In February, oil prices fluctuated in response to the likelihood of US attacks on Iran, and on the last day of the month, the US and Israel launched attacks in line with President Trump's promises. The manager notes this at the outset.
"Iran responded with counterattacks, and Trump is urging the Iranian people to revolt. Those with oil and gold in their portfolios are rubbing their hands," writes the manager.
Additionally, an AI-related risk was highlighted in connection with Citrini's report, which was said to have been overshadowed by discussions about company valuations. Much like when the internet arrived, there will be losers in the AI space as well, the manager notes.
"The only question is which companies will fall, which will manage to adapt, and which will become winners thanks to the technology. During the month, valuations were slashed for companies that may be at risk, including some previously mentioned as winners in the technology field. Risk, certainly, but at the same time, opportunities arise when the wrong companies are pulled down in the crash."
Valuations and OpenAI, which raised 110 billion dollars in a funding round during the month, are also highlighted. The funds are intended for AI infrastructure such as chips from Nvidia and cloud services from Amazon.
"Among the major financiers, Nvidia and Amazon are also notably present, elegantly shoveling in money that they then largely get back in the form of purchase orders. Is this what is called an ecosystem?"
Other events during the month included a strong report from Nvidia, although the market reaction was muted, while positive US macroeconomic figures were released. Notably, there was a robust labor market report and inflation figures came in below expectations. It was also determined that Trump's tariffs had been implemented illegally.
"Trump immediately moved to plan B and, seemingly in pure anger, imposed global tariffs of 10 percent based on a different legal basis. Rumor has it he also has a plan C, D, E, and all the way down to Y up his sleeve," the manager concludes.
In February, the biggest positive contributions to the fund's performance came from Tele2, Securitas, and SKF, while Camurus, Avanza, and Enity weighed most heavily on returns.
The fund increased its holdings in, among others, SKF, Nibe, and Tele2, while reducing positions in Avanza and Trelleborg. Getinge, Camurus, and Loomis were fully divested, while Sveafastigheter became a new holding.
The largest holdings in the fund's portfolio at the end of the month were SKF, Tele2, and Axfood, with weights of 7.5, 7.4, and 6.3 percent, respectively.
| Simplicity Small Cap Sweden A, % | February, 2026 |
| Fund MM, change in percent | 3.7 |
| Fund year to date, change in percent | 1.3 |
