The managers initially note that several US indices reached new record highs in May, following strong earnings reports from major technology companies. Europe also advanced, while the Oslo Stock Exchange remained virtually flat. Reduced concerns over an escalation in the Middle East contributed to improved risk appetite, but simultaneously weighed on energy-related stocks.
For the second consecutive month, Infineon was the fund's top contributor. Management highlights the company's exposure to power components and silicon carbide, where demand is supported by the expansion of AI data centers. The quarterly report at the beginning of the month is described as solid, and the company also raised its full-year guidance.
Napatech also performed strongly. The company operates in high-speed networking hardware, an area that has gained increased importance alongside investments in AI and data centers. The first-quarter report was better than expected, with revenue growth exceeding 50 percent, and the company anticipates a similar increase for the full year.
Conversely, the fund's energy exposure weighed on returns as oil and gas prices retreated following previous gains. The managers emphasize that the holdings are not solely based on rising commodity prices, but also on production increases and company-specific events that are not yet considered fully priced in.
In late May, the fund participated in the IPO of Danish BioMar, the world's third-largest producer of feed for the aquaculture industry. The company has salmon as its most important end market and is assessed to have more stable earnings than salmon farmers, partly through long-term customer contracts and a cost-plus model that protects margins against commodity fluctuations.
'Research-driven product development has nearly doubled operating profit per ton between 2022 and 2024, with a return on invested capital of over 20 percent. The shares were priced in line with other salmon farming companies, despite a more stable earnings profile, which we consider attractive', the managers comment.
At the end of the month, the fund's net exposure stood at approximately 42 percent.
The three largest equity holdings were Storebrand, BP, and Europris, with portfolio weights of 6.79, 3.78, and 3.61 percent, respectively. The largest short positions were simultaneously against indices, the industrial sector, and the energy sector at -12.0, -4.8, and -1.7 percent.
| Sissener Canopus Class SEK R, % | May, 2026 |
| Fund MTD, percentage change | 1.19 |
| Fund YTD, percentage change | 11.35 |
