Initially, the managers write that the month was characterized by a clear shift in risk appetite, as markets recovered following previous macroeconomic and geopolitical concerns. Focus returned to fundamentals, supported by a positive earnings season, which contributed to rising prices globally.
Cyclical and growth-oriented sectors performed strongly during the period.
According to the managers, the Nordic earnings season has confirmed a stable economic environment, where operating profits adjusted for energy and one-off items have so far exceeded expectations by approximately 2 percent.
'Particularly noteworthy is that small and mid-cap companies, for the first time in several years, have over-delivered against expectations, signaling a potential trend shift', the managers write.
The primary contributors to the fund's return during the month were Vestum, Thule, and Sdiptech.
On the negative side, Valmet, Afry, and Mowi weighed on performance.
Regarding the portfolio's orientation, the sustainability theme of innovative and sustainable solutions was the month's best contributor, while exposure to climate and environment weighed on returns.
Looking ahead, the managers emphasize that geopolitics remains an uncertainty factor, requiring flexibility in management.
The geographical distribution consisted of 89.3 percent Sweden, followed by Finland and Norway with exposures of 7.2 and 3.5 percent, respectively.
At the end of the month, the fund's three largest equity holdings were Atlas Copco, Vestum, and Hexagon, with portfolio weights of 9.42, 6.88, and 6.51 percent, respectively.
| Norron Nordic Sustainable Equity, % | April, 2026 |
| Fund MM, change in percent | 5.18 |
| Fund YTD, change in percent | 0.51 |
