The managers begin by noting that global market performance was mixed in December. In Sweden, the Stockholm Stock Exchange was up 2.6 percent, while the American S&P 500 and the European Euro Stoxx 50 increased by 0.1 and 2.3 percent, respectively.
At the portfolio level, industrial companies delivered the strongest performance. The report highlights Sandvik, Peab, Alligo, Volvo, and Kalmar.
"Mining group Sandvik has outperformed the market since the spring. During the month, Sandvik received, among other things, an order for underground mining equipment from Australia's leading gold producers, Northern Star Resources. In addition, the company received an order from Canadian Eldorado Gold for the delivery of battery-electric mining equipment," the managers comment.
Finally, it is announced that two new managers will join the fund ahead of 2026: Eric Stussare and Gustav Andersson. They are described as having solid experience and a keen interest in spin-offs and structural deals.
The fund's largest holdings at the end of the month were Sandvik, Essity, and Sampo, with portfolio weights of 5.3, 5.2, and 4.5 percent, respectively. The largest sectors were industrials, consumer discretionary, and financials.
Sweden was the fund's largest market, accounting for 69.9 percent of the portfolio, followed by Finland and Switzerland at 14.3 and 4.8 percent, respectively.
| Carnegie Spin-Off, % | December, 2025 |
| Fund MM, change in percent | 0.93 |
| Fund full year, change in percent | 16.79 |
