Developments in January continued to be shaped by geopolitics, although the subsequent volatility subsided as the month progressed, the managers note in their introduction.
"The month began with concerns over President Trump's comments regarding a potential takeover of Greenland, a headline-grabbing event that, despite its drama, was received with relative composure by the market. Stock markets initially declined, but when it once again turned out to be a so-called 'TACO' (Trump Always Chicken Out), calm quickly returned and the focus shifted back to other issues."
Throughout the month, there was also continued attention on AI, with debate around whether we are in a bubble or witnessing the start of an important structural trend.
At the same time, risk appetite was strong and gains were broad across the Nordic market during the month. Both equity and credit markets were further buoyed by continued falling interest rates.
During the month, credit spreads first narrowed within covered bonds, then this movement spread to segments with lower credit ratings. Although the Swedish market performed well, activity was even stronger in Europe and Norway. The initial spread difference between SEK and EUR/NOK widened at first, but then gradually decreased over the course of the month.
In conclusion, the managers write that there are conditions for a continued strong market, although risks remain. In Sweden, the trend points to continued declining inflation, a reduced likelihood of interest rate hikes, and relatively robust GDP growth.
"Sentiment is therefore similar to how it looked going into 2025, which did not play out as expected then. Nonetheless, hope remains regarding households' ability to drive growth, which is based on a stronger labor market and the expectation that the increased real wage growth will not be used for higher savings or debt repayment. Given last year's 15 percent savings rate, the need to save to improve household balance sheets is probably less than before."
During the month, the fund made purchases in Intea, Sparbanken Skåne, and Traton, while sales were made in Skandiabanken, Sparbanken Skåne (short duration), and Traton (short duration).
At month-end, the fund's interest rate and credit duration stood at 0.18 and 2.69 years, respectively, while the fund's yield was 2.82 percent.
| Storebrand FRN Corporate Bond Fund A, % | January, 2026 |
| Fund MM, change in percent | 0.35 |
| Index MM, change in percent | 0.36 |
| Fund one year, change in percent | 3.67 |
| Index one year, change in percent | 3.42 |
