At the outset, the fund manager notes that November was marked by relatively high volatility. The month started strong, with both the Swedish and American stock markets reaching new record highs.
However, the robust start to the month faded as concerns grew over the possibility of no interest rate cut, while questions also arose regarding the high valuations of AI-related stocks.
According to the manager, expectations for a rate cut in December increased towards the end of the month, but doubts surrounding AI-related stocks persisted.
"The big question remains whether this was just another minor bump in the road, or if we have actually started to see the first signs of air leaking out of the AI bubble. We have no opinion on that matter and will let the market lead the way," the manager writes.
The report further discusses the similarities between the AI revolution and the dot-com bubble, with the manager arguing that, as during the IT bubble, it is unlikely that all AI companies will ultimately achieve their goals.
"Some will, in hindsight, fail to meet their targets and will either disappear or see their stock prices drop significantly. This is exactly what happened to Ericsson, Nokia, and others after the IT & Telecom bubble burst 25 years ago, despite the technological revolution."
Against this backdrop, the manager maintains protective positions in most of the funds.
Regarding Atlant Högräntefond specifically, the manager notes that the fund was negatively affected by a price adjustment in a single holding.
| Atlant Högräntefond, % | November, 2025 |
| Fund month-on-month, change in percent | -0.7 |
| Fund year-to-date, change in percent | 3.0 |
