The start of the year was marked by rising share prices and an overall optimistic market, despite a turbulent global backdrop.
Earnings season began on a strong note, particularly in the industrial sector, where companies like Sandvik and Volvo posted solid results. Ericsson and several banks also released reports that were well received. The largest positive contributions to the fund's return came from holdings in industrials, finance, and technology, with Ericsson standing out as one of the top performers.
Negative contributions came from Beijer Ref, SKF, Asker, and Hexagon. Hexagon was affected by weaker performance among software and SaaS companies in the US, linked to increased uncertainty about how artificial intelligence might impact the sector's outlook. Overall, companies with higher valuation multiples performed more weakly during the month.
During the period, the fund increased its positions in Volvo, Novo Nordisk, Alfa Laval, and Ericsson. Holdings in Hexagon, Asker Healthcare, Sveafastigheter, and Skanska were reduced. Traton was added as a new holding, while Astra Zeneca was fully divested.
The largest holdings in the fund's portfolio at the end of the month were Alfa Laval, Atlas Copco, and Ericsson, with weights of 9.3, 9.2, and 9.2 percent, respectively.
| PriorNilsson Sverige Aktiv, % | January, 2026 |
| Fund MM, change in percent | 3.26 |
| Index MM, change in percent | 2.19 |
