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Catella Småbolagsfond

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 Net 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.

The biggest positive contribution came from the holding in Storebrand. NCC recovered and also contributed positively, as did the underweight in Nolato.
Henrik Holmer, 2018-08-31

Fund manager comment

The Stockholm exchange continued to rise in August, with small caps slightly underperforming large caps. Catella Småbolagsfond was up 1.93 % while its benchmark was up 2.50 %. Base metal prices remained weak and the main negative contributions came from commodity-related companies like Lundin Mining, SSAB and Outotec. The biggest positive contribution came from the holding in Storebrand. NCC recovered and also contributed positively, as did the underweight in Nolato.

The month was generally poor on news, except for some late interim reports. Macro data came in somewhat mixed but showed continued growth. An important event during the period was the progress at the US-Mexico negotiating table, as well as hopes for a speedy agreement with Canada. Our base scenario is that there will be new agreements and the risk of a full-scale trade war will therefore decrease. However, the tone between the US and China remains harsh and this is the most important nut to crack. There was intense focus on Sweden's elections, and now that we can see the results it is difficult to work out how the new government will be structured. However, this was expected even before the election.

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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