The manager begins by noting that the Nordic stock markets performed strongly in January, with Novo Nordisk among the standouts after launching its drug Wegovy in pill form. Additionally, reports from industrial companies indicated robust demand, particularly from the mining industry and data centers.
"Sandvik's order intake grew by 11 percent organically, mainly driven by demand from the mining sector, and ABB also reported strong order intake in its electrification and automation divisions," the manager writes.
Most foreign equity indices also showed strength, although the strengthening of the Swedish krona dampened gains for Swedish investors. The US dollar weakened by nearly 4 percent against the krona during the month.
"Trump continued to make his mark on geopolitics during the month. In January, the USA carried out a military operation in Venezuela, where Mr. and Mrs. Maduro were arrested to face charges for various serious crimes in a US court. Iran has also come under pressure and is being pushed to accept a nuclear ban. In Iran, large-scale protests against the regime have erupted due to the country's economic crisis."
During the month, oil prices surged, with Brent crude reaching $67 per barrel at the turn of the month. The reason is described as a production shortfall in the US due to a winter storm. At the same time, precious metals continued their positive trend.
"For silver, part of the increase appears to have been driven by a short squeeze, but strong demand from industry and central banks also seems to have contributed to the buying pressure. In addition, China, a major producer of the metal, has renewed its licensing system with stricter requirements for exporters. The state has thus gained greater control over exports and a new bargaining chip in the global trade arena."
Regarding the fund's performance, Swedbank, ABB, and Industrivärden contributed most positively during the month, while Sampo, Sectra, and Tryg were the biggest drags.
In January, the fund divested its holdings in Lifco, Hexagon, and Lagercrantz, while reducing its position in Sectra. Increases were instead made in Novo Nordisk, Investor, and Volvo.
The largest holdings in the fund's portfolio at the end of the month were Swedbank, Novo Nordisk, and SEB, with weights of 6.6, 6.3, and 6.1 percent, respectively.
| Simplicity Norden, % | January, 2026 |
| Fund MM, change in percent | 0.4 |
| Fund one year, change in percent | 8.9 |
