Kavaljer: Kavaljer Investmentbolagsfond October 2026 - Stronger Industrial Signals, Increased Holdings in Latour and Svolder

By Modular Finance11 hours ago Updated

October was a mixed stock market month, with the Stockholm exchange rising while the world index fell. Kavaljer Investmentbolagsfond rose 0.4%. Concern about the large AI investments and developments in the Middle East marked the market, while the reporting period brought large share price moves in several of the fund’s holdings.

The reports from, among others, Ratos, Beijer Alma, Thermo Fisher and Danaher were strong, while Lifco and Alphabet fell sharply after their reports. At the same time, the industrial cycle continues to show signs of improvement. The positive trend that was visible during the second quarter has held up, and Swedish industry showed in October the highest level in the purchasing managers’ index since the beginning of 2022. In Life Science Tools, too, we see a clearer recovery, with improved sales, order intake and customer activity.

During the month the fund increased its holdings in Latour and Svolder, two companies with large exposure to an industry on its way up. At the same time the holdings in Investor, Thermo Fisher, Danaher and Markel were reduced, and the holding in Vitec Software was sold in its entirety. Among the month’s largest positive contributors were Fairfax Financial, Latour and Ratos.
In the monthly letter we go deeper into, among other things, Ratos’ strong development and low valuation, Beijer Alma’s improved margins, the recovery in Life Science Tools and our view of Lifco after the news of a larger customer loss. We also discuss Alphabet, where a strong quarter was overshadowed by the market’s concern about the pace of investment and how AI may affect Google’s core search business.

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.