{"id":9343,"date":"2026-09-09T15:32:52","date_gmt":"2026-09-09T13:32:52","guid":{"rendered":"https:\/\/finserve.se\/?p=9343"},"modified":"2026-09-09T15:32:52","modified_gmt":"2026-09-09T13:32:52","slug":"finserve-micro-cap-monthly-report-august-2026","status":"publish","type":"post","link":"https:\/\/finserve.se\/en\/finserve-micro-cap-manadsrapport-augusti-2026\/","title":{"rendered":"Finserve Micro Cap monthly report \u2013 August 2026"},"content":{"rendered":"

Fonden \u00e4ger\u00a0de bolag som andra\u00a0fonder inte\u00a0\u00e4ger\u00a0och s\u00f6ker kapital till trendande\u00a0bolag\u00a0<\/strong><\/h2>\n\n\n\n

Vid utg\u00e5ngen av augusti uppgick NAV-kursen f\u00f6r fondens A-klass till 109,74. Under m\u00e5naden steg A-klassen med 1,47 %, vilket inneb\u00e4r en avkastning om -4,77 % sedan \u00e5rsskiftet. P\u00e5 rullande tolv m\u00e5nader uppg\u00e5r avkastningen till -5,74 % till en standardavvikelse under 13%. <\/p>\n\n\n\n

Fonden f\u00f6ljer systematiskt trenden i de minsta bolagen p\u00e5 b\u00f6rsen och anv\u00e4nder dynamisk riskkontroll f\u00f6r att snabbt minska exponeringen eller ta hem vinster n\u00e4r trenden v\u00e4nder ned\u00e5t. <\/p>\n\n\n\n

Augusti bj\u00f6d p\u00e5 en sval marknad men fler bolags\u00f6verraskningar<\/strong> <\/p>\n\n\n\n

Under augusti rapporterade m\u00e5nga av b\u00f6rsens bolag och flera \u00f6verraskade b\u00e5de p\u00e5 upp- och nedsidan. Sv\u00e4ngningarna i mikrobolagen \u00e4r fortsatt st\u00f6rre \u00e4n historiskt, vilket g\u00f6r klassisk stock picking s\u00e4rskilt utmanande. Mikrobolag f\u00f6ljs ofta av f\u00e5 eller inga analytiker, vilket inneb\u00e4r mindre extern analys, f\u00e4rre estimat och f\u00e4rre datapunkter att j\u00e4mf\u00f6ra med. Samtidigt kan en enskild nyhet eller f\u00f6r\u00e4ndring i bolagets utveckling snabbt f\u00f6r\u00e4ndra hela investeringscaset. Detta understryker betydelsen av en systematisk f\u00f6rvaltningsstrategi, d\u00e4r objektiva signaler fr\u00e5n marknadens prisutveckling, momentum och riskegenskaper ges st\u00f6rre vikt \u00e4n traditionell, fundamental stock picking. V\u00e5r bed\u00f6mning \u00e4r att en regelbaserad och disciplinerad process kan skapa b\u00e4ttre f\u00f6ruts\u00e4ttningar f\u00f6r att systematiskt f\u00e5nga marknadens r\u00f6relser, snarare \u00e4n att vara beroende av enskilda aktieval och subjektiva bed\u00f6mningar. <\/p>\n\n\n\n

Fonden steg med 1,47%, storbolagsindex, OMX Large Cap steg med 1,80 % under m\u00e5naden, OMX Mid Cap steg med 3,12 %, medan OMX Small Cap sj\u00f6nk med 1,11 %. <\/p>\n\n\n\n

Utvecklingen i Small Cap-index forts\u00e4tter i h\u00f6g grad att p\u00e5verkas av Sivers Semiconductors, \u00e4ven om p\u00e5verkan \u00e4r mindre \u00e4n tidigare. Bolagets marknadsv\u00e4rde har minskat kraftigt, men aktien har fortsatt en stor vikt i OMX Small Cap-index. <\/p>\n\n\n\n

Den stora viktningen i f\u00f6rh\u00e5llande till \u00f6vriga bolag inneb\u00e4r att indexets utveckling inte fullt ut speglar utvecklingen f\u00f6r de m\u00e5nga andra bolagen som ing\u00e5r i indexet. <\/p>\n\n\n\n

Bland bolagen p\u00e5 Stockholm huvudlista vars Q2-rapporter resulterade i starkast positiv kursutveckling \u00e5terfanns Ferronordic, Oncopeptides, Yubico, Karnov och BTS. <\/p>\n\n\n\n

P\u00e5 nedsidan \u00e5terfanns bland annat Smart Eye, Sivers Semiconductors, Tobii, Verve Group, Sanion, New Wave och RaySearch. <\/p>\n\n\n\n

Smart Eye var sannolikt en av m\u00e5nadens st\u00f6rsta besvikelser. Aktien f\u00f6ll kraftigt trots en tydlig oms\u00e4ttningstillv\u00e4xt, d\u00e5 utvecklingen inte n\u00e5dde upp till marknadens h\u00f6gt st\u00e4llda f\u00f6rv\u00e4ntningar. <\/p>\n\n\n\n

