The managers note at the outset that periods of high volatility create opportunities to reassess the portfolio, which has led to increased activity. The fund experienced some negative indirect exposure to war and oil developments, while exposure to other commodities was slightly positive.
Regarding the fund's returns, the largest negative contributions came from long positions in Chemometec, Dynavox, Freetrailer, Catella, and Paradox Interactive.
On the positive side, industrial companies Kalmar, Hanza, and FLSmidth are highlighted as strong contributors. On the short side, holdings in Tobii and Powercell fell sharply after their quarterly reports.
In terms of portfolio activity, the managers chose to increase their holdings in Chemometec and Dynavox following significant price declines, as they see continued attractive long-term potential. At the same time, they have reduced positions where the risk profile is deemed to have changed.
Looking ahead, the managers emphasize that the portfolio is positioned to generate absolute returns over a longer horizon. They believe that valuations among small-cap companies have come down to very attractive levels and assess that the risk/reward for the coming years is clearly positive.
"We remain humble regarding short-term developments but continue to see attractive potential in the portfolio's current composition."
The fund invests using a long/short strategy with a focus on small and medium-sized companies. The fund's five largest equity holdings at the end of the month were Biogaia, Dynavox, Elekta, Kalmar, and Carasent.
| Origo Quest, % | February, 2026 |
| Fund MM, change in percent | -6.3 |
| Fund year-to-date, change in percent | -9.0 |
