The Origo Quest fund rose 0.8 percent in May. Since the beginning of the year, the fund has declined 14.4 percent, according to a monthly report.

The management company states that returns during the month were characterized by a stronger performance in the long portfolio, while the short portfolio lagged. Earlier this year, the manager notes that the fund generated alpha in the short book while experiencing weaker performance in the long book.

Among the positive contributors in the long portfolio, BioGaia, Chemometec, and Rugvista are highlighted. Conversely, Elekta detracted from performance during the month.

The manager points out that BioGaia reported organic growth of 15 percent. The stock has rallied during the year, while the market, according to the manager, remains focused on the company's future margin trajectory.

In the short portfolio, the fund highlights the price action in Sivers. The manager states that the position has performed negatively during the year, but losses were mitigated through the fund's risk management and stop-loss methodology. During the period, short interest in Sivers rose to 17 percent of the free float, while the number of retail shareholders increased. The manager confirms that the fund is no longer involved in the position.

Short positions in Tobii and Powercell also weighed on performance during the month. According to the manager, both companies reported weak first quarters with poor cash flows and deteriorating balance sheets, yet the stocks rose following the reports. The manager states that these positions were adjusted during the period.

Powercell is simultaneously described as having been a positive contributor to the fund over the past six months. In May, however, the position was negatively impacted by the stock's price appreciation. The manager notes that some profits were realized during the period and that the position size has been adjusted continuously.

The fund's largest equity holdings at month-end were BioGaia, Dynavox, Elekta, Paradox, and Kalmar. Net exposure amounted to 53.2 percent and gross exposure to 189.0 percent as of May 29.

Origo Quest, %May, 2026
Fund MTD, percentage change0.8
Fund YTD, percentage change-14.4