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At the end of June, the NAV price for the fund's A class was 107.4. During the month, the A class fell by 7.45 %, which means a return of -6.83 % since the beginning of the year. On a rolling twelve-month basis, the return amounts to -6.81 %, while the fund has risen 7.40 % since inception.
June saw a wait-and-see market
June was characterized by continued weak development for Swedish micro companies (companies with a value of less than approximately SEK 16 billion). The large-cap index developed largely unchanged during the month, while the OMX Mid Cap fell by 4.53 % and the OMX Small Cap fell by 5.38 %.
The development of the Small Cap index was greatly influenced by the company Sivers Semiconductors, which after this year's strong price increase now makes up over 40 percent of the index. The company's large weight means that the index's development does not fully reflect the development of the other companies included in the index.
Liquidity in the micro-cap segment remained limited, amplifying price movements and underlining the importance of a well-diversified portfolio. Despite a weak month, we believe that the long-term prospects for micro-cap remain good, with attractive valuations and potential for recovery as market turmoil subsides.
The fund's and companies' performance during June
The fund had a challenging month as several holdings fell by double digits while few companies on the Mid Cap and Small Cap lists showed any clear positive trend.
During the month, the fund was overweight in six of the ten best-performing holdings in Small Cap and Mid Cap. The Mid Cap index contains companies with a market value of up to approximately SEK 12 billion and Small Cap up to approximately SEK 1.6 billion, all defined as micro companies.
Among the fund's holdings, Vestum, IBT, Ferronordic, Orexo, Boozt, CellaVision and Humana developed particularly strongly, and several of these are considered to have the potential for continued positive development.
Humana rose sharply after the company received a public takeover bid. It remains to be seen whether the bid is completed or if more interested parties choose to make competing bids. Acquisition activity is generally higher among smaller companies than among larger listed companies, which creates additional opportunities for value creation for the fund's investments.
The fund is well diversified and invests in a number of companies with limited liquidity and low institutional ownership. The share prices of these companies are therefore more affected by algorithmic trading, private investor buying and selling flows and company-specific news than by general market developments. In several of the holdings, the fund is also the sole institutional owner.
Best companies in the portfolio during the month, market value and portfolio weight as of the end of June.
| Name | June return | Weight | Market value |
| WEST ROOM | 27,37% | 1,18% | 6096msek |
| IBT | 25,45% | 1,22% | 911msek |
| HUMAN | 18,35% | 1,65% | 3180msek |
| FERRONORDIC | 17,18% | 0,85% | 857msek |
| OREXO | 17,07% | 1,35% | 852msek |
Worst performing companies in the portfolio during the month, market value and portfolio weight as of the end of June.
| Name | June return | Weight % | Market value |
| XSPRAY | -40,80% | 0,56% | 727msek |
| TOBII | -39,51% | 0,78% | 457msek |
| VIAPLAY | -30,09% | 0,96% | 5832msek |
| UNIBAP | -21,98% | 0,94% | 656msek |
| STILL FRONT | -21,87% | 0,99% | 2317msek |
The fund's positioning for the summer
In July, the fund will transition to a more equally weighted portfolio, in accordance with the investment strategy. Historically, August and September have been the weakest months for the US stock market, and the Swedish stock market shows a high correlation with developments in the US.
A more equally weighted portfolio helps reduce concentration risk and dampen portfolio volatility, while the fund maintains broad exposure to attractive companies with an average market value of around SEK 3 billion.
The fund's investments are systematically guided by a quantitative model that analyzes a number of factors to identify stocks with strong and sustained positive trends. The capital added to the fund in the coming month will therefore be invested broadly in existing holdings with low portfolio weights that show a positive trend according to the model. At the same time, certain holdings will be divested and new companies will be added to the portfolio as the model identifies new investment opportunities.
Did you know that? OMX Small Cap has a significantly higher exposure to growth companies than both Mid Cap and Large Cap. Approximately 30 percent of the index consists of healthcare companies and approximately 15 percent of IT companies, which gives investors a different sector profile than in the larger indices.
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.