The fund manager notes that markets in March were weighing the implications of the Middle East crisis, with a particular focus on energy markets and economic growth. Social media posts from Donald Trump also influenced the broader market sentiment.
Neste and Nokia outperformed during the period. Neste benefited from the crisis through improved margins, while Nokia found support in positive guidance updates.
Among individual holdings, Neste, Bittium, and Fortum were the primary contributors to the fund's performance.
Conversely, Stora Enso, Wärtsilä, and Outokumpu were the main detractors from returns.
In terms of portfolio activity, the fund increased its exposure to the banking sector by adding to its position in Nordea and participated in the initial public offering of Auroora Group.
At month-end, the fund's three largest equity holdings were UPM-Kymmene, Wärtsilä, and Nokia, with portfolio weightings of 6.2, 5.1, and 5.0 percent, respectively.
Regarding geographical allocation, 95.0 percent of the exposure was directed toward Finland, with the remaining 5.0 percent allocated to Sweden.
| UB Finland, % | March, 2026 |
| Fund MoM, percentage change | -4.3 |
| Fund YTD, percentage change | -2.2 |
