Portfolio manager comments — June 2025
June marked the first month the fund was managed under its updated investment mandate and new name, Fokus.
Fund performance was positive during the month, despite initial market volatility driven by concerns over trade tariffs and global trade. As markets recovered, the fund benefited particularly from strong performance in technology and semiconductor companies such as Nvidia, SK Hynix, Microsoft, Broadcom, and TSMC, which were the largest contributors to absolute returns. Netflix and Spotify also contributed positively, supported by continued momentum in pricing and new strategic initiatives.
Industrial companies with exposure to electrification, smart metering, and infrastructure—such as Schneider, Autoliv, Beijer Ref, and Core & Main—also made positive contributions. The weakest performance came from AstraZeneca and Novo Nordisk, as the healthcare sector continued to face challenges throughout the year, including in June.
In Sweden, the market expects the Riksbank to move closer to further rate cuts as inflation continues to ease and the krona strengthens. In Europe, the European Central Bank signaled a more dovish stance following earlier rate cuts, and the market is now focused on the potential for additional cuts if the disinflation trend persists. The US Federal Reserve left rates unchanged, citing an uncertain macroeconomic outlook and a still-tight labor market. Inflation data and labor market indicators will continue to guide future rate decisions. Overall, credit markets have benefited from reduced inflation concerns and expectations of lower interest rates, leading to improved financing conditions and increased risk appetite in both corporate and government bond markets.
We expect financial markets to remain volatile and driven by news flow. At the same time, we are seeing encouraging progress in trade negotiations and economic data that point to continued resilience.