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At the end of March, the NAV price for the fund's A class was 108.56. During the month, the A class increased by 0.66 percent and is thus down 5.59% percent since the beginning of the year. The fund is up 5.50% in one year and is in the top segment of 49 funds in the same category, small-medium-sized companies.
The fund has a well-diversified portfolio of around 100 holdings, which is a key requirement for managing the limited liquidity that characterizes many of the companies, despite the fact that the majority are listed on the Stockholm Stock Exchange main list. In several of the holdings, the fund is the sole institutional owner, which underlines its niche exposure and the fund's suitability to be mixed with index products and equity funds for a more optimized portfolio.
New capital added to the fund is distributed broadly, with a focus on companies that demonstrate clear and sustainable trends. During the month, the fund was overweight in three of the portfolio's five best-performing companies.
Even in periods of increased market risk, there are small companies with high company-specific risk that can develop in the opposite direction compared to the stock market as a whole.
The OMX Small Cap index performed strongly during April and there is an explanation.
The OMX Small Cap index performed strongly in April despite a continued uncertain macro environment. A major contributing factor to the index performance during the month was the company Sivers Semiconductor, which has risen approximately 1,225 percent this year ahead of its upcoming report. This despite limited business communication and weak earnings levels (sales approximately SEK 300 million and earnings -186 million for 2025). The company's high valuation (>15 billion) and significant index weight (approximately 20 percent) have had a major impact on the performance. The fund was not exposed to the stock at the beginning of the year, which highlights the challenge of capturing rapid momentum shifts.
High US long-term interest rates have not yet had an impact on the market, but if they continue to rise, the market will react negatively. Geopolitical unrest, especially in the Middle East with disruptions in the Strait of Hormuz, contributed to rising oil prices and increased inflation concerns. At the same time, several global conflicts persist, creating trade imbalances and affecting the availability of raw materials and industrial components.
The reporting season presented a mixed picture. In an environment of high interest rates and subdued demand, many small companies prioritized profitability over growth, focusing on cost control and efficiency improvements. Companies such as Inission showed stable development, and industrial and technology companies – including Hexatronic – generally showed better resilience than consumer-related companies, which were pressured by weaker demand and margins. The weak krona provided some support to export companies, but at the same time increased cost pressure.
In summary, April shows that momentum has been the dominant driving force in the small-cap segment, where price movements have largely occurred without a clear connection to fundamentals, making traditional company analysis and stock picking significantly more challenging.
Results
Return after fees, class A
| April | 2026 | 1year | Since the fund's inception, Dec 2023 | |
| Finserve Micro Cap | 0,66% | -5,59% | 5,50% | 8,81% |
| OMX Small Cap GI | 9,56% | 6,77% | 17,56% | 20,25% |
| OMX Mid Cap GI | 2,68% | -3,09% | 25,88% | 31,43% |
| OMX 30 GI | 5,28% | 8,14% | 29,19% | 43,17% |
Best companies in the portfolio and average weight during the month
The fund is nearly fully invested via a credit facility with a Swedish investment bank to minimize cash and enhance returns. Larger positions are trimmed continuously to keep risk balanced and focus on the strongest trends.
The portfolio companies have low correlation with the market and are driven primarily by company-specific factors. Several have performed well despite a weak market climate, which gives the fund a high degree of independence. The low company overlap with other micro cap and small cap funds makes the fund an effective diversification supplement.
In April, the average weight per holding was 0.96 %. The fund's 60-day volatility is approximately 13 %, significantly lower than the index and many other equity funds.
| Name | Return April | Weight |
| Xbrane Biopharma | 73,30% | 0,33% |
| Unibap Space Solutions | 48,50% | 0,54% |
| Orron Energy | 49,05% | 1,42% |
| Booze | 31,09% | 1,08% |
| Instalco | 29,63% | 1,27% |
Worst company in the portfolio and average weight during the month
| Name | Return April | Weight % |
| Enzymatica | -22,52% | 0,81% |
| Cell vision | -22,19% | 0,79% |
| Medivir | -16,21% | 1,13% |
| Maha Capital | -16,04% | 0,84% |
| Cinculus Pharma Holding | -14,77% | 0,79% |
Index comparison since the start of the OMX Nasdaq index
The gap between the different indices, the so-called spread, remains large between large and small companies. OMX Small Cap performed better than OMX Mid Cap and OMX Large Cap during the month.
The chart shows OMX Small Cap (green) compared to OMX Mid Cap (red) and OMX Large Cap (grey) since 20081120. Source: Infront
| Small Cap Index: Company value less than approximately SEK 1.5 billion, micro companies |
| Mid Cap Index: Company value between approximately SEK 1.5 and 12 billion, micro companies |
| Large Cap Index: Company value greater than approximately SEK 12 billion. |
Did you know that: OMX Small Cap index companies have a market value of up to SEK 1.5 billion. When a company grows, it is moved to OMX Mid Cap or OMX Large Cap every six months.
A fund strategy that differs from other funds
The fund's goal is to achieve good risk-adjusted returns, offer equity exposure to companies that few other funds own, and to weather downturns well through equal weighting and even sector exposure.
The fund's holdings are relatively equally weighted over time. Historically, the strategy of equally weighting a broad equity portfolio has resulted in higher risk-adjusted returns compared to market-value-weighted broad portfolios. This outperformance can be attributed to the strategy's ability to better handle downturns, unlike value-weighted portfolios that are often heavily concentrated in individual stocks. The strategy is based on trend-following investments when the fund receives capital, focusing on companies that exhibit low volatility and a clear positive trend.
Finserve Micro Cap invests primarily in companies listed on the regulated market. Over time, the portfolio consists of more than 100 companies listed primarily on the OMX Small Cap and OMX Mid Cap lists. Over time, the companies in the portfolio have an average company value of approximately SEK 2.5-3.5 billion. This value is significantly lower than the average among competitors' micro cap and small company funds.
Thanks to regular equal weighting, the trend strategy and the fact that the fund is one of the few fund owners in many of the companies, the fund has a low correlation with traditional micro cap and small company funds.