The managers note at the outset that January was a turbulent month, with the focus on conflicts surrounding Venezuela, Iran, and Greenland. In addition, the conflict between Russia and Ukraine escalated with new U.S. sanctions against Russian oil, while tensions between China and Taiwan increased.
"Two other events that left their mark on the sector were the World Economic Forum in Davos and the presentation of the upcoming U.S. defense budget, where the proposal amounts to $1.5 trillion – up from $900 billion for 2026. All of this contributed to a strong month for companies in the defense theme, with share price increases among both European and global companies," the managers write.
Companies in the space industry also performed strongly, while cybersecurity lagged, which is explained by continued pressure within the software segment.
The holdings that performed best during the month were MDA Space, Clavister, and Hanwha Aerospace, while Zscaler, Netskope, and Alarm.com were the biggest drags.
Regarding portfolio activity, the fund reduced its holdings in Saab, Codan, Alphabet, and Exail Technologies, while fully divesting from Microsoft and Norbit. At the same time, the fund increased its positions in cybersecurity and participated in the IPO of York Space Systems. The fund also added Macom Technology, described as playing a crucial role in the value chain for both defense and space through advanced semiconductor solutions.
"We have also increased our exposure to Japanese defense and security through two new holdings: Mitsubishi Electric, a supplier of, among other things, electronic warfare, anti-drone and missile systems, as well as cybersecurity for operational infrastructure, and NEC, which is a key player in communication systems, underwater sensors, and cybersecurity.
The largest holdings at the end of the month were Exosens, MDA Space, and Okta, with portfolio weights of 4.13, 3.86, and 3.75 percent, respectively.
Industry and information technology were simultaneously the largest sectors, with weights of 58.77 and 36.44 percent, respectively. The fund also had a small exposure to telecommunications services at 0.51 percent.
| Swedbank Robur Security and Defence, % | January, 2026 |
| Fund MM, change in percent | 9.17 |
