The fund Lannebo Mixfond Offensiv decreased 0.6 percent in December, which was better than the fund's benchmark index, which decreased 0.9 percent. During the past full year, the fund rose 2.0 percent, which was worse than the fund's benchmark index, which rose 8.0 percent. This is stated in a monthly report from the management duo consisting of Charlotta Faxén and Peter Lagerlöf.

Initially, the managers state that the stock market year ended weakly, with declines in the US and the Nordic countries. The Danish market fell heavily, driven by Novo Nordisk's price drop, while smaller Swedish companies fared better than larger ones.

Managers point out that US stock markets dominate global market capitalization, which continues to rise after Trump's election win. In December, however, markets turned downward as the Federal Reserve signaled fewer interest rate cuts in 2025 than expected.

"The direction of the Swedish stock market usually follows that of the US, but since last fall it has been noticeably weaker. This is probably because the market expects Trump's policy to unilaterally favor US companies at the expense of foreign companies," the managers write.

Among the portfolio companies, the single most significant event was the fall in Novo Nordisk's share price. The stock plummeted after a phase 3 trial failed to live up to expectations, reducing the company's market capitalization by SEK 1 trillion.

The managers judged the fall to be an overreaction and chose to increase their exposure to the stock. Holdings were also increased in Sagax and Wihlborgs, which are considered undervalued.

On the other hand, holdings in Boliden were reduced following the purchase of two mines from Lundin Mining, which is said to create short-term uncertainty.

The equity portion of the fund was increased to 89%, which is higher than normal. The managers justify this with expectations of lower interest rates, better economic conditions in 2025 and a large valuation gap between Nordic and US equities.

At the end of the month, the Fund's largest holdings were Investor, Nordea and Hexagon, with portfolio weights of 7.4, 6.8 and 5.9 percent respectively. At the same time, the largest sectors were industrials, financials and consumer discretionary.


Lannebo Mixfond Offensiv, %December, 2024
Fund MM, change in percent-0,6
Index MM, change in percent-0,9
Full year fund, % change 2,0
Full-year index, percentage change 8,0