The managers initially note that the stock market recovered a large portion of the previous month's decline. This was attributed partly to the easing of tensions between the US and Iran, and partly to an earnings season that proved stronger than expected.
Several of the fund's industrial holdings reported strong results. One example is ABB, which beat expectations across the board and was rewarded with a share price increase. The primary driver was cited as products targeting data centers, where the company's CEO sees very strong growth at least until 2030.
'Generally during this reporting period, it is very clear that data centers specifically are what is driving growth in many companies', the managers write.
Alfa Laval is also said to benefit from this investment cycle, as new chips require liquid cooling instead of air cooling.
The managers maintain a positive outlook for both companies and are keeping their holdings for the time being, despite valuations having climbed toward the more expensive end of the spectrum.
The top contributors to the fund's performance during the month were ABB, Nordea, and Investor.
On the negative side were Synsam, AstraZeneca, and Securitas.
Regarding portfolio activity, the fund increased its holding in Ambea, while positions in Investor and Cibus Real Estate were reduced.
Equities accounted for 72.2 percent of the fund's allocation at month-end, followed by fixed-income holdings at 23.3 percent and cash at 4.6 percent.
The three largest equity holdings were Investor, Nordea, and Swedbank, with portfolio weights of 9.7, 8.3, and 7.9 percent, respectively.
| Sensor Sverige Select, % | April, 2026 |
| Fund MoM, percentage change | 3.3 |
| Index MoM, percentage change | 2.7 |
