EN 
SE 
The Russian invasion of Ukraine continued during the month of April, at the same time the market's focus shifted to how the macroeconomic picture will affect companies' growth going forward. Overall, the month was weak for equities globally, especially for growth companies. The Global Security Fund lost 4.16 %, significantly outperforming global equity indices.
The fund was disadvantaged by the general market sentiment, but benefited from its overweight against defensive companies in traditional defense and from a rising dollar exchange rate against the krona.
Going forward, we believe that increased investments in defense and global security, against the background of what is happening in Ukraine, will be in focus for a long time to come. This will in turn create a structural trend of increased demand for the companies included in the fund. It is important to underline that the fund does not wish to profit from war, rather the fund should be seen as an investment that aims to contribute to the UN's goals of peaceful and inclusive societies.
Functioning police, armed forces and private security companies are a prerequisite for a safe and secure society. In order for these to be able to fulfill their obligations and contribute to a safe and secure society, a functioning and prosperous defense and security industry is required.