NOVO NORDISK A/S In the introduction, the managers write that November was an exciting month on the stock market, with the US presidential election as the most significant event.
US stock markets reacted positively to Trump's election victory and rose by almost 6%. Meanwhile, the performance in Europe was more subdued, rising by 1%, while the Nordic index fell by 0.5% in local currency.
The Swedish krona strengthened against the other Nordic currencies.
Trump campaigned on tax cuts and deregulation. At the sector level, financials and traditional energy reacted positively, while renewables reacted negatively.
In terms of relative performance, the Fund's underweight in discretionary consumption contributed positively. Pandora, the Fund's only holding in the sector, performed strongly during the month, also contributing against the index. The Fund lost the most in relative terms on health, energy and consumer goods.
Among individual companies, the best performance was seen in the new portfolio company Kongsberg Gruppen, followed by Pandora, EQT and Kalmar. The most negative contributors were NKT, Nokia and Rockwool.
In terms of portfolio activity, the fund has increased its exposure to banking and insurance. The fund has also sold Trelleborg and increased exposure to Skanska and ABB.
The largest holdings in the Fund's portfolio at the end of the month were Novo Nordisk, Investor and ABB with exposures of 7.4, 6.9 and 4.8 percent respectively.
The Fund's largest exposure was to industrials at 33.1%, followed by financials and healthcare at 25.0% and 14.7% respectively.
In terms of geographical exposure, the fund was most exposed to Sweden, followed by Denmark and Norway, with weights of 40.6, 26.9 and 13.1 percent respectively.
| Delphi Nordic, % | November, 2024 |
| Fund MM, % change | -1,34 |
| Index MM, % change | -1,00 |
| Fund this year, percentage change | 4,81 |
| Index this year, percentage change | 8,79 |
