"Catella reported an EBIT of SEK 74m, -18% below ABGSC estimates, and down 18% y-o-y. The report was weaker that we expected, however one should remember that Catella is very lumpy in-between quarters, where Q2’19 for example, was very strong. The weaker report is driven by the performance of the Equity, Hedge and Fixed income fund segment, where Catella has seen net outflows from the important Systematic Macro fund on the back of weak performance of the fund during Q3."
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