Small Cap Europe is an actively managed equity fund that mainly invests in small and medium-sized companies across a range of sectors in Europe. The fund invests in companies with a market capitalisation no greater than the largest company in the fund´s benchmark index by the time of investment. The fund´s investment strategy focuses on selecting companies, where sector, region and theme analyses are important components in the strategy. The fund is managed with a long-term investment horizon and selects the companies we find attractively valued in relation to our view of the company's future earnings potential. The fund complies with Swedbank Robur’s Responsible Investment Policy and consists of share classes. Read more about this in the fund’s Information Brochure & swedbankrobur.se. Sustainability and climate work is an integrated part in our investment strategy. The fund is suitable for those who want to invest in Europe and believe in the growth opportunities in smaller companies.
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Updated 2026-07-07At the end of the month, the US and Iran initiated concrete peace talks, and the price of oil and gas consequently pulled back. Oil prices dropped as much as 20% when the Strait of Hormuz, so important for the world's energy markets, became navigable again. Market interest rates fell slightly for most of the European government bonds as lower energy prices dampened the inflation outlook. Broad European stock indices rose in June at the same time as world indices fell in the wake of falling stock markets in the United States. European small companies had a relatively weak performance vis-à-vis larger companies.
The small cap Europe fund rose during the period and beat its benchmark index. The main contributor to the fund's return was the BAWAG Group, One of Austria's largest banking groups. A positive final announcement about an acquisition gave a significant boost in the share. Technogym contributed the most negatively during the month driven by increased concerns about cost inflation. Several changes have been made to the fund, with Basic-Fit, Aedifica, and Exail Technologies serving as examples of new holdings. All companies have an attractive thematic exposure. Basic-Fit is included in the Health theme; its gym chain operations span several countries in Europe. Gym memberships are expected to increase in Europe, and the company's low monthly cost attracts many new members. Aedifica is a real estate company focusing on tenants operating within healthcare and elderly care." Demographics in Europe are shifting, and the number of people over the age of 80 is expected to double by 2060. Aedifica is therefore well-positioned within the structural theme of an Aging Population. The best defense is the one that will not have to be used, it is said. EU defence budgets are likely to increase for many years to come. The fund has therefore invested in Exail Technologies within the defence theme. It is a global leader in marine robotics for the detection of naval mines in conflict-affected areas, such as the Strait of Hormuz, as well as a leading player in Europe for navigation systems.
Management
Managed the fund since
2026-02-01
Robert Slorach
Robert Slorach manages Swedbank Robur New Energy and Small Cap Europe. He has extensive experience of asset management with over 20 years in the industry and joined Swedbank Robur in 2020. Experience and education Robert is also head of the global equities team since 2025. He has previously worked as a portfolio manager at Första AP-fonden (2018–2020). Prior to this he worked as an equity analyst at Handelsbanken Capital Markets (2016–2018) and Brummer & Partners (1999–2016). Robert has an M. Sc. in Economics & Business from Stockholm School of Economics (1994–1999).
Assistant manager
Managed the fund since
2026-05-25
Sofia Sörling
Sofia Sörling is assistant portfolio manager of Swedbank Robur Small Cap Europe. She has an education in finance and joined Swedbank Robur in 2026. Experience and education She has previously worked as an equity research analyst at DNB Carnegie with focus on small cap in the engineering sector (2021-2026). Prior to that, she worked with corporate development and transactions at Accenture (2019-2021) and with risk management at Lannebo Fonder (2017-2019). Sofia has a B.Sc. in Business and Economics (2014-2017) and an M.Sc. in Accounting and Finance (2017-2019) from Uppsala University. She has also done an exchange semester with a financial focus at the University of Alberta (2018).
Global/Europe team
The team is responsible for our actively managed equity funds and invests both in small companies and major corporations in the majority of the markets around the world. The fund managers possess extensive knowledge of the various markets and closely monitor developments, both from the office and through site visits. The fund managers are responsible for their individual funds, and are supported by the fund management organisation, sustainability analysts and corporate governance specialists. The team consists of twelve portfolio managers who maintain close dialogues with the companies in which they invest, thereby enabling them to influence the companies in a sustainable direction.
