The managers begin by noting that performance, both globally and in the Nordic region, was neutral during the month. At the same time, Nordic small caps fell by 0.9 percent. The managers write that the stock markets have struggled to rise from current levels during the autumn, despite improved macro figures and stable reports for the third quarter. One reason described is the AI theme.
"More than half of all respondents in BoA's latest investor survey believe that we are in an AI bubble and consider it to be the clearest risk in the stock market today. We agree that the biggest risks are on the other side of the Atlantic and in the index-heavy technology sector, and we believe that European and Nordic equities have been infected by this concern," the managers write.
Over the next two years, small companies are expected to see stronger earnings growth than large companies, and the fund is described as being positioned for structural growth and increased consumption.
The holdings that contributed most positively during the month were Elekta, Harvia, and Paradox, while FLS, Hanza, and MTG weighed on performance.
Elekta, whose share price rose 20 percent during the month, delivered a quarterly report showing organic sales growth of 1 percent and a rising operating margin of 10.1 percent. At the same time, the company's new CEO highlighted "the opportunities to create a more efficient organization with faster decision-making processes," according to the managers. The goal of the strategy is to both create growth and implement cost savings.
"The company is communicating SEK 500 million, but we believe this is on the low side given the plan to reduce approximately 450 full-time positions. Equally important is that the number of management levels will be reduced from nine to five (compared to Nvidia's three)," the managers write, continuing:
"We have been following the company for a long time and have often noted how management has been surprised by various deviations and events during the quarters – something that indicates an inefficient organization and unclear governance, driven by this hierarchy. We therefore welcome this shift."
Ahead of the report, the fund increased its holding in Elekta. In addition, during the fourth quarter, the fund invested in MTG, Biogaia, and Alm Brand, among others, while sales were made in Protector and Avanza, which are considered to be fully valued at current levels.
The fund's largest holdings at the end of the month were Biogaia, Elekta, MTG, Harvia, and Kalmar.
| Origo Seleqt C, % | November, 2025 |
| Fund MM, change in percent | - |
| Fund this year, change in percent | 1 |
