The Lannebo Småbolag fund rose 2.7 per cent in May, underperforming its benchmark index which gained 4.1 per cent. Since the turn of the year, the fund has returned 1.9 per cent, outperforming the index which has increased 0.6 per cent. This is according to a monthly report by fund managers Per Trygg and Hjalmar Ek.

In May, markets continued to be shaped by news surrounding the conflict in the Middle East and global energy prices, while risk appetite remained at a high level. The fund's holdings generally delivered solid reports, with earnings growth for portfolio companies amounting to 9 per cent in Q1.

Lagercrantz, Loomis, and ALK-Abelló are described as having presented strong Q1 results, with the former growing revenue by 13 per cent and operating profit by 20 per cent.

'Acquisitions contributed to growth, but organic development was also good. Lagercrantz has continuously increased its focus on product-owning niche companies, which has been favourable for margin development', the managers write.

Meanwhile, Loomis' revenue decreased by 2 per cent due to currency effects, while operating profit rose 7 per cent. Furthermore, its position in South America was strengthened through the acquisition of a Peruvian mid-sized company. ALK-Abelló saw revenue and operating profit increase by 16 and 22 per cent respectively in Q1, while simultaneously raising its full-year guidance.

On the negative side, Hexpol and Lindab delivered weaker reports.

'The polymer company Hexpol was negatively impacted by currency effects and lower prices, with revenue falling 11 per cent, of which 3 per cent was organic. Operating profit fell 15 per cent. Hexpol has a large share of sales to cyclically sensitive customer segments, including the passenger car industry.'

As for Lindab, revenue decreased slightly, while operating profit fell 18 per cent, explained by the cold winter, the relocation of a production facility, and weak performance in the Romanian operations, which are currently being divested.

Regarding portfolio activity, the fund increased its holdings in Axfood, Indutrade, and Sweco, while positions in Mycronic and Altra were reduced.

At the turn of the month, the fund's three largest equity holdings were Lagercrantz Group, Addtech, and Bufab, with portfolio weights of 9.4, 9.1, and 6.8 per cent respectively.

Geographically, Sweden constituted the largest market with 94.8 per cent of the allocation, followed by Finland and Denmark at 2.2 and 1.2 per cent respectively.


Lannebo Småbolag, %May, 2026
Fund MTD, percentage change2.7
Index MTD, percentage change4.1
Fund YTD, percentage change1.9
Index YTD, percentage change0.6