The managers note that December closed on a strong note, with both the fund and its benchmark index reaching their highest levels of the year. They describe 2025 as a volatile year, drawing parallels to 2020, when markets dropped in the spring before rebounding later in the year.
The holdings that contributed most positively to the fund's returns in 2025 were Boliden, Sandvik, and SKF, a result attributed to higher valuations.
"Despite rising multiples in most of these companies, we do not see valuations as particularly high—rather, they appear normalized from a ten-year perspective, and in many cases, remain attractive," the managers write.
During the month, Sweden's central bank, the Riksbank, opted to keep its interest rate unchanged at 1.75 percent, signaling that this level will be maintained throughout 2026. The managers indicate that, going forward, they see more risks to the upside than the downside.
The report also highlights monthly news, including Sobi's bid for the US-based Arthrosi Therapeutic, with a purchase price of SEK 9.1 billion and potential additional payments of SEK 5.3 billion. The acquisition is expected to complement Sobi's pharmaceutical portfolio and contribute positively to sales and profit growth in the medium term.
Boliden, meanwhile, announced its production forecasts for 2026, revealing that copper grades at the Aitik open-pit mine are expected to improve by 0.18 percent. This improvement is attributed to upcoming enhancements and Garpenberg's approved environmental permit, which will increase mined ore volumes.
Additionally, pulp prices improved for forestry companies, especially in China, where prices for short-fiber pulp rose in December.
"It is estimated that about 25 percent of European pulp producers are unprofitable under current market dynamics. Storm Johannes brought down large quantities of trees in central Sweden, which may lead to some short-term price pressure on timber and pulpwood."
Regarding portfolio activity, the fund made purchases in SEB, Volvo, and Ericsson in December, while reducing holdings in Boliden, Getinge, and Sobi.
The largest holdings in the portfolio at the end of the month were Ericsson, SKF, and Autoliv, with weights of 6.8, 6.7, and 6.4 percent, respectively.
| Lannebo Sverige Plus, % | December, 2025 |
| Fund MM, change in percent | 2.5 |
| Index MM, change in percent | 2.3 |
| Fund full year, change in percent | 19.8 |
| Index full year, change in percent | 12.7 |
