Pareto Securities' Swedish portfolio had a negative return of 1.59 percent in November, underperforming the benchmark index OMXSGI, which fell 0.65 percent.

Half of the portfolio underperformed the index, with Millicom at the bottom at -10.2 percent, followed by Storytel and Husqvarna with -9.1 and -8.2 percent respectively. The best performer was Securitas, which rose 10.4 percent.

For December, Pareto makes three changes. It is replacing Camurus, Husqvarna and Devyser with Bioinvent, Munters and Mildef.

"We remove some of our underperformers to make room for higher conviction ideas in December," Pareto writes.

The portfolio has generated a positive return of 36.2 percent so far this year, outperforming the index by 26.2 percentage points.