The managers note that the fund quickly rebounded after a brief dip in mid-November and reached new highs, with the unit price exceeding SEK 80.
They further highlight that Sweden's purchasing managers' index continues to indicate expansion, although the pace has slowed somewhat. Domestic order intake is reported to be strong, while Europe remains cautious. The managers also observe that the Swedish ten-year yield rose during the month, in contrast to the U.S. yield, which remains around four percent.
Additionally, several holdings hosted capital markets days, providing key guidance for the coming year.
One such event was SKF's capital markets day, during which the company presented an updated strategy and new financial targets. The managers note that the company is aiming for four percent organic growth and an operating margin above 17 percent. Investments remain high, and further one-off costs have been announced. The valuation outlook for 2026 is still considered attractive.
Stora Enso also held a capital markets day, outlining its ongoing transformation. The managers highlight that the forestry division is planned to be separately listed in 2027, while a review of sawmills and a new reporting structure are expected to strengthen profitability.
Elekta reported Q2 figures for its broken fiscal quarter, and according to the managers, the new CEO has taken a more decisive approach. The company is flattening its organization, reducing staff, and streamlining its order book. The goal is to return to pre-pandemic margin levels. The EVO product is expected to receive FDA approval at the beginning of 2026.
The largest holdings in the portfolio at the end of the month were SKF, Ericsson, and Nordea, with weights of 7.2, 6.5, and 6.5 percent, respectively.
| Lannebo Sverige, % | November, 2025 |
| Fund MM, change in percent | 1.1 |
| Index MM, change in percent | 0.0 |
| Fund YTD, change in percent | 17.3 |
| Index YTD, change in percent | 10.2 |
