Pareto Securities' Swedish portfolio returned -2.6 percent in April, which was worse than the benchmark index OMXSGI, which fell -0.3 percent.

Five changes will be made ahead of May. Eastnine, Hexagon, Hanza, Getinge, and Indutrade will all be removed and replaced with Cibus, Itab Shop Concept, Munters, Kinnevik, and Xvivo Perfusion.

Since its inception in February 2017, Pareto's portfolio has risen 390.5 percent, compared with OMXSGI's 114.7 percent.