The managers initially note that external events dictated the tone of the Nordic equity market in March, with a particular focus on the situation in the Middle East. Concerns that oil exports could be impacted by a closure of the Strait of Hormuz created a new market dynamic.
"The equity market's usual focus on earnings, solvency, and valuation was overshadowed as all attention turned to political developments," the managers write.
The geopolitical climate made energy the month's winning sector. Along with utilities, it was the only sector to post positive performance, which also led the Oslo Stock Exchange to outperform other Nordic markets.
In relative terms, the fund's returns benefited most from the industrial sector. This was driven by strong performance in energy-related industrial companies such as Vestas and NKT. On the negative side, forestry and materials fell more sharply than the broader market.
Among individual stocks, Neste, ISS, and Storebrand provided the most significant positive contributions. Neste surged 32.8 percent during the period.
The largest negative contributors were Boliden, Konecranes, and Metso. Boliden slumped 34.3 percent.
Regarding portfolio activity, the fund increased its positions in companies including Neste, Vestas, and ISS.
Meanwhile, holdings in Boliden, Konecranes, and Metso were reduced.
At month-end, the fund's three largest equity holdings were Neste, ISS, and Swedbank, with portfolio weights of 5.91, 4.46, and 4.45 percent, respectively.
| Alfred Berg Gambak Nordic R (SEK), % | March, 2026 |
| Fund MM, change in percent | -1.92 |
| Index MM, change in percent | -2.70 |
| Fund YTD, change in percent | 1.10 |
| Index YTD, change in percent | 1.94 |
