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The Russian invasion of Ukraine continued during the month of March. There is now even speculation about an escalation before the so-called "Victory Day" on May 9. It is the day Nazi Germany surrendered in World War II and Putin is assumed by many experts to have a victory parade for this war on this very date.
Companies within traditional defense and cyber security have continued to be in focus due to the war. It has continued to benefit the Global Security Fund, which rose by 2.67 percent during the month.
Regardless of whether the war in Ukraine ends on May 9 or not, we believe that increased investments in defense and global security 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. A functioning and prosperous defense and security industry is required for these to be able to fulfill their obligations and contribute to a safe and secure society.