The month was characterized by geopolitical uncertainty and new headlines regarding trade tariffs, while the fourth-quarter reporting season drew to a close. According to the managers, the dispersion in returns remains high across sectors, company sizes, and factors, which increases the importance of selective stock picking and sector allocation.
Themes linked to electrification, as well as the mining and mining equipment sectors, continued to show strength. This development has largely been driven by large industrial companies which, after several years of strong share price performance, are now trading above their historical valuation multiples.
The management team believes this suggests that the next phase of the cycle may involve a broader rally within the sector rather than further multiple expansion in the largest companies.
At the same time, small-cap stocks are highlighted as a segment where valuations appear attractive after several quarters of capital outflows. A gradual normalization is considered possible, particularly among quality companies with strong cash flows and low capital intensity.
Among the month's largest positive contributors were Vestum, ABB, and Bravida in the long book, as well as MTG, Asker, and Yubico in the short book. Weaker performance was noted in holdings such as Wall to Wall Group, Framery, and Novo Nordisk in the long book, and Sandvik, Wärtsilä, and Kone in the short book.
The fund's beta-adjusted net exposure amounted to 25 percent at the end of the month. Equity and fixed income allocation stood at 80 and 20 percent, respectively.
The largest holdings in the fund at month-end were Valmet at 5.41 percent, followed by Wall to Wall and Icelandic Salmon with portfolio weights of 4.92 and 4.62 percent, respectively.
| Norron Nordic Multi Strategy, % | February, 2026 |
| Fund M/M, change in percent | -0.32 |
| Fund YTD, change in percent | -2.10 |
