The Odin Norge C fund rose 0.35 percent in May, outperforming its benchmark index which climbed 0.20 percent. Since the turn of the year, the fund has returned 22.04 percent, trailing the index which has increased by 29.65 percent. This is according to a monthly report written by fund managers Atle Hauge and Vigdis Almestad.

'After a very strong start to 2026, the Oslo Stock Exchange has traded relatively sideways during April and May. The first-quarter reporting season has now concluded, and results from the fund's holdings were generally solid,' the managers write initially.

One of the long-term holdings is Multiconsult, which is deemed to hold a strong position in its market. Although there have been concerns regarding how AI might impact the consulting sector, and despite growth and margins not fully meeting market expectations, the company's commercial strength is considered significant. The manager also expects improved profitability ahead.

In the salmon farming sector, positive updates were received from Bakkafrost and SalMar. The strong performance was not entirely unexpected, as the market was already aware of the favorable biological conditions. For Bakkafrost, the coming year is expected to be particularly interesting following measures taken in the previously challenging Scottish operations, which could yield positive effects in 2027.

Oil and gas-related stocks have moved sharply during the year in tandem with news from the Middle East. However, the managers place the greatest emphasis on the companies' operational development. DOF Group is reported to have delivered a strong report, even though the stock market reaction was muted. Meanwhile, underlying markets are described as remaining robust.

For several years, the fund has maintained significant exposure to oil services, particularly subsea operations. According to the management, oil companies' investments in reserves near existing infrastructure have created high activity, shorter lead times, and strong earnings growth for these businesses. At the same time, capacity, notably in terms of vessels, has increased slowly, providing support for margins.

Subsea 7 and DOF Group remain in the portfolio and are considered to be undervalued. It is believed that the market could remain tight for several years, and the fund therefore sees continued attractive exposure to the sector.

Looking ahead, increased investor interest in the energy sector is highlighted. This is linked both to the vulnerability surrounding the Strait of Hormuz and to growing electricity demand from data centers and AI, making energy an increasingly important theme in capital allocation.

Within the portfolio, the holding in Lerøy Seafood Group was sold during the month. The fund also participated in a share issue in Elkem.

At the turn of the month, the fund's three largest equity holdings were Nordic Semiconductor, Vend Marketplaces, and Equinor, with portfolio weights of 7.17, 7.15, and 7.11 percent respectively.

Geographically, the fund was almost entirely exposed to Norway.

The largest sectors were industrials and energy, with portfolio weights of 22.09 and 21.05 percent respectively.

Odin Norge C, %May, 2026
Fund MTD, percentage change0.35
Index MTD, percentage change0.20
Fund YTD, percentage change22.04
Index YTD, percentage change29.65