The managers begin by stating that concerns about tariff-related trade barriers have eased, and companies such as Sandvik reported stable activity levels similar to those at the end of March.
However, the managers point out that the US dollar continues to put pressure on Swedish export companies. In a rising stock market climate, there is also an increased risk of price falls in the event of unexpected negative news.
Elekta reported a quarter with 6 percent organic sales growth but weak order intake. The fund managers view the rising gross margin of 40.3 percent, driven by volume, price, and product mix, as positive, even though weak order intake may affect future growth.
Stora Enso sold 175,000 hectares of Swedish forest land for EUR 900 million to Munich Re and a Wallenius-Kleberg-affiliated company. The sale is intended to reduce debt. Stora Enso retains a 15 percent stake and a 15-year supply agreement, with the option of extension.
Sandvik held a capital markets day and confirmed its financial targets. The Machining business area will implement savings of SEK 1 billion over five years, at a cost of approximately SEK 3 billion. A new accounting structure will clarify profitability in different segments.
BioArctic received milestone payments and license revenues from collaborations on Alzheimer's drugs. Sales of EUR 200 million generated a one-time payment of EUR 10 million from Eisai. Market approval has now been granted in all major markets. The FDA also approved a blood test for Alzheimer's diagnosis, which could significantly increase the patient base.
In terms of portfolio activity, the fund made major purchases in Nordea, Sandvik, and SOBI during the month. At the same time, major holdings in Handelsbanken, Elekta, and Swedbank were sold.
At the end of the month, the fund's largest holdings were Ericsson, Sandvik, and SKF, with portfolio weights of 7.6, 6.9, and 6.8 percent, respectively. The largest sectors were materials, industrials, and healthcare.
| Lannebo Sverige Plus, % | May, 2025 |
| Fund MM, change in percent | 4.3 |
| Index MM, change in percent | 2 |
| Fund this year, change in percent | 1 |
| Index this year, change in percent | 1 |
