"The Stockholm Stock Exchange continued to be characterized by geopolitical concerns during May, yet managed to end the month higher. Hopes for a U.S.-Iran agreement caused oil prices to retreat below $100, while market interest rates fell slightly on lower inflation fears, which also boosted global market sentiment," the managers noted.
Risk appetite was evident in a sharp rise for the Nasdaq 100, where Swedish savers, according to the management, increased their exposure to American technology at the expense of banks and large-cap companies. Credit spreads also tightened from previously elevated levels, driven more by strong technical factors and FOMO behavior than by fundamentals.
The fund performed positively during the month, with positive contributions from Autoliv, Essity, and ABB. Conversely, negative contributions came from Orkla, Alfa Laval, and Assa Abloy. The managers highlighted that the market rally has been narrow and reminded investors that long-term earnings growth is more critical than short-term valuation swings.
During the month, the fund visited Essity in connection with the company's capital markets day. The managers believe the company is more strongly positioned than its valuation suggests. The strategic review of Consumer Tissue could pave the way for a more streamlined business, while operational improvements are expected to support a re-rating over time.
Activity remained high in the credit market, particularly among investment-grade companies. The fund invested in Sobi, Thule, Tele2, and Tieto. Developments in the yield curve also led to a selective increase in exposure to fixed-rate bonds, where Akelius was added at what are considered attractive levels.
Within the high-yield segment, the fund increased its holdings in the infrastructure company Oyfjellet and the wind service company Fairwind.
Among other portfolio adjustments, the fund increased its position in Sampo, while the holding in Epiroc was reduced.
Regarding asset allocation, equities accounted for 61 percent of the portfolio at month-end, while fixed-income securities represented 39 percent.
The fund's three largest equity holdings were Investor, Atlas Copco, and Essity, with portfolio weights of 4.2, 4.1, and 3.9 percent, respectively. The three largest issuers were Tele2, Latour, and Telenor.
Geographically, the fund was primarily exposed to Sweden, representing 73.9 percent of capital. This was followed by Norway and Denmark with weights of 8.5 and 6.1 percent, respectively.
| Carnegie Strategifond, % | May, 2026 |
| Fund MoM, percentage change | 0.99 |
| Fund YTD, percentage change | 1.38 |
