Are Nordic small caps approaching a turning point?
Global equity markets have become increasingly concentrated, while Nordic small caps have lagged significantly in recent years. Could changing valuations, fund flows and market conditions create a different backdrop for the asset class?
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Nordic small caps have historically delivered strong long-term returns, but the picture since the end of the pandemic has been markedly different. Sweden, the largest part of the Nordic small-cap universe, has been particularly weak, while valuations have fallen relative to Nordic large caps.
In this webinar, host Jørgen Mørk is joined by lead portfolio manager Hans Marius Lee-Ludvigsen to explore what has driven the divergence and what could change the picture. They discuss fund flows, interest rates and the growing concentration of global equity indices, as well as why developments in Sweden remain important for the broader Nordic small-cap market.
The conversation also turns to the fund’s positioning, selected holdings such as Embracer, and the potential advantages of being a local investor in the active Nordic IPO market.
Hear Jørgen Mørk and Hans Marius Lee-Ludvigsen discuss the conditions that could support a repricing of Nordic small caps, and the risks that could keep a recovery on hold.
