Initially, the managers write that February was a strong month for Nordic companies, with small caps outperforming large caps. While focus during the month should have been on corporate reporting, attention was instead directed toward geopolitical developments, according to the managers.
"Significant focus was instead placed on international events, centered on U.S. military involvement in both Venezuela and the Middle East," the managers write.
Regarding the reporting season for Nordic small caps, large price reactions were noted on earnings days alongside a generally stable sales pace. However, profit growth slowed slightly, which could possibly be explained by strengthened exchange rates. The best-performing sectors during the month were energy and commodity companies, driven by rising oil and commodity prices.
Norway was the best-performing small-cap market in the Nordic region, followed by Sweden and Finland. Denmark showed the weakest performance and declined during the month.
The primary contributors to the fund's performance were overweight positions in Boliden and Cloetta. Boliden continued to perform well due to high prices for copper, zinc, and precious metals. Cloetta, meanwhile, presented a report where both earnings and the announced dividend exceeded expectations.
On the negative side were overweight positions in Per Aarsleff and Volvo Car, both of which released reports that failed to meet expectations. For Volvo Car, both sales and earnings were negatively impacted by tariffs, discounts, and a stronger Swedish krona.
At the end of the month, the three largest equity holdings in the portfolio were Boliden, Sparebanken Norge, and ISS, with portfolio weights of 3.52, 3.14, and 3.13 percent, respectively.
| Alfred Berg Nordic Small Cap R (SEK), % | February, 2026 |
| Fund MM, change in percent | 3.23 |
| Index MM, change in percent | 2.83 |
| Fund YTD, change in percent | 2.02 |
| Index YTD, change in percent | 0.27 |
