After a quiet autumn, November was marked by increased volatility on the Nordic stock exchanges. This development coincided with the reporting period for the third quarter, but is believed to have been driven primarily by international factors. The pattern was similar outside the Nordic region, and the period also coincides with a season that is historically associated with weaker stock market performance.
The reporting season for the third quarter ended during the month. The outcome was generally in line with expectations but slightly weaker than the corresponding quarter last year. At the same time, there were large price movements in individual stocks in connection with the reports, which points to significant uncertainty in market expectations.
The strongest sectors in the Nordic region up to November were electricity, finance, and consumption. The financial sector performed well across the board, with higher-than-expected interest rates combined with lower-than-feared credit losses continuing to benefit banks. On the negative side were IT and communications.
At the end of the period, the largest sector in Alfred Berg Nordic Gambak was finance, followed by industry and health. Consumer goods remained the largest sector relative to the index, while the largest underweights were in IT and consumer-related durable goods.
Among individual stocks, Ambea was the largest positive contributor with an increase of 10.2 percent. Clas Ohlson rose 5.7 percent, while ISS increased 4.7 percent.
The largest negative contributors were FLSmidth, which fell 18.2 percent. Vestas, where the fund was underweight, made a negative relative contribution, while Next fell 7.3 percent.
During the month, the fund increased its holdings in Novo Nordisk, Metso, and Nordea, among others, while divesting its holdings in Tele2, Dynavox, and Norsk Hydro.
The largest holdings in the fund's portfolio at the end of the month were Novo Nordisk, Ambea, and ISS, with weights of 6.09, 4.92, and 4.06 percent, respectively.
| Alfred Berg Nordic Gambak R (SEK), % | November, 2025 |
| Fund MM, change in percent | 0 |
| Index MM, change in percent | 0 |
| Fund this year, change in percent | 8 |
| Index this year, change in percent | 4 |
