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It was a good month for the Global Security Fund, which was up 1.8 percent and 1.7 percent respectively for share classes R and S. These are strong figures given the weak dollar, which was down 3 percent against the krona, and compared to the rest of the stock market where was somewhat mixed. The fund has had a very good start to the year and is benefiting from the shift in the market, where the development of growth stocks has been weaker in favor of more value-oriented companies, with stable cash flows, which the fund mainly owns.
Over half of the companies have now reported in the second quarter and there has been a significantly more positive tone in the companies' communication. For example, Northrop Grumman, which reported significantly better than expected results and is now indicating a stronger year than was indicated three months ago. Northrop Grumman is up more than 25 percent over the past three months and was up 6.2 percent for the month with a 0.4 percent contribution to the fund. The company was the second best performing company during the month, after CrowdStrike which was up 10.9 percent during April. CrowdStrike did not issue a report, but the price increase during the month was likely a reaction to the weak start to the year for the stock. The company reported strongly during the first quarter and is considered a leading company in the endpoint detection segment, which includes, among other things, remote connection. The company is well positioned in this growing segment. The company's price rise provided a contribution of 0.7 percent. CrowdStrike is one of the fund's five largest holdings.
Kongsberg Gruppen is the security company that has managed the past year the best, which can be explained by the company's positioning in maritime, space, security and technology. After the merger with Rolls Royce maritime, the company has seen good synergies that have been integrated faster and more cost-effectively than expected. Although the company has met the market's sales expectations, the company has shown a better profit margin than before. It is clear that the company has succeeded in creating an attractive niche. The company has an active space operation and is an important supplier of infrastructure to many of the satellites that are launched. The company mentioned a possible spin-off of Kongsberg Digital, which would be an exciting development. Kongsberg was up 6.8 percent for the month, which benefited the fund by 0.35 percent. The cyber security company Fortinet was once again one of the fund's best performing holdings and was up 7.4 percent, which benefited the fund by 0.35 percent. The company reported strongly in quarter one and again in quarter two. The company has invested in organic growth and today has strong products and a strong fundamental base with good margins. The company is the fund's best performing holding this year. Raytheon Technologies was up 4.5 percent for the month, which benefited the fund by 0.2 percent.
Of the weaker companies, Boeing was the fund's worst performing holding and retreated by 10.8 percent – a contribution of -0.35 percent. The company had a cash burn of $3.68 billion for the quarter, which is an improvement even if the recovery takes time. The cyber security and IT consulting company Mantech reported better than expected, but despite this the price retreated by 4.8 percent – a contribution of -0.2 percent. The company has good prospects after the company has signed a cooperation agreement with Google and achieved certifications with Amazon Web Services, which gives the company better conditions for future procurements. Cyber security company FireEye reported strong sales growth but posted a weaker profit. The company has for a long period worked on an improvement of products that can increase the sales growth rate, which it has succeeded in doing, but the margins have been weaker than expected.
Security giant Lockheed Martin reported sales in line with expectations but better-than-expected earnings per share. The company has had somewhat weaker sales development of the F35 fighter aircraft, as an effect of the Covid pandemic. The company expects a normalization in the next year. There are still questions surrounding the planned merger with Aerojet Rocketdyne, but the company expects approval. This will give the company great opportunities in the hypersonic area. Hypersonic development is a major investment for many security companies and typically defines speeds above 6,000 km/h and in many cases considerably more.