The Alfred Berg Nordisk Likviditet Pluss ACC R (SEK) fund rose 0.06 percent in March, underperforming its benchmark index which gained 0.07 percent. Since the beginning of the year, the fund has returned 0.50 percent, outperforming the index's 0.46 percent increase. This is according to a monthly report from fund managers Morten Steinsland, Torolv Herstad, and Thomas Eitzen.

The managers initially note that March was dominated by an escalating conflict in Iran, which drove up energy prices and sparked inflation concerns. In the eurozone, inflation expectations for the coming year nearly doubled, and the ECB has signaled potential rate hikes ahead.

The U.S. Federal Reserve also highlighted inflation as the primary risk, despite signs of a cooling labor market.

"It is clear that central banks and markets are placing overwhelmingly the greatest emphasis on inflation risk - and little on the impact on growth and the labor market," the managers write.

Interest rate expectations rose globally leading up to March. As macroeconomic uncertainty increased, credit spreads also widened. European investment grade credits widened by 0.1 to 0.2 percent, with similar movements observed in Norway.

Swedish investment grade, with a larger component of rate-sensitive real estate, rose on average by 0.2 to 0.3 percent.

Regarding sector allocation, the fund was primarily exposed to banking and finance at 31.2 percent, followed by real estate and industrials at 16.9 and 13.7 percent, respectively.

At month-end, the fund's three largest holdings were Hexagon, Traton Finance Luxembourg, and Nibe Industrier, with portfolio weights of 3.12, 2.77, and 2.53 percent, respectively.

Alfred Berg Nordisk Likviditet Pluss ACC R (SEK), %March, 2026
Fund MoM, change in percent0.06
Index MoM, change in percent0.07
Fund YTD, change in percent0.50
Index YTD, change in percent0.46