Kavaljer Investmentbolagsfond 08/26 - Strong Earnings Season and Growing Optimism in the Industrial Sector

2026-09-11 10:30:00

Kavaljer Investmentbolagsfond gained 1.8% in August, compared with 1.9% for the Stockholm Stock Exchange (OMXSPI-GI) and 2.8% for the global equity market (Dow Jones World Index). The largest positive contributors during the month were Bure Equity, Danaher and Microsoft, while HBM Healthcare, Alphabet and Markel detracted the most from performance.

Strong earnings season and narrowing discounts to NAV
Like July, August was a strong month for equity markets. The second-quarter earnings season showed that the fund’s holdings are generally performing well. Among the fund’s serial acquirers, revenue increased by an average of 10%, while operating profit rose by just over 13%, exceeding expectations. Meanwhile, growing optimism in Swedish industry was clearly reflected in order intake at companies such as Latour.

Among the investment companies, Bure Equity stood out positively, with its discount to net asset value narrowing from 22% to 8%. By contrast, Prosus’ discount widened from 37% to 40% amid continued share-price weakness.

During the month, the fund reduced its holding in Bure Equity and fully divested its position in Idun Industrier, while increasing its holding in Alphabet. The equity exposure amounted to 99%.

In-depth review of the fund’s holdings
This month’s in-depth review covers, among other topics, Latour’s significantly improved order intake following its second-quarter report, Ratos’ ongoing divestment process for KVD, Siemens’ broad exposure to the expansion of AI infrastructure, and Ametek’s strong quarter, with accelerating order intake.

Read the full monthly report in the attached file.

Disclaimer
Historical performance is no guarantee of future returns. The value of an investment in the fund may both increase and decrease, and it is not certain that you will get back the full amount invested. For more information about the fund, please see the fund’s factsheet at kavaljer.se/en/.

This publication is addressed to clients and other stakeholders of Kavaljer AB (Kavaljer). The information is based on Kavaljer’s own assessments at the time of publication as well as on other sources. However, Kavaljer cannot guarantee that the information from these sources is correct, and the assessments are based on factors that may prove to be inaccurate. Anyone reading the information should be aware that it does not constitute an offer to buy or sell financial instruments or an invitation to engage in such transactions. The information is based on data known to Kavaljer at the time it was published. Assessments and conclusions presented may be subject to change, and such changes may occur without Kavaljer distributing updated information. Kavaljer is not responsible for any loss or other damage (direct or indirect) related to the use of this publication, to investment decisions, or otherwise, nor for any inaccuracies in the publication arising from incorrect or incomplete information from third parties.

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