The managers note that the year began with rising stock markets, despite a continued intense flow of geopolitical news. Gradually stronger macroeconomic signals and an initially stable earnings season helped to ease concerns, even though sector swings were evident and trade policy statements repeatedly created volatility.
Towards the end of the month, several portfolio companies reported their quarterly results. Epiroc was well received by the market after delivering a report that, although in line with expectations, reduced uncertainty regarding margin development and order intake. Comparisons with Sandvik had previously weighed on sentiment, but the company is now considered to have taken steps in the right direction.
The insurance sector in the Nordics faced greater challenges. Headlines about aggressive pricing in the US linked to Tesla's autonomous vehicle insurance put broad pressure on the sector. However, this is interpreted as a limited phenomenon in a specific market, rather than a structural threat to Nordic players. Tryg reported above expectations but still traded lower, which was said to have motivated an increased exposure.
Forestry companies SCA and Holmen reported somewhat weaker results than forecasts, mainly due to lower timber prices and a sluggish pulp market. At the same time, costs continued to normalize, and the companies' strong balance sheets and cash flows provide support ahead of a future demand recovery. The assessment is that the market places great emphasis on short-term fluctuations in a limited part of value creation.
In the credit market, activity in the primary segment increased compared to December. The fund acted selectively in new issues. According to the managers, margins remained stable and interest in issuers with robust cash flows and clear business models remained strong.
During the month, the fund's equity allocation was approximately 62-63 percent.
The largest equity holdings were Investor, Volvo, and Atlas Copco, with portfolio weights of 5.2, 4.3, and 4.2 percent, respectively. Industry was by far the largest sector, followed by investment companies and real estate.
Sweden was the largest market with a weight of 73.3 percent, followed by Norway and Denmark at 8.9 and 5.9 percent, respectively.
| Carnegie Strategifond, % | January, 2026 |
| Fund MM, change in percent | 0.53 |
