In May, markets continued to be shaped by news surrounding the conflict in the Middle East and global energy prices, while risk appetite remained at a high level. The fund's holdings generally delivered stable reports, with earnings growth for the portfolio companies amounting to 9 per cent in Q1.
Lagercrantz and Addtech are described as having presented strong Q1 results, where the former grew revenue by 13 per cent and operating profit by 20 per cent.
'Acquisitions contributed to the growth, but organic development was also solid. Lagercrantz has continuously increased its focus on product-owning niche companies, which has been beneficial for margin development', the managers write.
Meanwhile, Addtech's revenue increased by 2 per cent, while operating profit rose by 15 per cent. The business area focused on electrification saw continued strong demand, while other segments faced a more cautious market. However, the managers assess that the company's organic growth should increase in conjunction with an improved economic climate.
On the negative side, Lindab delivered a weaker report. Revenue decreased slightly, while operating profit fell by 18 per cent, explained by the cold winter, the relocation of a production facility, and weak performance in the Romanian operations, which are currently being divested.
Regarding portfolio activity, the fund reduced its holdings in HMS and Lindab, while positions in Medcap and AAK were increased.
At the end of the month, the fund's three largest holdings were Lagercrantz Group, Addtech, and Bufab, with portfolio weights of 10.1, 9.6, and 8.2 per cent respectively.
The largest sectors were industrials and technology, with exposures of 47.5 and 22.4 per cent respectively.
| Lannebo Småbolag Select, % | May, 2026 |
| Fund M/M, change in per cent | 3.9 |
| Index M/M, change in per cent | 4.1 |
| Fund YTD, change in per cent | 1.3 |
| Index YTD, change in per cent | 0.6 |
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