At the outset, the manager notes that the Stockholm Stock Exchange advanced 4.1 percent in October, while global markets rose 3.2 percent in Swedish krona terms. Despite heightened volatility, markets were driven by a strong earnings season.
The manager observes that earnings expectations were exceeded in Sweden, Europe, and the United States. For the fund, nearly 80 percent of holdings beat their forecasts, significantly outperforming the broader market.
During the month, Cliens Sverige became an eligible fund within the premium pension system. The manager highlights this as an important step in broadening access to the fund.
The fund participated in the IPO of Verisure, which surged 20 percent during October. The manager describes the company as a quality growth case with continued significant potential in the European alarm market.
The manager increased the holding in Assa Abloy ahead of its report, which demonstrated the company's continued pricing power and stable margins--cited as one of its key strengths.
The stake in Alfa Laval was also increased following a weaker price reaction. The company raised its growth and margin targets and is considered attractively valued compared to its history and the sector overall.
After strong share price performance, the fund slightly reduced its holdings in Investor, Swedbank, Epiroc, and Sandvik.
The largest positive contributions to the fund's returns came from Addlife, Verisure, and Investor. Addlife clearly beat profit expectations and showed continued improved profitability.
The weakest contributors were Bonesupport, Volvo, and Tomra. The manager notes that Volvo nonetheless outperformed the index due to the fund's underweight position in the stock.
At month-end, the fund's largest holdings were Investor, Atlas Copco, and ABB, with weights of 8.0, 7.6, and 6.6 percent, respectively.
| Cliens Sverige, % | October, 2025 |
| Fund MoM, change in percent | 4.4 |
| Index MoM, change in percent | 4.1 |
| Fund YTD, change in percent | 0.2 |
| Index YTD, change in percent | 10.1 |
