May was characterized by broad market gains, with several indices reaching new record highs. According to the manager, the performance was driven by hopes for a peace agreement in the Middle East and continued strong interest in AI-related investments. The Stockholm Stock Exchange also rose, with the OMXS30 reaching new peak levels.
Uncertainty regarding the Strait of Hormuz persisted during the month. At the end of May, the US and Iran again carried out military strikes against each other, while the parties were reported to be close to an agreement. The month concluded with a 60-day memorandum of understanding to extend the ceasefire and initiate negotiations on the nuclear program. Brent crude, which had traded around 100 dollars during the month, fell back toward 90 dollars following the announcement.
In the US, Kevin Warsh was sworn in as the new Chairman of the Federal Reserve. The manager notes that he takes over in a situation with inflation at 3.8 percent, oil prices above 96 dollars, and a divided committee ahead of his first interest rate meeting in June.
'The Riksbank has in many ways an easier job as inflation has so far remained low and policymakers are providing support for a rather weak economic development. A hike might possibly be needed at a later stage, but staying the course for the remainder of the year would not have been surprising either', the manager writes.
AI-related stocks continued to perform strongly during the month. Micron was up over 200 percent year-to-date, while Qualcomm had risen just over 50 percent since the end of April.
The manager also highlights increased interest in initial public offerings. OpenAI and Anthropic signaled plans for listings later in the year, while SpaceX filed its prospectus.
The top contributor to the fund during the month was Hoist Finance. The company's CEO, Harry Vranjes, announced that they are well on track toward SDR status in 2026, a regulatory classification that significantly lowers capital requirements.
Asmodee presented a fourth quarter that exceeded expectations, showing growth in North America and a dividend proposal.
'The fund took profits in Tele2 and took the opportunity to bring in Beijer Ref, whose valuation has come down significantly compared to previous years.'
The largest holdings in the fund's portfolio at the end of the month were Nordnet, Securitas, and Gränges, with weightings of 5.6, 5.3, and 4.3 percent respectively.
| Simplicity Småbolag Sverige A, % | May, 2026 |
| Fund MTD, change in percent | 3.1 |
| Fund YTD, change in percent | 3.2 |
Choose MarketScreener 
