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 comparisons to 2020, when markets fell in the spring and then recovered.
The holdings that contributed most positively to the fund's returns in 2025 were Boliden, Sandvik, and SKF, explained by higher valuations.
"Despite rising multiples in most of these companies, we do not see valuations as particularly high, but rather normalized over a ten-year perspective – and in many cases still attractive," the managers write.
During the month, the Riksbank also chose to keep the interest rate unchanged at 1.75 percent and signaled that this level would be maintained throughout 2026. The managers state that going forward, they see more upside than downside risks.
The report also highlights news for the month, including Sobi's bid for the American company Arthrosi Therapeutic, with an acquisition price of SEK 9.1 billion and possible 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.
At the same time, Boliden announced its production forecasts for 2026, indicating that copper grades at the Aitik open-pit mine would improve by 0.18 percent. This is attributed to improvements in the coming year and Garpenberg's approved environmental permit, which increases the volume of ore mined.
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 the current market dynamics. Storm Johannes caused large amounts of fallen trees in central Sweden, which could 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 sales were made 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, % | December, 2025 |
| Fund MM, change in percent | 2.3 |
| Index MM, change in percent | 2.3 |
| Fund full year, change in percent | 19.9 |
| Index full year, change in percent | 12.7 |
