The Alfred Berg Nordic Index R (SEK) fund rose 1.90 percent in February, underperforming its benchmark index which rose 1.92 percent. Since the beginning of the year, the fund has returned 4.89 percent, outperforming the index which has increased by 4.77 percent. This is according to a monthly report written by the fund's managers Leif Eriksrød, Petter Tusvik and Janne Kvernland.

Initially, the managers write that February should have been a month where the focus was on corporate reporting, but that attention was instead directed towards international events such as the US military intervention in Venezuela and troop concentrations in the Middle East.

Furthermore, the team writes that fourth-quarter reports in the Nordic region generally came in below expectations, which created significant price movements.

The strongest sectors in the Nordic region through February were communication services, followed by energy and IT. On the weak side were pharmaceuticals, consumer goods and real estate. The development in the pharmaceutical sector is largely explained by the continued decline of Novo Nordisk.

Regarding the market outlook ahead, the managers point out that the weak quarterly reports do not necessarily set the tone for the entire year.

"This does not mean that 2026 is doomed to be a weak year for Nordic equities, as the fourth quarters of 2023 and 2024 were also below expectations and did not result in negative returns the following year," the team explains.

The three largest equity holdings in the fund's portfolio at the end of the month were Novo Nordisk, Investor and Atlas Copco, with portfolio weights of 6.58 percent, 5.34 percent and 4.53 percent respectively.

Alfred Berg Nordic Index R (SEK), %February, 2026
Fund MM, change in percent1.90
Index MM, change in percent1.92
Fund YTD, change in percent4.89
Index YTD, change in percent4.77