The managers initially note that the month was characterized by the ongoing earnings season and concerns regarding how AI might impact the business models of digital companies.
"Regarding AI, it is difficult for anyone to predict the effects on companies and business models with meaningful precision, and this has led to significant share price declines for many software companies as the market dislikes uncertainty," the managers write.
Corporate quarterly reports generally continue to be stable, although a stronger Swedish krona has resulted in significant negative currency effects for many firms.
Among the positive reports, NCAB stood out with order intake rising by 20 per cent while operating profit increased by 38 per cent. Industrial company Bufab saw order intake grow by 11 per cent and operating profit rise by 25 per cent, despite weak demand in the construction and automotive industries. Meanwhile, Lagercrantz reported a 16 per cent increase in sales and strengthened margins, leading the company to raise its financial targets for margins and capital efficiency.
Among the negative reports was Mycronic, which had a quarter with fewer deliveries of its highly profitable photomask writers, putting pressure on operating profit.
Regarding portfolio activity, the fund reduced its holdings in Sagax and Lindab during the month.
The largest holdings in the fund's portfolio at month-end were Addtech, Lagercrantz, and Bufab, with portfolio weights of 10.2, 9.2, and 8.6 per cent, respectively.
| Lannebo Småbolag Select, % | February, 2026 |
| Fund MM, change in per cent | 3.8 |
| Index MM, change in per cent | 2.1 |
| Fund YTD, change in per cent | -5.1 |
| Index YTD, change in per cent | -2.2 |
