The Lannebo Sverige Plus fund climbed 1.6 percent in November, outperforming its benchmark index, which remained unchanged during the same period. Since the start of the year, the fund has returned 16.9 percent, surpassing the index's 10.2 percent gain. This is detailed in a monthly report from fund managers Robin Nestor and Martin Wallin.

The managers note that the fund quickly rebounded after a brief dip in mid-November, reaching new record highs and achieving a total return of 1,000 percent since inception.

Additionally, they highlight that Sweden's Purchasing Managers' Index continues to signal expansion, though at a slightly slower pace. Domestic order intake remains strong, while Europe is described as more cautious. The managers also point out that the Swedish ten-year yield rose during the month, in contrast to the U.S. yield, which held steady at around four percent.

The report also emphasizes that several portfolio companies held capital markets days, providing important guidance for the coming year.

One such company was SKF, which presented an updated strategy and new financial targets during its capital markets day. The managers note that SKF is aiming for four percent organic growth and an operating margin above 17 percent. Investments remain high, and additional one-off costs have been announced. The valuation for 2026 is still considered attractive.

Stora Enso also held a capital markets day, outlining its ongoing transformation. The managers highlight that the forestry business is planned to be separately listed in 2027, while a review of sawmills and a new reporting structure are expected to strengthen profitability.

Elekta reported Q2 figures for its broken fiscal quarter, and according to the managers, the new CEO has taken a more decisive approach. The company is flattening its organization, reducing headcount, and streamlining its order book. The stated goal is to return to pre-pandemic margin levels. The EVO product is expected to receive FDA approval in early 2026.

At the portfolio level, the fund increased its positions in Volvo, Nokia, and SEB during the month. Conversely, it reduced holdings in Sobi, Essity, and Handelsbanken.

The largest holdings in the portfolio at the end of the month were SKF, Nordea, and Ericsson, with weights of 7.2, 6.5, and 6.5 percent respectively.

Lannebo Sverige Plus, %November, 2025
Fund MoM, change in percent 1.6
Index MoM, change in percent 0.0
Fund YTD, change in percent 16.9
Index YTD, change in percent 10.2