Good summer month
July was a strong month for the Swedish stock market, with the Stockholm Stock Exchange (OMXSPI-GI) rising by 2.2%, while the world index (Dow Jones Global Index) developed somewhat more weakly, at -0.2%. Kavaljer Investmentbolagsfond delivered a positive return of 2.8%.

Strong earnings season and a promising economic turnaround
The second-quarter earnings season was overall strong for the fund's portfolio companies, with BB Biotech, HBM Healthcare, Lifco, and Ratos standing out in particular. We are also seeing clear signs of a broader economic turnaround, including a sharply increased pace of acquisitions among listed serial acquirers. A particularly interesting observation is that Investor and Industrivärden are now trading at a premium to net asset value, a situation that, as far as we know, has never previously occurred.

Closer look at our holdings
In the letter, we go through several of the fund's holdings: Beijer Alma, which continues to improve profitability; BB Biotech and HBM Healthcare, which are benefiting from a clear recovery in healthcare; Danaher, which fell sharply following a disappointment in its Biotechnology segment, though underlying markets continue to improve; Latour, where Industrial Operations shows signs of recovery; Lifco, with rising organic growth; LVMH, which shows several signs of a possible turnaround; and Ratos, which delivered a strong report paving the way for a re-rating of the stock.

Read the full monthly letter in the attached file.

About Kavaljer Funds
Kavaljer offers asset management services for private individuals, companies, institutions, and foundations. With over 30 years of experience, the goal is to generate long-term and stable returns through funds and discretionary portfolio management.

Contact us
Kavaljer AB
Visiting Address: Cylindervägen 12, 9th floor
Box 1221, 131 28 Nacka Strand, Sweden
Phone: +46 8 684 393 00
Email: info@kavaljer.se

Attachments
Kavaljer Investmentbolagsfond July 2026