<div id="readability-page-1" class="page"><div><p><span>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.<br/></span><br/>  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.</p><p>  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. </p><p>  Regarding portfolio activity, the fund invested in Alm Brand, GE Healthcare, and Vend Marketplace during the month. </p><p>  &#34;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,&#34; the managers commented. </p><p>  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. </p><p>  The main contributors to returns in January were Western Digital, Epiroc, and Hoist Finance. <br/> 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. </p><p>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.</p><table><tbody><tr><td>Carnegie Spin-Off, %</td><td>January, 2026</td></tr><tr><td>Fund MM, change in percent</td><td>-0.47</td></tr></tbody></table></div></div>

GEHC

西部数据

<p>卡内基分拆基金在一月份下跌了 0.47%，尽管斯德哥尔摩证券交易所表现强劲。投资组合经理指出，Epiroc 和 Sandvik 的矿业设备需求强劲，而汽车行业面临挑战。新投资包括 Alm Brand、GE Healthcare 和 Vend Marketplace，这些资金来自于出售较小的持股。对回报贡献最大的公司是西部数据、Epiroc 和 Hoist Finance。该基金最大的持股为 Sampo、沃尔沃和 ABB，瑞典在投资组合中占比 68.8%</p>

卡内基分拆公司在一月份下跌了 0.47%，投资组合中新增了几个持仓