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Catella Småbolagsfond

Investments in fund units are associated with risk. Past performance is no guarantee for 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.

Catella Småbolagsfond is an actively managed fund whose objective is to deliver return that is higher than the average among the Swedish small cap companies included in the Carnegie Small Cap Return index.

To achieve that end, the fund invests in a concentrated portfolio of carefully selected Swedish small cap equities that the managers consider undervalued. The analysis process behind the fund's investments is based on Catella's fundamental analysis and broad expertise on Swedish companies. The fund applies negative screening for sustainability criteria and we consequently avoid long positions in companies that produce tobacco, alcohol, commercial games for money, pornography, coal, oil or weapons.

Catella Småbolagsfond was strong this month and rose 4.1 percent. This can be compared to the fund’s benchmark index, which rose 2.7 percent. The main positive contributors were companies that presented strong quarterly reports, including Mycronic, Trelleborg and SCA.
Martin Nilsson, 2019-10-31

Fund manager comment

Equities were strong on most of the world’s exchanges in October. Large numbers of the companies we follow presented their reports for the third quarter this month. The summary must be that the reporting season has been solid, and stronger than the market expected. Global macro statistics were again on the weak side, with one example being the US ISM purchasing managers’ index, which came in weaker than predicted and at a new 10-year low. There is once again a great deal of focus on the US-China trade talks. At the end of the month, it seemed that the countries have come closer to each other and this is obviously perceived as positive.

Catella Småbolagsfond was strong this month and rose 4.1 percent. This can be compared to the fund’s benchmark index, which rose 2.7 percent. The main positive contributors were companies that presented strong quarterly reports, including Mycronic, Trelleborg and SCA. Our holdings in the forest products sector, Holmen and SCA, also announced expected changes to the valuations of their forest assets. Holmen plans to raise the book value of its forest to a range of SEK 39-43 billion (current book value SEK 19 billion). SCA plans to increase the book value of its forest assets from the current SEK 34 billion to, indicatively, somewhere in the range SEK 63-67 billion. These changes in value are obviously very positive and show the great values in each company’s assets.

Fund Facts

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.

Fact

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 development

Fund manager

Sweden

Henrik Holmer

Fund manager
Direct: +46 8 614 25 28
Sweden

Martin Nilsson

Fund manager
Direct: +46 8 614 25 64

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 Hållbart Beta 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.

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