Initially, the managers note that the month was characterized by lower inflation, a stronger krona, and dovish comments from the Riksbank, which contributed to falling interest rates. However, the month ended with a sharp geopolitical escalation in the Middle East, which in turn had a clear impact on the credit market.
"A short-term war is unlikely to give us energy prices on par with those seen during Russia's invasion of Ukraine, nor create a new wave of inflation. The Strait of Hormuz being closed for 2–3 weeks is unlikely to be sufficient for this. However, if the conflict becomes prolonged and more countries are drawn in, a more uncertain situation arises," the managers write.
Nordic credit spreads for high-yield companies remained relatively stable during the period, meaning the fund's return partly came in the form of ongoing coupon payments.
At the corporate level, Bonava delivered a credit-positive report, according to the managers. Meanwhile, European Energy reported weaker results than expected.
During the month, the fund added Kredinor as a new holding, rolled its holding in Zengun into a new four-year bond, and sold a minor holding in Fastpartner.
The largest holdings in the fund's portfolio at month-end were Nordea Bank, Corem Property Group, and European Energy, with portfolio weights of 3.6, 3.4, and 3.2 percent, respectively.
The fund had its largest geographical exposure to Sweden with a weight of 46.0 percent, followed by Norway and Finland with exposures of 23.6 and 11.1 percent, respectively.
Interest rate duration stood at 0.5 years and credit duration at 2.5 years.
| Lannebo High Yield, % | February, 2026 |
| Fund MM, change in percent | 0.2 |
| Index MM, change in percent | 0.6 |
| Fund YTD, change in percent | 0.6 |
| Index YTD, change in percent | 1.2 |
