The managers initially note that Nordic equity markets performed strongly during the month, partly driven by easing concerns over the conflict in Iran, which bolstered risk appetite. Meanwhile, interest-rate sensitive sectors were weighed down by uncertainty regarding inflation and central bank policy.
Among individual stocks, Nokia was the top contributor as the company surprised to the upside with robust demand for optical networks from data centers.
Embracer and ABB also supported performance following solid quarterly reports.
On the downside, Tomra was the largest detractor following a weak report citing continued headwinds in the recycling segment.
Beijer Ref and Scatec also declined during the period, with the latter falling after Equinor reduced its holding.
Regarding portfolio activity, the fund divested its position in Boliden in favor of Lundin Mining. The objective was to maintain exposure to copper and gold while removing risks associated with the Garpenberg mine.
The fund also increased its exposure to the data center theme via ABB, Wärtsilä, and Munters, and narrowed its underweight position in Novo Nordisk.
These acquisitions were partially funded by profit-taking in AstraZeneca and Telia.
Looking ahead, the managers' primary scenario assumes that oil flows through the Strait of Hormuz will normalize, which should shift market focus back toward a constructive macroeconomic environment characterized by falling interest rates and infrastructure investment.
'We continue to expect elevated volatility across energy markets, AI sentiment, and developments regarding a ceasefire in Ukraine, and remain focused on maintaining a balanced portfolio', the managers write.
At month-end, the fund's three largest equity holdings were Atlas Copco, Novo Nordisk, and Vestas Wind Systems, with portfolio weights of 6.34, 6.30, and 5.78 percent, respectively.
Geographically, the largest exposure was to Sweden at 45.76 percent, followed by Denmark and Finland at 20.26 and 16.63 percent, respectively.
| DNB Grønt Skifte Norden S, % | April, 2026 |
| Fund M/M, change in percent | 8.47 |
| Index M/M, change in percent | 5.34 |
| Fund YTD, change in percent | 7.81 |
| Index YTD, change in percent | 7.34 |
