The Polaris Equity Research portfolio is managed with a single objective: to apply the conclusions of fundamental analysis to real capital allocation decisions, and to document that process with complete transparency. The portfolio is funded with real capital — SEK 10 000 invested at inception in 2026.

The portfolio follows a core-satellite framework. The default and benchmark holding is XACT Svenska Småbolag, an exchange-traded fund providing passive exposure to Solactive ISS ESG Screened Sweden Small Cap Tradable Index. Active positions in individual equities are initiated exclusively where a completed analysis produces a clearly articulated investment thesis and a meaningful margin of safety relative to estimated fair value. When no such opportunities have been identified, capital remains in the index ETF. This discipline is intentional — the portfolio is designed to reflect genuine conviction, not activity for its own sake.

Current portfolio holdings:

89% XACT Svenska Småbolag (ISIN SE0001056045)
10% AAK (ISIN SE0011337708) — initiated on 18 March 2026
1% Cash

Performance, by 2026-03-20:

Benchmark XACT Svenska Småbolag: -6,41% since inception
Portfolio: -6,35% since inception

Inception: 2026-03-12