At the outset, the managers note that the Stockholm Stock Exchange was unchanged in November, while the global equity market fell by 0.3 percent when measured in Swedish kronor.
The Swedish economy continues to strengthen, with GDP growth at 1.1 percent compared to the previous quarter and 2.6 percent year-on-year, clearly above the European average.
Hedberg further writes that Sweden's Purchasing Managers Index (PMI) dipped slightly to 54.6 but remains in expansionary territory. In the United States and the euro area, corresponding indices fell below 50, while China's Caixin PMI rose to 51.5, driven by strong new order growth.
Expectations of an American interest rate cut increased during the month as inflationary pressures eased. The US 10-year yield fell to 4.0 percent, while the Swedish yield rose to 2.73 percent. The krona strengthened marginally against both the euro and the dollar.
The fund delivered negative returns in November following a strong October, despite 78 percent of the portfolio exceeding profit expectations--a figure well above the Stockholm Stock Exchange as a whole.
Finally, the manager reports that the fund added Skanska as a new holding and increased positions in H&M and Volvo, financed by reducing stakes in ABB, Investor, and Assa Abloy. Volvo, Investor, and Swedbank contributed most positively to returns, while Addlife, ABB, and Sweco showed weaker performance.
Since its inception in 2004, the fund's return amounts to 802.3 percent, two percentage points above the benchmark index. The fund continues to offer a strong sustainability profile, with a higher proportion of sustainable investments than the index.
The largest holdings in the fund's portfolio at the end of the month were Atlas Copco (8.3 percent), followed by Volvo (6.1 percent) and EQT (5.5 percent).
| Cliens Sverige, % | November, 2025 |
| Fund MM, change in percent | -1.2 |
| Index MM, change in percent | 0.0 |
| Fund year-to-date, change in percent | -0.4 |
| Index year-to-date, change in percent | 10.2 |
