May was characterized by broad equity market gains, with several indices reaching new record highs. According to the manager, the performance was driven by hopes of a peace agreement in the Middle East and continued strong interest in AI-related investments. The Stockholm Stock Exchange also climbed, with the OMXS30 reaching new peaks.
Uncertainty regarding the Strait of Hormuz persisted during the month. At the end of May, the US and Iran again carried out military strikes against each other, while the parties were simultaneously reported to be close to an agreement. The month concluded with a 60-day memorandum of understanding to extend the ceasefire and initiate negotiations on the nuclear program. Brent crude, which had traded around 100 dollars during the month, retreated toward 90 dollars following the announcement.
In the US, Kevin Warsh was sworn in as the new Chairman of the Federal Reserve. The manager notes that he takes over at a time when inflation stands at 3.8 percent, oil prices are above 96 dollars, and the committee is divided ahead of his first interest rate meeting in June.
'The Riksbank has in many ways an easier job as inflation has so far remained low and policymakers are supporting a rather weak economic development. A hike might possibly be needed at a later stage, but staying the course for the remainder of the year would not be surprising either', the manager writes.
AI-related stocks continued to perform strongly during the month. Micron was up over 200 percent year-to-date, while Qualcomm had risen just over 50 percent since the end of April.
The manager also highlights increased interest in initial public offerings. OpenAI and Anthropic signaled plans for listings later this year, while SpaceX filed its prospectus.
Regarding the fund's performance during the month, it was driven by a broad rally within industrials, commodities, and banking.
'ABB delivered a very strong Q1 report with record orders of 11.3 billion dollars and raised guidance, driven by demand for electrification for data centers. Ericsson benefited from the same AI investment wave that is lifting Nokia. Autoliv surprised positively in Q1 and launched the world's first airbag for motorcyclists together with Yamaha.'
In terms of portfolio activity, only minor adjustments were made. Among other moves, the position in Axfood was reduced from 1.2 to 0.6 percent.
The fund's largest holdings at month-end were Investor, Atlas Copco, and Volvo, with weightings of 9.7, 5.9, and 5.4 percent, respectively.
| Simplicity Sverige, % | May, 2026 |
| Fund MM, change in percent | 3.1 |
| Fund YTD, change in percent | 10.2 |
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