Investor: its EQT funds show +9% in the third quarter, but on 30 June values

On 15 October 2026, EQT reported a 5% rise in the value of its key funds in the third quarter. The next day, Investor reported its own EQT funds at SEK 42,110m, with a value change of +9% over the quarter, but on the values of 30 June, carried with a one-quarter lag. The quarter of the rise announced by EQT will only reach Investor's accounts on 22 January 2027: its two EQT holdings run on two clocks.

Why it matters for Investor shareholders: the two EQT holdings were worth SEK 94,970m at 30 September 2026, with the funds on their 30 June values, or 7% of Investor's total assets (statement of 16 October, p. 4). In the third quarter they added SEK 5,879m to its net asset value, but over nine months they took SEK 9,769m off it (p. 19). The loss came from the listed holding, which fell from SEK 65,284m at 31 December 2025 to SEK 52,860m at 30 September 2026 despite SEK 1,727m of share purchases (pp. 4 and 19), while the value change of the funds, excluding investments and distributions, reached +10% over nine months, lag included (p. 19). The management company is revalued at the share price in every report, while the funds arrive three months late.

The lag is a written Investor rule: its investments in EQT funds are reported one quarter late, and the 16 October statement presents them as of 30 June (p. 19). An unlisted fund sets its values after the quarter closes, then passes them on to its investors (Opulion reading, Investor gives no reason). Our analysis of 8 September separated EQT's two channels at Investor, the management company and the funds, and already noted this lag. The 16 October statement confirms it: the +9% reported is the funds' second quarter, and the third will reach Investor's accounts on 22 January 2027 (Investor financial calendar, p. 22).

Opulion hypothesis: if the whole holding tracked the key funds, on its 30 June value and before the currency effect between the euro and the krona, 5% of SEK 42,110m would be about SEK 2,106m, or about SEK 0.69 per share and 0.17% of adjusted net asset value of SEK 411 per share at 30 September 2026 (Opulion calculation, on 3,063.7 million shares, p. 2). For a sense of scale, the rise would count for little at Investor.

For the listed holding, EQT's announcement gives the volume, without the revenue: fee-generating assets rose from €139bn to €195bn in a year, of which €34bn from Coller Capital, consolidated since 31 August (p. 6). Excluding Coller, the increase would be 16% (Opulion calculation: 195 minus 34, i.e. 161, divided by 139, minus 1). From the fourth quarter, EQT will present Coller on its own definition, $33bn of fee-generating assets instead of $38bn, with a higher average fee rate (p. 9). Neither fees nor carried interest, the share of gains that goes to the manager, appear in the announcement, which has not been reviewed by EQT AB's auditors (p. 10). The listed holding has also grown: on 16 October Investor announced the purchase of 12.5 million EQT shares from Wallenberg Investments for about SEK 3.5bn, taking its stake from 14.0% at 30 September (p. 4) to 14.98% of the share capital and votes (Investor press release of 16 October 2026).

For Investor shareholders, two pieces of evidence will follow. On 22 January 2027, Investor's year-end report 2026 will show whether its EQT funds followed the rise in the key funds. On 26 January 2027 (EQT announcement, p. 10), EQT's year-end report will bring the revenue for the year that the 15 October announcement lacks, which links the size of its funds to the value of Investor's listed holding.