Utvecklingen illustrerar hur sv\u00e5rt det kan vara att f\u00f6rutse enskilda sm\u00e5bolags kursreaktioner enbart utifr\u00e5n bolagens fundamentala utveckling. \u00c4ven h\u00f6ga tillv\u00e4xttal kan vara otillr\u00e4ckliga om f\u00f6rv\u00e4ntningarna redan \u00e4r h\u00f6gt st\u00e4llda. <\/p>\n\n\n\n

Fondens och bolagens utveckling under augusti<\/strong> <\/p>\n\n\n\n

Fonden utvecklades positivt och b\u00e4ttre \u00e4n OMX Small Cap Index under m\u00e5naden, industribolagen utvecklades b\u00e4st, f\u00f6ljt av medtech- och bioteknikbolagen. <\/p>\n\n\n\n

Under m\u00e5naden var fonden \u00f6verviktad i nio av de tio b\u00e4st presterande innehaven i portf\u00f6ljen. <\/p>\n\n\n\n

B\u00e4sta bolagen i portf\u00f6ljen under m\u00e5naden, marknadsv\u00e4rde och portf\u00f6ljvikt per den sista augusti.<\/strong> <\/p>\n\n\n\n

Name <\/td>Avkastning aug <\/td>Weight <\/td>Market value <\/td><\/tr>
FERRONORDIC <\/td>33,43% <\/td>1,39% <\/td>1453msek <\/td><\/tr>
W\u00c4STBYGG GRUPPEN B <\/td>26,61% <\/td>1,59% <\/td>468msek <\/td><\/tr>
HANSA BIIOPHARMA <\/td>21,88% <\/td>2,16% <\/td>4693msek <\/td><\/tr>
BALCO GROUP <\/td>21,71% <\/td>0,54% <\/td>426msek <\/td><\/tr>
INTRUM  <\/td>21,55% <\/td>1,12% <\/td>13bnsek <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

S\u00e4msta bolagen i portf\u00f6ljen under m\u00e5naden, marknadsv\u00e4rde och portf\u00f6ljvikt per den sista augusti.<\/strong> <\/p>\n\n\n\n

Name <\/td>Avkastning aug <\/td>Weight % <\/td>Market value <\/td><\/tr>
CATENA MEDIA <\/td>-25,00% <\/td>0,45% <\/td>209msek <\/td><\/tr>
TOBII <\/td>-22,19% <\/td>0,46% <\/td>254msek <\/td><\/tr>
SMART EYE <\/td>-17,79% <\/td>1,10% <\/td>2195msek <\/td><\/tr>
ENAD GLOBAL 7 <\/td>-16,46% <\/td>0,95% <\/td>1403msek <\/td><\/tr>
RAILCARE GROUP <\/td>-14,74% <\/td>0,85% <\/td>721msek <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Fondens investeringar styrs systematiskt av en kvantitativ modell som analyserar ett flertal faktorer f\u00f6r att identifiera aktier med starka och uth\u00e5lliga positiva trender.  <\/p>\n\n\n\n

Did you know that? <\/strong>Aktier som har utvecklats starkt under de senaste 3\u201312 m\u00e5naderna har historiskt haft en tendens att forts\u00e4tta utvecklas starkt \u00e4ven under den efterf\u00f6ljande perioden. Fenomenet kallas <\/strong>momentumeffekten och \u00e4r en av de mest v\u00e4lstuderade anomalierna inom finansiell forskning. <\/p>\n\n\n\n

K\u00e4lla: Jegadeesh & Titman (1993), \u201cReturns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency\u201d, The Journal of Finance.<\/em> <\/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":"

Fonden \u00e4ger\u00a0de bolag som andra\u00a0fonder inte\u00a0\u00e4ger\u00a0och s\u00f6ker kapital till trendande\u00a0bolag\u00a0 Vid utg\u00e5ngen av augusti uppgick NAV-kursen f\u00f6r fondens A-klass till 109,74. Under m\u00e5naden steg A-klassen med 1,47 %, vilket inneb\u00e4r en avkastning om -4,77 % sedan \u00e5rsskiftet. P\u00e5 rullande tolv m\u00e5nader uppg\u00e5r avkastningen till -5,74 % till en standardavvikelse under 13%.  Fonden f\u00f6ljer systematiskt trenden i de minsta bolagen p\u00e5 b\u00f6rsen […]<\/p>\n","protected":false},"author":8,"featured_media":7278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"view_count":"5740","footnotes":""},"categories":[37],"tags":[],"class_list":["post-9343","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\/9343","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=9343"}],"version-history":[{"count":1,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/9343\/revisions"}],"predecessor-version":[{"id":9350,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/9343\/revisions\/9350"}],"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=9343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/categories?post=9343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/tags?post=9343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}