The TIN Ny Teknik fund rose 2.3 percent in November, which was better than the fund's benchmark index, which fell 1.9 percent. Since the beginning of the year, the fund has returned 5.8 percent and is thus worse than the index, which has increased 11.4 percent. This is stated in a monthly report from the management duo consisting of Carl Armfelt and Erik Sprinchorn.

The managers write that most of the concern during the month is not about how things will go in the US, but instead about government crises in both France and Germany.

"The power of innovation, clearly expressed not least in the financial market, has simply been much stronger on the other side of the Atlantic. The EU may be the best in the world at making laws, but this has not led to the formation of any new, large companies. Many have been struck by this realization - the question is, can Europe change? Something has to happen or capital, both active and passive, will continue to flow from Europe to the US," write the trustees.

The main contributors to the fund's return during the month were Surgical Science, Chemometec and Hubspot. Negative contributions came instead from Embracer, Paradox Interactive and Sinch.

Surgical Science reported a 10 percent increase in sales for the third quarter.

"Surgical Science's long-term financial goal of 1.5 billion in sales by 2026 with a 40 percent operating margin is no longer so far away. The company has pointed out that acquisitions may be needed to reach the sales target. In terms of profitability, it is currently about halfway there and the scalability of the business model makes it entirely possible to go all the way."

Chemometec issued a positive trading statement for the period July to September, with sales rising by 27%, and the managers believe that the recovery has been both faster and stronger than expected.

Regarding Embracer, the managers write that the quarterly report showed continued challenges in the PC/console segment. At the same time, the company is said to have shown good cost control and a stable operating margin.

"Most important in the report, however, was the announcement of the sale of Easybrain. Following the purchase in 2021 for approximately USD 640 million, the company has generated dividends and received a cash inflow from the sale of approximately USD 1.2 billion. The transaction is another clear step in the right direction and strengthens the balance sheet, further reducing the financial risk of the company."

The largest holdings in the fund were Surgical Science, Novo Nordisk and Sectra.

TIN Ny Teknik, %November, 2024
MM Fund, % change 2,3
Index MM, % change-1,9
Fund this year, percentage change 5,8
Index this year, percentage change 11,4