In an interview, Chief Executive Officer Hans Hedstrom said Stockholm-based Carnegie Fonder is again increasing its exposure to equities after having reduced it in the spring and early summer months. In particular, it recently added in SEB AB and Swedbank AB, following a selloff in the sector related to concerns over the fallout from alleged money laundering scandals at Swedbank and Danske Bank.

"The drop in their valuation has gone too far,” Hedstrom said. “We’re disappointed with Nordea however, from an operative viewpoint. The Nordea share has always been cheap and there is obviously a reason for it.”

Carnegie Fonder also sees potential in “cheap” industrial companies such as Volvo AB, SKF AB and ABB Ltd. “Perhaps not ABB, but Volvo and SKF could easily double in price” he said. “I can understand that they are being disregarded as the state of the economy is uncertain, but those times usually offer good opportunity to go against the trend.