The Alfred Berg Gambak Nordic R (SEK) fund rose by 1.83 percent in January, underperforming its benchmark index, which climbed 2.80 percent. Over the rolling 12-month period, the fund delivered a return of 9.37 percent, outperforming the index, which increased by 4.51 percent. This is according to a monthly report from fund managers Kristian Tunaal and Leif Eriksrød.

 January was marked by geopolitical tensions, tariff threats, and military operations, yet the stock market remained resilient as corporate earnings were not significantly impacted.

In the Nordics, the fourth-quarter earnings season began, and with about a quarter of companies having reported, results have been marginally better than expected. Expectations for aggregated earnings have been revised slightly upwards, even though the materials sector showed some weakness.

The energy sector was by far the strongest in the Nordics during January. Political focus on Venezuela and Iran contributed to rising oil prices, which boosted energy indexes. Utilities companies also performed strongly, while the consumer sector was the weakest, without clear macroeconomic explanations.

For the fund, materials and IT were the strongest sectors relative to the index, despite the fund being underweight in both. Healthcare and manufacturing were the weakest sectors on a relative basis.

Novo Nordisk rose 9.5 percent, which negatively affected the fund due to its underweight position in the stock. SAAB, Kongsberg Gruppen, and Epiroc also posted strong gains during the month, all companies where the fund is underweight.

Among individual holdings, ISS contributed 0.2 percent to the portfolio after rising 6.1 percent. Neste climbed 7.1 percent and contributed 0.2 percent, while Boliden jumped 20.5 percent and also contributed 0.2 percent.

The largest negative relative contribution came from SAAB, where the fund had a relative underweight of 30 percentage points, corresponding to minus 0.3 percent in portfolio contribution. Novo Nordisk contributed minus 0.3 percent as a result of the underweight.

At the end of January, the largest holdings were Novo Nordisk at 7.5 percent, Swedbank at 4.6 percent, and Danske Bank at 4.2 percent.

During the month, weights were increased in Outokumpu, DSV, and Pexip, while they were reduced in Ambea, Clas Ohlson, and Academedia. The active share stood at 60 percent.


Alfred Berg Gambak Nordic R (SEK), %January, 2026
Fund MoM, change in percent1.83
Index MoM, change in percent2.80
Fund one year, change in percent9.37
Index one year, change in percent4.51