EN 
SE 
The fund's A-class rose by 4.78% in June and has been around 4.83 percentage points better than the fund's reference index OMX Small Cap GI since its inception in December 2023.
Market June
During June, Swedish small companies developed positively, in line with increased risk appetite and falling interest rates. The European Central Bank's interest rate cut at the beginning of the month and expectations that the Riksbank will follow suit contributed to improved sentiment, especially among interest-sensitive assets. Inflation continued to slow down, which strengthened hopes for a softer monetary policy going forward. At the same time, economic indicators showed a stabilization of the Swedish economy, albeit from low levels. With a more balanced and stable macro situation, we see a light at the end of the tunnel, and despite concerns about a reduced growth rate in the global economy, we see a strong trend for the smallest companies.
Results
The fund aims to be a few percentage points better than the fund's reference index (OMX Small Cap GI) per year at lower risk. You know roughly what you get in our fund because we are index-linked, so the investor can expect a return similar to the index on average per year. For reference, our reference index OMX Small Cap index has returned approximately 12% per year since its inception in 2006 at a volatility of 17%.
The average weight of the portfolio holdings during March was 0.98%. Anything above 0.98% means the fund is overweight the company and below 0.98% means the fund is underweight. The fund has a realized 60-day volatility of 11%.
Return after fees, Class A
| June | 2025 | Since the fund's inception, Dec 2023 | |
| OMX 30 GI | -0,10 | 4,56% | 15,66% |
| OMX Small Cap GI | 7,34% | 12,83% | 6,42% |
| OMX Mid Cap GI | 1,87% | 7,58% | 35,2% |
| Finserve Micro Cap A | 4,78% | 5,54% | 13,09% |
The fund invests exclusively in companies with a clear positive trend, based on technical and quantitative analysis. All capital is directed towards stocks that show strength in price development and momentum. This focused strategy creates good conditions for high risk-adjusted returns with low correlation to broad large-cap indices.
The smallest small-cap stocks in the portfolio often have low market correlation and are driven more by company-specific factors. Several of these have performed positively despite a weaker stock market climate, which strengthens the fund's independence from broad market movements.
Ahead of August and September – historically weaker months – the fund's total market exposure is reduced through equal weighting. This means that larger positions are scaled down and the portfolio's risk is distributed more evenly. This way, we can maintain exposure to trend-setting holdings while reducing overall risk.
The chart shows average monthly returns for the S&P500 over different periods. Source: FactSet, Nationwide IMG Investment Research.
The table below shows the best and weakest holdings of the month. The fund works systematically to maximize exposure to companies in strong trends and minimize exposure to weak stocks – a strategy that has historically created stable excess returns over time.
Best companies in the portfolio and average weight during the month
| Name | Yield % | Contribution % | Weight % |
| Tobii AB | 45,73 | 1,02% | 2,98 |
| Profile Group AB | 22,70 | 0,54% | 2,53 |
| Infrea AB | 22,52 | 0,72% | 2,00 |
| Ovzon AB | 19,10 | 0,53% | 2,09 |
| Dustin Group AB | 18,44 | 0,36% | 0,58 |
Worst company in the portfolio and average weight during the month
| Name | Yield % | Contribution % | Weight % |
| BHG Group AB | -6,37 | -0,18% | 1,26 |
| Infant Bacterial Therapeutics | -15,08 | -0,13% | 0,81 |
| Byggmax Group AB | -2,68 | -0,13% | 1,20 |
| Stillfront Group AB | -14,11 | -0,13% | 1,10 |
| Hoist Finance AB | -9,19 | -0,11% | 1,09 |
Index comparison – There is potential for recovery.
The gap or so-called spread remains large between large and small cap companies. OMX Small Cap has performed a couple of percentage points better than both 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. |
| Mid Cap Index: Company value between approximately SEK 1.5 and 12 billion. |
| Large Cap Index: Company value greater than approximately SEK 12 billion. |
Did you know that?
Did you know that many small companies on the Nasdaq OMX Mid and Small cap list do not have any funds as owners? The so-called free float is low and makes it difficult for larger funds to own the companies.
Strategy
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.