The Cliens Sverige Fokus fund declined by 0.2 percent in November, underperforming its benchmark index, which remained unchanged during the same period. Since the start of the year, the fund has returned 10.3 percent, slightly ahead of the index's 10.2 percent gain. This information is detailed in a monthly report from portfolio manager Thomas Brodin.
At the outset, Brodin notes that the Stockholm stock exchange was flat in November, while the global stock market fell by 0.3 percent in Swedish kronor. The Swedish economy continues to demonstrate resilience, with GDP rising by 1.1 percent compared to the previous quarter and by 2.6 percent year-on-year, significantly above the European average.

Brodin further writes that the Swedish Purchasing Managers' Index (PMI) edged down marginally to 54.6 but still signals ongoing expansion. In the United States and the Eurozone, the index remained below 50, whereas China's Caixin PMI increased to 51.5, driven by strong new orders.

However, interest rate trends diverged globally. The U.S. 10-year treasury yield dropped to 4.0 percent, while Sweden's rose to 2.73 percent. The Swedish krona strengthened slightly against both the euro and the dollar.

Brodin reports that the portfolio underwent changes during the month. Logistics property company Catena became a new holding at the expense of Balder, while Bure was sold. Catena is described as a quality company with modern properties, high environmental certification, and a strong balance sheet that enables acquisitions and proprietary projects.

The largest positive contributions to the fund's performance in November came from Volvo, Asker Healthcare, SEB, Investor, and Boliden. Volvo rebounded after a sharp decline in October, and Asker Healthcare reported strong growth with an expected profit increase of over 20 percent by 2026.

Negative contributions came from Hexagon, Medicover, ABB, and NCAB, which had previously seen strong reactions to their earnings reports.

In conclusion, the fund is considered to maintain a well-composed portfolio of quality companies that can outperform the average earnings growth of the Stockholm stock exchange. The fund's sustainability profile exceeds its set targets, reinforcing its long-term investment strategy.

Cliens Sverige Fokus, % November, 2025
Fund MM, percentage change -0.2
Index MM, percentage change 0.0
Fund year-to-date, percentage change 10.3
Index year-to-date, percentage change 10.2