The Storebrand Sverige fund rose by 2.69 percent in January, underperforming its benchmark index, which increased by 3.28 percent. Over the past 12 months, the fund has returned 7.41 percent, also lagging behind the index, which climbed 9.03 percent. This information is detailed in a monthly report from the fund's manager, Andreas Poole.
At the outset, the manager notes that Swedish stocks, as measured by the OMXS30G index, surged by a full 5 percent during the first month of the year.
"Further upward revisions of global growth prospects and easing geopolitical concerns towards the end of January helped lift Swedish stocks to new record levels," the manager writes.
Looking ahead, the manager emphasizes that the earnings season is in focus. At the same time, he mentions that a weaker US dollar will lead to lower earnings over time for companies with revenues in dollars.
The fund's largest holdings at the turn of the month were Atlas Copco, Investor, and Volvo, with portfolio weights of 8.7, 7.2, and 6.4 percent, respectively.
The fund had its greatest exposure to industry, finance, and information technology, with weights of 41.4, 25.0, and 7.5 percent, respectively.
Atlas Copco AB is one of the world's leading industrial groups. Net sales break down by family of products as follows:
- air and gas compressors and electrical generators (66.7%). The group also sells compressed air treatment equipment (filters, dryers, coolers, air tanks);
- construction, drilling, and demolition equipment (16.7%): pneumatic and hydraulic rock breakers, drill hammers, drilling motors, mine carts, upward boring machines, etc.;
- industrial machine tools (16.6%): grinders, punches, impact tools, drills, threaders, pneumatic assembly tools, power drivers, etc.;
Net sales are distributed geographically as follows: Sweden (1.4%), Europe (26.3%), Asia and Oceania (36.3%), the United States (22%), North America (3.9%), Africa and the Middle East (5.6%), and South America (4.5%).
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