The Stockholm Stock Exchange kicked off 2026 on a positive note, buoyed by expectations of an improved industrial outlook. Heavyweight industrial companies accounted for a significant portion of January's gains, while defense firm Saab also posted strong performance.
Earnings season revealed robust demand in the mining sector, benefiting Epiroc and Sandvik. However, demand remained weak in the automotive, construction, and broader industrial sectors.
ABB, with exposure to AI and electrification, reported record-high order intake and raised its targets, resulting in a clear share price increase.
Major banks, which have performed strongly for several years, initially rose, but the market's reaction to their reports was more muted than in previous periods. Cyclical consumer companies and healthcare underperformed during the month. Expectations that a stronger domestic consumption would drive growth in 2026 have not yet been reflected in share prices.
The fund got off to a good start to the year, mainly thanks to successful stock selection within the industrial sector.
Alfa Laval, Saab, and ABB, all large holdings with positive active weights, were among the top contributors.
However, the underweight in Epiroc weighed on relative returns, as the company, after several quarters of margin disappointments, delivered results in line with expectations and reported strong order intake, driving the share price up.
Rising commodity prices were another theme in January, with the holding in Boliden contributing positively.
On the downside was Scandic Hotels, whose shares have struggled to recover after major shareholder Eiendomsspar sold shares in November. The fund manager is awaiting the next quarterly report before reassessing the position.
EQT contributed negatively despite a strong report with solid capital raising and high carried interest.
The largest holdings in the fund's portfolio at the end of the month were Investor, Atlas Copco, and Volvo, with weights of 9.66, 8.90, and 6.71 percent, respectively.
| Alfred Berg Sverige Gambak R (SEK), % | January, 2026 |
| Fund MoM, change in percent | 4.23 |
| Index MoM, change in percent | 3.28 |
| Fund one year, change in percent | 13.84 |
| Index one year, change in percent | 9.02 |
