Access Europa performed better than its benchmark index during May. A key factor was the decline of several oil and gas companies, such as Shell, BP, and TotalEnergies, during the month. As these companies are excluded from the fund, their decline resulted in a positive relative contribution.
According to the managers, oil prices fell toward the end of the month as the market began to price in a possible agreement between Iran and the U.S. This put broad pressure on energy stocks.
'BP was also affected by the unexpected dismissal of Chairman Albert Manifold shortly after taking office, citing what the board describes as a lack of corporate governance, insufficient oversight, and inappropriate conduct,' the management team writes.
Among the holdings, returns were bolstered by Nokia. The stock rose sharply, reaching levels not seen in over 15 years. The managers attribute the rise to the company's AI exposure, including fiber optic cables for data centers.
During the month, Nokia also launched AI agents for network management. These are designed to optimize performance and detect and resolve network issues without human intervention.
Conversely, the largest negative contribution came from Orkla. The Norwegian food company reportedly fell following a quarterly report where net profit was lower than market expectations. The company stated that the conflict between the U.S. and Iran has had a limited impact so far, but simultaneously warned of higher costs in the coming quarters.
At the end of the month, the fund's three largest equity holdings were ASML, HSBC, and Roche, with portfolio weights of 4.53, 2.46, and 2.27 percent, respectively.
Geographically, the fund had its largest exposure to the United Kingdom, Switzerland, and Germany, with weights of 19.03, 15.60, and 14.49 percent, respectively.
| Swedbank Robur Access Europa A, % | May, 2026 |
| Fund MoM, change in percent | 2.52 |
| Index MoM, change in percent | 2.42 |
| Fund YTD, change in percent | 6.53 |
| Index YTD, change in percent | 6.98 |
