The managers initially note that the month was characterized by a clear recovery on global stock markets as geopolitical concerns eased. Increased risk appetite resulted in broad gains, where Swedish small caps benefited from the improved market climate. Otherwise, focus remained on the start of the earnings season.
Among the fund's holdings, Mycronic delivered a strong report where order intake rose 23 percent, while net sales increased 17 percent and operating profit by 21 percent. HMS Networks grew sales by 9 percent and operating profit by 29 percent, while NCAB benefited from a strong quarter where operating profit rose 28 percent.
On the negative side were Addnode and Beijer Ref. Addnode delivered a stable quarter, but customers in the Design Management segment were hesitant regarding longer contracts. The market interpreted this as the company being negatively impacted by AI developments, which pressured the share.
'It is important to keep in mind in this context that uncertainty is naturally high regarding future technological development, but the above analysis is speculative and the company has so far rather seen that it can help customers use AI by integrating it into its solutions', the managers write.
Meanwhile, Beijer Ref's sales fell 4 percent and operating profit decreased 3 percent.
During the month, holdings in Mycronic, OEM International, and Sagax were reduced marginally.
At the end of the month, the fund's three largest holdings were Addtech, Lagercrantz Group, and Bufab, with portfolio weights of 10.1, 9.9, and 8.6 percent respectively.
The largest sectors were industrials and technology, with exposures of 48.7 and 22.1 percent respectively.
| Lannebo Småbolag Select, % | April, 2026 |
| Fund M/M, percentage change | 8.8 |
| Index M/M, percentage change | 4.7 |
| Fund YTD, percentage change | -2.5 |
| Index YTD, percentage change | -3.3 |
