Despite relatively limited movements at the index level, the market was marked by high volatility. The fund’s exposure to larger companies performed well overall and contributed positively to returns. Among the top contributors were Atlas Copco, Novo Nordisk, Epiroc, and Alfa Laval.
The managers note that the development within the small- and mid-cap segment was characterized by significant volatility. Differences in earnings reports and subsequent share price reactions remained substantial, with companies failing to meet market expectations being heavily punished.
Furthermore, the managers state that this market climate negatively affected the fund’s relative returns during the month, even though several of the underlying investment cases are, according to the fund company, progressing according to plan. Vestum, Beijer Ref, and Fasadgruppen were among the largest negative contributors.
The managers report that exposure to quality companies and selected small caps has gradually increased over recent months, with a more positive outlook for these segments heading into 2026. The macroeconomic picture is assessed to point towards a gradually calmer environment for interest rates and inflation, which has historically contributed to an improved investment climate.
Finally, the managers note that the theme of Innovative and Sustainable Solutions, which accounts for about 37 percent of the fund’s exposure, was the largest positive contributor during the month from a sustainability perspective. The theme of Sustainable Cities and Infrastructure performed the weakest.
The largest holdings in the fund’s portfolio at the end of the month were Atlas Copco at 9.37 percent, followed by Novo Nordisk and Alfa Laval with weights of 9.00 and 6.58 percent, respectively.
In terms of sector exposure, industry accounted for 56.1 percent of the allocation, followed by healthcare and real estate at 16.8 and 7.2 percent, respectively.
Geographically, Sweden represented 79.2 percent of the allocation, followed by Finland and Denmark at 9.2 and 9.0 percent, respectively.
| Norron Sustainable Equity, % | January, 2026 |
| Fund MM, change in percent | -0.99 |
| Fund year-to-date, change in percent | -0.99 |
