The Storebrand Sweden fund rose 2.15 percent in May, which was worse than the fund's benchmark index, which rose 2.33 percent. Since the start of the year, the fund has returned 0.64 percent, which is worse than the index, which has increased 1.42 percent. This is according to a monthly report from the fund's manager, Andreas Poole.

The manager begins by noting that Swedish equities, as measured by the OMXS30G, rose 3 percent in May, bringing the year-to-date increase to 3 percent.

"Swedish equities followed global equities with declining fears of recession as a result of the 90-day postponement of US tariffs on China. From its low in April to its peak in May, the Swedish stock market rose by 20 percent," writes the manager.

It adds that both the trade war and Donald Trump's various statements are likely to continue to affect the markets going forward.

"So far, there have been few profit warnings from companies, but global growth prospects have been clearly adjusted downward by macroeconomists. Earnings estimates for 2025 in both the US and Europe were also adjusted downward in May."

The fund had the greatest exposure to the industrial, financial, and information technology sectors, with weights of 40.0, 24.2, and 8.5 percent, respectively.

The fund's largest holdings at the end of the month were Atlas Copco, Investor and Volvo, with weights of 8.3, 6.9 and 5.9 percent, respectively. In total, the fund held 138 holdings.

Storebrand Sweden, %May, 2025
Fund MM, change in percent 2.15
Index MM, change in percent 2
Fund this year, change in percent 0
Index this year, change in percent 1.42