Quality Focus Oktober 2026 En
Kavaljer Quality Focus October 2026 - FlatexDEGIRO and Protector Back in the Portfolio
October was a mixed stock market month, with the Stockholm exchange performing positively while the world index fell. Kavaljer Quality Focus rose by 2.1% during the month, compared with 0.8% for both the Stockholm exchange and the small-cap index.
In this month’s letter we discuss a central part of our management: the difference between price and value. Share prices can move quickly, while changes in a company’s long-term earnings capacity often occur considerably more slowly. This creates opportunities when the market’s view of a company changes faster than the business does.
The earnings reporting period was in focus during the month, and in the letter we comment on developments in, among others, Securitas, Huhtamäki, Storytel and Carasent. We also take a deeper look at Bonesupport, where growth accelerated during the third quarter.
During the month, the fund has bought back Protector Forsikring and FlatexDEGIRO after clear share price declines. At the same time, we have sold Bravida and BTS after strong share price performance, as we judge that other investments now offer a more attractive relationship between price and value.