Initially, the managers write that focus during the month was largely centered on international events in Venezuela and the Middle East rather than on corporate reporting.
The Nordic reporting season for the fourth quarter is described as not particularly impressive, as results generally came in below expectations.
"Overall, corporate earnings came in below expectations, leading to significant price movements on reporting days," the managers note.
Among individual holdings, Attendo, Outokumpu, and Storebrand were the primary contributors to the month's results. On the negative side were ISS, Chemometec, and Vestas, the latter of which fell 16.7 percent. The industrial sector as a whole weighed on the fund as certain larger positions were penalized following their quarterly figures.
Regarding portfolio activity, the managers have increased holdings in Ericsson, Sandvik, and Yara. At the same time, they have chosen to reduce positions in Novo Nordisk, Beijer Alma, and Gjensidige.
At the end of the month, Swedbank, Danske Bank, and Neste were the fund's three largest holdings with portfolio weights of 4.88, 4.57, and 4.38 percent respectively.
| Alfred Berg Gambak Nordic R (SEK), % | February, 2026 |
| Fund MM, change in percent | 1.22 |
| Index MM, change in percent | 1.92 |
| Fund YTD, change in percent | 3.07 |
| Index YTD, change in percent | 4.77 |
