Blog, Strategies

Monthly Update: Top Picks Momentum

Posted by Erik Martin Hansén

15/01/2026

The NQ Top Picks Momentum equity portfolio is based on a variant of our NQ Pure Momentum strategy. The strategy identifies stocks in clear upward trends, adjusted for volatility, with a medium-term lookback period and risk-adjusted portfolio weights. The underlying assumption is that these trends often last longer than many expect.

A characteristic of momentum strategies is that a few big winners often account for a large portion of the total return. However, momentum is difficult for many to follow in practice, and requires clear and structured rules to be able to take advantage of its potential.

Click here to read information and see the development of our model portfolios.

Information

Direction: Long-only (no short positions)
Strategic direction: Volatility-adjusted price momentum
Investment universe: Sverige (Norden fasas successivt ut)
Portfolio weights: Volatility-adjusted weights
Rebalancing frequency: Monthly

Development

Hittills under 2026 har NQ Top Picks Momentum stigit med 4,5 %, att jämföra med 2,7 % för XACT Sverige.

De största positiva bidrage har kommit från Maha Capital, Boliden och forskningsbolaget Cantargia.

Forskningsbolag är ofta volatila, vilket innebär att en systematisk momentumstrategi antingen kan exkludera dem eller begränsa exponeringen. Genom att använda volatilitetsjusterade portföljvikter får mer volatila aktier automatiskt en lägre vikt i portföljen.

De största negativa bidragen hittills under året har kommit från RevolutionRace, SalMar and Hennes & Mauritz.

Utveckling månad (%)

År	Jan	Feb	Mar	Apr	Maj	Jun	Jul	Aug	Sep	Okt	Nov	Dec	Total
2023	8,8	1,3	1,4	-0,4	-0,6	2,1	-2,1	-4,4	-2,7	-0,2	0,5	3,7	7,0
2024	5,0	3,6	5,1	-0,7	7,6	-0,3	0,8	-2,7	0,4	-0,2	-0,1	0,7	20,4
2025	3,6	2,6	-4,0	5,1	5,5	3,7	2,0	-0,4	1,9	-0,2	-1,1	0,5	20,6
2026	4,5												4,5

Avkastningen beräknad i SEK inklusive utdelningar och exklusive transaktionskostnader. Modellportföljen rebalanseras månadsvis. Utvecklingen är endast vägledande och beror på exekvering, slippage och courtage.

Mer information och utveckling finns på vår hemsida.

Förändringar innehav

Vi fortsätter att renodla NQ Top Picks Momentum till ett univers av svenska bolag. Syftet är att öka differentieringen mellan våra tre modellportföljer och minska överlappande innehav. Detta sker successivt under de kommande månaderna.

Top Picks Momentum kommer att fokusera på svenska bolag
Värde & Momentum kommer att investera i Norden
Volatilitet & Kvalitet kommer att investera i amerikanska bolag

I övrigt säljer vi aktier som faller ur rankingen och använder kassan till att köpa nya innehav. Portföljvikterna bestäms med en systematisk metod, vilket eliminerar subjektiva beslut och säkerställer att alla innehav har samma teoretiska möjlighet att bidra till portföljens utveckling.

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Posted by Erik Martin Hansén

After studying at Uppsala University, Erik Hansén has worked in the financial industry since 2007 at several brokerage firms and traded privately. In his role as an analyst, Erik has written highly regarded market letters.