The Lannebo Mixfond Offensiv fund rose 1.9 percent in February, underperforming its benchmark index which rose 3.5 percent. Since the turn of the year, the fund has returned 1.4 percent, trailing the index which has increased 5.4 percent. This is according to a monthly report from the management duo consisting of Katarina Ponsbach Carlsson and Peter Lagerlöf.

The managers initially note that February was a strong month in the Nordic markets, with the exception of Denmark.

There were also positive sentiments in Asia and Europe, while the US market lost its leadership position due to concerns over high valuations and outflows from international investors. Small-cap performance was strong internationally, although they continued to lose ground to large-caps in Sweden.

Furthermore, the US Supreme Court ruled that the manner in which tariffs were introduced during 2025 was illegal. Simultaneously, new tariffs of 15 percent were introduced for all countries supported by a different law.

In Europe, the long-awaited economic recovery is described as still being absent, even though the Purchasing Managers' Index for the manufacturing industry rose to its highest level since mid-2022.

"Not even in Germany, which is implementing major fiscal stimulus, has the economy gained momentum," the managers write.

Among the fund's holdings, Bravida is highlighted as a positive contributor after raising profit margins and noting improved business activity. Meanwhile, the fund's relatively large exposure to smaller companies contributed negatively to relative returns.

Regarding portfolio activity, no major changes were made. The largest purchases were carried out in SCA and Asker, while the largest sales took place in Thule and Leröy Seafood. The managers have also slightly reduced some bank holdings, while the sector is described as still having an attractive valuation.

The largest equity holdings in the fund's portfolio at the end of the month were Investor, Nordea Bank, and Alfa Laval, with portfolio weights of 7.4, 6.0, and 5.7 percent respectively. The equity portion amounted to approximately 85 percent.

The fund had its largest geographical exposure to Sweden with a weight of 71.8 percent, followed by Finland and Denmark with exposures of 13.3 and 6.4 percent respectively.

Lannebo Mixfond Offensiv, %February, 2026
Fund M/M, change in percent1.9
Index M/M, change in percent3.5
Fund YTD, change in percent1.4
Index YTD, change in percent5.4