Kavaljer: Kavaljer Quality Focus October 2026 - FlatexDEGIRO and Protector Back in the Portfolio

By Modular Finance13:45 (UTC), 3 November 2026 Updated

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.

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.