The Odin Norden fund declined 4.47 percent in March, underperforming its benchmark index which fell 2.70 percent. Since the turn of the year, the fund has decreased by 4.64 percent, trailing the index which has gained 1.90 percent. This is according to a monthly report from fund managers Vigdis Almestad and Atle Hauge.

"Global equity markets continued to retreat in March, and the Nordic market was no exception," the management duo noted at the outset.

The Nordic market saw weak performance with a decline of approximately 4 percent, while the fund fell slightly more than the index. This underperformance is attributed to a relatively high allocation to small and mid-cap companies as well as limited exposure to the oil sector. Performance across countries was markedly divergent, with Norway showing strength while Sweden experienced a weak month.

On a sector basis, energy, utilities, and telecommunications performed best, while technology, industrials, and consumer discretionaries were among the weakest areas.

Furthermore, the managers noted that the market remains characterized by the geopolitical situation following the U.S. and Israeli strikes against Iran, where concerns regarding the Strait of Hormuz contributed to sharply rising oil prices. The initial shock has gradually evolved into a more protracted state of uncertainty, with the market periodically pricing in the risk of a more prolonged conflict and sustained high energy prices.

Higher oil prices have simultaneously pushed up inflation expectations, which in turn has led to rising long-term interest rates in both Europe and the U.S. This has further dampened risk appetite and contributed to a more volatile market environment. Meanwhile, the Norwegian krone continued to strengthen against the Swedish krona.

In conclusion, the managers commented on the portfolio where activity remained high at the corporate level. Addlife, Assa Abloy, Atlas Copco, Mowi, and Sweco all completed acquisitions during the month, signaling a continued appetite for expansion despite the uncertain macroeconomic backdrop. At the same time, several companies have continued to repurchase their own shares, as lower price levels have improved the conditions for value-creating buybacks.

The fund's largest holdings at month-end were Protector Forsikring at 5.32 percent, followed by DSV and Securitas with weightings of 5.19 and 4.96 percent, respectively.

Odin Norden, %March, 2026
Fund MoM, percentage change-4.47
Index MoM, percentage change-2.70
Fund YTD, percentage change-4.64
Index YTD, percentage change1.90