Monthly Report April 2026

Performance

Adrigo Small & Midcap L/S Class A and Class C declined by 1.8% in April, net of fees. Carnegie Small Cap Return Index Nordic rose 3.6% during the month, while Carnegie Small Cap Sweden Index advanced 4.7%.

The fund divested its holding in the illiquid stock Lumarine following a public takeover offer. In addition, the fund’s two unlisted holdings were written down, negatively impacting performance by slightly more than four percentage points.

Among the fund’s larger holdings, Online Brands (e-commerce) and BrainCool (medical technology) made positive contributions. Among the fund’s small- and mid-sized positions, Dometic (consumer durables), Initiator Pharma (biotechnology) and Paxman (medical technology) performed well. The fund’s short positions also had a positive overall impact on returns during the month.

Adrigo Small & Midcap L/S Class A has, since inception and after fees returned 12.6%. Over the same period, the benchmark rate STIBOR 1M has returned 10.3%, while Carnegie Small Cap Return Index Nordic (not a benchmark index) has returned 112.0%.

Market overview

Global equity markets rebounded in April, led by emerging markets. Korea surged 33.9%, while Taiwan advanced 22.7% and India gained 6.9%. MSCI EM rose 13.1%, slightly outperforming MSCI World, which increased 9.2%. In the US, the S&P 500 delivered a strong return of 10.8%.
In the Nordic region, Denmark gained 7.7%, Finland rose 6.6% and Sweden advanced 5.5%, while Norway declined 2.4%. In Sweden, large caps continued to outperform small caps, with the OMXS30 up 5.3% compared to a 4.7% gain for small-cap equities.

Companies and performance highlights

Dometic’s second-quarter report was better than expected. The share price had fallen sharply after the surprising announcement in March that the Board had withdrawn its dividend proposal. After 16 consecutive quarters of negative organic growth, the company reported growth of 0%, which should still be viewed as a step in the right direction. Management acknowledged that uncertainty increased during the quarter but also highlighted that order intake in March was solid and that there was no concern regarding the second quarter. We also note that the product mix benefited from Service & Aftermarket delivering organic growth of 5%. Combined with cost reductions from the restructuring program, this lifted the gross margin from 28.7% to 29.6%.
The share price rebounded following the report, but still trades around 30% below the level at the beginning of the year. At the time of writing, the stock is valued at EV/EBITA 9.9x and offers an FCF yield of 12.8%.

OssDsign’s sales development has been a clear disappointment in recent quarters. The company carried out a rights issue in the middle of last year, partly to finance an expansion of its sales organisation. It is evident that this initiative has not progressed as planned and sales growth has stagnated. Mark Waugh assumed the role of CEO at the turn of the year. His background appears strong, but it is still too early to determine whether he can reverse the negative trend. Over the past few years, the company has gained approvals from several hospitals and purchasing organisations, but has lacked sufficient resources to follow up effectively. We have met Mark Waugh on several occasions and our initial impression is positive. If he succeeds in returning OssDSign to a growth trajectory, we believe there is significant upside potential in the share.

Bonesupport delivered organic growth of 31% in the first quarter, while maintaining a virtually unchanged gross margin of around 92%. For the second consecutive quarter, sequential growth for Cerament G in the US accelerated. We had previously expected the de novo application for Cerament V (vancomycin) to receive approval in the US during the second quarter. However, the process has taken somewhat longer than anticipated, and it is now reasonable to expect approval during the third quarter. The company also continues its launch within the spine segment. At this stage, however, it is the BVF product that is being introduced, and we do not expect any major sales contribution in the near term. The real inflection point will come once Cerament G receives approval in this segment. We estimate that such approval is still several years away, and the company is currently conducting clinical trials to support this process.

Finally, as always, we would like to thank you, our co-investors for your trust. Please do not hesitate to contact us with any comments or questions.