The managers initially note that January was characterized by high volatility, despite relatively stable index movements.
The fund performed well in its large-cap exposure, with long positions in Atlas Copco, Boliden, Epiroc, and ABB contributing positively. On the short side, Small Cap Future, HMS Network, and Embracer delivered the best results. Among the negative contributors in the long book were Hexpol, Vestum, and Vitrolife, while Sandvik and Vend weighed on the short book.
The managers further comment on small and mid caps, where movements were significantly more extreme.
"The differences in report outcomes and subsequent price reactions remain large, with companies missing expectations being heavily penalized, while those exceeding estimates are clearly rewarded," the managers write.
This negatively affected the fund's alpha within smaller companies, even though the underlying investment cases, according to the fund company, are developing as planned.
The managers have gradually reduced the fund's beta-adjusted net exposure in line with increased market uncertainty and higher idiosyncratic risk. At the end of January, net exposure was below 25 percent.
Strategically, the fund continues to increase its exposure to quality companies and selected small caps in preparation for 2026. The macro picture points to a gradually calmer environment for interest rates and inflation, which has historically benefited smaller companies with higher operational leverage.
| Norron Nordic Multi Strategy, % | January, 2026 |
| Fund MM, change in percent | -1.79 |
| Fund year to date, change in percent | -1.79 |
