Blog, Strategies

Monthly Update: Top Picks Momentum

Posted by Erik Martin Hansén

09/10/2025

Aktieportföljen Top Picks Momentum bygger på en variant av vår strategi Pure Momentum. Strategin identifierar lågvolatila aktier i tydliga uppåtgående trender, med en medellångsiktig tillbakablicksperiod. Grundantagandet är att dessa trender ofta varar längre än vad många förväntar sig.

Ett kännetecken för momentumstrategier är att ett fåtal stora vinnare ofta står för en stor del av den totala avkastningen. Strategin syftar därför till att följa dessa vinnare och samtidigt undvika de större förlorarna. Momentum är dock svårt för många att följa i praktiken, och kräver tydliga och strukturerade regler för att man ska kunna dra nytta av dess potential.

Strategin tar ingen hänsyn till bolagens fundamenta utan är helt prisbaserad, vilket kan kännas ovant för investerare som föredrar storytelling. Den är utformad för att dra nytta av den väldokumenterade momentumeffekten och innehåller både inbyggd riskhantering och en objektiv metod för att bestämma positionsstorlekar.

Click here för att läsa mer om våra systematiska aktiestrategier och aktieportföljer.

Information

Direction: Long-only (no short positions)
Strategic direction: Prismomentum
Investment universe: Nordic
Portfolio weights: Volatility-adjusted weights
Rebalancing frequency: Monthly

Development

Under 2025 har Top Picks Momentum stigit med 21,2 %, att jämföra med Stockholmsbörsens uppgång på omkring 10,5 %. Portföljens Sharpekvot har under 2025 legat på 1,8, att jämföra med Stockholmsbörsens 0,6. Sedan starten 2023 har Sharpekvoten varit 1,3, mot börsens 0,9.

I professionella sammanhang är det underförstått att man jämför riskjusterad avkastning, alltså hur mycket avkastning man fått per enhet risk jämfört med index. Att bara slå index i absolut avkastning säger i sig inte så mycket om strategins kvalitet.

Under den senaste månaden har de största bidragsgivarna varit BW Energy, Zaptec och ISS. De största motvindarna kom från Profilgruppen, HANZA och Endur ASA.

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	0,54	3,66	7,00
2024	5,0	3,6	5,1	-0,7	7,6	-0,3	0,8	-2,7	0,4	-0,2	-0,06	0,67	20,38
2025	3,6	2,6	-4,0	5,1	5,5	3,7	2,0	-0,4	1,9	-0,3			21,16

*Utvecklingen är endast vägledande och beror på exekvering, slippage och courtage.

Innehav och portföljvikter

Innehav och portföljvikter i våra faktorbaserade aktiestrategier ingår i premiumpaketet och finns tillgängliga på sidan Model portfolios.

Create an account
to read the full article

Create an account to read the full article

This article is part of our analysis service. Create an account to get full access to analysis and our strategies.

Get 50% off Premium

If you already have an account, you can

More information:

A factor-based equity strategy systematically invests in stocks that exhibit certain characteristics – called factors – that have historically been associated with outperformance. Common examples include value, momentum, quality and low volatility.

The strategies are based on objective rules and data-driven analysis, not subjective judgments or gut feelings. This makes decision-making more consistent and less sensitive to market fluctuations. The portfolios are rebalanced regularly, often monthly, to adhere to the factors on which the strategy is based.

It is important to understand that factor strategies still invest in stocks and therefore have a high correlation with the stock market. They can therefore be expected to decline in value during broad market declines. Another risk is that factors can underperform for longer periods, which requires patience and discipline from the investor. The biggest risk is often not the model itself, but rather abandoning the strategy when things go wrong.

The Value & Momentum strategy combines two well-documented factors: low valuation and strong price momentum. The aim is to find stocks that are both fundamentally attractive and show a positive trend. The combination makes it possible to avoid so-called value traps – stocks that look cheap but continue to lose value.

Unlike a pure momentum strategy, which focuses solely on price gains and is often driven by a few big winners, Value & Momentum tends to provide a more even distribution of gains and losses. It reduces the reliance on individual extreme movements. At the same time, the strategy may miss some highly valued growth stocks with strong momentum that do not pass the value filter. Pure momentum often works best in strong bull markets with clear trends, while the combination of value and momentum tends to be more robust over time and in different market environments.

Risk Warning:

Investing in financial markets always involves risk. Historical performance is no guarantee of future results, and there is a possibility that you may lose all or part of your invested capital. Our analyses and indicators are based on historical data and statistical models, but these models cannot predict future market movements with complete certainty.

The value of investments may fluctuate significantly due to market conditions, company-specific factors and global economic events. It is important that you carefully consider your financial situation and your ability to bear potential losses before investing. The Service does not provide personal investment advice and recommends that you seek independent financial advice before making any investment decisions.

NeuroQuant employees may own or trade securities mentioned in analyses or based on indicators used in our services. This may potentially create conflicts of interest, but we strive for full transparency and professional integrity in all our activities. Following our analyses and indicators involves increased risk if the market moves in an unpredictable manner. You should only invest money that you are prepared to lose and understand that past performance, analyses or models provided through the service do not guarantee future results.

SharesFactor-based strategyModel portfolioMomentum

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.