The manager notes at the outset that global equities, as measured by the MSCI World in local currency, ended 2025 with a total gain of 18 percent. This marked the third consecutive year of double-digit returns.
At the sector level, technology and financials performed particularly strongly during the year, while consumer-related stocks lagged behind. At the same time, European markets outperformed their American counterparts – especially when accounting for this year's weakening of the dollar.
"Global growth prospects appear to remain robust at the start of 2026, aided by Trump's so-called One Big Beautiful Bill," writes the manager.
It is further noted that 2026 has started on a shaky note, with the U.S. military operation in Venezuela contributing to increased geopolitical uncertainty. Nevertheless, according to the manager, this has not had a significant impact on stock markets so far.
"Going forward, we will increasingly feel the consequences of ongoing trade wars, and one should expect markets to continuously adapt as the actual effects become clear. Signals regarding the development of global growth and the resulting impact on interest rate markets will heavily influence equities in the coming weeks."
Regarding the fund's sector allocation, financials, industrials, and healthcare were the largest sectors at the turn of the month, with weights of 27.5, 17.5, and 14.8 percent, respectively.
At month-end, the fund's largest geographic exposures were to the United Kingdom, Switzerland, and France, with weights of 19.0, 15.9, and 14.2 percent, respectively.
The biggest holdings in the fund's portfolio were ASML, Astra Zeneca, and Roche, with weights of 3.2, 2.3, and 2.2 percent, respectively. In total, the fund held 328 positions.
| Storebrand Europa, % | December, 2025 |
| Fund MM, change in percent | 1.84 |
| Index MM, change in percent | 1.55 |
| Fund full year, change in percent | 12.88 |
| Index full year, change in percent | 12.98 |
