The Odin Norge C fund climbed 3.97 percent in December, outperforming its benchmark index which rose 2.85 percent. Over the past year, the fund delivered a return of 14.61 percent, also beating the index's 13.03 percent gain. This is according to a monthly report written by the fund's managers, Atle Hauge and Vigdis Almestad.

At the outset, the management duo notes that 2025 proved to be a strong year on the Oslo Børs, despite a global climate marked by geopolitical uncertainty and political changes. The real economy and corporate earnings developed better than expected, lending support to the stock market throughout the year.

The managers further observe that the year was characterized by both headwinds and gradually improving prospects for portfolio companies. Cost pressures and weaker demand eased, but uncertainty led to postponed investments and significant share price swings.

The fund has pursued a contrarian strategy focusing on quality companies, capitalizing on price fluctuations to increase positions in undervalued holdings and reduce them where valuations became stretched, including through its investment in AutoStore.

Portfolio changes during the year mainly consisted of weight adjustments. Entire holdings in Vår Energi, Telenor, and Norsk Hydro were divested following strong share price performance or stretched valuations. At the same time, exposure was increased in companies such as Envipco, Link Mobility, and Nordic Semiconductor, where the fund sees attractive long-term potential.

The largest positive contributions to the fund's return during the year came from Kitron, Gjensidige, and AutoStore. On the negative side, Vend Marketplaces, Bakkafrost, and TGS had the most impact.

Looking ahead to the coming year, global growth is expected to remain stable while inflation is better under control, but geopolitics is anticipated to continue playing a central role. The fund enters next year with a focus on long-term value creation in selected quality companies.

The fund's largest holdings at the end of the month were AutoStore at 7.18 percent, followed by DOF Group and Nordic Semiconductor with portfolio weights of 6.20 and 5.97 percent, respectively. The largest sectors were industrial goods and services, energy, and finance.

Odin Norge C, %December, 2025
Fund MM, change in percent3.97
Index MM, change in percent2.85
Fund YTD, change in percent14.61
Index YTD, change in percent13.03