The managers note at the outset that Nordic markets showed mixed performance in June, weighed down by the global security situation, which risks hindering economic recovery and could lead to downward revisions of earnings forecasts.
"What drives stock prices over time is corporate earnings development. This means that as long as geopolitical concerns do not impact the economic cycle, flare-ups of conflict or threats of conflict rarely have a lasting effect on the stock market. This explains why markets have remained relatively calm despite tensions in the Middle East," the managers write.
They add that volatility could increase if oil prices start to climb, as that would dampen economic prospects.
Macroeconomic signals were described as relatively unchanged during the month compared to earlier in the year, with European growth improving slightly while the pace of U.S. growth remained steady. The recovery in the Swedish economy, meanwhile, is being held back by Trump's tariff announcements, which are causing companies to hesitate.
During the month, the ECB, Riksbank, Norges Bank, and the Swiss National Bank all cut their policy rates, while the Fed once again left its rate unchanged.
"In their communications with the market, they maintain that they are close to reaching both of their targets--namely, full employment and price stability--while the economy continues to be in good shape. Until there is more clarity regarding upcoming tariff rates, which will make it easier to assess inflation risks, the Fed sees no reason to act at this time," the report states.
The fund's equity allocation remained at 82 percent at the end of the month, although management reduced exposure to cyclical industries and increased holdings in companies less correlated with the economic cycle, such as pharmaceutical firms, salmon producers, and certain real estate companies.
The largest purchases during the month were in Sagax, Mowi, and Leröy Seafood, while the fund fully exited its positions in Balder and SKF.
At the end of the month, the fund's largest holdings were Nordea, Handelsbanken, and Investor, with portfolio weights of 7.0, 6.3, and 5.5 percent, respectively.
| Lannebo Mixfond Offensiv, % | June 2025 |
| Fund MoM, change in % | 0.2 |
| Index MoM, change in % | 0.5 |
| Fund YTD, change in % | 3.5 |
| Index YTD, change in % | 2.4 |
