At the outset, the managers reflect on the past year and explain that the fund performed significantly weaker than its benchmark index. The main reason cited was the fund's clear focus on small-cap companies for most of the year.
They further note that the divergence in performance between large and small companies was pronounced, with larger firms performing much better than their smaller counterparts. For comparison, the Carnegie Small Cap Sweden Index fell by 0.1 percent over the year.
In addition to the small-cap exposure, a significant overweight in the real estate sector at the beginning of the year also contributed negatively, as the sector performed weakly. At the same time, the fund's bank holdings delivered strong results.
After the summer, exposure to larger value companies, including banks, was increased, which helped strengthen the fund's returns in the second half of the year while also reducing volatility.
Among individual equity holdings, Swedbank, Synsam, and Nordea made the most positive contributions to the fund's returns during the year. The largest negative impacts came from Truecaller, Yubico, and Bonesupport.
The managers conclude by stating that this December report marks the fund's final monthly letter. The fund will be merged into Sensor Sverige Select on January 15.
The fund's largest equity holding at the end of the month was Investor (9.7 percent), followed by Nordea and Swedbank, each with portfolio weights of 8.3 percent.
| Sensor Sverige Focus, % | December, 2025 |
| Fund MoM, change in percent | 0.4 |
| Index MoM, change in percent | 2.3 |
| Fund YTD, change in percent | 0.1 |
| Index YTD, change in percent | 12.7 |
