By way of introduction, the managers write that December was characterized by large movements on the stock market. During the year, bids were received for four portfolio companies, two of which have gone through.
Furthermore, the managers write that the fund carried out a company visit to the portfolio company Talenom, which is in a crucial phase. Talenom is now rolling out its accounting software in Sweden, with the goal of migrating 50 percent of the Swedish customer base by the end of 2024. The managers emphasize that this investment is expected to strengthen both revenue growth and profitability, similar to the successful rollout in Finland.
In terms of portfolio activity, the fund has also invested in Dynavox, a leader in assistive technology for communication. Dynavox, which was spun off from Tobii in 2019, offers customized solutions for people with disabilities.
"Today, there are approximately 50 million people globally who are dependent on assistive technology for communication. Against this background, we see that Dynavox, as the leading player in the market, has a long growth journey ahead of it," the managers write.
Finally, the managers write that the Danish medical technology company Chemometec presented yet another upward revision of its full-year forecast for the financial year 2024/2025. The company raised expectations for both sales and EBITDA, which is attributed to continued strong momentum in the instrument business.
"We believe that Chemometec is well positioned to continue to show good growth and high profitability for many years to come."
The largest holdings in the fund's portfolio at the end of the month were Biotage, Bufab and Nolato with weights of 7.3, 5.5 and 5.2 percent respectively.
The fund had the largest exposure to Sweden with 78.4 percent, followed by France and Finland with exposures of 5.2 and 5.1 percent respectively.
At the same time, the fund had the largest exposure to the industrial, healthcare and real estate sectors.
D&G Small Cap, % | January, 2025 |
Fund MM, % change | 0,17 |
Full year fund, % change | 13,83 |