In February, the fund outperformed its benchmark index, with positive contributions including Norwegian company Orkla, which sells food and household products. The company delivered a strong fourth-quarter report, with organic sales growth exceeding expectations, which benefited the stock.
On the negative side, the portfolio was weighed down by the absence of the French aerospace and defense company Safran. The fund has chosen not to invest in the company as parts of its operations are linked to nuclear weapons. Safran raised its profit targets for 2028, which caused its stock to rise during the month.
"Safran is seeing strong demand in the defense segment and in the aftermarket for civil aircraft engines. The company believes this will offset the effects of U.S. tariffs and a proposed extension of additional corporate tax for large companies in France."
At the end of the month, the fund's largest holdings were ASML, Roche Holding, and HSBC, with portfolio weights of 3.99, 2.51, and 2.40 percent, respectively.
The United Kingdom, Switzerland, and Germany were the largest geographic markets, accounting for 20.23, 15.12, and 14.28 percent of allocated capital, respectively.
| Swedbank Robur Access Europa A, % | February, 2026 |
| Fund MM, change in percent | 5.41 |
| Fund this year, change in percent | 5.58 |
