The managers note that the Stockholm stock exchange rose by 0.5 percent in November, but describe the month as unusually directionless. The market has fluctuated without a clear trend, partly because the shutdown of the U.S. government made it difficult to interpret the economic outlook. They also point out that the persistently weak German industrial sector is contributing to a sense of global uncertainty.
Furthermore, Swedish small-cap stocks once again lagged behind large-cap companies. Among the fund's top contributors, Dynavox, OEM, and Harvia are highlighted. According to the managers, there has been uncertainty surrounding Harvia's sales growth after a weaker performance in Q2. However, growth surprised on the upside in Q3, which was rewarded with a share price increase.
On the downside, Lindab, Medicover, and ITAB were identified as the largest negative contributors.
"Market uncertainty remains high and the outlook for economic development in 2026 does not appear likely to become clearer in the near term. Valuations for most companies are attractive, especially among small caps. The U.S. central bank, the FED, is expected to cut interest rates at its next meeting in December, which could help improve market sentiment towards the end of the year," the management team concludes.
The largest holdings in the fund's portfolio at the end of the month were Dynavox, Lindab, and Nordic Semiconductor, with weights of 5.2, 4.7, and 4.1 percent, respectively.
| Lannebo Sweden Micro Cap, % | November, 2025 |
| Fund MoM, change in percent | -3.4 |
| Index MoM, change in percent | -1.8 |
| Fund YTD, change in percent | 4.2 |
| Index YTD, change in percent | 1.5 |
