The managers initially write that the month was characterized by headlines regarding geopolitics and trade tariffs, while the reporting season for the fourth quarter concluded.
The dispersion in returns between sectors, company sizes and factors remained large, which according to the management team underscores the importance of selective stock picking and careful sector allocation.
Themes linked to electrification as well as mining and mining equipment companies continued to show strength. Development has largely been driven by larger industrial companies which, after several years of price increases, are now trading above their historical valuation multiples.
The managers assess that the next phase in the sector will likely involve a broader rise within the segment rather than further valuation expansion in the largest companies.
Furthermore, the managers believe that small-cap companies appear attractive after several quarters of capital outflows, especially quality companies with strong cash flows and low capital intensity, which could provide room for gradual normalization.
The portfolio is positioned towards real assets, industrial companies and Nordic compounders with strong cash flows and limited capital risk. Among the month's largest positive contributors were Vestum, Bravida and UPM in the long book, as well as Asker, MTG and Yubico in the short book.
Weaker performance was noted among holdings such as Novo Nordisk, Wall to Wall Group and Framery (long book) as well as Sandvik, Wàrtsilà and Metso (short book). The fund's beta-adjusted net exposure amounted to 50 percent at the end of the month.
The largest holdings in the fund at the end of the month were Valmet at 6.39 percent, followed by Atlas Copco and Wall to Wall with portfolio weights of 5.56 and 4.98 percent respectively.
| Norron Nordic Long/Short Equity, % | February, 2026 |
| Fund MM, change in percent | 1.15 |
| Fund this year, change in percent | -0.35 |