Active equity funds
The actively managed equity funds apply an investment strategy based on analysis of fundamentals. The focus is on the selection of companies, but sector, regional and thematic analyses are also key components of the strategy. The fund managers strive through active management to attain a return that exceeds the average return in the markets where the funds invest, in other words, a return that exceeds the fund’s benchmark index. Our fund managers integrate sustainability as a natural component of the funds’ investment processes.
Region
Updated: 29/05/2026
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Updated: 29/05/2026
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Updated: 29/05/2026
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1.44 %
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Risk (SRI)
4 / 7Sharpe ratio 2 y
Standard Deviation 2 y
Active risk 2 y
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Summary
This financial product promotes environmental or social characteristics, but does not have a sustainable investment objective. However, the fund will have a minimum share of sustainable investments.
The fund analyses how the sustainable investments affect such things as emissions, water and biodiversity on an ongoing basis. The fund also ensures that the holdings do not seriously and systematically infringe on accepted international standards and conventions relating to sustainability as adopted by the UN, ILO and OECD or are otherwise involved in unacceptable operations relating to sustainability or corporate governance.
External suppliers will provide Swedbank Robur with an analysis of which companies can be associated with violations of international norms. Based on information from our suppliers and other available information, Swedbank Robur will make its own assessment on whether it is a question of a serious and systematic violation. If such a violation is deemed to occur, the company's securities are not a sustainable investment.
The fund promotes low emissions of carbon dioxide, a net zero target, business strategies that include the UN Global Goals (SDGs), an environmentally more sustainable approach by the activities of companies through Environmental Engagement (E) and an increased social responsibility on the part of companies through Social Engagement (S).
Sustainability and climate work constitute an integrated part of the investment strategy in order to manage sustainability and climate risks and to promote environmental and social characteristics. The fund is obligated to follow the Management Company’s "Policy for Responsible Investments" (adopted by the Board) and uses three overarching methods ("include", "exclude" and "engage") in order to achieve the environmental and social characteristics promoted by the fund. The fund follows the Management Company’s "Principles for Shareholder Engagement" (adopted by the Board). As an active owner, the aim of Swedbank Robur is that the companies we invest in are managed in an efficient and long-term sustainable manner.
There are plans for at least 80% of the fund's assets to consist of investments aligned with environmental or social characteristics, of which at least 5% will be sustainable investments.
The Management Company’s risk function monitors and checks that the environmental or social characteristics that the fund promotes are complied with. The risk function also performs a quarterly follow-up and analysis of the metrics the Management Company has selected to measure how the fund’s investments promote environmental or social characteristics.
In order to measure the attainment of the environmental and social characteristics that the fund promotes, the sustainability indicators weighted average carbon dioxide intensity, net zero target, SDG aligned revenues, Environmental Engagement (E) and Social Engagement (S) are used.
Swedbank Robur uses several sources in its process to measure how funds promote environmental and social characteristics. Swedbank Robur purchases data from major data providers that have demonstrated a robust method for guaranteeing the quality of data. In order to guarantee the quality of the data purchased, the supplier's data and product range are reviewed. When there is an opportunity, test data is taken from several providers offering the same product in order to compare as large a selection as possible.
There are a number of limitations with the models and data being currently used. The main limitation is the number of asset allocations for which metric calculation methods exist. The coverage is generally good for the funds, where a mix between reported and estimated data is used. Furthermore, Swedbank Robur believes that the method used by the data provider for estimating data is reliable.
The Management Company has due diligence procedures in place in order to ensure that sustainability risks and the sustainability requirements established for the fund are taken into consideration in the investment decision. Sustainability analysis is an integrated part of the fund management’s investment process. In order to manage sustainability risks and integrate the risks in investment decisions, the fund management follows the procedures that the Management Company describes in the Management Company’s "Strategy to include" and "Strategy to exclude". The Management Company’s risk function performs a daily inspection to determine whether the fund’s holdings fulfil its sustainability requirements and regulations regarding exclusion.
The fund follows the Management Company's "Principles for Shareholder Engagement" (adopted by the Board). In the event of sustainability-related controversies in invested companies, Swedbank Robur has special procedures and processes to monitor and follow up with the company. Both dialogue work and voting are key tools to try to prevent and respond to sustainability-related controversies.