Initially, the manager writes that previous conflicts in the Middle East have had a limited effect on the Nordic high-yield market. The main impact is assessed to come from the oil price, but as the fund has actively opted out of investments in oil and gas, these effects are absent for the portfolio.
Furthermore, the reporting season has now concluded, and the portfolio companies generally presented strong quarterly figures. In particular, the real estate companies Heimstaden and SBB delivered reports described as exceptionally good from a credit perspective.
Looking ahead, the manager expects a positive development for bond prices once the war is over, especially for the aforementioned real estate companies.
Furthermore, SGL International fell in price during the month due to concerns that AI might impair the company's opportunities.
"We do not see that threat and added more at price 94 (yield 8.5%), and SGL is thus a top-ten holding for the fund," the manager writes regarding SGL.
In addition to increasing its stake in SGL, the fund also invested in a new bond from Flower Infrastructure Technologies, described as a leading Swedish player in power grid stabilization and battery storage.
The fund's yield stood at 10.5 percent at the end of the month, while the average coupon in the fund was 9.3 percent. The duration amounted to 0.5 years.
The three largest holdings in the fund's portfolio at the end of the month were Heimstaden, Force Bidco, and Hawk Infinity Software, with portfolio weights of 5.8, 4.8, and 4.6 percent respectively.
Geographically, the fund was primarily exposed to Sweden at 49.4 percent, followed by Norway and Denmark with weights of 14.0 and 12.0 percent respectively.
| Vinga Corporate Bond A, % | February, 2026 |
| Fund MM, change in percent | 0.82 |
| Fund YTD, change in percent | 1.76 |
