At the outset, the managers note that 2026 has begun with continued heightened geopolitical tensions. Political threats and countermeasures are said to be dampening investment appetite from a broader perspective.
Quarterly reports from several companies are described as indicating demand that remains weak, with no clear signs of economic improvement. Profitability is being maintained through cost adjustments, while the strengthened krona is significantly impacting earnings. In connection with the reports, several companies announced dividends and share buybacks. Swedbank and Ericsson are highlighted for both increasing returns to shareholders.
For Ericsson, organic growth of 6 percent was reported in the fourth quarter, supported by all business areas and clear margin improvement. The company proposed a dividend of three kronor per share and a buyback program of 15 billion kronor, and is said to continue focusing on efficiency and organic growth.
SKF is also discussed, having reported 2.3 percent organic growth in its industrial division and strengthening its adjusted operating margin by one percentage point. However, the automotive segment continued to weigh on results.
Finally, Electrolux's report is highlighted. Organic sales increased by 2 percent and the operating margin improved to 4.3 percent, following cost savings of 1.2 billion kronor. The market environment is described as still challenging, but leverage decreased after strong cash flow. For 2026, further efficiency measures are expected to offset external factors, while both volume and mix are expected to contribute positively.
"The Riksbank kept interest rates unchanged at the January meeting, and only small changes are priced in for the full year. With large fluctuations in metal prices, currencies, and share prices, we continue to see opportunities," the managers write.
At the portfolio level, the fund bought shares in SOBI, Ericsson, and Getinge in January, while reducing holdings in Nordea, Boliden, and Handelsbanken.
The largest holdings in the portfolio at the end of the month were Ericsson, SKF, and Autoliv, with weights of 8.9, 6.7, and 6.7 percent, respectively.
| Lannebo Sverige, % | January, 2026 |
| Fund MM, percentage change | -0.5 |
| Index MM, percentage change | 2.3 |
