Initially, the managers highlight optimism for 2025. Interest rate cuts, lower financing costs and a possible slowdown in armed conflicts are expected to create favorable conditions.
However, long-term US Treasury yields remain at high levels.
Elekta reported the company's second quarter of the broken fiscal year during the month, showing a sales decline of 4 percent and a gross margin of 35.7 percent.
The margin was negatively impacted by philanthropic sales to Ukraine and currency effects.
Order activity in China improved, while Europe remained cautious in anticipation of major contracts. A cost savings program of SEK 250 million supports profitability.
The company maintained its full-year forecast of high sales growth and improved operating margins in the coming quarters.
The managers believe the stock is undervalued, especially with expectations of a normalized gross margin and annual growth of 5 percent.
Bioarctic reported positive progress with its BrainTransporter technology. It improves drug uptake in the brain and may allow for smaller doses via subcutaneous injections instead of intravenous ones.
The company's Alzheimer's drug Leqembi also received a positive recommendation for marketing authorization in the EU, strengthening the possibility of global sales.
During the month, the fund made major purchases in SOBI, Handelsbanken, and BioArctic, while holdings in Essity, Dynavox and Autoliv were reduced.
The fund's largest holdings at the end of the month were Ericsson, Sandvik, and Swedbank with portfolio weights of 8.2, 7.4 and 7.3 percent respectively. The largest sectors were finance, technology and materials.
Lannebo Sweden, % | November, 2024 |
Fund MM, change in percent | -1,9 |
Index MM, change in percent | -1,0 |
Fund this year, percentage change | 11,1 |
Index this year, percentage change | 9,8 |