The manager notes that global equities, as measured by the MSCI World in local currency, ended 2025 with a total increase of 18 percent. This marked the third consecutive year of double-digit returns.
At the sector level, technology and finance performed particularly well over the year, while consumer-related stocks lagged behind. At the same time, European markets outperformed their American counterparts—especially when factoring in this year's weakening of the dollar.
"Global growth prospects appear to remain robust at the start of 2026, aided significantly by Trump's so-called One Big Beautiful Bill," the manager writes.
It is further noted that 2026 has gotten off to a turbulent start, with the American military operation in Venezuela contributing to increased geopolitical uncertainty. However, according to the manager, this has not significantly affected equity markets so far.
"Going forward, we will increasingly feel the consequences of the ongoing trade wars, and one should expect markets to adjust continuously as the actual effects become clear. Indications of global growth trends, as well as their impact on interest rate markets, will strongly influence equity markets in the coming weeks."
The fund's largest holdings at the end of the month were Nvidia, Apple, and Microsoft, with weights of 4.4, 3.7, and 3.0 percent, respectively.
The region with the greatest exposure was the United States, with a portfolio weight of 62.4 percent. This was followed by Canada and Japan, with weights of 9.9 and 7.6 percent, respectively.
The largest sectors in the fund at the end of the month were information technology, finance, and industry, with weights of 26.8, 19.2, and 11.5 percent, respectively.
| Storebrand Global Multifactor, % | December, 2025 |
| Fund MoM, change in percent | -0.30 |
| Index MoM, change in percent | -1.47 |
| Fund full year, change in percent | 1.03 |
| Index full year, change in percent | 1.03 |
