Following a very strong 2025, the Oslo Stock Exchange has continued its upward trajectory in the early part of 2026. According to the managers, the news flow was intense, with a focus on geopolitics, macroeconomics, and movements in commodity prices, while most quarterly reports are still to be released. Overall, good results are expected from the portfolio companies.
Gjensidige was among the first to report and, according to the managers, delivered underlying strong figures. The results were negatively affected by write-downs of IT investments, but premium growth and cost control are highlighted as key factors for improved profitability going forward.
The oil price has risen at the start of the year, partly linked to the tense situation in Iran and the potential impact on the country's exports. Shares in the oil services industry have benefited, with the fund's holdings in DOF Group and Subsea7 also performing strongly.
On the domestic market, the development in several commodities, including gold, silver, and industrial metals such as copper and aluminum, has attracted particular attention. According to the managers, significant financial speculation has contributed to the price increases, although fundamental drivers may also play a role. It is considered difficult to determine when and at what level price movements will subside.
The largest positive contributions to the fund's return during the month came from Kongsberg Gruppen, DOF Group, and Aker BP. On the negative side, Envipco, Gjensidige, and Bakkafrost contributed the most.
During the month, the last part of the holding in Kitron was sold after a strong price performance over several years. The holding in Orkla was gradually reduced, while the position in Storebrand was increased.
The fund holds an average of around 30 investments, making it relatively concentrated, which can lead to clear deviations from the broader market. The managers state that complete changes in holdings happen relatively rarely, typically two to three times per year. Recently, Telenor, Bouvet, and Kitron have been divested, while Storebrand and Elkem have been added.
Instead, allocation between holdings is continuously adjusted based on each company's attractiveness.
"The starting point is that 'companies change much more slowly than share prices.' If we see large price movements without, in our assessment, sufficiently strong fundamental reasons, we choose to increase or decrease exposure. We are convinced that this approach over time contributes to outperformance for the fund's unitholders," the management concludes.
At the end of the month, the fund's largest holding was Autostore at 6.81 percent, followed by DOF Group and Equinor with portfolio weights of 6.62 and 6.59 percent, respectively. The largest sectors were industrial goods and services, energy, and finance.
| Odin Norge C, % | January, 2026 |
| Fund MoM, change in percent | 1.44 |
| Index MoM, change in percent | 5.23 |
