a major impact on the reported results and analysts' forecasts."
The main positive contributions to the fund's performance during the month came from Camurus and Atlas Copco, while the most negative contributions came from Beijer Ref and Vimian.
Equity exposure stood at 100 percent in January, and at the end of the month, the fund held shares in 34 companies.
The largest holdings in the fund's portfolio were Asmodee, Camurus, and Bonesupport, with weights of 10.9, 10.3, and 9.1 percent, respectively. Healthcare, industry, and consumer discretionary were simultaneously the largest sectors.
| Lancelot Sverige A, % | January, 2026 |
| Fund MoM, change in percent | -4.0 |
| Index MoM, change in percent | 2.3 |
