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One of the few small-cap funds with a positive one-year return
At the end of February, the NAV price for the fund's A class was 111.78. During the month, the A class fell by 3.09 percent and is thus down 3.00 percent since the beginning of the year. Since its inception in December 2023, the fund has outperformed its reference index, OMX Small Cap GI, by approximately 1.93 percentage points.
The fund's exposure is close to the index, with alpha at the top through the fund's systematic trend model. The portfolio is broad and includes approximately 100 companies, which is an important prerequisite for managing the limited liquidity that characterizes many companies - despite being listed on the main list.
Big report reactions, fund outflows pressure but selective winners stand out
The Swedish small and micro companies on the Stockholm Stock Exchange's main list had a more mixed development in February 2026, despite a generally strong month for the stock market. The segment has continued to underperform relative to large companies during the beginning of the year, reflecting a more cautious investor sentiment where capital has to a greater extent sought larger and more stable companies. At the same time, significant outflows from small cap funds have contributed to selling pressure, especially in the larger small companies that are often widely owned by these funds.
The reporting season also clearly showed how selective the market is at the moment. Companies that delivered above expectations were rewarded with sharp price increases, while the slightest disappointment was often severely punished. Overall, this resulted in larger price movements than usual in connection with the reports.
At the same time, it is clear that the micro companies listed on the Mid cap and Small Cap list have been less affected by fund flows, as many of these companies lack major fund owners. On a daily, monthly and annual basis, micro companies are also often found among both the biggest winners and losers. These companies can fall by 100% at most, but at the same time rise by several hundred percent, which illustrates the asymmetry and volatility that characterizes the segment. It is therefore important to identify the companies that are developing the strongest.
Results
Return after fees, class A
| February | 2026 | 1year | Since the fund's inception, Dec 2023 | |
| Finserve Micro Cap | -3,09% | -3,00% | 4,17% | 11,78% |
| O MX Small Cap GI | -3,87% | -5,32% | 6,66% | 7,49% |
| OMX Mid Cap GI | -0,37% | -1,64% | 1,19% | 32,36% |
| OMX 30 GI | 6,55% | 11,93% | 21,9% | 48,09% |
Best companies in the portfolio and average weight during the month
The fund is nearly fully invested and uses a credit facility with a Swedish investment bank to minimize cash and enhance returns. Investments are made exclusively in companies with a clear positive trend according to the fund's systematic model. Larger positions are trimmed continuously to keep risk balanced and focus on the strongest trends.
The portfolio companies have low correlation with stock market indices 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 index products, micro cap and small cap funds makes the fund an effective diversification supplement.
In February, the average weight per holding was 0.97 %. The fund's 60-day volatility is 13.8 %, which is significantly lower than the index and many other equity funds.
| Name | Return February | Weight |
| ORRON ENERGY AB | 32,68% | 1.03% |
| UNIFIED GLOBAL AB | 25,73% | 1,06% |
| SCANDI STANDARD AB | 20,19% | 1.39% |
| ACELIA PHARMA AB | 18,53% | 0,49% |
| INFREA AB | 16,90% | 1,19% |
Worst company in the portfolio and average weight during the month.
| Name | Return Feb | Weight % |
| SMART EYE AB | -26,48% | 0.92% |
| XANO INDUSTRI AB | -27,31% | 1,72% |
| SANIONA AB | -29,34% | 1,21% |
| XBRANE BIOPHARMA AB BOOZT AB | -40,71% | 0,18% |
| ONCOPEPTIDES AB | -42,18% | 0,44% |
Index comparison since the start of the OMX Nasdaq index
The fund trades the smallest companies There is potential for recovery for the smallest companies in 2026. The gap between the different indices, the so-called spread, remains large between large and smaller small companies. OMX Small Cap performed better than OMX Mid Cap and worse than 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: There are about 1000 listed companies in Sweden, about 800 are so-called micro companies, with a market value of more than 15 billion SEK. Which ones should you choose?
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 excess return 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.