Investor AB on Thursday reported its net asset value grew in the second quarter, but its shares lagged the wider market.
The Swedish investment firm's adjusted net asset value rose 3% to 960.6 billion Swedish kronor during the quarter, the company said.
However, the total return for shareholders was negative 5%, compared with a 3% gain for the SIXRX Stockholm benchmark index.
The company's portfolio of listed companies generated a 6% return, while its private equity arm, Patricia Industries, saw its value fall 6%, which the company attributed to lower market valuations and negative currency effects.
After the quarter ended, Investor's subsidiary Advanced Instruments completed its $2.2 billion acquisition of Nova Biomedical, a deal financed with a $1.6 billion contribution from Patricia Industries.
"Our top priority is always to grow our existing portfolio companies," Chief Executive Christian Cederholm said in a statement.
"We do this by working closely with the boards and management teams, driving operational excellence and strategic investments."
During the quarter, Investor also acquired 1.2 billion Swedish kronor worth of shares in Ericsson and invested 0.82 billion kronor in EQT AB.
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Swedish investment firm Investor AB on Thursday reported a 7% rise in its adjusted net asset value to 1,028.0 billion Swedish kronor for the third quarter, outperforming the local stock market.
Swedish investment firm Investor AB said on Thursday its subsidiary, Advanced Instruments, has completed the acquisition of U.S. medical technology company Nova Biomedical after receiving regulatory approval.