Initially, the managers note that Swedish companies performed negatively during the month, but that large companies did marginally better than smaller companies.
Among small companies, the sectors with the best returns were energy, commodities and financials. On the contrary, utilities, IT and consumer discretionary underperformed.
In terms of relative performance, positive contributions came from Beijer Ref, Securitas and Lifco. On the negative side were NCAB, Sweco and Mycronic.
In terms of portfolio activity, purchases were made during the month in Holmen, AAK and Nibe, among others. To finance the purchases, parts of the holdings in Addnorde, Dometic and Beijer Ref were divested.
The portfolio's management is explained to focus on quality companies with growth and sustainability, where the market often underestimates long-term profitability and overestimates weak companies' short-term improvement potential.
"We aim for our holdings to have a strong market position, good profitability, integrated sustainability efforts, and a proven ability for profitable growth because we believe that quality companies will perform better over time," the managers conclude.
At the end of the month, the fund's largest holdings were AddTech, Beijer Ref and AAK with portfolio weights of 5.8, 5.7 and 5.7 percent respectively. The largest sectors were industry, information technology and real estate.
SEB Sverigefond Småbolag Chance/Risk, % | November, 2024 |
Fund MM, change in percent | -1,1 |
Index MM, change in percent | -1,1 |
Fund this year, percentage change | 14,5 |
Index this year, percentage change | 9,1 |