The Lannebo Mixfond Offensiv fund rose 2.4 percent in May, underperforming its benchmark index which gained 2.7 percent. Since the turn of the year, the fund has returned 2.4 percent, trailing the index's 6.0 percent increase. This is according to a monthly report from the management duo consisting of Katarina Ponsbach Carlsson and Peter Lagerlöf.

The managers initially note that global equity markets continued to climb in May, with Asian markets leading the way. In particular, anything AI-related is benefiting from the rising demand for increased data memory capacity.

Nordic markets saw a more subdued positive trend due to limited exposure to such sectors. The Danish market performed the strongest, while the Norwegian market retreated slightly. Meanwhile, small-cap stocks outperformed large-caps.

'Corporate earnings continue to grow faster than expected despite the uncertain security situation. Earnings for companies in a world index are expected to increase by up to 20 percent this year, which is far more than was anticipated at the start of the year. This is a result of both sharply rising semiconductor prices and higher oil prices, which benefit oil producers', the managers write.

Despite geopolitical unrest, the global economy is described as developing well, and there are no signs of a dramatic shift in macro figures, according to the managers.

'Manufacturing optimism is at its highest level in several years, and household consumption continues to grow in most countries. The European economy is struggling to gain momentum, but it is structural problems rather than cyclical ones that are hampering growth.'

At the same time, many European countries are affected by higher oil and gas prices, as a significant dependence on fossil fuels persists in several areas. Rising oil prices have caused inflation to climb and it remains above target in most countries, which has increased expectations for interest rate hikes.

During the month, the equity portion of the fund increased slightly to 85 percent, explained by strong stock market performance and the purchase of more defensive holdings. The fund re-entered Astra Zeneca and Assa Abloy after valuations came down from previous highs. Additionally, the holding in Sagax was reduced, as was the exposure to banks.

'We diversify risks within the fund and maintain broad sectoral exposure. Banks continue to have attractive valuations. Furthermore, the fund has a relatively large exposure to smaller companies where we see significant price potential.'

At the end of the month, the fund's three largest equity holdings were Alfa Laval, Investor, and Handelsbanken, with portfolio weights of 5.1, 5.1, and 4.9 percent respectively.

Regarding geographical distribution, Sweden accounted for 68.0 percent, followed by Finland and Norway at 11.6 and 9.9 percent respectively.


Lannebo Mixfond Offensiv, %May, 2026
Fund MTD, percentage change2.4
Index MTD, percentage change2.7
Fund YTD, percentage change2.4
Index YTD, percentage change6.0