Capital Group, the American investment firm, has become the second largest owner of the Swedish truck maker Volvo Group.

The Capital Group, one of the world’s largest investment management organizations, has secured 6.6 percent of AB Volvo, the Swedish truck manufacturer. The stake has been built up since last spring, costing 1.6 billion kronor ($220 million), business daily Dagens Industri wrote on Monday.

"We are long-term and invest in shares which we believe can develop well over a three-five year period," said Simon Levell at Capital Group in London to the newspaper.

Since last year the Volvo share price has dived 27 percent. But since the turn of the year the share has gained almost 30 percent. The purchase by Capital Group indicates that the trend might continue.

"They have made that analysis and they usually do their homework thoroughly before making a move" Mats Liss, a Swedbank share analyst, told the TT news agency.

Largest owner, French car maker Renault, holds 21.8 percent of AB Volvo. Swedish investment group Industrivärlden holds 3.5 percent of the capital and 8.8 percent of the votes.

The Gothenburg-based truck maker posted a third consecutive quarterly loss, far worse than analysts’ forecast. Net sales for the period fell 33 percent to 53.96 billion kronor. But in contract to its rivals in the sector, Volvo seems to be succeeding in cutting inventories and adjust to lower demand - something that drastically is slowing the drain of cash.