At the outset, the manager notes that global equities climbed by nearly 2 percent in January, as measured by the MSCI World Index in local currency. Early in the month, financial markets were shaped by geopolitical factors, after which the focus shifted to the earnings season.
The manager believes that new industrial data from the United States strengthens growth prospects going forward.
"Growth prospects appear to be improving further, supported by strong industrial data from the US. The energy sector has been a driving force for developments at the start of the year, due to both geopolitics and as part of an expected broader spread of the AI boom with increased energy demand."
In conclusion, it is emphasized that the high valuations characterizing the stock markets mean that even minor deviations from expectations during the earnings season could be harshly punished by the market. At the same time, it is highlighted that the market remains marked by geopolitical and macroeconomic uncertainty.
The largest holdings in the fund's portfolio at the turn of the month were Atlas Copco, Investor, and Volvo, with portfolio weights of 4.6, 3.9, and 2.9 percent, respectively.
Regarding the fund's sector allocation, industry, finance, and information technology were the largest sectors, with weights of 28.6, 20.0, and 17.8 percent, respectively.
At the end of the month, the fund had its greatest exposure to Sweden, the United States, and the United Kingdom, with allocations of 44.2, 29.4, and 3.6 percent, respectively.
| GodFond Sverige & Världen, % | January, 2026 |
| Fund MoM, change in percent | 0.52 |
| Index MoM, change in percent | 1.07 |
| Fund one year, change in percent | 1.22 |
| Index one year, change in percent | 3.25 |
