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At the end of March, the NAV price for the fund's A class was 108.10. During the month, the A class fell by 3.29% and is thus down 6.19% since the beginning of the year. The fund is one of the few small-cap funds and micro cap funds that have been in the black for one (1) year. The fund is up 8.1% in one year and is in the top segment of 49 funds in the same category, small-medium-sized companies.
The fund has a broad portfolio of approximately 100 holdings, which is an important prerequisite for managing the limited liquidity that characterizes many companies, despite the fact that the majority of the companies are 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 three (3) of the portfolio's winners during the month. In several of the holdings, the fund is the sole institutional owner, despite the fact that most of them are listed on the main list.
Did you know that: There are about 1,000 listed companies in Sweden, about 800 of which are so-called micro companies, with a market value of more than SEK 15 billion?
March was marked by uncertainty, but several companies went against the tide
The past month has been marked by significant geopolitical unrest, with the situation in the Middle East and disruptions in the Strait of Hormuz driving up oil prices and increasing inflation concerns, contributing to rising interest rates and generally weak stock market sentiment.
Despite this, Swedish small caps clearly went against the grain. OMX Small Cap rose by +1.94% during the month of March, while the large cap index OMXS30 fell sharply by -8.17% during the same period. The divergence is notable and breaks the previous trend where small caps have underperformed.
The development is explained by the fact that there are always small companies with high company risk but low market risk that can perform well regardless of the overall stock market climate. This became particularly clear during March, when several companies showed strong development combined with positive news flows.
In this market situation, it appears more effective to follow the trend in companies that show relative strength, rather than trying to predict winners through traditional stock analysis and stock picking.
In summary, the month shows that even in periods of high uncertainty, there are clear opportunities within the small cap segment, provided the focus is on momentum rather than broad macro assumptions.
Results
Return after fees, class A
| March | 2026 | 1year | Since the fund's inception, Dec 2023 | |
| Finserve Micro Cap | -3,29% | -6,19% | 8,36% | 8,10% |
| OMX Small Cap GI | 1,94% | -2,55% | 17,56% | 9,57% |
| OMX Mid Cap GI | -2.97% | -5,52% | 5,86% | 28,42% |
| OMX 30 GI | -8,17% | 2,71% | 21,05% | 35,99% |
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. 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 March, the average weight per holding was 0.96 %. The fund's 60-day volatility is 13.1 %, significantly lower than the index and many other equity funds.
| Name | March return | Weight |
| Enzymatica | 53,06% | 0.89% |
| Medivir | 52,12% | 1,38% |
| Episurf | 49,05% | 0,34% |
| Xvivo Perfusion | 31,09% | 1,28% |
| Eqitis Therapeutics | 29,63% | 1,25% |
Worst company in the portfolio and average weight during the month.
| Name | March return | Weight % |
| Moment Group | -22,52% | 0.33% |
| Neobo Properties | -22,19% | 0.99% |
| Xano Industry | -16,21% | 0.98% |
| Besqab | -16,04% | 1.14% |
| Byggmax | -14,77% | 1,13% |
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 small companies. OMX Small Cap performed better than 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, 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. |
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.