At the outset, the managers note that the Nordic market climbed by 1.8 percent during January, driven by strong performance among large-cap companies. Notably, Novo Nordisk advanced thanks to promising sales figures for oral semaglutide, while Saab and Kongsberg Gruppen benefited from heightened geopolitical tensions.
The fund's sector allocation contributed positively to returns in January, while stock selection had a negative impact.
"The portfolio's sector allocation strategy made a positive contribution, mainly due to an overweight in utilities and industrials, as well as an underweight in consumer discretionary. However, these gains were partly offset by negative effects from an overweight in the media and entertainment sector and a mandatory underweight in the energy sector," the managers write.
The main positive contribution came from Ørsted, with Boliden, Epiroc, and Sandvik also performing strongly as metal prices rose.
Among the largest negative contributors were Embracer Group, Beijer Ref, and Billerud.
During the month, the fund increased its positions in Atlas Copco, Munters, and Volvo, while Alfa Laval was added to the portfolio.
These investments were partly financed by reducing holdings in Indutrade, Billerud, and Embracer Group, where the managers express caution regarding profit outlooks for 2026.
At the end of the month, the fund's largest holdings were Novo Nordisk, Atlas Copco, and Nordea, with portfolio weights of 8.24, 6.86, and 5.13 percent, respectively.
Sweden, Denmark, and Finland represented the largest markets, with exposures of 43.77, 24.86, and 14.21 percent, respectively.
| DNB Grønt Skifte Norden S, % | January, 2026 |
| Fund MoM, change in percent | 2.40 |
| Index MoM, change in percent | 2.76 |
| Fund one year, change in percent | 2.19 |
| Index one year, change in percent | 3.51 |
