The managers initially noted that May continued to be characterized by geopolitical uncertainty and corporate quarterly earnings reports.
The space theme performed strongly for the fund, supported by both earnings results and positive sentiment ahead of the upcoming SpaceX IPO.
"In total, the fund currently has 17 holdings with direct links to space activities, three of which can be categorized as pure-play space companies: MDA Space, Rocket Lab, and York Space Systems. The cybersecurity sector also continued to show strong development," the managers wrote.
Cybersecurity remained a positive contributor, with the month's three largest contributors being Palo Alto, Crowdstrike, and JFrog.
Signs of recovery were observed within European defense following a weaker period. Consequently, the fund increased its exposure to the sector and repurchased Saab as a holding.
In addition to Saab, two new companies were added to the portfolio. The first is the American firm Karman Holdings, which the management company met during a trip to the U.S. earlier this year. The company delivers critical systems and materials for space, missile defense, and hypersonic technology, and is described as an important supplier to major U.S. defense contractors.
The second new holding is Hennge KK, a smaller Japanese cybersecurity firm. The managers noted that while Japan has historically been a smaller cybersecurity market than the U.S., needs are increasing in tandem with larger IT investments and a rise in cyberattacks linked to hybrid warfare.
"We believe Hennge is well-positioned to meet this demand with its products, where they also collaborate with Finnish WithSecure to deliver competitive and secure solutions," the management team concluded.
During the month, the fund divested its holdings in Avio, Macom Technology Solutions, and Kongsberg Maritime.
The largest holdings at month-end were MDA Space, Parsons, and Leonardo, with portfolio weights of 4.05, 3.59, and 3.27 percent, respectively.
| Swedbank Robur Security and Defence, % | May, 2026 |
| Fund MoM, percentage change | 9.81 |
| Fund YTD, percentage change | 23.31 |
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