A dramatic global backdrop caused the Swedish stock market to oscillate between hope and despair during May, before the former gained the upper hand towards the end of the month. The market closed up a couple of percent on a monthly basis.
A partial resolution to the Iran conflict, which the manager saw as a potential trigger for the Stockholm Stock Exchange to outperform the US, did not materialize during May. Meanwhile, the US equity market continued to reach new all-time highs.
'For the Swedish stock market, however, we still find it difficult to see any real upside potential before this wet blanket is removed. As soon as that happens, there are good conditions for a relief rally, especially since the Q1 reports were generally on the positive side and expectations for the remainder of 2026 are positive', the manager writes.
The manager also highlights the stock market rally within the semiconductor sector in the US, which has partially spilled over to the few Swedish companies operating in the field. Heading into June, a positive stance is maintained and the fund is positioned accordingly.
Atlant Opportunity performed strongly during the period. The fund participated in Sivers Semiconductors' rights issue, which made a positive contribution. The holding has since been fully divested.
| Atlant Opportunity, % | May, 2026 |
| Fund MTD, change in percent | 1.1 |
| Fund YTD, change in percent | 1.7 |
