According to the manager, the real estate sector rose in line with the broader stock market in May. The fund performed slightly better than the sector index, primarily due to an overweight position in Swedish Logistic Property and an underweight position in Sagax.
The sector's performance is described as remaining closely linked to long-term interest rates. The conflict in the Middle East has driven up inflation expectations and thus interest rates, while periods of increased hopes for peace have had the opposite effect.
The month's most significant corporate event, according to Andersson, was Ericsson's announcement of its relocation from Kista to Hagastaden. In connection with this, Atrium Ljungberg and Castellum have signed major lease agreements with Ericsson in development properties. Rents are estimated to be relatively high, and the projects are expected to yield solid profits for both companies.
The manager also sees potential positive knock-on effects for Hagastaden if Ericsson's subcontractors choose to follow the move. Corem, however, is identified as a loser, as Ericsson is a major tenant in the company's premises in Kista. Although the move is several years away, the situation for the area is expected to become more challenging.
Furthermore, during the month, Sveafastigheter launched a share-based bid for Klarabo. The deal also involves Klarabo purchasing residential properties from SBB, which is the main owner of both Sveafastigheter and Klarabo.
'The deal is 'messy' and looks like a maneuver to help SBB divest properties. Given the cool reception from the stock market, the fund has nonetheless chosen to buy a small position in Klarabo. There is also upside potential in possible competing bids,' the manager commented.
At the portfolio level, the fund primarily reduced its holdings in Corem and Fastpartner, while increasing its stake in Skanska. Price movements caused Sagax to decrease as a share of the fund, while Altra, formerly Nyfosa, increased.
During the month, Balder distributed its holding in Norion to shareholders. The fund has sold the shares, as Norion is not a real estate company. The dividend is judged to have been inexpensive, as the Balder share fell less than the value of the Norion stake.
At the end of the month, the fund's three largest holdings were Balder, Sagax, and Nyfosa, with portfolio weights of 8.5, 7.0, and 6.2 percent, respectively.
Regarding geographical distribution, Sweden constituted the largest market with a weight of 95.2 percent, followed by cash at 3.9 percent, and Finland and Germany at 0.7 and 0.3 percent, respectively.
| Carnegie Fastighetsfond Norden, % | May, 2026 |
| Fund MoM, change in percent | 3.85 |
| Fund YTD, change in percent | -3.04 |
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