Initially, the managers note that the Fed cut the policy rate by one percentage point to 4.50 percent in 2024. At the same time, it is noted that at the end of 2023 the market expected interest rate adjustments of 1.5 to 1.75 percentage points.
"There is now a clearer picture of both future interest rates and inflation levels, which makes us optimistic about the composition of the fund and its future performance," the managers write.
BioArctic signed a global license agreement with Bristol-Myers Squibb for two product candidates, including the company's BrainTransporter technology.
The agreement includes an upfront payment of $100 million, potential milestone payments and a royalty of approximately 10 percent upon commercialization.
This strengthens confidence in the company's technology and opens doors for more partnerships.
The managers highlight that Getinge had a challenging year with volatile share prices and operational problems.
The company has been pressured by increased costs, production problems and product recalls, but improvement efforts are ongoing.
The managers state that future valuation depends on stable sales in ACT and improved margins.
Ericsson and Swedbank are still waiting to hear from the US authorities SEC and DOJ regarding ongoing investigations. Both companies have improved their internal compliance efforts, but it is not yet clear whether further fines may be imposed.
During the month, the fund made major purchases in Trelleborg, Handelsbanken, and Autoliv, while holdings in Essity, SEB and Swedbank were reduced.
The fund's largest holdings at the end of the month were Ericsson, Sandvik, and SKF with portfolio weights of 7.8, 7.1 and 7.0 percent respectively. At the same time, the largest sectors were materials, health care and financials.
Lannebo Sweden Plus, % | December, 2024 |
Fund MM, change in percent | 1,5 |
Index MM, change in percent | -1,2 |
Full year fund, % change | 10,0 |
Full-year index, percentage change | 8,6 |