Initially, the manager notes that the global equity market strengthened during the month. Interest rates were generally falling and the Swedish ten-year yield declined, while the krona weakened against both the dollar and the euro. Commodities also performed strongly during the period.
For the Swedish stock market, the earnings season contributed to a positive climate, where large-cap companies showed strong performance. The telecom and commodities sectors acted as drivers, while finance saw a more cautious development.
"The earnings season contributed to the positive market climate. Ericsson reported sales growth in the fourth quarter, strengthened profitability, and launched a proposal for share buybacks - the message of improved margin discipline was one of the month's positive talking points," the manager writes.
At the company level, the fund benefited primarily from holdings in Nokia, Stora Enso, and Swedish Orphan Biovitrum. These companies rose 23.9 percent, 14.7 percent, and 12.4 percent respectively during the month. On the opposite side, Addnode, EQT, and Kinnevik weighed on performance.
The three largest equity holdings at the end of the month were Investor, Atlas Copco, and Volvo, with portfolio weights of 7.87, 6.67, and 4.95 percent respectively.
| Indecap Sverige C, % | February, 2026 |
| Fund MM, change in percent | 6.64 |
| Fund YTD, change in percent | 8.05 |
