According to the managers, the Nordic market advanced in October, buoyed by strong quarterly reports and positive signals from trade negotiations between the United States and China. Central banks continued to provide support, although the U.S. Federal Reserve meeting at the end of November introduced some uncertainty ahead of a potential rate cut in December.
Finland posted the strongest gains with a 7.5 percent rise, attributed by the managers to robust performance from Nokia, Fortum, Wartsila, and Neste. Sweden climbed 4.4 percent, and Denmark advanced 3.2 percent. Norway, however, declined by 2 percent, a drop explained by weak quarterly figures and restructuring at Kongsberg Gruppen.
The fund's positive relative return for the month was credited to overweight positions in technology hardware and underweight in telecom, while overweight in media and commercial services had a negative effect.
Among individual companies, Nokia emerged as the month's top contributor, driven by Nvidia's multi-billion investment, which is expected to strengthen Nokia's position in mobile networks. Munters also delivered a significant contribution following robust reports and continued high demand from data centers. Indutrade performed well on strong figures and an accelerated pace of acquisitions, while Astra Zeneca continued its recovery.
Negative contributions came from Embracer, which fell after a strong September, and Tomra, where weak order intake in the third quarter led to a marked drop in share price. The fund's underweight in Ericsson also weighed on performance, as the stock rose in the wake of the Nokia-Nvidia deal. Bravida declined after somewhat weak figures, an opportunity the managers used to increase their holding.
Within the portfolio, the managers highlight ongoing volatility given softer macro data and geopolitical uncertainty, although some cyclical companies are seen as offering opportunities. During the month, they took profits in Sandvik and Metso, and increased their position in Epiroc after the company's weaker performance.
They divested Genmab following an acquisition that contradicted the original investment thesis, and increased their stake in DSV. Additionally, the investment in Vend was strengthened, as the managers see good cost control and benefits from the outlook surrounding Adevinta's breakup.
At the end of the month, the fund's largest holdings were Novo Nordisk, Nordea Bank, and Atlas Copco, with weights of 7.98, 5.34, and 5.00 percent, respectively.
Sweden, Denmark, and Finland represented the largest market exposures at 46.36, 21.93, and 15.42 percent, respectively.
| DNB Grønt Skifte Norden S, % | October, 2025 |
| Fund MM, change in percent | 3.81 |
| Index MM, change in percent | 2.87 |
| Fund year-to-date, change in percent | 0.40 |
| Index year-to-date, change in percent | 2.83 |
