At the outset, the managers note that the Stockholm Stock Exchange continued its positive trend, closing up 2.6 percent in December, resulting in a total increase of 13.6 percent for 2025. During the month, the US Federal Reserve also cut its key interest rate by 25 basis points, while both the Riksbank and the ECB left their rates unchanged.
For small caps, December marked another negative month, with large caps continuing to outperform. Among the fund's holdings, Systemair, Lundin Mining, and Dynavox contributed most positively.
"Systemair performed strongly following a report that surprised the market, particularly with growth exceeding expectations. Lundin Mining continued to perform well due to rising copper prices. Dynavox, which had experienced a weaker period, saw its share price recover," the managers write.
At the other end, Asmodee, Medicover, and NCAB weighed on performance, despite no company-specific news.
In conclusion, the managers write that Swedish statistics indicate an improved economic sentiment, with rising household optimism and improving sentiment in both the manufacturing and services sectors.
"Although 2025 was a weak year for small caps, the outlook for 2026 appears brighter. Financial stimulus and tax cuts are creating conditions for higher growth, which is beneficial for Swedish small caps."
The largest holdings in the fund's portfolio at the end of the month were Dynavox, Lindab, and Beijer Ref, with portfolio weights of 4.8, 4.6, and 4.4 percent, respectively.
Healthcare, industry, and technology were the largest sectors, with weights of 29.5, 27.2, and 17.6 percent, respectively.
| Öhman Small Cap Fund, % | December, 2025 |
| Fund MoM, change in percent | 0.0 |
| Index MoM, change in percent | 0.3 |
| Fund full year, change in percent | 4.3 |
| Index full year, change in percent | 1.9 |
