The Alfred Berg Nordic High Yield R (SEK) fund rose 0.03 percent in February, underperforming its benchmark index which rose 0.55 percent. Since the turn of the year, the fund has returned 0.39 percent, trailing the index which has increased by 1.19 percent. This is according to a monthly report from the fund's managers Henrik Emil Høyerholt, Maria Granlund, and Anna-Karin Hempel.

Initially, the managers write that sentiment was weak during the month, driven by increased uncertainty and developments in the Middle East.

"On Saturday, February 28, the US and Israel launched a large-scale attack on Iran where the country's leader Ayatollah Ali Khamenei and other leaders were killed. The increased concern has led to higher oil prices, while typical 'safe havens', such as long-term interest rates, have fallen and the price of gold continued to rise."

At the same time, lower inflation figures in the US, the eurozone, and Sweden contributed to falling long-term rates, while Norwegian inflation surprised on the upside. AI concerns and new tariffs created some volatility, while focus shifted toward increased credit risk in banks and within private debt, notably through the Blue Owl fund's suspension of redemptions.

During the month, the US Supreme Court invalidated Donald Trump's tariff program, although new tariffs were introduced under a different law. However, the market impact was moderate, with global spreads rising slightly while Nordic spreads fell.

Regarding the fund's performance, shipping and real estate were the sectors that stood out with slightly stronger returns. On the negative side, holdings in Lime Petroleum and Grøndvedt weighed down returns due to operational challenges and a capital restructuring, respectively.

In conclusion, it is highlighted that the fund has maintained a relatively conservative structure over the past year.

"In today's market with geopolitical unrest and tendencies that credit margins may increase, we believe that portfolios with good liquidity are well-suited," the managers write.

The largest holdings in the fund's portfolio at the end of the month were B2 Impact, Ocean Yield, and SFL Corporation with portfolio weights of 2.50, 2.41, and 2.38 percent, respectively.

Alfred Berg Nordic High Yield R (SEK), %February, 2026
Fund MM, change in percent0.03
Index MM, change in percent0.55
Fund YTD, change in percent0.39
Index YTD, change in percent1.19