Initially, the manager notes that Swedish small and micro-cap stocks saw mixed performance during the month. The segment was pressured by outflows from small-cap funds and a cautious sentiment where capital instead sought out more stable companies.
The manager also highlights that the earnings season has been volatile, where companies delivering above expectations rose significantly, while the slightest disappointment caused stocks to fall sharply.
However, micro-caps often fared better against fund outflows as they have large institutional fund owners to a lesser extent.
"These companies can fall by at most 100 percent, but at the same time rise by several hundred percent, illustrating the asymmetry and volatility that characterizes the segment. It is therefore crucial to identify the companies with the strongest development," the manager writes.
Among the month's top contributors were Orron Energy, Enad Global, and Scandi Standard. On the negative side were Oncopeptides, Xbrane Biopharma, and Saniona, among others.
At the turn of the month, the fund's three largest holdings were Tradedoubler, Berner Industrier, and Nelly Group.
| Finserve Micro Cap, % | February, 2026 |
| Fund MM, change in percent | -2.99 |
| Fund YTD, change in percent | -3.01 |
