Blog, Strategies

Månadsuppdatering: Värde & Momentum

Posted by Erik Martin Hansén
23/12/2025

Value & Momentum is a portfolio that aims to identify companies with good fundamentals and positive price behavior. Portfolio weights are adjusted for volatility and changes are made once a month. With patience, discipline and systematic position management, we have good conditions to outperform over time. 

Our stock portfolios are included in our premium package. Click here to read more about our stock portfolios and their development.

Information

  • Direction: Long only (no short positions)
  • Strategic direction: Factor-based stock strategy (value & momentum)
  • Investment universe: Nordic
  • Portfolio weights: Volatility-adjusted (all holdings contribute similar risk)
  • Rebalancing frequency: Monthly
Information inför 2026
Inför 2026 gör vi några mindre justeringar i universet för våra tre aktieportföljer. Syftet är att öka differentieringen mellan portföljerna och undvika många överlappande innehav. Top Picks Momentum kommer att fokusera på svenska bolag, Värde & Momentum kommer fortsätta att investera i Norden och Volatilitet & Kvalitet kommer att fokusera på USA. Ändringarna kommer att genomföras successivt under de kommande månaderna i samband med våra ordinarie månadsuppdateringar.

Development

Under 2025 har portföljen stigit med 26,8 %, med en maximal nedgång på 17 %. Som jämförelse har XACT Sverige ETF stigit 15,9 %, medan XACT Norden har ökat med 2,9 % under samma period.

Nelly Group, B2 Impact ASA and Per Aarsleff Holding A/S har bidragit mest till portföljens utveckling, medan Enea, Lucara Diamond and MEKO har varit de största negativa bidragsgivarna.

Portföljen har en övervikt mot finanssektorn, vilket har gynnat utvecklingen under de senaste månaderna, understött av stabila trender i exempelvis Jyske Bank, Danske Bank and Swedbank.

Utveckling månad (%)
År Jan Feb Mar Apr Maj Jun Jul Aug Sep Okt Nov Dec Total
2023         -0,7 4,7 3,3 -1,7 0,5 1,1 -0,5 3,6 10,5
2024 4,2 4,4 6,7 3,1 6,0 -2,0 3,4 -0,4 1,8 1,4 1,0 1,6 35,7
2025 3,8 4,0 -5,2 0,3 3,7 5,2 3,9 0,7 3,8 1,3 0,6 2,2 26,8

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

Utveckling och drawdown, Year-to-Date

Förändringar och innehav

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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.

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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.

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