The UB Finland fund rose 3.9 percent in May. Since the turn of the year, the fund has returned 9.2 percent, according to a monthly report.

The Helsinki Stock Exchange continued its upward trend in May. The index rose by approximately 3 percent during the month, and the market is up 12.6 percent year-to-date.

Nokia's rally continued, driven by the artificial intelligence boom. Around the turn of the month, the stock had risen by approximately 160 percent since the start of the year.

According to the manager, valuation levels in Nokia are starting to become quite high. UB Finland has therefore sold down its position in Nokia during the rally, although the holding remains the largest in the portfolio.

In May, the fund further increased its weighting in Valmet. The fund also sold its remaining shares in Neste following the sharp price increase.

The largest holdings in the fund's portfolio at month-end were Nokia, UPM-Kymmene, and Kone, with weightings of 6.5, 5.4, and 5.2 percent, respectively.

UB Finland, %May, 2026
Fund MTD, percentage change3.9
Fund YTD, percentage change9.2