The PriorNilsson Sverige Aktiv fund declined by 6.30 percent in March, outperforming its benchmark index which fell by 7.50 percent. Since the turn of the year, the fund has returned 0.14 percent, ahead of the index which has decreased by 1.20 percent, according to the monthly report.

"Market developments during the month were characterized by increased geopolitical concerns linked to the conflict in Iran, which contributed to rising energy prices as well as an uptick in interest rates and inflation expectations," the management team writes initially.

Against this backdrop, interest-rate-sensitive sectors underperformed, coming under pressure as the market shifted from expecting rate cuts to instead pricing in potential rate hikes. Cyclical companies also showed weak performance.

Among individual holdings, Atlas Copco, SKF, Volvo, Hexagon, and Trelleborg were the primary detractors from returns during the period. Meanwhile, positive contributions came from Asker, Epiroc, Novo Nordisk, and Ericsson.

Several portfolio adjustments were implemented during the month. New positions were initiated in ABB, Nokia, and Sobi, while the stake in Mycronic was increased. Conversely, exposure was reduced in Beijer Ref, Lindab, H&M, and Industrivärden.

At month-end, the fund's three largest equity holdings were Ericsson, Alfa Laval, and Atlas Copco, with portfolio weightings of 9.3, 9.2, and 9.0 percent, respectively.

PriorNilsson Sverige Aktiv, %March, 2026
Fund MoM, percentage change-6.30
Index MoM, percentage change-7.50
Fund YTD, percentage change0.14
Index YTD, percentage change-1.20