---
title: "Carnegie Spin-Off Down 0.47 Percent in January – Several New Holdings Added to Portfolio"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/276057168.md"
description: "The Carnegie Spin-Off fund fell by 0.47% in January, despite a strong performance from the Stockholm stock exchange. Portfolio managers noted strong demand for mining equipment from Epiroc and Sandvik, while the automotive sector faced challenges. New investments included Alm Brand, GE Healthcare, and Vend Marketplace, funded by divesting smaller holdings. Key contributors to returns were Western Digital, Epiroc, and Hoist Finance. The fund's largest holdings were Sampo, Volvo, and ABB, with Sweden representing 68.8% of the portfolio."
datetime: "2026-02-16T12:36:32.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/276057168.md)
  - [en](https://longbridge.com/en/news/276057168.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/276057168.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/276057168.md) | [繁體中文](https://longbridge.com/zh-HK/news/276057168.md)


# Carnegie Spin-Off Down 0.47 Percent in January – Several New Holdings Added to Portfolio

The Carnegie Spin-Off fund declined by 0.47 percent in January, according to a monthly report from portfolio managers Simon Blecher, Mattias Montgomery, Isak Lenholm, Gustav Andersson, and Eric Stussare.  
  
At the outset, the managers note that the Stockholm stock exchange demonstrated strength during the period, with the large-cap index outperforming the small-cap index.

During the month, several portfolio companies reported fourth-quarter results. The managers observed continued strong demand for mining equipment at Epiroc and Sandvik. In contrast, the automotive sector was described as more challenging, impacting companies such as Autoliv.

Regarding portfolio activity, the fund invested in Alm Brand, GE Healthcare, and Vend Marketplace during the month.

"All of these companies are undergoing, or have recently undergone, a transformation journey at various stages and across different sectors. We see strong potential for revaluation as the company demonstrates its underlying potential and the market begins to understand their long-term earnings growth prospects," the managers commented.

The new investments were partly financed by divesting smaller holdings, where the managers assessed that the risk-adjusted return potential was more attractive in the new positions.

The main contributors to returns in January were Western Digital, Epiroc, and Hoist Finance.  
The fund's largest holdings at the end of the month were Sampo, Volvo, and ABB, with portfolio weights of 5.0, 4.7, and 4.6 percent, respectively. The largest sectors were industrials, financials, and consumer discretionary.

Sweden was the largest market, accounting for 68.8 percent of the portfolio, followed by Finland and Switzerland at 13.1 and 4.6 percent, respectively. Cash made up 4.7 percent.

Carnegie Spin-Off, %

January, 2026

Fund MM, change in percent

\-0.47

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