At the outset, the manager notes that banks and other financial companies contributed positively to the fund's returns in December, as did industrial firms. Technology companies, on the other hand, had a negative impact, explained by concerns over high valuations in the sector.
Among individual holdings, Apollo Global Management, Nordea, and Roche contributed the most positively, while Tencent, Alphabet, and Microsoft were the largest drags. The fund's fixed income portfolio also contributed positively to returns, with floating rate corporate bonds performing particularly strongly.
The manager believes the fund has potential for strong performance in 2026, given the macroeconomic environment. Purchasing managers in Sweden and Europe are described as optimistic and are indicating higher GDP growth in 2026 compared to 2025.
"Unless the U.S. labor market weakens and tips the American economy into a recession, global equities' earnings should rise by 10 to 12 percent in 2026, providing a solid foundation for good equity returns," the manager writes.
Additionally, the yield on longer-term bonds has risen, which has also increased the expected return over the next 12 months. For example, Sweden's 10-year government bond yield has increased from 2.4 to 2.8 percent in 2025, explained by expectations of higher economic growth, according to the manager.
The management team holds a positive outlook on the equity market over the next twelve months, which is reflected in a higher equity weighting for the portfolio, at 30 percent compared to the average of 25 percent. At the same time, the holding in government bonds increased from 2 to 4 percent in December, partly due to more attractive yields, but also because credit spreads for corporate bonds have narrowed, making government bonds a better alternative.
Overall, the fund is considered to be well positioned. The equity portfolio is trading at a price/earnings ratio of 18.2 for 2026, with projected earnings growth of 14.9 percent, while the bond portfolio offers a running yield of 4.8 percent.
The largest issuers in the fund were Nordea, government bonds, and SEB, with weights of 5.6, 4.3, and 4.1 percent, respectively. The largest equity holdings were Alphabet, Meta Platforms, and Tencent, with weights of 1.3, 1.3, and 1.2 percent, respectively.
| Lancelot Stabil, % | December, 2025 |
| Fund MoM, change in percent | 0.3 |
| Index MoM, change in percent | 0.3 |
| Fund full year, change in percent | 5.6 |
| Index full year, change in percent | 2.2 |
