Initially, the manager notes that February was characterized by sharp market reactions, as investors positioned themselves based on future developments linked to AI. Concerns over which companies might be negatively impacted by the technology weighed on software firms and data providers, while potential winners in sectors such as mining, power generation, and parts of the engineering industry continued to show strong performance.
On the macro side, the manager sees an increasing number of positive signals, with a gradual improvement in the economic climate in Sweden and Europe. Furthermore, increased public spending in Germany is expected to support the region's economic recovery.
The primary contributors to the fund's performance during the month were Investor, Ericsson, Sandvik, and Atlas Copco. On the negative side were Novo Nordisk, Asker, and Lindab.
Regarding portfolio activity, the fund increased its exposure to Handelsbanken, Skanska, and Beijer Ref, while reducing holdings in Hexagon, Sandvik, and H&M. Additionally, four new holdings were added to the portfolio: Industrivärden, Mycronic, Nyfosa, and Rockwool.
"In Mycronic, we take a very positive view of several of the company's end markets. Mask writers for displays represent a stable cash cow, while other parts of the business with greater exposure to AI and data centers are growing rapidly," the manager writes.
At the end of the month, the fund's three largest equity holdings were Alfa Laval, Ericsson, and Atlas Copco, with portfolio weights of 9.7, 9.6, and 9.3 percent, respectively.
| PriorNilsson Sverige Aktiv, % | February, 2026 |
| Fund M/M, change in percent | 3.51 |
| Index M/M, change in percent | 4.48 |
| Fund YTD, change in percent | 6.88 |
| Index YTD, change in percent | 6.76 |
