{"id":9412,"date":"2026-10-09T14:21:37","date_gmt":"2026-10-09T12:21:37","guid":{"rendered":"https:\/\/finserve.se\/?p=9412"},"modified":"2026-10-09T14:21:37","modified_gmt":"2026-10-09T12:21:37","slug":"finserve-micro-cap-manadsrapport-september-2026","status":"publish","type":"post","link":"https:\/\/finserve.se\/en\/finserve-micro-cap-manadsrapport-september-2026\/","title":{"rendered":"Finserve Micro Cap Monthly Report \u2013 September 2026"},"content":{"rendered":"

Vi g\u00e5r in i rapports\u00e4songen med en v\u00e4ltrimmad portf\u00f6lj<\/strong><\/strong><\/h2>\n\n\n\n

Vid utg\u00e5ngen av september uppgick NAV-kursen f\u00f6r fondens A-klass till 109,10. Under m\u00e5naden sj\u00f6nk fondens A-klass med 0,58 %, vilket inneb\u00e4r en avkastning p\u00e5 -5,32 % sedan \u00e5rsskiftet. P\u00e5 rullande tolv m\u00e5nader uppg\u00e5r avkastningen till -6,81 %, med en standardavvikelse p\u00e5 under 12,6 %.*<\/p>\n\n\n\n

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

September var en svag m\u00e5nad f\u00f6r svenska aktier<\/strong><\/p>\n\n\n\n

September \u00e4r historiskt en av \u00e5rets svagare b\u00f6rsm\u00e5nader. P\u00e5 m\u00e5nga aktiemarknader har m\u00e5naden pr\u00e4glats av l\u00e4gre avkastning och st\u00f6rre kursr\u00f6relser \u00e4n genomsnittet. \u00c4ven i \u00e5r blev september en svag m\u00e5nad f\u00f6r den svenska b\u00f6rsen, d\u00e4r samtliga svenska aktieindex utvecklades negativt.<\/p>\n\n\n\n

Fonden gick ned 0,58 % under m\u00e5naden. OMX Large Cap sj\u00f6nk med 1,59 %, OMXS30 med 1,15 %, OMX Mid Cap med 2,66 % och OMX Small Cap med 0,59 %.<\/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 mycket stor vikt i OMX Small Cap-index.<\/p>\n\n\n\n

Looking ahead<\/strong><\/p>\n\n\n\n

Vi ser positivt p\u00e5 marknaden efter den svaga septemberm\u00e5naden.<\/p>\n\n\n\n

Fonden \u00e4r v\u00e4l positionerad inf\u00f6r Q3-rapporterna och g\u00e5r in i den kommande rapports\u00e4songen med en v\u00e4ltrimmad portf\u00f6lj. Den systematiska riskhanteringen inneb\u00e4r att exponeringen snabbt kan justeras i bolag som har f\u00e5tt en h\u00f6gre vikt efter en l\u00e4ngre period av stark utveckling. P\u00e5 s\u00e5 s\u00e4tt kan risken i enskilda innehav successivt reduceras n\u00e4r positionerna vuxit sig stora, samtidigt som fonden beh\u00e5ller exponering mot bolag som fortsatt uppvisar en stark trend.<\/p>\n\n\n\n

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

Fonden utvecklades i linje med OMX Small Cap Index under m\u00e5naden.<\/p>\n\n\n\n

Fonden har en beta p\u00e5 0,51* mot referensindex, vilket inneb\u00e4r att portf\u00f6ljen historiskt har haft cirka h\u00e4lften s\u00e5 h\u00f6g marknadsk\u00e4nslighet som index. Portf\u00f6ljens samlade P\/E-tal uppg\u00e5r till 12* och Price-to-Book (P\/B) till 1,55*.<\/p>\n\n\n\n

During the month, the fund was overweight in nine of the ten best-performing holdings in the portfolio.<\/p>\n\n\n\n

