The Lannebo Sverige fund declined by 6.0 percent in March, outperforming its benchmark index which fell by 7.6 percent. Since the turn of the year, the fund has returned 0.4 percent, ahead of the index which has seen a 1.2 percent contraction. This was detailed in a monthly report from fund managers Martin Wallin and Robin Nestor.

The managers initially noted that performance in March was negative, although the general market correction has remained limited thus far.

"Inflation expectations are rising and central banks are signaling potential future hikes. Any interest rate increases will, as usual, be weighed between what are considered temporary price increases and the risks of a deteriorating economic climate," the managers wrote.

During the month, the US ten-year Treasury yield rose nearly 10 percent to around 4.3 percent. The month's movement is assessed to have driven up real interest rates, and it remains to be seen whether prices across value chains will increase during the spring, according to the managers.

The Swedish krona weakened against both the US dollar and the euro in March.

While the period was largely characterized by red figures, a few stocks saw their prices rise - including Ericsson and Nokia, which participated in the Mobile World Congress at the beginning of the month. The companies detailed collaborations with hardware suppliers within AI technology and 6G.

"Ericsson demonstrated that the company has moved into commercial preparation for sixth-generation networks, where artificial intelligence is integrated across all layers. National security was once again highlighted by Börje Ekholm, emphasizing that regulatory authorities and telecom operators need to prioritize European equipment suppliers when dealing with critical infrastructure."

Furthermore, Nokia and Ericsson entered into a joint agreement where parts of the software are opened up to simplify operations for operators sharing equipment from both providers.

Regarding portfolio activity in March, purchases were executed in Volvo, Swedbank, and Handelsbanken, while divestments were made in Nokia, Ericsson, and Essity.

The largest equity holdings in the fund's portfolio at month-end were Ericsson, SKF, and Autoliv, with portfolio weights of 8.2, 6.8, and 6.4 percent, respectively.

Industrials, financials, and healthcare remained the largest sectors, with weightings of 31.5, 17.4, and 16.1 percent, respectively.

Lannebo Sverige, %March, 2026
Fund MTD, percentage change-6.0
Index MTD, percentage change-7.6
Fund YTD, percentage change0.4
Index YTD, percentage change-1.2