The December monthly letter focuses on acquisitions completed by the fund's holdings during the final month of 2025.
Dynavox acquired SR Labs in Italy, a reseller described as strengthening the company's presence in Southern Europe.
"We see the deal as structurally sound and consider it a natural part of Dynavox's long-term development. Dynavox had a very strong share price performance during the year's first half, but this momentum eased somewhat in the second half. It is worth noting, however, that the company's report for the third quarter, published at the end of October, was as strong as the reports for the previous two quarters. So there is nothing company-specific behind the share price pullback; the company is performing just as strongly as before, which is reassuring," the managers comment.
Furthermore, Inwido is described as having ended the year with full activity, with two significant acquisitions in December.
The company also held a capital markets day. The managers note that the company largely reiterated its financial targets, which is put into context with a weak share price performance over the year. Inwido is said to be dependent on a recovery in end demand, but at the same time is considered well-positioned for a turnaround, with a valuation described as attractive.
The fund's largest holdings at the end of the month were Volvo, Atlas Copco, and SEB, with portfolio weights of 6.3, 5.4, and 5.2 percent, respectively. The largest sectors were industry, healthcare, and consumer discretionary.
Sweden was the largest market with a weight of 85.7 percent, followed by the United Kingdom and Switzerland at 5.0 percent each.
| Carnegie All Cap A, % | December, 2025 |
| Fund MM, change in percent | 1.52 |
| Fund full year, change in percent | 4.24 |
