How do you choose a Swedish equity fund?

An index fund holds every company in its benchmark, regardless of quality or price, and charges a low fee because no active selection takes place. An actively managed fund selects companies in and out based on its own analysis, and charges for that work.

The question is not which type is better in itself. The question is whether the active fee actually buys something you cannot already get more cheaply through an index, which brings us to both the price and how the fund actually invests.

According to Finansinspektionen's (the Swedish FSA) comparison figures for the first quarter of 2026, the median fee for actively managed Swedish equity funds was 1.30 percent, against 0.20 percent for Swedish index funds. The gap, just over one percentage point, is what you pay for active management.

That amount should be justified by what the fund actually does differently from the index. If it cannot be, it matters less how well the managers present their strategy.

Amos Value's management fee is 1.25 percent, below the median for actively managed Swedish equity funds.

Source: Finansinspektionen, comparison figures for fund fees, first quarter of 2026.

Active share measures how much of a fund's holdings differ from its benchmark index, expressed as a percentage. A fund with low active share resembles its index despite charging an active fee, sometimes called closet indexing.

A fund with high active share holds a portfolio that genuinely differs, a precondition for beating the index over time, though never a guarantee of doing so. If an actively managed fund sits close to an index fund on active share, the question is worth asking directly: what are you paying for?

Amos Value's active share stands at 93% (As of 31 July 2026), calculated continuously against the fund's benchmark. It follows directly from building the portfolio company by company through our own analysis, not from index weights.

A broad Swedish equity fund with 60 to 100 holdings often moves close to its index almost by definition, since each individual position carries too little weight to affect the outcome. A concentrated fund with fewer holdings gives every position real significance.

That raises both the potential to diverge from the index and the risk from individual mistakes. It is a deliberate trade-off, not a flaw in either approach.

Ask how the fund decides what a company is worth, and what makes it sell. An answer that only points to past returns says little about the future.

An answer that describes concrete criteria, for example requirements on balance sheet strength, profitability and a defined margin of safety against a fair value, can be tracked over time and held the fund accountable to.