The Carnegie Småbolagsfond fund rose 2.84 percent in November. Since the start of the year, the fund has returned 22.21 percent. This is according to a monthly report from the fund's managers Mattias Montgomery and Isak Lenholm.

Initially, the managers write that Swedish small caps performed relatively similarly to the larger companies during the month and the index fell by around one percent.

In terms of the fund's performance, Mildef and Crayon had the strongest performance. On the negative side were Tigo and Sobi.

"Mildef raised money during the month for an acquisition that looks to be a hit. A similar business in a new geography with which they already have a business relationship," the managers write.

The fund has invested in Instalco this month. Although they do not necessarily believe that Instalco will show a strong order intake already in the next quarter, the managers believe that the market has already priced this in and that the bottom is near.

"We find several data points that indicate that the market has bottomed around the levels we are now seeing and think it is a good risk-reward to own the stock at a historically low valuation."

The largest holdings in the fund's portfolio at the end of the month were Mildef, Truecaller and TF Bank, with weightings of 7.1, 6.9 and 5.4 percent respectively.


Carnegie Småbolagsfond, %November, 2024
Fund MM, change in percent 2,84
Fund this year, change in percent 22,21