{"id":9308,"date":"2026-08-10T11:36:19","date_gmt":"2026-08-10T09:36:19","guid":{"rendered":"https:\/\/finserve.se\/?p=9308"},"modified":"2026-08-10T11:36:19","modified_gmt":"2026-08-10T09:36:19","slug":"finserve-micro-cap-monthly-report-july-2026","status":"publish","type":"post","link":"https:\/\/finserve.se\/en\/finserve-micro-cap-manadsrapport-juli-2026\/","title":{"rendered":"Finserve Micro Cap monthly report \u2013 July 2026"},"content":{"rendered":"

AI will empower biotech and medtech companies.\u00a0<\/strong>\u00a0<\/h1>\n\n\n\n

At the end of July, the NAV of the fund\u2019s Class A shares stood at 108.15. During the month, the Class A shares rose by 0.83%, representing a return of -6.15 % since the start of the year. Over a rolling twelve-month period, the return stands at -6.04 %. <\/p>\n\n\n\n

July presented a hesitant market<\/strong> <\/h2>\n\n\n\n

July was characterised by continued weak performance among Swedish micro-cap companies (companies with a market capitalisation of less than approximately 16mdr). The large-cap index rose by 2.32% during the month, the OMX Mid Cap rose by 1.85% and the OMX Small Cap fell by 10.25%. <\/p>\n\n\n\n

The performance of the Small Cap index continues to be heavily influenced by Sivers Semiconductors. The company's large weighting means that the index's performance does not fully reflect the performance of the other companies included in the index. <\/p>\n\n\n\n

Liquidity in the micro-cap segment remained limited, which amplified price movements and underlines the importance of a well-diversified portfolio. Despite a weak month, we assess that the long-term conditions for micro-caps remain favourable, with attractive valuations and potential for recovery when risk appetite for micro-caps returns.  <\/p>\n\n\n\n

We assess that the rapid development within artificial intelligence will be an important structural growth driver for the medtech and biotech sectors in the coming years. The impact could be particularly significant for smaller growth and micro-cap companies, where AI can streamline research and development, improve data analysis, and contribute to shorter development times and lower costs. Within medical technology, AI also creates new opportunities in diagnostics, patient monitoring, and clinical decision support, which strengthens both productivity and quality of care. For smaller companies, AI can thus act as a lever for faster innovation and increased competitiveness. We therefore assess that companies that successfully integrate AI into their products and development processes have good opportunities to create long-term shareholder value. Examples of Swedish listed companies that have communicated initiatives or the use of AI are CellaVision, Cantargia, Mendus, and RaySearch Laboratories. <\/p>\n\n\n\n

Performance of the fund and companies during July<\/strong> <\/h2>\n\n\n\n

Fonden utvecklas svag positivt under m\u00e5naden d\u00e4r IT, Telekom och Industribolag gick b\u00e4st medans Med- och Biotechbolagen var fortsatt svaga.  <\/p>\n\n\n\n

During the month, the fund was overweight in eight of the ten best-performing holdings in the portfolio: Mips, Stillfront, Pricer, Troax, Micro Systemation, Dedicare, Hoist and Momentum Group. <\/p>\n\n\n\n

Best performing companies in the portfolio during the month, market value and portfolio weight as of the 31st of July.<\/strong> <\/h2>\n\n\n\n
Name <\/td>July return <\/td>Weight <\/td>Market value <\/td><\/tr>
MIPS <\/td>58,75% <\/td>1,39% <\/td>SEK 11,000 <\/td><\/tr>
STILL FRONT <\/td>44,23% <\/td>1,56% <\/td>SEK 3,432m <\/td><\/tr>
PRICER <\/td>43,75% <\/td>1,41% <\/td>SEK 750m <\/td><\/tr>
CATENA MEDIA  <\/td>42,65% <\/td>0,29% <\/td>295msek <\/td><\/tr>
TROAX <\/td>34,24% <\/td>1,58% <\/td>8,436 million SEK <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Worst performing companies in the portfolio during the month, market value and portfolio weight as of the 31st of July.<\/strong> <\/h2>\n\n\n\n
Name <\/td>July return <\/td>Weight % <\/td>Market value <\/td><\/tr>
RaySearch Laboratories <\/td>-25,00% <\/td>0,93% <\/td>SEK 6.02 billion <\/td><\/tr>
MIDSONA <\/td>-22,19% <\/td>0,91% <\/td>SEK 1,174 million <\/td><\/tr>
Cantargia <\/td>-17,79% <\/td>0,60% <\/td>499 million SEK <\/td><\/tr>
VICORE <\/td>-16,46% <\/td>1,40% <\/td>SEK 3,063m <\/td><\/tr>
SENSYS GATSO <\/td>-14,74% <\/td>1,01% <\/td>SEK 466 million <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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. <\/p>\n\n\n\n

Did you know that? <\/strong>Nasdaq OMX reviews annually which companies are to be included in the index, and after the turn of the year the new holdings in each index are presented. It is market value that determines which list the companies belong to. Companies valued at more than 1.5 billion Swedish kronor are moved to the Mid Cap list and companies valued at more than approximately 11.5 billion are moved to the Large Cap list.  <\/p>\n\n\n\n

A fund strategy that differs from other funds<\/strong> <\/h2>\n\n\n\n

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. <\/em> <\/p>\n\n\n\n

The fund's holdings are relatively equally weighted over time.<\/em> 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. <\/em> <\/p>\n\n\n\n

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.<\/em> <\/p>\n\n\n\n

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.<\/em> <\/p>\n\n\n\n

Download report with more statistics<\/a><\/p>","protected":false},"excerpt":{"rendered":"

AI kommer st\u00e4rka Bio och Med-\u00a0tech\u00a0bolagen.\u00a0\u00a0 Vid utg\u00e5ngen av juli uppgick NAV-kursen f\u00f6r fondens A-klass till 108,15. Under m\u00e5naden gick A-klassen upp med 0,83%, vilket inneb\u00e4r en avkastning om -6,15 % sedan \u00e5rsskiftet. P\u00e5 rullande tolv m\u00e5nader uppg\u00e5r avkastningen till -6,04 %.  Juli bj\u00f6d p\u00e5 en avvaktande marknad  Juli pr\u00e4glades av en fortsatt svag utveckling f\u00f6r de svenska mikrobolagen (bolag med v\u00e4rde l\u00e4gre \u00e4n ca 16mdr). Storbolagsindex steg med 2,32% under […]<\/p>\n","protected":false},"author":8,"featured_media":7278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"view_count":"5396","footnotes":""},"categories":[37],"tags":[],"class_list":["post-9308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finserve-micro-cap"],"_links":{"self":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/9308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/comments?post=9308"}],"version-history":[{"count":2,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/9308\/revisions"}],"predecessor-version":[{"id":9319,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/9308\/revisions\/9319"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/media\/7278"}],"wp:attachment":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/media?parent=9308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/categories?post=9308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/tags?post=9308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}