Monthly report July 2025

Performance

Adrigo Small & Midcap L/S Class A and Class C increased by 2.9% in July after fees. The Carnegie Small Cap Return Index Nordic rose by 1.7% during the month.

Among the fund's larger holdings, Online Brands (e-commerce) and Hansa Biopharma (pharmaceuticals) made good contributions. Among the fund's smaller and medium-sized positions, we noted strong contributions from Maven Wireless (technology), Sinch (software) and Opter (software). The fund's short positions, as a group, had a negative impact on returns.

Since inception, Adrigo Small & Midcap L/S Class A, has returned 53.4% after fees. Over the same period, the benchmark interest rate STIBOR 1M returned 8.7%, and the Carnegie Small Cap Return Index Nordic (not a benchmark index) returned 108.6%.

Market Overview

Global equity markets were broadly positive in July. The EURO STOXX 50 rose by 0.5%, while the MSCI World and S&P 500 gained 2.0% and 2.2%, respectively. Among emerging markets, both Taiwan and Korea advanced by 6.9%, while India and Brazil declined by 2.8% and 4.2%, respectively.

In the Nordic region, Sweden was the strongest market with a 2.0% gain, closely followed by Finland, up 1.6%. Norway posted a more modest increase of 0.2%, while the Danish market fell by 12.5%, once again weighed down by Novo Nordisk.

Small caps generally underperformed large caps; the CSX Sweden Small Return index rose by 0.3% compared with a 3.5% gain for the OMXS30.

Companies and Performance Highlights

During the month, Online Brands completed another strategic and noteworthy acquisition – Tanrevel from Qarlbo (whose principal owner is EQT founder Conni Jonsson). Tanrevel is a leading player in sunless tanning technology and is expected to generate sales of around 40 MSEK in 2025 with a neutral EBITDA result. Online Brands paid 37.5 MSEK through newly issued shares. We see clear synergies in areas such as digital marketing and logistics, where Online Brands has significant expertise. The acquisition also marks the company’s entry into a new vertical with strong growth potential. Through the transaction, Qarlbo becomes a new, significant, and active shareholder in Online Brands with a 9% ownership stake. In addition, Online Brands has established two more verticals – jewellery and wallpaper – both with substantial potential in e-commerce.

In July, Maven Wireless extended its framework agreement with the Austrian rail infrastructure operator ÖBB by two years, through to 31 October 2027. The extension is estimated to be worth around 100 MSEK in sales. Maven has supplied radio products to ÖBB’s railway tunnels for the past five years, and this extension is a testament to both product quality and delivery reliability.

We made our first investment in Hansa Biopharma through a directed share issue at the end of June. Since Renée Aguiar-Lucander became CEO on 1 April, the company has announced several developments. She was previously CEO of Calliditas, acquired in 2024. We invested in Calliditas at its 2018 IPO and are confident in Renee’s ability to commercialise products.
Maria Törnsén was named COO and President of US operations in early May. Like Dr. Richard Philipson, now Chief Medical Officer, she previously held similar roles at Calliditas. Additional hires support the potential US launch of Idefirix.

Idefirix is the company’s drug designed to prevent organ rejection in highly sensitised patients receiving a kidney transplant. The product is already marketed in Europe under a conditional approval, with the full study expected to be completed in 2026. In the US, a similar trial has been conducted, with results expected in the second half of 2025. The need for a product like Idefirix is significant: of the approximately 170,000 people awaiting a kidney transplant in the US, around 25,000 are highly sensitised. The US therefore, represents the largest commercial opportunity for Idefirix.

In May, Hansa Biopharma implemented a restructuring programme expected to generate annual savings of 40–50 MSEK. In June, the company also carried out a capital raise alongside a restructuring of its loan financing. In addition to the upcoming US trial readout, results from the GOOD-IDES-02 Phase 3 study will also be reported in the second half of the year. This trial targets anti-GBM, a rare kidney disease with an incidence of just 1–2 cases per million people.
While Hansa Biopharma has faced setbacks in the past, the situation today looks different. With solid sales momentum in Europe, a dynamic new leadership team, and two Phase 3 readouts in the coming months, we see a highly attractive risk/reward profile in the stock.

Finally, as always, we wish to thank our co-investors for your continued trust. Please don’t hesitate to reach out with any comments or questions.