The managers initially note that equity markets fell broadly in March following military actions by the US and Israel against Iran. Consequently, oil and natural gas prices have risen sharply, posing a risk of resurgent inflation and reduced household purchasing power, despite forecasts previously pointing toward strengthened private consumption.
"Expectations for central banks have shifted from pricing in rate cuts to anticipating further rate hikes instead. The risk of a sustained higher inflation rate to which central banks must react naturally depends on how long oil prices remain at elevated levels. For now, however, it seems unlikely that central banks will need to respond with rate hikes," the managers write.
They add that central banks are simultaneously excluding energy and focusing on core inflation to avoid double-tightening in the face of an oil price supply shock.
In the Nordic region, Norway performed the strongest, as many companies are positively impacted by high oil prices. Sweden, which has a high concentration of cyclical companies, was at the bottom. Meanwhile, the trend in Sweden shifted as small-cap stocks outperformed large-caps.
Furthermore, the management expects a market recovery and thus maintained the equity allocation unchanged at around 85 percent. Banks are described as having attractive valuations, even though certain holdings in the sector were reduced, while exposure to smaller companies remains relatively large.
During the month, Volvo and Storebrand were added as new holdings. The former pulled back significantly at the start of the conflict - which was viewed as a favorable buying opportunity given the company's strong order intake.
"The Norwegian insurance company Storebrand also entered the fund. The company has gradually strengthened its market share in the life insurance market in both Norway and Sweden, which is not reflected in the valuation. We see potential to grow total returns by at least ten percent per year for a long time to come."
Additionally, Novo Nordisk, Hexagon, and Axfood were completely divested.
The fund's largest holdings at month-end were Investor, Alfa Laval, and Nordea Bank, with portfolio weights of 7.1, 5.7, and 5.0 percent, respectively.
The fund had its largest geographical exposure to Sweden with a weight of 69.0 percent, followed by Finland and Norway with exposures of 12.6 and 8.0 percent, respectively.
| Lannebo Mixfond Offensiv, % | March, 2026 |
| Fund M/M, percentage change | -3.8 |
| Index M/M, percentage change | -5.9 |
| Fund YTD, percentage change | -2.2 |
| Index YTD, percentage change | -0.8 |
