Svolder
Svolder is a Swedish listed investment company focused on publicly traded Swedish small-cap companies. It builds a concentrated portfolio of 15–25 holdings and is structured as a long-term owner of listed equities, with shares traded on Nasdaq Stockholm.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCapital allocated to publicly traded Swedish small-cap companies held in the portfolio.
Selection, monitoring, and valuation work used to manage the investment portfolio.
Annual and interim reporting, shareholder communication, and market disclosures.
Customers
Svolder does not sell products to end customers in the usual sense; its economic counterparties are its shareholders, who buy the listed shares for exposure to the portfolio and its long-term value creation. The underlying portfolio companies are also an important stakeholder group because Svolder’s returns depend on their performance, governance, and capital allocation.
Buy Svolder shares for listed exposure to a concentrated Swedish small-cap portfolio and long-term capital appreciation.
Invest in the listed shares for portfolio allocation, liquidity, and access to Swedish small-cap returns.
Receive capital, ownership support, and governance engagement from Svolder as a long-term shareholder.
Strategy
Svolder’s strategy is to invest long term in attractively valued Swedish small-cap listed companies using careful fundamental analysis. It emphasizes a concentrated portfolio, active ownership, and a total-return objective that seeks to outperform the small-cap market over time.
A focused portfolio allows deeper analysis and higher conviction positions in the company’s core market.
Buying attractively valued companies is central to generating excess total return versus the market.
Close ownership can improve governance, sustainability, and long-term value creation in holdings.
Geography
Svolder is headquartered in Stockholm and its investment universe is primarily Swedish listed small-cap companies. Its shares are listed on Nasdaq Stockholm, and the portfolio’s performance is tied to the Swedish equity market rather than to operating sites or manufacturing locations.
Risks
Svolder’s main risks come from equity market volatility, concentration in a limited number of Swedish small-cap holdings, and the performance of those portfolio companies. Because returns are driven by listed equity values, changes in market sentiment, interest rates, and company-specific fundamentals can materially affect reported results and net asset value.
- Equity market and valuation riskImpact: HighLikelihood: High
The portfolio is marked to market, so share-price moves directly affect net asset value and earnings.
Exposure: Listed Swedish small-cap holdings
- Concentration riskImpact: HighLikelihood: High
A portfolio of 15–25 holdings means individual positions can have outsized impact.
Exposure: Single-name portfolio positions
- Indirect foreign-exchange and macro exposureImpact: MediumLikelihood: Medium
Although holdings are SEK-listed, many portfolio companies operate internationally and face indirect FX effects.
Exposure: Portfolio company operations outside Sweden
- Financing and collateral riskImpact: MediumLikelihood: Low
The company can use pledged shares and credit facilities, so market declines can reduce borrowing flexibility.
Exposure: Pledged securities and credit facility
- Liquidity risk in small-cap holdingsImpact: Medium
Smaller listed companies can be less liquid and more volatile in stressed markets.
Exposure: Swedish small-cap market
Accounting
Judgemental itemsListed holdings are remeasured to market, so reported profit can change with share prices even without sales.
Impact: Major driver of net income and equity
Special tax rules can result in low or nil taxable income depending on dividend and expense offsets.
Impact: Affects effective tax rate and deferred tax presentation
Pledged portfolio shares and credit facilities require disclosure of financing arrangements and available headroom.
Impact: Affects liquidity and leverage analysis
Office lease commitments may be immaterial enough to avoid recognition under IFRS 16, but still need monitoring.
Impact: Can affect operating commitments and balance sheet presentation
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Last updated: 24/09/2026