The start of the year was marked by geopolitical tensions, with Greenland at the center following American demands for influence, accompanied by military threats and threats of tariffs. Meanwhile, the Swedish krona strengthened, and commodities such as copper, zinc, gold, and silver saw sharp increases.
Small caps continued to underperform compared to larger companies. The CSX Sweden index lagged behind the OMXS30 during the month.
The largest positive contributions to the fund came from Lundin Mining, Swedish Orphan Biovitrum, and Nordic Semiconductor. Rising commodity prices benefited Lundin Mining. Swedish Orphan Biovitrum issued a positive profit warning that exceeded market expectations, and several of Nordic Semiconductor's customers reported stronger sales growth than anticipated.
The weak sentiment for small-cap investments pressured many smaller companies. The largest negative contributors were Beijer Ref, Lindab, and Dynavox.
After a prolonged period of weak performance, the valuation of small caps is increasingly attractive. The Swedish economy is expected to gradually improve over the year, which is seen as favorable for small-cap earnings growth. Following cost adjustments during a period of weak demand, conditions for profit improvement are considered good as demand increases.
The largest holdings in the fund's portfolio at the end of the month were Lindab, Beijer Ref, and Mycronic, with weights of 4.9, 4.2, and 4.2 percent, respectively.
| Öhman Small Cap Fund, % | January, 2026 |
| Fund MoM, percent change | -5.2 |
| Index MoM, percent change | -4.2 |
| Fund one year, percent change | -5.6 |
| Index one year, percent change | -7.8 |
