The manager notes that November was marked by relatively high volatility. The month began strongly, with new record highs on both the Swedish and American stock markets.
However, the strong start to the month faded as concerns over a possible lack of interest rate cuts increased, 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 uncertainties surrounding AI-related stocks remained.
"The big question is still whether this was just another small bump in the road, or if we are actually starting to see the first air leaking out of the AI bubble. We have no opinion on that matter and let the market lead the way," the manager writes.
The report also discusses 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 achieve their goals.
"Some will eventually fail to reach their targets and will disappear or see their valuations drop sharply. This is exactly what happened to Ericsson and Nokia, among others, after the IT & Telecom bubble burst 25 years ago, despite the technological revolution," the report states.
Against this backdrop, the manager maintains that they are keeping some protective positions in most of the funds.
Regarding Atlant Opportunity, the slightly negative return is attributed to a combination of larger declines in a couple of bond holdings, a generally weaker credit market, and a small loss in the fund's protective positions.
| Atlant Opportunity, % | November, 2025 |
| Fund MM, change in percent | -0.1 |
| Fund YTD, change in percent | 4.5 |
