The managers initially noted that the month was characterized by deteriorating market sentiment. The escalation of the conflict in the Middle East drove up energy prices, triggering a broad-based decline across equity markets.
The primary contributors to the fund's performance during the month were Shell, Yara, and TGS. Yara benefited from supply disruptions in the fertilizer market, which led to price increases of 40 to 50 percent.
On the negative side were Samsung Electronics, Hana Financial Group, and Boliden.
Mining company Boliden was weighed down by a production halt at the Garpenberg mine following seismic activity. The fund took advantage of the share price decline to buy back shares that had been sold earlier in the year.
"In our view, the market reaction essentially wiped out most of the mine's value, which we see as excessive from a long-term perspective," the managers wrote.
During the month, the fund initiated new positions in Easyjet, Elkem, and Vestas. Meanwhile, the entire holding in BASF was divested, along with IT companies Broadcom and Applied Materials.
The managers assess that the market is underestimating the likelihood of sustained higher inflation and interest rates, particularly in the US. The fund continues to favor low-valuation companies within the financial, industrial, and energy sectors.
At month-end, the fund's three largest equity holdings were Novo Nordisk, ISS, and Ping An Insurance Group, with portfolio weights of 4.2, 3.7, and 3.5 percent, respectively.
Geographically, the fund was primarily exposed to Denmark, Sweden, and South Korea, with weights of 18.3, 10.9, and 10.8 percent, respectively.
| SKAGEN Vekst A, % | March, 2026 |
| Fund MoM, change in percent | -2.47 |
| Index MoM, change in percent | -2.35 |
| Fund YTD, change in percent | 4.79 |
| Index YTD, change in percent | 0.04 |
