The Alfred Berg Short Global IG Corporate Bond Fund R (HSEK) rose 0.23 percent in February, underperforming its benchmark index which increased by 0.26 percent. Since the turn of the year, the fund has returned 0.48 percent, trailing the index which has gained 0.54 percent. This is according to a monthly report from fund managers Stefan Larsson and Magnus Vatne Nybø.

The managers begin by noting that market performance for global investment-grade corporate bonds with short maturities was positive during February.

This was driven by falling underlying interest rates, particularly for US bonds, despite a slight widening of credit spreads. The European Central Bank left its key interest rate unchanged during the month, emphasizing a data-dependent approach.

The US Federal Reserve held no monetary policy meeting in February but published minutes from its January meeting, which confirmed a cautious, wait-and-see stance.

Furthermore, the managers observed a spread widening within the European automotive sector, pressured by weak demand, higher cost pressures, and uncertainty regarding tariffs. In the US market, increased liquidity risk and valuation uncertainty related to private credit were noted, primarily affecting the financial and insurance sectors. Additionally, tensions in the Middle East represent a further negative macroeconomic factor.

"During February, the credit market moved from historically very low credit premiums to a more defensive stance, with a selective but clear repricing," the managers write.

Regarding portfolio activity, a rebalancing was carried out during the month to implement the fund's model portfolio.

At the turn of the month, the fund's duration was 1.80, while the benchmark index stood at 1.74. The portfolio yield (weighted interest rate in each local currency) was 3.68 percent, compared to 3.46 percent for the benchmark. The portfolio yield, currency-hedged to Swedish kronor, corresponds to 2.42 percent compared to 2.18 percent for the index.

The three largest holdings in the portfolio at month-end were Raiffeisen Bank Intl, Macquarie Group, and DNB Bank, with portfolio weights of 1.61, 1.52, and 1.42 percent respectively.

Alfred Berg Short Global IG Corporate Bond Fund R (HSEK), %February, 2026
Fund MM, change in percent0.23
Index MM, change in percent0.26
Fund YTD, change in percent0.48
Index YTD, change in percent0.54