The Swedbank Robur Småbolagsfond Sverige fund rose 6.14 percent in April, outperforming its benchmark index which climbed 5.35 percent. Since the turn of the year, the fund has declined 0.28 percent, thereby performing better than the index which has fallen 3.89 percent. This is according to a monthly report from the fund's managers Henrietta Theorell and Anna Danfors.

The managers initially note that Swedish small caps developed positively in April. The stock market is described as having shown remarkable strength, despite geopolitical tensions. However, there remains a continued risk of increased energy prices and thus pressured profitability for companies.

At the same time, it is highlighted that small caps have shown a certain resilience during the month.

'The reporting season for the first quarter of the year began in April and the majority of the fund's holdings have had time to report. So far, we have generally seen good order intakes, even though some companies have testified to customers who are hesitant with their investment decisions. On the other hand, a clear improvement in demand is noticeable the further into the quarter we have come', the managers write.

The holdings that contributed most positively during the month were Mycronic, Munters, Gränges and Plejd.

'All companies published their quarterly reports during the month, where Mycronic stood out most positively through a combination of record-high profitability and an upward revision of the sales forecast for 2026. It was primarily the Global Technologies division that impressed through an order intake that rose sharply, driven by AI applications within circuit board testing.'

Munters simultaneously announced an order for cooling an American customer's 'AI factory', worth SEK 2 billion. The share price also rose as a result of a growing order backlog within the Data Center Technologies division. Gränges and Plejd simultaneously reported above expectations, which benefited the shares.

On the negative side of the scale was the portfolio's lack of Sivers Semiconductors and HMS Networks. The holding in Valmet, which delivered weaker order intake and profitability than expected, also weighed on returns.

Regarding portfolio activity, the fund increased its holding in Autoliv and reduced it in Mycronic.

The largest holdings in the fund at the end of the month were Avanza Bank, Mycronic and Nordnet with portfolio weights of 4.68, 4.57 and 4.36 percent respectively.

The largest sectors in the fund were simultaneously industrials, information technology and healthcare with weights of 32.01, 13.74 and 13.22 percent respectively.

Swedbank Robur Småbolagsfond Sverige, %April, 2026
Fund M/M, percentage change6.14
Index M/M, percentage change5.35
Fund YTD, percentage change-0.28
Index YTD, percentage change-3.89