The managers note that the market climate was calmer in December compared to previous months, and the year ended with a rally.
"Swedish small caps and Nordic quality companies have performed relatively weakly during 2025, as they have in recent years. In an environment where investment appetite is gradually returning, volatility is subsiding, and companies are increasingly able to look further ahead in their planning horizons, we see good prospects for these segments to benefit once again," the managers write.
During the month, the fund increased its exposure to the materials sector, particularly through purchases in Boliden and SSAB.
At the same time, positive contributions came from long positions in Fasadgruppen, Wall to Wall, and Bravida, as well as short positions in Embracer, HMS, and SKF. The weakest contributors were long positions in Icelandic Salmon, Addlife, and Paradox, as well as short positions in Sandvik, SEB, and Demant.
Fasadgruppen's strength was explained by the fact that its British subsidiary, Clear Line, received four new approvals from the Building Safety Regulator.
"These approvals are especially significant against the backdrop of the longer processing times that have prevailed in the market and now enable the execution of projects, the bulk of which is expected to be carried out during 2026. Overall, we consider Fasadgruppen to be well positioned for a recovery in the Nordics, while the rollout in the UK should gradually gain momentum."
At month-end, the fund's net exposure stood at 35 percent, corresponding to a beta-adjusted net exposure of 20 percent.
The fund's largest holdings at the end of the month were Wall to Wall, Vestum, and Icelandic Salmon, with portfolio weights of 4.81, 4.60, and 4.41 percent, respectively.
| Norron Nordic Multi Strategy, % | December, 2025 |
| Fund MM, change in percent | 1.15 |
| Fund full year, change in percent | 0.78 |
