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The stock market was somewhat weaker in September, which affected the Global Security Fund, which was down 1.47 percent and 1.45 percent respectively for share classes R and S.
Growth stocks were the worst performers with a few exceptions, such as cybersecurity company Palo Alto Networks, which was up 5.61 percent and was the month's best-performing holding with a 0.17 percent contribution. The company continues to show strong growth and benefits from the strong investment trend in network solutions.
Security company Raytheon Technologies was up 3.07 percent for the month with a contribution of 0.11 percent. The company has a large business in the aircraft industry and is benefiting from the removal of the COVID-19 restrictions and the recovery of air traffic.
Security consultancy CACI was up 3.38 percent for the month with a contribution of 0.10 percent. The company has won a number of procurements and is well positioned for increasing investments in cyber security.
Norwegian security company Kongsberg Gruppen was up 1.55 percent for the month with a contribution of 0.10 percent. The company has won a large number of procurements around the world and the company is well positioned in cyber, space and maritime.
Boeing was up 1.81 percent for the month with a contribution of 0.05 percent.
Crowdstrike is one of the best performing companies over a longer perspective but retreated in September and was the month's worst performing company, down 11.06 percent with a contribution of -0.69 percent. The company's products are used by many actors in the cyber security industry and we see this month's price development as a short-term price consolidation.
Honeywell was down 6.97 percent for the month with a contribution of -0.27 percent. The company is active in the aircraft industry and the forecast points to a recovery in the sales growth rate, which has slowed somewhat in recent years. The company has a strong free cash flow and increased its dividend for the 12th year in a row, by 5.4 percent from the previous year.
Fortinet was down 5.77 percent with a contribution of 0.32 percent. The cyber security company with a focus on network solutions is the year's best performing holding and the price drop is seen as a short-term consolidation. Security and technology company Teledyne was down 5.8 percent with a contribution of -0.26 percent and Microsoft was down 5.08 with a contribution of 0.22 percent.