The managers initially note that the month was characterized by an escalating conflict between the US, Israel, and Iran, which had significant repercussions for energy markets and global financial markets. Following Iran's effective closure of the Strait of Hormuz, which handles one-fifth of the world's oil consumption, oil prices surged to approximately 120 dollars per barrel by the end of March.
Among the individual holdings that contributed most positively to the fund's performance were Nokia, ISS, and Kongsberg Gruppen.
On the negative side, performance was weighed down by Boliden, Investor, and ABB.
The fund's overweight position in industrials and financials negatively impacted returns as a distinct rotation toward energy and more defensive sectors took place.
Certain portfolio adjustments were made during the month, including the acquisition of a stake in Equinor to gain exposure to the energy sector in the wake of rising oil and gas prices.
The fund also liquidated its entire position in Boliden in favor of Lundin Mining, driven by company-specific factors and a constructive outlook on copper.
"We expect the structural deficit in the copper market to provide support for prices over time," the managers wrote.
Looking ahead, energy security is expected to once again become a central theme in global markets.
The fund's largest holdings at month-end were Investor, Nordea, and ABB, with portfolio weights of 7.6, 5.1, and 5.0 percent, respectively.
Geographically, the fund was primarily exposed to Sweden at 42.9 percent of the portfolio, followed by Denmark and Finland at 20.7 and 16.3 percent, respectively.
| Delphi Nordic, % | March, 2026 |
| Fund MoM, percentage change | -4.17 |
| Index MoM, percentage change | -2.70 |
| Fund YTD, percentage change | -0.72 |
| Index YTD, percentage change | 1.90 |
