During the month, tensions increased in the Middle East, and on the last day of the month, the United States and Israel carried out airstrikes on Iran after the parties failed to reach an agreement on a new nuclear deal. Iran responded with counterattacks, and the U.S. president called on the Iranian people to rise up in revolution. These developments coincided with rising prices for oil and gold.
At the same time, stock markets were marked by growing concerns about AI-related risks after a widely discussed report from Citrini highlighted potential structural threats to certain companies. Valuations fell sharply in firms considered particularly exposed, including some previously seen as possible winners from the technology.
OpenAI completed a $110 billion funding round, valuing the company at $730 billion prior to the capital injection. The capital is to be invested in AI infrastructure, including chips from Nvidia and cloud services from Amazon. The company's profit forecast for 2026 stands at minus $14 billion. Among the major financiers in OpenAI's funding round are Nvidia and Amazon.
Nvidia reported strong earnings, but the stock reaction was muted.
U.S. macroeconomic statistics showed a robust labor market report and a CPI inflation reading that came in below expectations. However, the combination had limited market impact, and the Federal Reserve left monetary policy unchanged.
An American court ruled that previously imposed tariffs were illegal. Subsequently, new global tariffs of 10 percent were introduced based on a different legal basis.
The fund outperformed the index by two percentage points, with holdings such as Kone, ABB, Volvo, and Assa Abloy contributing positively. Orkla also surged after presenting better-than-expected results. The manager also highlighted Jotun, which had a record quarter.
Regarding portfolio activity, Novo Nordisk was divested and several new holdings were added, including FLSmidth and Vestas Wind.
The largest holdings in the fund's portfolio were Investor, Swedbank, and SEB, with weights of 6.7, 6.2, and 5.9 percent, respectively.
| Simplicity Norden, % | February, 2026 |
| Fund MM, change in percent | 3.0 |
| Fund YTD, change in percent | 3.4 |
