"The stock market was volatile in January, but the month ended with an upswing for the Nordic market. However, ODIN Norden performed significantly weaker than its benchmark index. Quality companies – which make up a large share of the fund – underperformed the broader market. Small and medium-sized companies, which also constitute a significant part of the fund, delivered weaker results than the index," the managers wrote.
The report further describes large differences between countries and sectors. The rally was narrow and concentrated in a few sectors, with defense and mining industries showing the strongest performance. The best price developments during the month were mainly delivered by the largest companies.
For the fund, Novo Nordisk, Ringkjøbing Landbobank, and Axfood contributed most positively to returns. Meanwhile, Beijer Ref, AddLife, and Addtech had a negative impact.
Market developments were reportedly influenced by both global macroeconomic factors and company-specific news. Geopolitical uncertainty contributed to periods of heightened volatility, which was particularly evident in the middle of the month.
The fourth-quarter 2025 earnings season is underway, with several portfolio companies having reported their results. The overall picture is described as revenue being somewhat weaker than expected in many cases. Consumers are said to be holding back globally, impacting companies through caution regarding inventory buildup and investments.
At the same time, the report emphasizes that differences between sectors are significant. Many companies have implemented cost-saving measures and are showing good profitability, but revenue growth has often failed to materialize.
"Share price reactions have been significant for individual companies, depending on the sector and whether results exceeded or fell short of market expectations. If demand and revenue recover, there is potential for a broader upswing in the stock market," the management concludes.
The largest holdings in the fund's portfolio at the end of the month were Protector Forsikring at 6.32 percent, followed by DSV and Novo Nordisk with weights of 5.51 and 5.49 percent, respectively.
| Odin Norden, % | January, 2026 |
| Fund MM, change in percent | -2.65 |
| Index MM, change in percent | 2.76 |
