Pareto Securities' Swedish portfolio returned 1.54 percent in December, outperforming the benchmark index OMXSGI, which rose 1.13 percent. For the year as a whole, the portfolio returned 38.4 percent, which is 29.5 percentage points better than the index.

For January, Pareto makes two changes. Catena and Volvo are replaced by Embracer and Hemnet.

"We include Hemnet in our portfolio as we believe consensus expectations are too conservative for Q4. We add Embracer as we see a significant improvement in the quality of its pipeline in the coming months. In February, Embracer will release its most ambitious project since July 2023, we believe the event will be a positive catalyst for the stock", Pareto writes.

Furthermore, Pareto keeps Bioinvent as a positive news flow is expected in January (instead of December). For Storytel and Securitas, Pareto sees potential for positive Q4 results and updated guidance in connection with the reports coming in February.

Other stocks in the portfolio are Cibus, Millicom, Munters, Mildef and Stendörren.