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Within the engineering sector, we think Sandvik is worthy of mention. The company has spun off Alleima (formerly Sandvik Materials Technology, the steel business in Sandviken) and substantially increased the share of aftermarket in all remaining divisions, SMM (Sandvik Manufacturing and Machining Solutions), SMR (Sandvik Mining and Rock Solutions) and SRP (Sandvik Rock Processing Solutions). CEO Stefan Widing is convinced that the company has become much more resilient against economic downturns and we are optimistic that he is correct in his assessment. The share is valued at an undeservedly large discount against relevant peers and is one of the engineering shares in which we see the most upside a couple of years out.

On the disappointment side of the equation, we find Ericsson at the top of the list, which surprised the market with poorer than expected profitability and outlooks in Cloud Software and Solutions (formerly Digital Solutions). The share took a beating and has had a difficult year in spite of good profitability in Networks, with criticism of the Vonage acquisition and articles about bribery in Iraq some years ago. Market confidence in the company’s strategy and execution is also very low, judging by the valuation of the share. We believe this also means there is a significant upside if Ericsson can start delivering better results next year; all pieces of the puzzle are in place for doing so, at any rate.

Only minor adjustments were made to holdings during the month. The only major change in the fund occurred through our previously announced participation with our share of equity in Securitas’ rights issue.

Economic outlooks remain bleak, but the valuation support in our holdings is relatively good, even after accounting for lower estimates following this year’s stock market drop. In addition, we believe that only a few of our holdings are at risk of lowering dividends; most should retain at least the current level and a few companies, such as Volvo and Holmen, should be able to pass out special dividends at next year’s general meetings.

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