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A good end to the year
At the end of December, the NAV price for the fund's A class was 115.25. During December, the A class increased by 2.60 % and ended the year at 7.15%. Since its inception in December 2023, the fund has outperformed its benchmark index, OMX Small Cap GI, by approximately 2.82 percentage points.
The fund has a broad portfolio of more than 100 companies to cope with liquidity that is weak in many companies despite being listed on the main list. All incoming capital goes broadly to trending companies. The fund is the sole fund owner of many companies despite being listed on the main list.
The fund is kept close to fully invested through a credit facility with a Swedish investment bank, which reduces cash and strengthens returns. The capital is invested only in companies with a clear positive trend according to the fund's systematic model, where larger positions are continuously scaled down to keep the risk even.
The portfolio companies have low market correlation and are driven primarily by company-specific factors, making it an effective complement in a diversified portfolio.
The small-cap effect gained momentum in December, something that has historically happened before.
December was a strong month for small cap stocks, with the small cap index outperforming the broader market. The classic small cap effect helped make the segment a winner for the month.
The development was characterized by clear mean reversion. Companies that had performed poorly during the year rose sharply, while profit-taking took place in several stocks that had performed strongly in 2025. In this environment, equal weighting is particularly favorable, as it captures broad gains in lagging companies and reduces exposure to individual winners where returns have already been realized.
Despite continued geopolitical concerns, the market showed strength, with an increased focus on company-specific factors rather than macro risks. On a full-year basis, the smallest small caps have had a tough year, but at the same time, some individual companies have delivered triple-digit returns – a clear reminder of the potential and allure of the smallest small cap segment.
Outlook for Swedish micro companies (less than 15 billion SEK) 2026
Looking ahead to 2026, the prospects for the smallest companies, so-called micro companies, are increasingly attractive. After several years of high inflation, rising interest rates and weak demand, the macroeconomic picture is now brightening, especially in Sweden. The Swedish economy is expected to stand out globally with a clearer growth acceleration, with private consumption once again becoming an important driving force.
Falling interest rates are strengthening households' purchasing power and improving companies' financing conditions, which is particularly beneficial for micro-companies that are often more interest-rate sensitive. At the same time, increased risk appetite in the stock market is contributing to better conditions for growth companies after several challenging years.
In summary, we enter 2026 with a more constructive view of Swedish micro companies. The combination of improved economic conditions, lower interest rates and increased investor sentiment creates a favorable climate where well-positioned companies have good opportunities to make up for lost ground.
Results
Return after fees, class A
| December | 2025 | Since the fund's inception, Dec 2023 | |
| OMX 30 GI | 3,41% | 19,68% | 32,40% |
| O MX Small Cap GI | 4,81% | 17,30% | 12,43% |
| OMX Mid Cap GI | 1,41% | 8,01% | 36,06% |
| Finserve Micro Cap A | 2,60% | 7,15% | 15,25% |
The model automatically weights strong stocks up and weak stocks down. In December, the average weight per holding was 0.98 %. The fund's 60-day volatility is 12.5 %, significantly lower than the index and many other equity funds.
Best companies in the portfolio and average weight during the month
| Name | Return Dec% | Contribution % | Weight % |
| Ovzon AB | 36,26 | 0,54 | 1,50 |
| Inission AB | 16,74 | 0,18 | 1,09 |
| Saniona AB | 20,06 | 0,26 | 1,32 |
| Xano Industri AB | 21,45 | 0,30 | 1,40 |
| Seafire AB | 15,03 | 0,18 | 1,20 |
Worst company in the portfolio and average weight during the month.
| Name | Return Dec% | Contribution % | Weight % |
| Rejlers AB | -8,63 | -0,09 | 1,06 |
| Studsvik AB | -14,92 | -0,15 | 1,01 |
| Orron Energy AB | -19,76 | -0,16 | 0,80 |
| Oncopeptides AB | -17,16 | -0,16 | 0,92 |
| Powercell AB | -25,11 | -0,22 | 0,86 |
Index comparison since the start of the OMX Nasdaq index – The smallest companies recovered strongly during the last month of the year and the potential for continued recovery looks bright for 2026. The gap between the different indices, the so-called spread, remains large between large and smaller small companies. OMX Small Cap performed best during the month followed by OMX Large Cap.
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: In the fund industry, company size is often defined according to the following benchmarks:
Micro companies: Companies with a market capitalization of less than approximately SEK 15 billion, corresponding to approximately 0.1 trillion of the total market capitalization.
Small companies: Companies with a market capitalization of less than approximately SEK 150 billion, corresponding to approximately 1.1% of the total market capitalization.
These levels are industry practice and may vary slightly between different fund companies and index providers, but they provide a clear indication of how companies are typically categorized based on market value.
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 rebalances all positions every six months. Historically, the strategy of equal-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 between equal-weightings, focusing on companies that exhibit low volatility and a clear positive trend.
Finserve Micro Cap invests in companies listed on the regulated market. The portfolio consists of more than 100 companies listed 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 over time. 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 cap funds.