The Delphi Nordic fund rose by 1.96 percent in December, which was lower than the fund's benchmark index, which gained 2.88 percent. Over the past year, the fund increased by 9.82 percent, outperforming its benchmark index, which rose 7.36 percent. This information comes from a monthly report by portfolio managers Erik Alexander Berg-Johnsen, Adil Shah, Andreas Berdal Lorentzen, and Karl Otto Gulseth.

The managers note at the outset that global equity markets ended 2025 on a strong note, with a 1.5 percent increase for the world index. European equities performed particularly well, while gains in the United States were more modest. However, the Nordic market led the way with a 5 percent increase. During the month, continued focus remained on AI-related concerns that have recently influenced the markets.

"At the same time, market breadth increased as investors reallocated capital from the technology sector to other stocks, rather than to other asset classes. A similar dynamic was seen during the period between March and April, when European equities also performed significantly better than American ones," the authors write.

It is further noted that the upturn in the Nordics was also broad-based, with strong developments in all sectors except utilities. The strongest sectors were industrials, financials, and materials.

"These three sectors together make up just under 60 percent of the index's market value. The breadth of the market is well illustrated by the fact that only 3 out of 80 stocks within these sectors had a negative performance in December."

Utilities, consumer discretionary, and real estate were, on the other hand, the weakest sectors during the month.

Regarding the fund's return, the negative relative performance is explained by the strength of stocks included in the index but not owned by the fund. The holdings that contributed most positively were Per Aarsleff, Europris, Nokia, Storebrand, and Public Property Invest, while Clas Ohlsson, Hafnia, Nordnet, ABB, and Sweco were the main detractors.

"2025 has been a very eventful year, but our trend-following strategy has proven effective even in such a market climate. It is particularly pleasing to see that many of the stocks that ranked highly in our screening model throughout the year have also been important contributors to our outperformance," the managers conclude.

The largest positions in the fund's portfolio were Novo Nordisk, Danske Bank, and Investor, with weights of 5.6, 5.3, and 5.0 percent, respectively.

Delphi Nordic, %December, 2025
Fund MM, change in percent1.96
Index MM, change in percent2.88
Fund full year, change in percent9.82
Index full year, change in percent7.36