The managers summarize the fund company's seventh year of operations and note that 2025 has been eventful but weak in terms of returns.
A weaker dollar is cited as a negative factor for results, but the main reason is said to be weaker operational development in several companies, due to macroeconomic factors, hospital budgets, geopolitics, tariffs, and company-specific challenges.
Despite this, the companies in the portfolio collectively showed continued profit growth over the year, albeit modest. The median increase is reported at 3 percent, which is clearly below both the fund's own expectations and the historical average.
"The funds' performance in 2025, in addition to previous years' modest value increases, has given us cause for self-reflection. Investors have shunned Nordic technology and health companies, while the world's largest tech giants have continued to rise in value as they deliver strong revenue and profit growth," the management commented.
Additionally, during the year, TIN Fonder has recruited a new Chief Investment Officer, Henrik Carlman. He will manage the new fund TIN Small Cap and ensure the quality of the company's investment processes.
At the same time, management announced its intention to merge the TIN World Tech and TIN Ny Teknik funds, following the conclusion of a partnership with Avanza regarding the Avanza World Tech by TIN fund.
For 2026, the managers believe that conditions for higher profit growth have improved. A stronger economic outlook, signs of recovery in digital marketing, and expected political reforms during an election year are expected to positively affect economic activity, while currency effects are anticipated to balance out after the first quarter.
Among company-specific news in the portfolio, Surgical Science is mentioned as having revised its targets downward after customer Intuitive Surgical terminated an agreement that had been in place for just under a year.
For Sectra, increased revenue, good profitability, and strong order intake were reported for its second quarter from August to October, according to the managers. The order book at the end of October was reportedly close to three times the rolling twelve-month revenue.
The month's largest positive contributions came from Genovis, Biogaia, and Adyen, while Paradox Interactive, Sectra, and Trustpilot weighed on returns.
At the end of the month, the fund's largest holdings were Paradox Interactive, Sectra, and Addnode.
The fund's largest segment was software, accounting for 46 percent of capital, followed by health at 40 percent and digital brands at 7 percent.
| TIN Ny Teknik, % | December, 2025 |
| Fund MM, change in percent | -5.5 |
| Index MM, change in percent | 1.3 |
| Fund full year, change in percent | -25.1 |
| Index full year, change in percent | 5.6 |
