The Swedbank Robur Access Europa A fund climbed 1.64 percent in October, underperforming its benchmark index, which rose 1.68 percent. Since the start of the year, the fund has returned 8.69 percent, trailing the benchmark index's 10.35 percent gain over the same period. This information is detailed in a monthly report from the fund's managers, Johan Andreasson, Joakim Celinder, and Ulrika Ersson.
One of the month's most significant positive contributors was Nokia, whose shares surged 22 percent, reaching their highest level in nearly a decade.

Nokia's rally followed news that Nvidia would acquire shares in the company worth $1 billion as part of its investment in AI and data centers.

The managers also noted that the defense sector as a whole declined somewhat in October, resulting in a mixed effect on the fund's relative return.

"The fund was weighed down by declines in holdings such as Rheinmetall, Kongsberg, and Saab. However, the weak performance of excluded companies like BAE Systems and Rolls-Royce (both involved in nuclear weapons production) contributed positively to relative returns," the managers wrote.

Finally, the report states that the fund's decision not to invest in the energy sector or in other companies associated with fossil fuel operations had a negative impact on its relative returns.

The fund's largest holdings were ASML Holding, SAP, and HSBC, with weights of 3.35, 2.06, and 2.02 percent, respectively.

Swedbank Robur Access Europa A, % October, 2025
Fund MoM, change in percent 1.64
Index MoM, change in percent 1.68
Fund YTD, change in percent 8.69
Index YTD, change in percent 10.35