The managers initially noted that the month was characterized by geopolitical tensions linked to the conflict in Iran. The Swedish equity market trended lower across both large and small-cap segments.
Positive contributions to the fund's performance came from Hoist Finance, Sampo, and Coffee Stain.
Conversely, Kinnevik, Electrolux Professional, and Hexagon weighed on returns.
During the period, the team conducted site visits, including a trip to Medicover in Poland. Following the visit, the managers expressed increased confidence in the company's ability to outpace market growth by expanding its service offering into new verticals such as fitness, rehabilitation, and dental care.
Additionally, a visit was paid to Kalmar in Finland, which was listed via a spin-off from Cargotec in 2024.
Furthermore, the fund increased its position in Coffee Stain, which was spun off from Embracer in December. The company has faced a challenging start to its public life, largely due to short-term selling pressure from former Embracer shareholders following the demerger.
"However, we believe the market is underestimating the company's underlying operational progress and the potential of its very strong balance sheet," the managers wrote.
At month-end, the fund's three largest holdings were ABB, Sampo, and Asmodee Group, with portfolio weights of 5.8, 5.3, and 4.6 percent, respectively.
Geographically, the fund had its primary exposure to Sweden at 64.8 percent, followed by Finland and Switzerland at 14.2 and 5.8 percent, respectively.
| Carnegie Spin-Off, % | March, 2026 |
| Fund MoM, percentage change | -6.93 |
| Fund YTD, percentage change | -3.55 |
