The Alfred Berg Nordic Gambak R (SEK) fund rose by 1.82 percent in December, underperforming its benchmark index, which gained 2.85 percent. Over the past year, the fund increased by 10.18 percent, outperforming its benchmark index, which rose by 7.27 percent. This information comes from a monthly report by fund managers Kristian Tunaal and Leif Eriksrød.

Initially, the managers discuss the seasonal patterns present in the financial markets, which are described as particularly strong at the end of the year when the so-called Christmas rally typically occurs. This was also the case in 2025, according to the managers, with all major international indices closing in positive territory, while the Nordic market rose by about 3 percent.

The latest earnings season is also summarized, with Nordic figures described as somewhat mixed, featuring roughly as many reports exceeding as falling short of expectations.

"In summary, however, there were slightly more positive surprises than negative ones. Internationally, the picture was quite strong, with the global index showing a ratio of positive to negative surprises above 2:1. We also see that international estimates have been raised over the past three months, and this is clearly positive," the managers write.

The sectors that performed strongest in the Nordics over the year were materials, manufacturing, and finance.

"Materials are often considered a cyclical sector, so an upswing in this area signals an optimistic outlook for the global economy. The same can be said for the industrial sector, while the financial sector has performed well during most of 2025 (and 2024)."

The largest contributors to the fund's return were Neste, Storebrand, and Danske Bank, while Clas Ohlson, Saab, and Chemometec contributed most negatively.

During the month, holdings were increased in Neste, Novo Nordisk, and Vestas, while positions in Clas Ohlson, Nordnet, and FLS Smith were reduced.

Relative to the index, the fund had the largest overweight in Ambea, ISS, and Storebrand, while the largest underweights were in Investor, Atlas Copco, and Volvo.

The largest holdings at the end of the month were Novo Nordisk, Ambea, and Danske Bank, with portfolio weights of 6.66, 4.84, and 4.20 percent, respectively.

Industry, finance, and healthcare were simultaneously the largest sectors, with weights of 34.6, 25.5, and 20.0 percent, respectively.

Alfred Berg Nordic Gambak R (SEK), %December, 2025
Fund MM, change in percent1.82
Index MM, change in percent2.85
Fund full year, change in percent10.18
Index full year, change in percent7.27