The fund managers begin by stating that the Nordic stock market was volatile in November. Interest rates remained largely unchanged, and the third-quarter reporting season yielded generally stable results for the fund's portfolio companies.
The managers also write that the portfolio companies increased their sales by an average of 3 percent and their operating profit by 5 percent compared with the same period last year. Earnings per share rose 3 percent and cash flow per share 6 percent. So far this year, sales and operating profit are up 3 percent, while earnings per share are down 2 percent.
In November, DSV, Protector Forsikring, and Securitas were the fund's strongest performers, while Addlife, Novo Nordisk, and Medistim weighed on returns. For the full year, Addlife, Protector Forsikring, and Medistim are the largest positive contributors.
Novo Nordisk attracted attention when the company's study of semaglutide in the early stages of Alzheimer's disease showed negative results, leading to a short-term decline in the share price.
Several portfolio companies held capital markets days. Thule confirmed its long-term targets of 7 percent organic growth and a 20 percent margin, while Assa Abloy stands by its target of 5 percent organic growth and the same amount from acquisitions, with an expected margin of 16-17 percent.
Finally, the managers report continued high acquisition activity in the portfolio. Portfolio companies such as Addtech, Assa Abloy, Atlas Copco, Essity, Hexagon, Indutrade, and Addlife presented new acquisitions in November.
The fund's largest holding at the end of the month was Protector Forsikring at 6.19 percent, followed by Novo Nordisk and DVS with portfolio weights of 4.83 and 4.69 percent, respectively.
| Odin Norden, % | November, 2025 |
| Fund MM, change in percent | - |
| Index MM, change in percent | 0 |
| Fund this year, change in percent | 0 |
| Index this year, change in percent | 4 |
