At the outset, the managers note that the fund delivered a return above the portfolio's running coupon in January, driven by favorable spread tightening.
Credit markets are described as having been generally stable during the month, with credit spreads in the Nordic, European, and US markets remaining virtually unchanged.
"The primary market was active in January, with a total of 19 transactions priced, including three new issuers. Activity was characterized by a high proportion of tap issues among existing bond issuers. The total issuance volume amounted to 13 billion kronor, which is somewhat lower than at the start of the record year 2025," the managers write.
The fund added a new high-yield issuer to its portfolio in January: Navios Maritime Partners. The company is described as one of the world's largest publicly listed shipping companies, operating in the tanker, container, and dry bulk segments.
Additionally, the fund participated in high-yield issues from Performance Shipping and Hospitality Invest during the month.
At the end of the month, the largest issuers in the fund were Nordea, Stena, and SFL, with weights of 2.7, 2.5, and 2.3 percent, respectively.
The fund's largest exposures were to finance, energy, and shipping, with weights of 30, 17, and 14 percent, respectively.
The interest rate and credit duration in the fund were 1.0 and 2.2 years, respectively, and the average maturity was 2.8 years.
| Pareto Nordic Corporate Bond C, % | January, 2026 |
| Fund MoM, change in percent | 0.6 |
| Fund one year, change in percent | 5.5 |
