Quarterly DCF-based valuations of listed Swedish small cap companies — published with full methodology, documented assumptions, and a real portfolio managed with complete transparency.

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:

100% XACT Svenska Småbolag (ISIN SE0001056045)

Polaris Equity Research is an independent research project publishing quarterly fundamental analysis of Swedish small cap companies. The project was started in 2026. All reports, portfolio decisions, and lessons learned are documented openly.


Polaris Equity Research is a long-term learning project. Nothing on this website constitutes investment advice or a solicitation to buy or sell any security. All content is produced for educational and research purposes by a private individual. Past analytical conclusions are no guarantee of future accuracy.