The main contributors during the month were the long positions in the niche bank Hoist and in the construction retailer Byggmax. The short position in Axfood also contributed positively as the company's share fell by 17 percent, partly as a result of Axfood losing market share for the first time in several years.
Other positive contributions came from short positions in Atrium Ljungberg, Hemnet and Avanza and from long positions in Hanza and Ericsson.
Several of the Fund's holdings rose sharply during a tough month for the general index, which the manager believes has naturally been extremely favorable for the Fund's relative return.
"Incidentally, Ericsson was perhaps the most hated large-cap stock on the Stockholm Stock Exchange when the fund invested last year. This year, Ericsson is the best large cap stock in terms of price (+40 percent)," concludes Angenfelt.
| Chelonia Select, % | October, 2024 |
| Fund MM, % change | 1,99 |
| Fund this year, % change | 21,9 |
