The Swedbank Robur Technology fund gained 16.03 percent in May, underperforming its benchmark index which rose 19.45 percent. Since the beginning of the year, the fund has returned 32.13 percent, trailing the index's 34.35 percent gain. This is according to a monthly report from the fund's manager, Christian Blink.

The technology sector performed strongly during the month as investors returned their focus to corporate fundamentals. Despite ongoing uncertainty regarding interest rates, trade policy, and geopolitics, risk appetite increased, with significant price movements in several tech companies following an earnings season that was generally better than expected.

The report suggests that earnings demonstrated that AI investments continue to create value across multiple segments of the ecosystem. Consequently, the focus has shifted from whether these investments are sustainable to where the next capacity shortages might arise.

While advanced AI processors have long dominated the conversation, the market is now identifying further constraints within the value chain. Networking, memory, optics, power supply, and power electronics are highlighted as areas where demand is increasing, broadening interest beyond the most prominent semiconductor companies.

Software companies also performed well during the month. Infrastructure software was particularly strong, with companies in databases, data management, and cybersecurity reporting stable demand and increased AI-related activity.

The manager sees signs that AI investments are now beginning to show clearer effects higher up the software stack, following a period where focus was primarily on semiconductors and data center infrastructure.

Overall, the month is described as a broadening of the AI theme. Semiconductors and data centers remain the foundation of the investment cycle, but new bottlenecks and potential winners are emerging as the technology spreads through the value chain.

The fund's largest positive contributors were Marvell, Fortinet, and Snowflake.

At the end of the month, the fund's three largest equity holdings were Broadcom, Nvidia, and Microsoft, with portfolio weights of 8.31, 7.76, and 7.01 percent, respectively.

Regarding geographic distribution, the United States was the single largest market, representing 88.64 percent of the fund's exposure. This was followed by Taiwan and Sweden with weights of 6.51 and 2.68 percent, respectively.

Swedbank Robur Technology, %May, 2026
Fund MoM, change in percent16.03
Index MoM, change in percent19.45
Fund YTD, change in percent32.13
Index YTD, change in percent34.35