The fund manager notes that the Helsinki Stock Exchange had a strong 2025, climbing by a total of 35.3 percent during the year after several years of weaker performance. This growth was driven by strength in companies such as Nordea, Wärtsilä, Metso, and Orion.
The fund's annual return was slightly lower, landing at nearly 27 percent. The performance is described as having tracked the index until autumn, but relative returns lagged thereafter due to the portfolio's underweight positions in Nordea and Fortum, as well as overweight positions in the forestry sector.
The holdings that contributed most positively in December were Neste, Nokia, and GRK Infra, while Puuilo, Lindex Group, and Musti Group were the largest negative contributors.
In terms of portfolio activity, the fund increased its holdings in Valmet and Kojamo in December.
The fund's largest holdings at the turn of the month were Nokia, UPM-Kymmene, and Enento Group, with weights of 5.9, 5.8, and 4.8 percent, respectively.
At the same time, the fund had its largest sector exposure to industry, materials, and consumer discretionary, with weights of 22.9, 18.6, and 16.6 percent, respectively.
| UB Finland, % | December, 2025 |
| Fund MoM, change in percent | 4.1 |
| Fund full year, change in percent | 26.7 |
