The fund PriorNilsson Realinvest decreased 2.21 percent in November, which was worse than the fund's benchmark index, which decreased 0.65 percent. Since the beginning of the year, the fund has returned 2.01 percent and is thus worse than the index, which has increased 10.08 percent. This is shown in a monthly report.

In the introduction, the managers write that Trump's expected pro-growth policies have led to a reallocation of capital from European to US assets.

"Various sectors moved sharply following Trump's statements and appointments. What actually becomes policy and what is rhetoric remains to be seen," the managers write.

Despite the uncertainty surrounding Trump's actual policies, the trustees point out that the Republican majority in Congress, which lasts for at least 2 years, is likely to contribute to many decisions being made early in his presidency.

The Trustees note that industrial activity remains weak according to the companies, but that there are signs of improvement. The PMI has increased, and the household confidence indicator in Sweden shows a clear strengthening.

Sweden is highlighted as one of the European countries where the upturn could be strongest, given the earlier negative effects of variable interest rates and weak wage growth.

The managers point out that the strength of an economic turnaround is often underestimated and see potential in examining companies with a strong link to consumer demand.

During the month, the Fund did not make any active changes at sector level.

At the company level, however, the Fund has increased its holdings in Annehem and Lundbergs.

At the same time, holdings in Castellum, Wihlborgs, Lundin Mining and Skanska have been reduced.

The managers state that they sold their holdings in AP Möller, Fortum and SLP during the month.

The main contributors during the month were Emilshus, Pandox, Lundin Mining, Skanska and Telia, while the largest holdings were Castellum, SCA and John Mattson with weights of 8.92, 8.40 and 8.20 percent respectively.

In terms of the Fund's sector exposure, real estate, forestry and commodities were the largest with exposures of 64.98, 12.24 and 6.81 percent respectively.

PriorNilsson Realinvest, %November, 2024
Fund MM, % change-2,21
Index MM, change in percent-0,65
Fund this year, percentage change 2,01
Index this year, percentage change 10,08