The managers initially note that April proved to be a very strong month for the stock market following a weak performance in March. Fluctuations in market sentiment repeatedly create opportunities to take profits in overvalued companies and invest in quality firms that have temporarily lost the market's confidence. Such a situation is currently being identified within the medical technology sector.
'We have found two such companies (Bonesupport and Xvivo) whose operations look more promising than ever, yet whose valuations have been slashed and have now become very attractive.'
The primary contributors to the fund's performance during the month were Storytel, Proact IT, and Xvivo.
The largest negative contributions came from Revolutionrace, Nederman, and Green Landscaping.
Regarding the largest holding, Storytel, the managers point to strong resilience against new competitors in the Nordic audiobook market. The fund slightly reduced its holding following a price rally, but the managers believe their previous investment thesis remains well-founded.
'Without wishing to predict how it will play out in the long term, we believe that when the market sees Storytel's strong earnings growth over the next 18-24 months, it will price in a victory for Storytel in advance,' the managers wrote in the November 2025 newsletter.
During the month, the fund increased its positions in Carasent, Swedencare, Green Landscaping, Vitec, BTS, and CAG.
At the same time, holdings in Storytel and Revolutionrace were reduced.
At the end of the month, the fund's three largest equity holdings were Storytel, Securitas, and Carasent, with portfolio weights of 5.2, 4.7, and 4.6 percent, respectively.
The geographical distribution consisted of 84 percent Sweden, followed by Finland and Denmark at 6 and 5 percent, respectively.
| Kavaljer Quality Focus, % | April, 2026 |
| Fund MoM, change in percent | 2.1 |
| Fund YTD, change in percent | -9.6 |
