Initially, the managers write that February was characterized by an intensive and overall positive earnings season for the fund. In several cases, a gradual improvement in the business climate was confirmed, despite a continued uncertain macroeconomic and geopolitical global situation.
At the same time, increasing discussions regarding potential AI disruption in certain business models were noted, contributing to increased sector rotation and higher market volatility.
Among the holdings that benefited the fund was AAK, which delivered a stable report with strong margin development driven by good cost control and an improved product mix.
“Despite some uncertainty regarding commodity prices, the company showed resilience in its business model and cash generation, confirming our view of the company's quality and long-term structural growth opportunities,” the managers write.
Orkla also reported strongly, exceeding market expectations.
On the credit side, Siriuspoint, Transcom, and Heimstaden Bostad are highlighted as positive contributors following strong reports.
“The fund acted selectively, prioritizing companies with strong balance sheets and clear cash flow profiles.”
At the turn of the month, the fund's three largest holdings were Investor, Atlas Copco, and Volvo, with portfolio weights of 4.4, 4.3, and 4.1 percent, respectively. During the month, the equity portion was reduced from 63.0 to 61.5 percent.
| Carnegie Strategifond, % | February, 2026 |
| Fund MM, change in percent | 3.02 |
| Fund this year, change in percent | 3.57 |
