AMF Aktiefond Världen delivered a negative return of 1.4 percent for the first quarter of the year, while the fund's benchmark index saw a negative return of 0.5 percent over the same period.

The year began relatively strongly with rising equity markets, where Asian and European stocks in particular performed well. At its peak during the period, the fund achieved a return of nearly 4 percent. In late February, the US and Israel initiated military operations against Iran, which responded by closing the Strait of Hormuz. This led to sharply rising oil and gas prices and falling stock markets, especially in Asia and Europe, as well as rising interest rates amid concerns that surging energy prices would fuel inflation.

The fund maintained an overweight position in foreign equities averaging approximately 2 percentage points which, combined with tactical allocation through a long position in emerging market equities, contributed approximately 0.2 percentage points to the total return.

The management of Swedish equities detracted approximately 0.65 percentage points from performance. Foreign equity management also contributed negatively by approximately 0.35 percentage points.

Within Swedish equities, Sobi, which performed strongly during the first quarter of 2026, was among the positive contributors to returns during the period.

Positive contributions also came from Volvo, which raised its market forecast, and Ericsson, which continued to improve profitability.

Among the weaker contributors was Indutrade, as serial acquirers generally faced headwinds on the stock market. The fund's underweight positions in Sandvik and Telia also pressured returns during the period.

In foreign equities, the fund's top contributors were Western Digital, Comfort Systems, TotalEnergies, and TSMC. The largest negative contributions came from Microsoft, Tencent, Salesforce, Samsung Electronics, and Alibaba.

The market situation is currently dominated largely by the developments of the war in the Middle East, where a long-term peace solution could reactivate the positive scenario from the beginning of the year, while a protracted conflict risks having significant negative effects on growth and price trends.

The fund maintains a slight overweight in foreign equities.