Portfolio manager comments — Q2 2024
Fund performance was positive during the quarter and the fund rose just over 4% in SEK. The Nordic markets showed positive returns during the period and the large caps ABB, AstraZeneca and Novo Nordisk continued to post strength and outperform small caps. Currency fluctuations did not have the same significant impact on returns as they had in recent quarters.
The strongest individual contributors to returns were Novo Nordisk, ABB, Atlas Copco, AP Möller Maersk, Investor, Norsk Hydro and Crayon, while DSV, Autostore and Hexagon had the most negative impact.
New significant holdings include the Danish insurance company Tryg and the Norwegian technology company Norbit. Divestments in the portfolio included Vestas, Chemometic, Arjo, Nordic Semiconductor, Norsk Hydro and Bakkafrost.
The fund changed its name on 20 March from Norden Tema to Norden. This change provides more liberal investment rules and enhanced opportunities to invest in more value-based equities, although we continue to identify long-term structural growth.
In general, the Nordic markets, like the global markets, have focused on the large caps with strong long-term structural drivers such as electrification, semiconductors and obesity drugs. We expect this trend to continue as well as a further broadening of the market, which we have seen signs of in recent months.