The Investerum Strategic Value fund fell 1.26% in December. During the past full year, the fund rose 20.22 percent. This is stated in a monthly report from the fund's manager Roland Dahlman.

In the introduction, the managers write that global markets, measured as the world index in Swedish kronor, fell in December.

One of the main reasons for the decline was the lack of a "two-horse rally", which was probably due to a minor rebound after the sharp rise in November following the US presidential election. Furthermore, there were some indications that inflation might start to rise again.

During the month, the Swedish Riksbank, the US Federal Reserve and the Bank of England lowered their policy rates as expected. Interest rates and commodity prices rose, while the krona weakened marginally.

Furthermore, the managers write that Alphabet presented its new AI quantum computer chip, Willow, during the month, which was described as groundbreaking. The chip's exceptional speed has the potential to lead to major breakthroughs in medicine and research. The stock rose over 10% and was one of the largest positive contributors to the fund's return.

At the same time, Novo Nordisk reported slightly weaker than expected results from a phase 3 study. The fund chose to increase its holding in Novo Nordisk in connection with the price drop, which was considered an overreaction.

Finally, the managers write that Alphabet and Apple contributed most positively to the fund's return during the month.

The largest holdings in the portfolio at the end of the month were Moody's, Netflix and Novo Nordisk with weights of 7 percent each.

Meanwhile, the largest sectors were financials, information technology and health care with portfolio weights of 24, 16 and 14 percent respectively.

At the end of the month, the fund's holdings consisted of 73% equities, 26% bonds and 1% cash.

Investerum Strategic Value, %December, 2024
Fund MM, change in percent-1,26
Fund full year, % change 20,22