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Our trend model puts us at the top among small and micro company funds
At the end of January, the NAV price for the fund's A class was 115.23, a slight decrease of 0.02 percent compared to December. Since its inception in December 2023, the fund has outperformed its benchmark index, OMX Small Cap GI, by approximately 3.46 percentage points.
The fund has a broad portfolio of over 100 holdings, which is an important prerequisite for managing the limited liquidity that characterizes many companies - despite being listed on the main list. All new capital added to the fund is allocated broadly to companies with clear trends. The fund was overweight in four (4) of the portfolio winners. In several of the holdings, the fund is the sole institutional owner, despite being listed on the main list.
The small-cap effect
The small-cap effect was evident in December 2025 but lost momentum early in the year. The market continued to be characterized by a pronounced mean reversion, with companies with weak historical returns recovering while previous winners showed more subdued performance.
The small and microcap segment as a whole has had a challenging period for a long time. Despite this, Finserve Micro Cap ranks at the top among both small cap and microcap funds. This can be attributed to the fund's systematic and trend-following management model.
Reporting season
The reporting season has now begun, with a large number of companies reporting in January and February. Already in January, unusually large differences in performance between individual companies have been observed. The fund's relatively equally weighted portfolio structure enables exposure to short-term winners, which means that companies with strong reports can quickly contribute positively to returns. At the same time, the fund is also affected by companies reporting weaker results. However, the trend-following model contributes to the fact that portfolio weights tend to be higher over time in companies with positive momentum, which strengthens the fund's risk-adjusted return profile.
Results
Return after fees, class A
| January | 2026 | 1year | Since the fund's inception, Dec 2023 | |
| Finserve Micro Cap | 0,00% | 0,00% | 7,85% | 15,23% |
| O MX Small Cap GI | -0,59% | -0,59% | 2,17% | 11,77% |
| OMX Mid Cap GI | -1,97% | -1,97% | 10,92% | 32,85% |
| OMX 30 GI | 4,98% | 4,98% | 16,88% | 38,99% |
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. 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 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 November, the average weight per holding was 0.99 %. The fund's 60-day volatility is 12.2 %, significantly lower than the index and many other equity funds.
| Name | Return January | Weight |
| GOMSPACE GROUP AB | 37.68% | 1.30% |
| VIAPLAY GROUP AB | 33.70% | 0.92% |
| CANTARGIA AB | 30.70% | 1.25% |
| OVZON AB | 28.49% | 1.99% |
| SANIONA AB | 24.29% | 1.23% |
Worst company in the portfolio and average weight during the month.
| Name | Return Jan | Weight % |
| KARNELL GROUP AB | -15.13% | 0.99% |
| RAYSEARCH LABORATORIES AB | -16.58% | 0.96% |
| ASCELIA PHARMA AB | -17.73% | 0.47% |
| BOOZT AB | -20.31% | 1.16% |
| ONCOPEPTIDES AB | -38.81% | 0.69% |
Index comparison since the start of the OMX Nasdaq index – 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 caps. OMX Small Cap performed slightly better than OMX Mid Cap and slightly 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.