At the outset, the managers note that Swedish small caps performed positively in February, with the fund outperforming its benchmark index.
During the month, investors questioned the high valuations of tech giants following a report from American company Anthropic. According to the managers, the report highlighted soaring computing costs and suggested that the easiest efficiency gains have already been achieved.
"In Sweden, these concerns primarily affected the IT sector. At the same time, the political landscape in the United States continues to cast a shadow, with uncertainty regarding tariffs and international trade relations causing short-term fluctuations."
February was also an important reporting month, with the majority of portfolio holdings releasing their results. The most positive contributions came from Loomis, Kitron, Addtech, and Clas Ohlson, with the first three delivering better-than-expected reports.
"Loomis's report underscored the company's ability to create value despite a changing payment solutions market. The most impressive aspect was the operating margin, which exceeded expectations thanks to continued strong cost discipline and successful efficiency programs."
The managers add that the market seems to have shifted its focus from viewing Loomis solely as a cash handling provider to recognizing the company's growing business in Automated Solutions and digital payment flows. This shift increases the share of recurring revenues and reduces capital intensity.
On the negative side, Camurus and Addnode weighed on performance, as did the portfolio's lack of exposure to Lundbergs.
"Camurus's report was good in absolute terms, but since market expectations were very high, it was not enough and the stock fell sharply. Addnode's share price was largely affected by the general nervousness around tech stocks described earlier."
Regarding portfolio activity, the fund increased its holding in Sweco in February, while its entire position in Nyfosa was divested.
| Swedbank Robur Small Cap Sweden Fund, % | February, 2026 |
| Fund monthly change, percent | 2.47 |
| Fund year-to-date change, percent | -0.88 |
