The managers initially note that the month was characterized by a distinct risk-on shift, as markets recovered from previous geopolitical and macroeconomic concerns. Focus shifted back to fundamentals, supported by stronger macro data and a generally positive earnings season.
Cyclical and growth-oriented sectors performed strongly, while defensive plays lost momentum.
The Nordic earnings season confirmed the picture of a stable economic environment, with operating results exceeding expectations by approximately 2 percent on average.
'Particularly noteworthy is that small and mid-cap companies have outperformed expectations for the first time in several years, signaling a potential trend shift', the managers write.
Among the month's top contributors were Icelandic Salmon, Framery, and Vestum in the long book, as well as Nibe in the short book.
The weakest holdings consisted of Wall to Wall, Valmet, and Mowi in the long book, and Alleima in the short book.
Furthermore, geopolitics is reported to remain a factor of uncertainty.
The fund has gradually increased its net exposure as the market stabilized.
By shifting parts of the cyclical exposure to derivative instruments, the fund has created flexibility to scale risk and manage the portfolio more tactically.
The fund's net exposure amounted to 70 percent at month-end.
At the end of the month, the fund's three largest holdings were Atlas Copco, Icelandic Salmon, and UPM-Kymmene, with portfolio weights of 8.43, 5.31, and 5.10 percent, respectively.
| Norron Nordic Long/Short Equity, % | April, 2026 |
| Fund M/M, change in percent | 0.79 |
| Fund YTD, change in percent | -2.45 |
