The managers note at the outset that the Stockholm Stock Exchange increased by 4.1 percent in October, with small-cap stocks rising by a similar margin.
Meanwhile, performance outside Sweden was more mixed. In the Nordic region, the Finnish stock market climbed by 8.6 percent, while Norway and Denmark showed weaker results. In the United States, where Donald Trump is serving as the 47th president, the S&P 500 gained 2.3 percent, and in Europe the Euro Stoxx rose by 2.5 percent.
The report also highlights third-quarter results from portfolio companies. Gränges delivered a report that was well received by the market. Additionally, Thule's report exceeded the already low expectations, given the challenging market environment.
"The company introduced several new products, including a larger box that attaches to a car's tow hitch for ski storage, specifically designed for electric vehicle owners where aerodynamics and range are crucial," the managers write.
At the end of the month, the fund's largest holdings were Asmodee, Lundin Mining, and Mildef, with portfolio weights of 4.8, 4.7, and 4.6 percent, respectively. The largest sectors were industrials, financials, and consumer discretionary.
Sweden remained the fund's primary market, representing 76.1 percent of the portfolio, followed by Canada and Finland at 4.7 and 4.6 percent, respectively.
| Carnegie Small Cap Fund, % | October, 2025 |
| Fund MoM, change in percent | 0.35 |
| Fund YTD, change in percent | 16.72 |
