The manager begins by discussing the macroeconomic environment.
Conditions are considered favorable for the fund's investment strategy to deliver attractive returns with low risk over a twelve-month horizon. However, early 2026 has been marked by significant political initiatives from the American administration, including issues related to Greenland, Ukraine, Iran, and Gaza, which have contributed to increased volatility in currency and commodity markets.
Geopolitical events are expected to have mainly short-term effects on the markets. Provided the United States avoids recession, global corporate earnings are projected to grow by 12 to 14 percent during 2026. This outlook is supported by strong purchasing managers' indexes, tax cuts, interest rate reductions, and more optimistic consumers in the U.S.
For the fund, the Swedish equity portfolio contributed positively to returns. However, the fund's global equities were negatively affected by a strengthening Swedish krona. Over the month, the krona appreciated against the euro, the dollar, and the pound. The manager expects the krona to remain relatively unchanged against other currencies over the next twelve months.
The individual stocks that contributed most positively to the portfolio's performance were Sandvik, ABB, and Volvo. The largest negative contributions came from Microsoft, Billerud, and Apollo Global Management.
The fund's fixed income portfolio returned 0.8 percent in January. Fixed-rate corporate bonds were the strongest performing asset class within the fixed income portfolio.
The fund currently has an equity weighting of 29 percent, reflecting the management's positive outlook on the equity market. Over time, the target is for the average equity weighting to be 25 percent.
At the portfolio level, EQT is a new holding in the fund. The acquisition of Coller Capital strengthens the company's offering in so-called secondaries, a segment expected to grow faster than traditional private equity. This is anticipated to contribute to accelerated revenue and cash flow growth in the coming years.
Within the fixed income portfolio, the goal is to achieve at least a 5 percent return over twelve months given current interest rate conditions. Several holdings, according to the managers, offer attractive ongoing yields.
The fund's largest issuers were Nordea, Swedish government bonds, and SEB, with weightings of 5.5, 4.2, and 4.1 percent, respectively. The largest equity holdings were Meta Platforms, Alphabet, and Assa Abloy, with weightings of 1.3, 1.2, and 1.2 percent, respectively.
| Lancelot Stabil, % | January, 2026 |
| Fund MM, change in percent | -0.1 |
| Index MM, change in percent | 0.2 |
