Initially, the managers write that the stock market rally continued during the month, primarily driven by heavyweights within the industrial sector. Financial statements showed significant negative translation effects from the strong Swedish krona, but the market was willing to look past this.
Hopes for an economic upturn during the year led to strong performance for clearly cyclical companies such as Volvo, SKF and Trelleborg.
Among the top contributors to the fund's return were companies such as Epiroc, Sandvik, ABB, Volvo, SKF and Trelleborg. Astra Zeneca also benefited the fund's performance during the month.
On the negative side were several companies in consumer-related businesses and players perceived to be disadvantaged by the increased use of AI tools, including EQT, where there is a risk that they may have to write down the value of some of their software companies.
The fund was also hit by share price falls in Camurus, Verisure and Volvo Cars following disappointing reports.
"In the case of Volvo Cars, the report was very weak and the hopes built up since the last quarterly report that the company is on the right track were shattered," the managers write.
Regarding portfolio activity, the managers have chosen to sell the holdings in these three companies, while they have maintained the investment in EQT.
The three largest equity holdings were Investor, Atlas Copco and Volvo with portfolio weights of 9.50 percent, 9.13 percent and 8.21 percent respectively.
| Alfred Berg Sverige Gambak R (SEK), % | February, 2026 |
| Fund MM, change in percent | 4.20 |
| Index MM, change in percent | 6.10 |
| Fund YTD, change in percent | 8.61 |
| Index YTD, change in percent | 9.58 |
