The Alfred Berg Sverige Gambak R (SEK) fund declined by 7.18 percent in March, outperforming its benchmark index which fell by 8.11 percent. Since the beginning of the year, the fund has returned 0.81 percent, ahead of the index's 0.70 percent gain. This is according to a monthly report from fund managers Anna Jakobson, Dan Fredriksson, and Leif Eriksrød.

The managers initially note that the market rally came to an abrupt end during the month following the outbreak of conflict in Iran. Oil and gas prices in particular rose sharply, fueling market concerns regarding inflation and the global economic outlook. However, a degree of recovery was observed toward the end of the month following negotiations between the U.S. and Iran.

The industrial sector and cyclical consumer companies such as Electrolux and Dometic were pressured by the risk of a deteriorating economic climate.

Meanwhile, stable and domestic market-oriented companies within the telecommunications sector performed well.

The fund's decline was somewhat mitigated by successful stock selection within the industrial and financial sectors.

Among individual holdings, Boliden weighed on performance following a profit warning, which sent the share price down by over 30 percent. The company was forced to limit production at the Garpenberg mine more than expected due to increased seismic activity.

On the positive side, Clas Ohlson is highlighted following a strong interim report.

"The company continues to impress in terms of sales development and has now recovered from the decline seen in the autumn, which was triggered by concerns over slowing organic growth," the managers write.

At month-end, the fund's three largest equity holdings were Investor, Atlas Copco, and Volvo, with portfolio weightings of 9.78, 8.19, and 7.50 percent, respectively.

Alfred Berg Sverige Gambak R (SEK), %March, 2026
Fund MoM, percentage change-7.18
Index MoM, percentage change-8.11
Fund YTD, percentage change0.81
Index YTD, percentage change0.70