The manager begins by noting that the market continued to rise in October, aided by the cooperation agreement between Nokia and Nvidia.
The Helsinki Stock Exchange was up nearly 30 percent from the start of the year, including dividends at the end of the month, and the majority of interim reports for the third quarter were well received. Even the previously pressured forestry industry showed signs of recovery.
Energy company Fortum continued to rise despite weak results, which, according to the manager, was driven by the strong trend around AI and data centers.
Among the fund's holdings, Nokia, Neste, and Stora Enso contributed most positively during the month, while Qt Group, Tokmanni, and Lindex contributed most negatively.
Finally, the managers write that the fund opened a new position in Elisa and increased its holding in Posti after its listing. The investments were financed through sales of Nordea and Outokumpu.
At the end of the month, the fund's largest holdings were Nokia, UPM-Kymmene, and Neste, with weights of 6.7, 6.3, and 5.3 percent, respectively.
At the same time, the fund had its greatest geographical exposure to materials, industrials, and consumer discretionary, with weights of 20.9, 20.2, and 16.9 percent, respectively.
| UB Finland, % | October, 2025 |
| Fund MM, change in percent | 5 |
| Fund this year, change in percent | 22 |
