Initially, the managers write that February should have been characterized by corporate reports and how these would affect future earnings. Instead, attention was dominated by geopolitics, particularly U.S. military efforts in Venezuela and troop concentrations in the Middle East.
The reporting season in the Nordic region is also described as less than impressive, with corporate results generally coming in below expectations, leading to large price movements.
The strongest sectors during the period were communication services, energy and IT. On the weak side were pharmaceuticals, consumer goods and real estate. The performance of the pharmaceutical sector was largely weighed down by Novo Nordisk, which continued to fall during the month.
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 comparatively below expectations and did not result in negative returns the following year."
The three largest holdings in the fund's portfolio at the end of the month were Danske Bank, Balder and Nordea Eiendomskreditt with portfolio weights of 4.14, 2.91 and 2.50 percent respectively.
| Alfred Berg Nordic Investment Grade ACC R (SEK), % | February, 2026 |
| Fund MM, change in percent | 0.28 |
| Fund YTD, change in percent | 0.62 |
