The PriorNilsson Evolve Global fund rose 0.24 percent in October, which was worse than the fund's benchmark index, which rose 2.72 percent. Since the beginning of the year, the fund has returned 17.04 percent and is thus better than the index, which has increased 14.70 percent. This is stated in a monthly report.

Initially, the managers note that the third quarter reports and the upcoming US election were in focus during October.

The managers then reported on developments in various sectors during the month, starting with the banking sector, which, with the exception of SEB, delivered strong net interest income, leading to higher forecasts and share prices.

In the engineering sector, developments were instead mixed, with downward revisions ahead of quarterly reports. After the third quarter results were presented, analysts continued to adjust their expectations for 2024 and 2025 downwards.

Furthermore, real estate companies are showing stability and are not reporting significant write-downs in property values. Their net operating income and income from property management are improving as interest rates fall, although the rising vacancy rate is described as a challenge in the sector.

The managers also point out that in September the market started to price in a potential victory for Trump. This has had a noticeable impact on the price of gold, cryptocurrencies, the dollar and interest rates, which have all increased.

During the month, the fund increased its exposure to financials and commodities. The fund has reduced exposure to industrials and information technology companies.

"At the company level, the fund has increased in Scandic, Karnell, Medpace, Mildef, Elopak, Bio-Techne Corp and Align Technology. New holdings in the fund are Bruker Corp, Integer Holdings and Lemaitre Vascular."

The fund has reduced its holdings in OEM and Europris Asa and sold its holdings in Nederman, Onto Innovation, Addlife, Svitzer A/S and MKS Instruments."

It has simultaneously reduced its holdings in OEM and Europris Asa and sold its holdings in Nederman, Onto Innovation, Addlife, Svitzer and MKS Instruments.

The main contributors during the month were Idun Industrier, Medcap and Cactus.

The largest holdings in the Fund's portfolio at the end of the month were Scandic Hotels, Karnell Group and Mekonomen with weights of 7.7, 5.4 and 5.4 percent respectively.

In terms of sector exposure, industrials, healthcare and consumer discretionary were the largest with exposures of 28.8, 19.4 and 18.4 percent respectively.


PriorNilsson Evolve Global, %October, 2024
Fund MM, % change 0,24
Index MM, % change 2,72
Fund this year, percentage change 17,04
Index this year, percentage change 14,70