Swedish small-cap stocks saw positive development in May, with the managers describing the month as resilient for both the global economy and financial markets, despite a news cycle dominated by geopolitical concerns and renewed tensions in the Middle East.
Risk appetite on the exchanges remained firm as investors chose to focus more on underlying economic strength than on short-term supply disruptions. Global market sentiment was primarily supported by the U.S., where technology and AI-related stocks continued to drive the market.
The fund outperformed its benchmark index during the month.
The largest positive contributions came from Loomis, SSAB, Gränges, and Kitron. SSAB and Gränges benefited from improving economic signals following a period where the market had been concerned about a deeper industrial downturn in Europe.
According to the management duo, Kitron strengthened following a very robust report in late April. The company reported a record-high order book at the time, driven by several large orders in the defense sector, where rearmament efforts continue to be extensive.
On a relative basis, the fund was primarily weighed down by its zero-weighting in Sivers Semiconductors, Lundin Mining, NCAB, and Hoist Finance.
'Sivers Semiconductors benefited, particularly during the second half of the month, from the general tech rally and its niche focus on chip technology, while the mining company Lundin Mining was lifted by strong metal prices. The printed circuit board distributor NCAB was pulled upward by the broader industrial recovery, and the credit management company Hoist Finance surged following a strong interim report with sharply increased earnings,' the managers concluded.
During the month, the fund increased its holding in SSAB, while reducing its position in Camurus.
| Swedbank Robur Småbolagsfond Sverige, % | May, 2026 |
| Fund MoM, percentage change | 5.75 |
| Index MoM, percentage change | 5.70 |
| Fund YTD, percentage change | 5.46 |
| Index YTD, percentage change | 1.59 |
