In the introduction, the managers write that globally the market has been characterized by increased concerns about inflation and interest rates.
The Nordic stock exchanges pulled in different directions, with the Oslo stock exchange rising slightly despite falling oil prices.
"Salmon stocks have continued to rise following the news in September that the opposition Conservatives want to implement significant tax cuts for salmon farming. Strong reports from the banking sector, among others, also helped," the managers write.
Other Nordic stock exchanges fell by around 4%.
The company reports received so far for the fourth quarter have shown a marginal overweight of reports that have beaten expectations in the Nordic region. As far as Origo is concerned, the majority of companies have come in strongly.
On a risk-adjusted basis, October was one of the fund's strongest months since its inception in 2013. The total return since inception amounts to 166 percent (corresponding to a CAGR of 9 percent).
The Fund's long-term investments defied the market trend in absolute terms. Hanza, Invisio and Paradox made the strongest contributions. At the same time, Elekta went the other way and contributed negatively.
"The long book is concentrated and consists of high-quality Nordic small and medium-sized companies where there is a significant discrepancy in how we view the operational change and fundamental value compared to the stock market as a whole."
In the short book, the large decline in Better Collective, among others, has contributed positively.
"We have continued to refine the investment process and are (always) trying to sharpen each step. The short book is built around companies where we have identified significant accounting, balance sheet or cash generation risks."
The largest holdings in the fund's portfolio at the end of the month were Sobi, New Wave, Elekta, Freetrailer and Spar Nord.
| Origo Quest, % | October, 2024 |
| Fund MM, % change | 4,4 |
| Fund this year, change in percent | 6,7 |
