The manager begins by noting that the Nordic stock markets performed strongly in January, with Novo Nordisk among the standouts after launching its Wegovy medication in pill form. Reports from industrial companies also indicated robust demand, particularly from the mining industry and data centers.
"Sandvik's order intake grew by 11 percent organically, mainly driven by demand from the mining industry, and ABB also reported strong order intake in its electrification and automation divisions," the manager writes.
Most foreign stock indices also showed strength, although the strengthening of the krona dampened gains for Swedish investors. The US dollar weakened by nearly 4 percent against the krona during the month.
"Trump continued to leave his mark on geopolitics during the month. In January, the US carried out a military operation in Venezuela, where Mr. and Mrs. Maduro were arrested to face charges for various serious crimes in an American court. Iran has also come under pressure and is being pushed to accept a nuclear weapons ban. In Iran, widespread protests against the regime have broken out due to the country's economic crisis."
During the month, oil prices rose sharply, with Brent crude reaching USD 67 per barrel at the turn of the month. The reason is described as a production shortfall in the US due to a winter storm. At the same time, precious metals continued their positive trend.
"For silver, part of the rise seems to have been driven by a short squeeze, but strong demand from industry and central banks also appears to have contributed to the buying pressure. Additionally, China, a major producer of the metal, has renewed its licensing system with stricter requirements for exporters. The state has thus gained greater control over exports and a new bargaining chip in the global trade game."
The holdings that contributed most positively to the fund's performance during the month were Nordnet, Tele2, and Axfood, while Lifco, Getinge, and Addlife were the biggest drags.
"The fund's negative return was nevertheless very strong relative to the index, as the fund's heavyweights Nordnet, Tele2, and Axfood rose and laggards in the index were avoided."
During the month, the fund increased its holdings in Scandic Hotels, SSAB, and Securitas, while reducing positions in Lifco and Addtech. Sectra was completely sold off, while RVRC was added as a new holding.
The largest holdings in the fund's portfolio at the end of the month were Securitas, Tele2, and Avanza, with weights of 6.6, 6.1, and 5.9 percent, respectively.
| Simplicity Small Cap Sweden A, % | January, 2026 |
| Fund MM, change in percent | -2.3 |
| Fund one year, change in percent | -6.3 |
