At the outset, the manager notes that November was characterized by relatively high volatility. The month started off strong, with new record highs on both the Swedish and American stock exchanges.
The strong start to the month later faded as concerns over a postponed interest rate cut grew, while questions arose regarding the high valuations of AI-related stocks.
The manager states that expectations for a rate cut in December increased toward the end of the month, but uncertainties around AI-related stocks persisted.
"The big question remains whether this was just another small bump in the road, or if, after all, it was the first sign of air starting to leak out of the AI bubble. We have no opinion on that part and will let the market guide us," the manager writes.
Furthermore, the report discusses the similarities between the AI revolution and the IT bubble, with the manager arguing that, as during the IT bubble, it is unlikely that all AI companies will ultimately succeed in reaching their goals.
"Some will, in retrospect, turn out not to reach their goals and will disappear or see their valuations drop sharply. This is precisely what happened with Ericsson, Nokia, and others after the IT & Telecom bubble burst 25 years ago, despite the technological revolution."
Against this backdrop, the manager maintains that they are keeping some protective positions in most of the funds.
Regarding Atlant Räntefond Stabil, the fund was affected by a markdown in the price of a single holding, which had a slightly negative impact on returns. Despite this, the fund delivered a positive return during the month.
| Atlant Räntefond Stabil, % | November, 2025 |
| Fund MM, change in percent | 0.1 |
| Fund year-to-date, change in percent | 3.6 |
