Among the holdings, the managers highlight Vaisala, which reported a quarter slightly above their positive expectations. Order intake rose 10 percent on a currency-adjusted basis. The managers describe the company as a quality firm with an attractive position within structurally growing niches.
The managers further state that since March 2026, Vaisala has consisted of three business areas instead of two. They highlight the Xweather business area, which focuses on real-time data and AI-driven weather forecasts. Annual recurring revenue was reported to be slightly over half a billion kronor, while the gross margin stood at 80 percent.
Within the Danish insurance sector, the managers highlighted Alm Brand. The stock is down about 20 percent this year, even though the company recently delivered its best first-quarter report to date. The managers stated that they had sold some shares earlier in the year but now assess that the problems in the sector are largely priced in.
Avarda Bank was a relatively new holding in the fund. The managers stated that the position was built up during January-March when small caps and niche banks were pressured by negative flows and reduced risk appetite. According to the report, the bank reported a net profit of 211 million kronor in the first quarter and growth of 45 percent compared to the corresponding period last year. The cost ratio fell to 35 percent from 37 percent in the first quarter.
The managers also highlighted the pharmaceutical company SOBI, which according to the report recorded 11 percent organic growth and 24 percent total growth during the quarter. The margin rose to 38.3 percent. The managers also stated that the company carried out six launches during the quarter and pointed out Doptelet, Gamifant, and Altuvoct as important value drivers going forward.
'Overall, we see at least ten billion-selling products in 2026-2027, which we still think the stock market is missing as we note a heavy focus on individual news and short-term speculation. The stock has contributed positively to Origo's return for many years and has risen by a further 28 percent so far this year.'
The largest holdings in the fund at the end of the month were Kalmar, MTG, and Biogaia.
| Origo Seleqt C, % | April, 2026 |
| Fund M/M, change in percent | 3.5 |
| Fund YTD, change in percent | -6.5 |
