At the outset, the manager notes that global equities, as measured by the MSCI World in local currency, climbed 3 percent during the month. This increase not only marked a new record high but also represented the sixth consecutive positive month, according to Sørensen. So far this year, global equities have risen by a total of 18 percent in local currency.
"An additional rate cut by the U.S. central bank, the Fed, and an easing of tensions between the United States and China contributed positively to market sentiment during a period marked by a lack of macroeconomic data," the manager writes.
In conclusion, Sørensen writes that the end of the earnings season is approaching, with U.S. results described as having improved both in absolute terms and relative to expectations.
"As we enter the fourth quarter, there remains a strong focus on President Trump's tariff policy and its expected consequences for various countries and sectors. The U.S. government shutdown continues, but so far it has not had any significant impact on the markets."
Regarding the fund's sector allocation, finance, industry, and healthcare were the largest sectors at the end of the month, with weights of 26.4, 18.1, and 14.5 percent, respectively.
At month-end, the fund's largest geographical exposures were to the United Kingdom, Switzerland, and France, with weights of 19.1, 15.5, and 14.8 percent, respectively.
The largest holdings in the fund's portfolio were ASML, SAP, and AstraZeneca, with weights of 3.4, 2.2, and 2.1 percent, respectively. In total, the fund held 341 positions.
| Storebrand Europa, % | October, 2025 |
| Fund MoM, percentage change | 1.45 |
| Index MoM, percentage change | 1.68 |
| Fund YTD, percentage change | 9.79 |
| Index YTD, percentage change | 10.35 |
