The Norron Nordic Long/Short Equity fund rose 2.73 percent in May. Since the beginning of the year, the fund has returned 0.21 percent. This is according to a monthly report from the management team consisting of Marcus Plyhr, Peter Werleus, Jan Törnstrand, and Jesper Laudon.

The managers describe May as a month where risk appetite improved across financial markets. Although geopolitical uncertainty has not disappeared, the market is judged to have increasingly begun to price in the avoidance of the most negative outcomes related to energy supply and global trade.

Performance among the fund's holdings was broad-based, but several larger positions provided clear support to returns. Serial acquirers performed particularly strongly, where valuations, according to the managers, appeared attractive.

Vestum and Sdiptech were among the most significant positive contributors. It is noted that both companies show signs of better underlying performance, with rising organic growth, improved margins, and higher operational stability. This development is now considered to have begun gaining more traction in share prices.

'SSAB also performed strongly and contributed positively to the fund's return. For several years, the company has implemented significant operational improvements while the balance sheet has been considerably strengthened. In addition, steel prices have been supported by tariff-related measures in both the EU and the US', the management continues.

In addition to these holdings, the fund benefited from performance in Framery, Hexagon, and Wall to Wall.

On the negative side was Alfa Laval, which pulled back after a strong price performance earlier in the year. Icelandic Salmon, Sagax, and Lindab were also among the weaker holdings during the month.

Exposure to the forestry sector also weighed on returns. However, the managers still see potential in several forestry companies, which are judged to be trading at attractive levels. The companies are expected to benefit if the economic cycle broadens and investment willingness and risk appetite continue to strengthen.

The fund's net exposure amounted to 70 percent at month-end, corresponding to a beta-adjusted net exposure of 45 percent.

At the end of the month, the fund's three largest holdings were Icelandic Salmon, Vestum, and Valmet, with portfolio weights of 5.91, 5.26, and 5.25 percent respectively.

Norron Nordic Long/Short Equity, %May, 2026
Fund MTD, change in percent2.73
Fund YTD, change in percent0.21