Kavaljer Investmentbolagsfond 09/26 - Industry shows strength while healthcare gains importance

2026-10-06 10:32:00

September was marked by rising oil prices and higher interest rates, which contributed to weak performance on the world's stock markets. Despite this, Kavaljer Investmentbolagsfond rose 0.6% during the month. The fund sees more and more signs that the industrial cycle is improving, with rising order intake at several industrial companies and a development that points to increased earnings growth ahead.

At the same time, healthcare has become more important in the portfolio. Holdings such as Thermo Fisher, Danaher, HBM Healthcare, BB Biotech and Linc give exposure to long-term drivers such as increased research, medical technology advances and AI-driven drug development. Several of these companies and investment companies also trade at significant NAV discounts.
The monthly report also highlights the investment companies Latour and Svolder. Both are built on an investment philosophy that is close to Kavaljer's own, with a focus on quality companies, strong market positions and long-term value creation. Since its start in 1993, Svolder has delivered an average total return of about 15% per year, while Latour continues to benefit from its strong industrial operations and discipline in acquisitions.

An interesting development is that both Latour and Svolder today trade at a discount to their net asset value (NAV), after having been valued at a premium for long periods. Investment companies also offer good risk diversification through their many underlying holdings, which means that investors gain exposure to a large number of quality companies through a single investment.

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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