The Odin Norden fund rose 2.54 percent in February, outperforming the fund's benchmark index which rose 1.92 percent. Since the beginning of the year, the fund has decreased by 0.18 percent, thus trailing the index which has increased by 4.73 percent. This is stated in a monthly report from the fund's managers Vigdis Almestad and Atle Hauge.

Initially, it is noted that the Nordic stock market fell slightly in February. Measured in local currencies, several exchanges rose, but both the euro and the Swedish and Danish kronor weakened against the Norwegian krone. Consequently, both the fund and the market fell slightly when calculated in Norwegian kroner.

According to the managers, market development continued to be influenced by inflation figures, interest rate expectations, and corporate reports. Inflation in Europe generally came in higher than expected, which contributed to expectations of rapid interest rate cuts being pushed forward.

At the same time, uncertainty prevails regarding how artificial intelligence may affect companies' competitive positions. According to the management, there is growing concern that cheaper and more accessible technology could increase competition in several industries. Business models that previously enjoyed advantages through technology, economies of scale, or network effects thus risk being challenged.

Trade policy in the US also received attention. According to a decision from the US Supreme Court, Donald Trump lacked legal support for certain previous tariffs. In response, the administration attempted to introduce new trade barriers supported by the Trade Act of 1974. The tariff level was reportedly raised to 15 percent starting February 24.

Among individual companies, Novo Nordisk received significant attention. The company presented results from the REDEFINE study for the obesity drug CagriSema, where patients on average reduced their weight by 23 percent over 84 weeks. The outcome was weaker than market expectations and lower than the results for the competitor Zepbound from Eli Lilly, causing the stock to fall sharply.

The reporting season for the fourth quarter is now largely completed. The portfolio companies are described as having collectively delivered stable results, although price reactions have been significant depending on whether companies exceeded or missed expectations.

For the portfolio as a whole, organic sales growth amounted to 2 percent during the fourth quarter, while operating profit increased by the same amount. Earnings per share rose 3 percent and cash flow was unchanged. For the full year 2025, sales growth amounted to 3 percent while earnings per share increased by 1 percent.

The largest holdings in the fund's portfolio at the end of the month were Protector Forsikring at 6.35 percent, followed by DSV and Securitas with weights of 5.12 and 4.70 percent respectively.

Odin Norden, %February, 2026
Fund MM, change in percent2.54
Index MM, change in percent1.92
Fund YTD, change in percent-0.18
Index YTD, change in percent4.73