Exports driving Swedish smaller companies funds

Investors in Swedish smaller companies funds may benefit from a report due from EKN, which is expected to outline ongoing strong growth in exports to emerging markets.

EKN (ExportkreditnämndenThe Swedish Export Credits Guarantee Board) is tasked with facilitating exports from Sweden; it has an unlimited borrowing facility with the Swedish National Debt Office, and is therefore in a position to facilitate export credits for companies of all sizes.

According to local business daily Dagens Industri, EKN will be publishing a report showing that exports by smaller companies have never been higher to markets such as China. Data for the past year considers over 5,500 companies, while the value of exports from small to mid sized companies increased by some SEK1.5bn to SEK40bn (€4.25bn).

According to Morningstar Sweden data ranking funds invested predominantly in Swedish small cap, returns in SEK over the past three years have ranged from about 38% to 107%. For longer term investors, returns from some funds have been over 500% in the past 15 years.

Looking at the key holdings of the top performing fund over the three year period gives an indication of the types of holdings these funds are looking for. According to its latest available factsheet, the Carnegie Swedish Small Cap fund held Trelleborg AB B, Meda AB A
Swedish Orphan Biovitrum AB, NetEnt AB B, Hexpol AB B, Elekta AB B, Wihlborgs Fastigheter AB, Fastighets AB Balder B, Mycronic AB, and Thule Group AB shares. This equates to a portfolio that has a high degree of cyclical exposure.

This exposure to cyclical stocks is similar too for the second best performing fund on the list: the Öhman Sweden Micro Cap portfolio included Unibet Group PLC, NIBE Industrier AB B, ITAB Shop Concept AB B, AAK AB, Nolato AB B, Swedish Orphan Biovitrum AB, Fastighets AB Balder B, Modern Times Group MTG AB B, Beijer Ref AB B and Bakkafrost P/F shares among its top holdings, according to its latest factsheet data.

A highly cyclical exposure may suggest a higher degree of volatility in performance, however, the growing diversification of exports to a greater number of markets may offset the risk of individual export markets dipping over shorter periods.

Fund 1yr (perf to 29 June) 3yr 5yr 10yr 15yr
Carnegie Swedish Small Cap 1A 12,8 107,0 120,9
Öhman Sweden Micro Cap 10,6 104,7 127,9 253,5 546,2
Carnegie Småbolagsfond 10,4 104,6
Humle Småbolagsfond 16,5 96,2 104,2
SEB Sverigefond Småbolag C/R 18,9 95,4 124,1 180,9 451,3
SEB Sverige Småbol C/R utd 18,9 95,4
Catella Småbolag 12,3 95,4 94,8 157,7 292,2
Lannebo Småbolag 13,4 94,3 121,3 232,3 664,9
Handelsbanken Svenska Småbolag utd 11,7 90,9
Handelsbanken Svenska Småbolag 11,7 90,9 127,8 223,1 471,1
Länsförsäkringar Småbolag Sverige 11,6 87,5 88,1 143,5 322,4
Evli Sverige Småbolag A 6,5 86,6 116,8
Evli Sverige Småbolag B 6,5 86,6 116,8
SEB Sverigefond Småbolag 13,5 81,3 106,7 159,2 391,2
SEB Sverige Småbolagsfond utd 13,5 81,3
Nordea Småbolagsfond Sverige 14,7 80,0 115,2
AMF Aktiefond Småbolag 13,0 79,8 102,6 176,6
Swedbank Robur Småbolagsfond Sverige 12,5 79,3 108,7 181,4 503,0
Spiltan Aktiefond Småland 5,4 79,0 105,3
Öhman Småbolagsfond A 9,0 78,1 103,5 190,0 436,8
Ohman Småbolagsfond B 9,0 78,1
Skandia Småbolag Sverige 6,6 74,5 99,7 184,8 427,2
ODIN Sverige A SEK 13,3 70,0 116,8 185,3 706,4
ODIN Sverige B SEK 13,0 68,7 114,1 178,2 676,5
Granit Småbolag 4,4 68,0 101,8
ODIN Sverige C NOK 12,5 64,9 104,8 153,2 572,3
ODIN Sverige C SEK 12,4 64,5 104,6 152,9 571,7
ODIN Sverige II SEK 10,9 63,8 120,7 200,3
Spiltan Aktiefond Sverige 1,3 63,6 81,9 121,2
Lancelot Avalon -3,8 62,3
Gustavia Småbolag 6,5 61,9 66,4
Strand Småbolagsfond 9,6 61,6 86,1
Inside Sweden 1,1 52,0 70,0
Spiltan Aktiefond Dalarna 3,1 51,7 53,3
PSG Micro Cap 7,3 42,3 26,2
Danske Invest Sverige Fokus -0,1 31,8 50,9 68,3
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