The management duo notes that the Riksbank left the key interest rate unchanged during the month, while the National Institute of Economic Research's barometer rose for the sixth consecutive month – a sign of improving household sentiment. The government's new forecasts also point to a clearly higher GDP growth in 2027, strengthening the long-term outlook for the Swedish economy.
Negative contributions mainly came from OEM International, Clas Ohlson, and Medicover. Clas Ohlson declined despite continued strong growth and profitability, as much of the positive outlook was already priced in following a prolonged period of robust share performance. OEM International dropped primarily due to valuation concerns and profit-taking, as its multiples were considered stretched.
On the positive side, the fund benefited from the absence of Addlife and Volvo Car in its holdings, as well as its position in Sinch. Sinch rose after strong Black Friday data showed significant growth in AI-driven customer communications.
During the month, the fund increased its holding in Ambea, while reducing its position in AAK.
At year-end, the fund's largest holdings were Mycronic (4.50 percent), followed by Loomis and Avanza with weights of 4.12 and 3.77 percent, respectively.
| Swedbank Robur Small Cap Fund Sweden, % | December, 2025 |
| Fund MoM, change in percent | -0.64 |
| Index MoM, change in percent | -0.21 |
| Fund full year, change in percent | -3.91 |
| Index full year, change in percent | -0.19 |
