The managers initially noted a distinct downturn in the equity market during March, where performance was largely shaped by increased uncertainty linked to the conflict in the Persian Gulf. Concerns over a weakening economic outlook, rising inflation, and consequently higher interest rates weighed on risk appetite.
A notable shift during the month was that large-cap stocks generally underperformed small and mid-cap companies.
Among the fund's holdings, Avanza, Nordnet and Mycronic showed the strongest performance during the month. While there was an absence of company-specific news for Avanza and Nordnet, higher market volatility historically tends to drive increased trading activity, which likely contributed positively.
On the weaker side were Epiroc, Atlas Copco and Medicover, also without direct corporate events. No changes were made to the portfolio during the month.
A large proportion of the portfolio companies, over 80 percent, have validated climate targets according to SBTi. This means the companies have committed to reducing their emissions in line with science-based climate pathways.
"In a period characterized by geopolitical unrest and uncertain energy prices, we see this as a concrete sign of resilience. We actively monitor those companies that do not yet have validated targets; Axfood is one example where work is progressing," the management team writes.
During the quarter, several site visits were also conducted, reinforcing the view of the portfolio's long-term quality. Dialogues with Atlas Copco during an investor trip to China confirmed continued strong demand linked to electrification and energy efficiency.
The managers' visit to Astra Zeneca in Södertälje demonstrated how sustainability work is integrated into operations, while meetings with HP Valves, Hitma (Indutrade), as well as Sweco in the Netherlands and Belgium, confirmed the same pattern, according to the managers.
"Our overall assessment is that the portfolio consists of responsible companies that stick to their long-term goals even in a more uncertain world – and it is in such periods that this demonstrates its true value," the managers state.
In conclusion, the management team also notes that valuations in several cases have come down to more attractive levels, and they view the month's performance as being driven more by sentiment than by fundamental changes.
The fund's largest holdings at month-end were Astra Zeneca, Assa Abloy and EQT, with portfolio weights of 6.68, 6.42 and 6.03 percent respectively.
| Odin Sverige C SEK, % | March, 2026 |
| Fund MTD, percentage change | -7.50 |
| Index MTD, percentage change | -8.13 |
| Fund YTD, percentage change | -6.55 |
| Index YTD, percentage change | 0.63 |
