The Lannebo Small Cap Opportunities A fund gained 5.3 percent in May, outperforming its benchmark index which rose 4.1 percent. Since the beginning of the year, the fund has returned 5.3 percent, ahead of the index's 0.6 percent increase. This is according to a monthly report authored by the management duo Stefan Kopperud and Viktor Elmsjö.

The managers initially note that equity markets have continued their upward trajectory despite the lack of a breakthrough in negotiations to end the war in Iran. During the month, the Stockholm Stock Exchange rose by 3.0 percent.

'The market has fluctuated back and forth depending on various developments in the negotiations and expectations of a more permanent peace settlement. The de-escalation of the conflict has meant that logistics chains and freight rates have begun to normalize, even though oil prices remain at high levels. However, the fact that uncertainty remains high is reflected in long-term interest rates, which rose during the month.'

In May, small-cap stocks outperformed large-caps, while the first-quarter reporting season results indicate a slight improvement in demand, which is expected to strengthen further during the autumn.

The holdings that contributed most positively during the month were Sinch, QT Group, and Asmodee.

'QT Group has seen weak performance, like many other software companies, due to concerns that AI will negatively impact the company's future sales. The company's Q1 report allayed the worst fears, and the share price performed strongly.'

Sinch is simultaneously beginning to see the effects of a major restructuring, while Asmodee released a better-than-expected report.

On the negative side were Nibe, Lindab, and Sagax, whose shares were weighed down by weaker-than-expected reports.

In conclusion, the managers write that both the global and Swedish economies continue to develop well, despite concerns over negative effects from the Iran war.

'In Sweden, various fiscal stimulus measures are helping to ensure we haven't seen the full effects of rising oil prices. The market continues to believe in a further de-escalation of the war, even if the timeline for a peace agreement is uncertain. As long as this trend continues, the conditions for a continued economic recovery remain in place.'

The fund's largest holdings at the end of the month were Dynavox, Beijer Ref, and Mycronic, with portfolio weights of 4.6, 4.4, and 4.3 percent respectively.

Industrials, healthcare, and technology were the largest sectors, with weights of 29.4, 27.1, and 17.9 percent respectively.


Lannebo Small Cap Opportunities A, %May, 2026
Fund MTD, percentage change5.3
Index MTD, percentage change4.1
Fund YTD, percentage change5.3
Index YTD, percentage change0.6