---
title: "Månadsuppdatering: Volatilitet & Kvalitet"
id: "21814"
type: "post"
slug: "manadsuppdatering-volatilitet-kvalitet-180925"
published_at: "2025-09-18T12:51:56+00:00"
modified_at: "2026-02-11T15:53:25+00:00"
url: "https://neuroquant.ai/en/manadsuppdatering-volatilitet-kvalitet-180925/"
markdown_url: "https://neuroquant.ai/en/manadsuppdatering-volatilitet-kvalitet-180925.md"
excerpt: "Volatilitet & Kvalitet är en faktorbaserad aktieportfölj som syftar till att skapa exponering mot aktier med låg volatilitet och högt betyg på kvalitet. Rebalansering sker en gång i månaden och målet är att uppnå en högre riskjusterad avkastning än aktiemarknaden...."
taxonomy_category:
  - "Blogg"
  - "Strategier"
taxonomy_post_tag:
  - "Aktier"
  - "Faktorbaserad strategi"
  - "Kvalitet"
  - "Modellportfölj"
  - "Volatilitet"
---

Blog, Strategies

# Monthly Update: Volatility & Quality

Posted by Erik Martin Hansén

18/09/2025

**Volatilitet & Kvalitet är en faktorbaserad aktieportfölj som syftar till att skapa exponering mot aktier med låg volatilitet och högt betyg på kvalitet. Rebalansering sker en gång i månaden och målet är att uppnå en högre riskjusterad avkastning än aktiemarknaden.**

Alla våra faktorbaserade strategier är baserade på koncept där det finns beteendevetenskapliga förklaringar till varför de har förutsättningar till att överprestera. Dessa strategier hjälper oss att agera mer rationellt. Genom att följa en systematisk strategi undviker vi exempelvis misstaget att sälja vinnande positioner för tidigt.

Våra aktieportföljer ingår i vårt premiumpaket. De uppdateras en gång per månad.

### **Information**

- **Direction:**Long-only (no short positions)
- **Strategic direction:**Kvalitet, volatilitet och trend
- **Investment universe:**Norden & USA
- **Portfolio weights:**Likaviktat (kapital/antal positioner)
- **Rebalancing frequency:**Monthly

### **Development**

Under 2025 har portföljen stigit med 11,2 %, vilket är lägre än utvecklingen för portföljerna Top Picks Momentum och Värde & Momentum. Tänk på att Volatilitet & Kvalitet har ett univers där 50 % utgörs av amerikanska bolag. En mer rättvis jämförelse är därför mot ett index med 50 % USA och 50 % Norden, vilket under 2025 fallit med 3,8 %.

Senaste månaden har Celestica Inc., Academedia och Clas Ohlson varit bästa bidragsgivare till portföljen medan Hoist Finance, Palantir och Boston Scientific varit största sänken.

Sedan starten april 2023 har portföljen avkastat 50 %, att jämföra med USA + Norden som stigit 28 % och Stockholmsbörsens som ökat 30 %. Sharpekvoten har legat på 1,2 jämfört med 0,6 för Stockholmsbörsen. Volatilitet har varit 11,7 % och tracking error mot Stockholmsbörsen uppgår till 12,4 %. Observera att portföljen ändrade sitt univers inför 2025 och idag allokerar 50 % av kapitalet till USA.

##### **Utveckling månad (%)***

| År | Jan | Feb | Mar | Apr | Maj | Jun | Jul | Aug | Sep | Okt | Nov | Dec | Total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2023 |  |  |  | 1,2 | 3,0 | 1,0 | 0,8 | -0,7 | -1,8 | 1,2 | -2,2 | 2,2 | 4,6 |
| 2024 | 5,6 | 3,4 | 5,7 | 3,0 | 6,6 | 0,2 | 3,3 | 0,1 | -0,2 | -3,5 | 1,3 | 0,9 | 29,1 |
| 2025 | 4,6 | -0,9 | -9,8 | 3,3 | 7,6 | 4,1 | 1,9 | -0,9 | 1,9 |  |  |  | 11,2 |

*Utvecklingen är endast vägledande och beror på exekvering, slippage och courtage. Vår utveckling baseras på 30 likaviktade innehav, men det går såklart att använda våra volatilitetsjusterade portföljvikter på sidan [Portföljvikter](https://app.neuroquant.ai/portfolio-weights)
.

[https://neuroquant.ai/wp-content/uploads/2025/09/VK-180925.png](https://neuroquant.ai/wp-content/uploads/2025/09/VK-180925.png)

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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.

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[Shares](https://neuroquant.ai/en/tag/aktier/)
[Factor-based strategy](https://neuroquant.ai/en/tag/faktorbaserad-strategi/)
[Quality](https://neuroquant.ai/en/tag/kvalitet/)
[Model portfolio](https://neuroquant.ai/en/tag/modellportfolj/)
[Volatility](https://neuroquant.ai/en/tag/volatilitet/)

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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