DOMETIC GROUP AB The managers begin by noting that inflation has fallen sharply during the year and that central banks have begun to cut interest rates on a broad front. The managers point out that the Swedish Riksbank has acted the fastest by already cutting interest rates from 4 percent to 2.75 percent.
Despite the rapid interest rate cuts since May, the stock market has not responded in any major way, according to the managers. The German stock market has been twice as strong as the Stockholm stock exchange, despite Germany having major economic and political problems.
During the month, the fund sold its last holding in Trelleborg, which was instead invested in a small holding in Dometic, in addition to additional investments in real estate holdings and in Synsam.
"Dometic Group is a global retail company that manufactures, sells and services products for the leisure market. The company's product portfolio includes portable coolers, grills, air-conditioning systems, tents, batteries and solar power solutions, specifically designed for mobile outdoor recreation," the managers write.
The managers say that the company has been pressured by weak consumption, but that despite falling sales, the company has managed to show stable margins and cash flows.
"The investment is a bet that falling interest rates will strengthen consumption and in turn lead to rising share prices for consumer companies. Dometic is one of the lowest valued companies in that sector."
The main contributors during the month were Bonesupport, Emilshus and Bufab. On the negative side were Synsam, Sobi and Sdiptech.
The fund's largest holdings at the end of the month were Investor, Volvo and Balder, with portfolio weights of 9.2, 5.9 and 5.6 percent respectively.
The fund had the greatest exposure to industry, real estate and finance.
| Sensor Sweden Focus, % | November, 2024 |
| Fund MM, % change | 0,1 |
| Index MM, % change | -0,7 |
