The manager begins by noting that in Sweden, large-cap stocks rose while small-cap stocks declined.
"In Sweden, the development was twofold: large-cap stocks gained 3.3 percent while small-cap stocks fell by 4.2 percent. At the sector level, movements were clear. The utilities sector performed the strongest with an increase of 18.7 percent, followed by the energy sector, which rose 14.7 percent. The industrial sector increased by 6.6 percent and the financial sector by 1.6 percent," the manager writes.
The Swedish 10-year yield rose by 0.3 basis points, and the OMRX T-bond rose by 0.3 percent. The Swedish krona strengthened by 2.4 percent against the euro and by 3.4 percent against the dollar.
Brent crude oil climbed by 10.2 percent and the price of gold increased by 4.5 percent.
Regarding monetary policy, the Riksbank left its key interest rate unchanged.
The fund did not outperform its benchmark index during the month, underperforming by 2 percentage points.
Among the top contributors during the month were Boliden, Epiroc, and Sandvik. On the negative side were Hexpol, Beijer Ref, and Addlife.
The largest holdings in the fund's portfolio at the end of the month were Investor, Atlas Copco, and Volvo, with weights of 7.60, 6.67, and 4.85 percent, respectively.
| Indecap Sverige C, % | January, 2026 |
| Fund MM, change in percent | 1.32 |
| Fund one year, change in percent | 4.77 |
