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January continued with a lot of volatility in the markets, but the fund delivered positive returns during the month. Fundamentally, we have had a strong reporting season with good sales and profit growth for our holdings.
TSMC (owned) was the first to deliver a really strong result, beating market expectations and providing a significantly higher 2026 forecast. They also guided their CAPEX significantly higher than 2025 levels, which is important for our semiconductor holdings, but also an important indication of the broader AI ecosystem and TSMC’s level of confidence that the demand they are seeing is sustainable. Nvidia, AMD and Broadcom (all owned) all manufacture their AI chips at TSMC – a large portion of their volume drove TSMC’s ~36% revenue growth last year; and that is clearly also what is driving 2026 above expectations. Otherwise, one of the most prominent positive results for us in the portfolio was Meta (owned) which provided a strong revenue growth forecast for Q1 and also provided a significant increase in capex. We think Meta is a good example of a company that is seeing a clear positive return on its AI investments. Also on the subject of AI monetization: January saw continued positive sentiment around Claude Code – which we believe has been one of the reasons for the generally improved AI sentiment at the beginning of the year. Coding and software development as an industry is large and as we have written before, one of the clearest and largest potential use cases for AI productivity. The fund was unchanged in January (on a SEK basis).