At the outset, the managers note that February was mainly marked by two major macro events.
The U.S. attack on Iran, according to the managers, did not come as a complete surprise after tensions had escalated and negotiations over the country's nuclear program broke down. The death of Iran's leader, Ali Khamenei, is not necessarily seen as a sign that the regime will fall, which could prolong the conflict. The greatest risks are considered to be rising oil and gas prices, which could pressure the global economy through lower growth and higher inflation.
At the same time, a decision by the U.S. Supreme Court created uncertainty around trade policy. The court ruled that previous tariffs were illegal, but according to the managers, the president has since found a new legal basis that allows for the introduction of new tariffs for 150 days before they are reviewed by Congress.
Despite this, the Stockholm Stock Exchange developed steadily. The SIXRX index rose by 4.5 percent in February, although some volatility was noted in connection with the U.S. tariff announcements.
Earnings season has now concluded, and according to the managers, both the industrial and banking sectors showed decreased turnover. Industrial companies were affected by currency headwinds, while banks were weighed down by weak credit demand. However, margins remained at a high level, and companies expect better demand going forward.
In the U.S., developments in artificial intelligence have reportedly created turbulence in some sectors. New tools from Anthropic and Altruist are described as challenging established business models, which has impacted valuations in parts of the service sector. At the same time, Nvidia reported very strong results, although concerns about a possible AI bubble persist.
During the month, the last portfolio companies also reported. According to the managers, Synsam delivered a strong report and continues to perform well despite more cautious consumers. The company is seen as operating in an industry with structural growth, as more and more people require glasses.
On the other hand, Scandic Hotels reported weaker results than expected, although the company also issued strong guidance for 2026. The Finnish market is singled out as the weakest, but the managers believe this is already reflected in the valuation. The company is also expected to complete the acquisition of Dalata Hotel Group later in the year, which could reduce uncertainty around the deal.
In the bond market, the U.S. ten-year yield has fallen back, erasing the entire increase seen between October and January. In Sweden, interest rate movements were minor, although flows into bond funds have increased.
The fund's largest equity holding at the end of the month was Investor, with a portfolio weight of 9.8 percent, followed by Swedbank and Nordea, with weights of 8.4 and 8.3 percent, respectively.
| Sensor Sverige Select, % | February, 2026 |
| Fund MM, change in percent | 2.05 |
| Index MM, change in percent | 2.33 |
