The Evli Sverige Småbolag B fund fell 1.86% in November, which was worse than the fund's benchmark index, which fell 1.07%. Since the beginning of the year, the fund has returned 5.84 percent, which is worse than the index, which has increased 9.12 percent. This is stated in a monthly report written by the management duo Janne Kujala and Ville Tiainen.

Initially, the managers write that the US stock markets reacted positively to the outcome of the US presidential election, unlike the Nordic ones.

The S&P 500 rose by almost 6% in November, while Swedish equities generally fell by around 1%.

The US dollar strengthened against both the Swedish krona and the euro during the month.

Among individual companies, NCAB and Revolution Race contributed most negatively to the Fund's relative return, with both companies reporting weak third-quarter results. At the same time, Modern Times Group and Ambea contributed most positively to the relative return. Modern Times Group announced a major acquisition, while Ambea surprised positively with a strong increase in profitability in the third quarter.

In terms of portfolio activity, the Fund sold its holdings in Afry, Hexatronic, Revolution Race and Trelleborg, and invested in Humana.

The Fund's largest holdings at the end of the month were AAK, Ambea and Medcap with portfolio weights of 6.33, 6.07 and 5.52 percent respectively.

The fund had the largest exposure to the healthcare, industrial and information technology sectors with portfolio weights of 29.70, 21.24 and 15.13 percent respectively.

Evli Sverige Småbolag B, %November, 2024
Fund MM, % change-1,86
Index MM, change in percent-1,07
Fund this year, percentage change 5,84
Index this year, percentage change 9,12