A strong reporting season has contributed to the positive price development on the stock market and the Global Security Fund, which was up 1.54 percent and 1.50 percent respectively for share classes S and R.
Norwegian security company Kongsberg Gruppen was up 15.44 percent for the month with a contribution of 1.11 percent. The company reported weaker sales figures than expected but better earnings per share. The company continues to win a large number of procurements around the world and is well positioned in the growth areas of cyber and space. The company is the fund's largest allocation and we believe in more upside for the course's development, which is up 66.12 percent for the year.
Crowdstrike was up 12.46 percent with a contribution of 0.83 percent. The company only reports in December and the market is pricing in a strong report. The company's products are used by many actors in the cyber security industry and are considered best in class and a strong.
Fortinet was up 12.93 percent with a contribution of 0.77 percent. The cyber security company with a focus on network solutions first reports in November and the market is pricing in a strong report. The company is up 137.6 percent for the year.
Microsoft was up 15.36 percent for the month with a contribution of 0.72 percent. The company continues to deliver and confirms with its report that there is still a strong development in IT investments and an increasing proportion of companies migrating to the company's Azure cloud operations.
Security consultant and IT company Mantech International was up 11.34 percent with a contribution of 0.36 percent.
Of the month's losers, security company Lockheed Martin had the biggest impact. The company was down 5.55 percent for the month with a contribution of 0.35 percent. This after a report indicating that organic growth will be lower than previously thought. This is affected by, among other things, a lower production of the F-35 fighter aircraft.
Boeing was down 7.71 percent for the month with a contribution of 0.17 percent. The company has not managed to generate a positive free cash flow since the problems with the MAX 737 started in March 2019, but next year looks significantly brighter for the company.
Northrop Grumman was down 2.79 percent for the month with a contribution of 0.15 percent. The company reported in line with the market's expectations, but indicated weaker growth than previously indicated, especially in the aviation industry. The company has a niche within the space industry, which continues to grow strongly.
Saab was down 4.02 percent for the month with a contribution of 0.1 percent, while the cybersecurity company FireEye, now Mandiant after the name change, was down 3.91 percent with a contribution of 0.11 percent.