The fund's investments are systematically guided by a quantitative model that analyses a number of factors to identify shares with strong and sustainable positive trends.<\/p>\n\n\n\n

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

Name<\/td>Avkastning sep<\/td>Weight<\/td>Market value<\/td><\/tr>
STILLE<\/td>23,50 %<\/td>1,11 %<\/td>2246msek<\/td><\/tr>
YUBICO<\/td>23,45 %<\/td>2,59 %<\/td>10bnsek<\/td><\/tr>
SCANDI STANDARD<\/td>22,60 %<\/td>1,10 %<\/td>11bnsek<\/td><\/tr>
HANZA<\/td>20,40 %<\/td>1,07 %<\/td>11bnsek<\/td><\/tr>
FM MATTSSON<\/td>17,00 %<\/td>1,08 %<\/td>4440msek<\/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 september<\/strong><\/p>\n\n\n\n

Name<\/td>Avkastning sep<\/td>Weight<\/td>Market value<\/td><\/tr>
NORDREST<\/td>-13,00 %<\/td>0,98 %<\/td>3328msek<\/td><\/tr>
LIME TECHNOLOGY<\/td>-12,50 %<\/td>0,53 %<\/td>3289msek<\/td><\/tr>
STUDSVIK<\/td>-11,50 %<\/td>1,06 %<\/td>1740msek<\/td><\/tr>
HANSA BIOPHARMA<\/td>-9,28 %<\/td>0,99 %<\/td>3413msek<\/td><\/tr>
AVARDA BANK<\/td>-9,10 %<\/td>0,99 %<\/td>SEK 13bn<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Did you know that?<\/strong> September \u00e4r historiskt \u00e5rets s\u00e4msta b\u00f6rsm\u00e5nad.<\/p>\n\n\n\n

Det \u00e4r faktiskt ett globalt fenomen. P\u00e5 m\u00e5nga av v\u00e4rldens b\u00f6rser har september historiskt bjudit p\u00e5 l\u00e4gre avkastning och st\u00f6rre sv\u00e4ngningar \u00e4n genomsnittet. Exakt varf\u00f6r \u00e4r sv\u00e5rt att sl\u00e5 fast, men s\u00e4songseffekter, f\u00f6r\u00e4ndrade positioner efter sommaren och ett mer aktivt nyhetsfl\u00f6de brukar lyftas fram som m\u00f6jliga f\u00f6rklaringar.<\/p>\n\n\n\n

S\u00e5 n\u00e4r b\u00f6rsen k\u00e4nns lite extra motig i september, det \u00e4r inte helt ovanligt.<\/p>\n\n\n\n

 <\/strong>K\u00e4lla: Ciccone & Etebari (2008); Fang, Lin & Shao (2017), Financial Management.<\/p>\n\n\n\n

*Infront data 20261002<\/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":"

Vi g\u00e5r in i rapports\u00e4songen med en v\u00e4ltrimmad portf\u00f6lj Vid utg\u00e5ngen av september uppgick NAV-kursen f\u00f6r fondens A-klass till 109,10. Under m\u00e5naden sj\u00f6nk fondens A-klass med 0,58 %, vilket inneb\u00e4r en avkastning p\u00e5 -5,32 % sedan \u00e5rsskiftet. P\u00e5 rullande tolv m\u00e5nader uppg\u00e5r avkastningen till -6,81 %, med en standardavvikelse p\u00e5 under 12,6 %.* Fonden f\u00f6ljer […]<\/p>\n","protected":false},"author":8,"featured_media":7278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"view_count":"6124","footnotes":""},"categories":[37],"tags":[],"class_list":["post-9412","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\/9412","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=9412"}],"version-history":[{"count":1,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/9412\/revisions"}],"predecessor-version":[{"id":9418,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/9412\/revisions\/9418"}],"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=9412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/categories?post=9412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/tags?post=9412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}