Blog, Strategies

Månadsuppdatering: Värde & Momentum

Posted by Erik Martin Hansén
26/02/2026

Värde & Momentum är en portfölj som syftar till att identifiera bolag med god fundamental grund och positivt prisbeteende. Portföljvikter justeras för volatilitet och ändringar görs en gång i månaden. Med tålamod, disciplin och en systematisk positionshantering har vi goda förutsättningar till att överprestera över tid. 

Våra aktieportföljer ingår i vårt premiumpaket. Klicka här för att läsa mer om våra aktieportföljer och deras utveckling. 

Information

  • Direction: Long only (no short positions)
  • Strategic direction: Faktorbaserad aktiestrategi (värde & momentum)
  • Investment universe: Nordic
  • Portföljvikter: Volatility-adjusted (all holdings contribute similar risk)
  • Rebalancing frequency: Månadsvis
För vem passar portföljen?
För dig som vill ha en systematisk exponering mot nordiska aktier, men som inte nöjer dig med att bara följa ett index. Strategin passar dig som vill använda momentum som drivkraft, samtidigt som hänsyn tas till bolagens värdering för en disciplinerad och långsiktig aktieexponering.

Development

Under 2026 har portföljen stigit med 8,6 %. Som jämförelse är XACT Norden upp 1,2 % under samma period, tyngt av Novo Nordisk. XACT Sverige har stigit med 8,9 %.

Boliden, Cloetta and B2 Impact ASA har bidragit mest till portföljens utveckling, medan Nelly Group, Norion Bank and Ambea varit de största negativa bidragsgivarna.

Den kraftiga nedgången i Nelly Group har belastat portföljen med –1,1 % under 2026. Sett över de senaste två åren är Nelly trots detta portföljens näst största bidragsgivare efter B2 Impact.

Utvecklingen illustrerar hur strategin är konstruerad att fungera: vi tillåter vinnare att löpa, även om det innebär att delar av orealiserade vinster periodvis ges tillbaka. Det är en förutsättning för att fånga de större trender som driver den långsiktiga avkastningen.

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
2026 5,8 2,7                     8,6

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

Utveckling och drawdown, Year-to-Date

Förändringar och innehav

Aktier som faller ur rankingen säljs vid uppdateringen. Portföljen rebalanseras och frigjord likvid används för att investera i nya innehav. Antalet innehav varierar över tid beroende på portföljvikter som baseras på aktiernas volatilitet.

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

log in

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.

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.

Related Posts

Webinar: Så fungerar Warranter
Webinar: How Warrants Work

By Erik Martin Hansen 19/10/2026

Marknadspulsen: Wilcox-strategin på Stockholmsbörsen
Market Pulse: The Wilcox Strategy on the Stockholm Stock Exchange

By Erik Martin Hansen 09/10/2026

Marknadspulsen: Månatlig översikt av marknadsläget
Market Pulse: Monthly overview of the market situation

By Erik Martin Hansen 05/10/2026

Categories

Latest blog posts

Collaboration partners

Societe Generale helps us access several markets with leveraged products.

Valour helps us gain exposure to crypto assets such as Bitcoin, Etherum, Solana and more.