Catella Småbolagsfond

Invests in Swedish small sized companies and focuses on finding undervalued companies. Genuine stock picking, in other words.

Fund manager comment

Large numbers of the Q3 interim reports are behind us. Overall European outcomes were slightly better than predicted. The number of companies that beat profit expectations in Europe was higher than in Q2, but the magnitude has been declining since Q3 2016. Banks, energy and telecom were the strongest sectors in Europe, while the Nordic winners were energy and basic materials. Commodity prices were strong this month. Earnings expectations in Europe continue to be adjusted marginally down since August. Macro statistics in Europe and the US were good in October. US job data was weaker, but was impacted by storms. The political situation in Spain was turbulent after a large majority voted for independence in Catalonia.

October was another positive month for equities, and small caps once again underperformed large companies. The Carnegie Small Cap Index was up 1.13% while the fund was down 1.99%. The big difference between the fund and index was that the holding in Mycronic, which rose 50% in September, corrected down by 10% in October. Other losers were the holding in Nobia, which was down on general construction worries, and the underweight in Tele2. The fund’s best holdings were Kindred, which delivered a strong report, Hansa Medical, and underweights in construction-related stocks like Peab, Sweco and JM.

Henrik Holmer, 2017-10-31

The big winner was the holding in Mycronic, which gained 49.5 %

Short Facts

Inception date: 16/02/1998
Risk category: 5
Sharpe ratio since inception: 0.52
Standard deviation, 2 years weekly data annualised: 13.37%
Year to date: 6.38%
Management fee: 1.5%

Data per 2017-10-31

Fund managers

Henrik Holmer

Phone: +46 8 614 25 28
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Martin Nilsson

Phone: +46 8 614 25 64
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Risk indicator

The risk and reward indicator illustrates the link between risk and potential returns from an investment in the fund. The indicator is based on how the fund’s value has changed over the past five years. Category 1 does not mean that the fund is risk free. The fund may over time move towards the left or right of the scale. This is because the indicator is based on historical data which is not a guarantee of future risk and reward. For information about the risk classification of each fund, please refer to the fund’s key investor information document.

Lower risk
Higher risk
Typically lower rewards
Typically higher rewards
1
2
3
4
5
6
7

FACTS

Catella Småbolagsfond invests in Swedish small caps and focuses on finding undervalued companies. Genuine stock picking, in other words. 

The fund is intended for investors seeking exposure to Swedish small caps, with a higher expected return than the Swedish stock market indices and who have an investment horizon of at least five to seven years. The fund is permitted to use derivatives and the net asset value of the fund may fluctuate considerably.

Historical performance

1 day
YTD
1 year
3 years
5 years
10 years
NAV
Date
Risk
-0.38
0.62
3.54
55.78
155.55
169.35
533.82
14 Dec
5
KIID
Fund rules
Prospectus
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016

Risk information

Investments in fund units are associated with risk. Past performance is no guarantee of future returns. The money invested in a fund can increase and decrease in value and it is not certain that you will get back the full amount invested. No consideration is given to inflation. The Catella Balanserad, Catella Credit Opportunity and Catella Hedgefond funds are special funds under the Swedish Alternative Investment Fund Managers Act (SFS 2013:561) (AIFM). Catella Sverige Aktiv Hållbarhet and Catella Småbolagsfond may use derivatives, and the value of the funds may vary significantly over time. The value of Catella Sverige Index may vary significantly over time. Catella Avkastningsfond may use derivatives and may have a larger proportion of the fund invested in bonds and other debt instruments issued by individual national and local authorities and within the EEA than other investment funds, in accordance with Chapter 5, Article 8 of the Swedish Investment Funds Act (SFS 2004:46). Catella Nordic Long Short Equity and Catella Nordic Corporate Bond Flex may use derivatives and may have a greater proportion of the funds invested in bonds and other debt instruments issued by individual national and local authorities and within the EEA than other investment funds. For more details, complete prospectuses, key investor information, and annual and half-yearly reports, please refer to our website at catella.se/fonder or phone +46 8 614 25 00.