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Meriti Ekorren Global share class B fell by -2.96% during February and the fund has thus risen by +0.16 percent during the year. Since the fund's launch on December 4, 2023, the increase in value amounts to +33.7 percent, a result that is +4.1 percentage points stronger than the fund's benchmark index.
February was a month characterized by increased volatility and weak performance for global stocks, but with large regional differences.
The US stock market faced headwinds in February. Threats of tariffs, geopolitical tensions, weak economic data, reduced consumer confidence and uncertainty about potential interest rate cuts from the Federal Reserve led to the S&P 500 Index ending the month down -1.3 percent. Notably, much of the weakness is due to the performance of the “Magnificent Seven”. According to a Reuters compilation, they have lost a combined -7.6 percent this year, while the rest of the companies in the S&P 500 Index have risen by more than +6 percent. About 95% of the companies included in the S&P 500 Index have reported their results for the fourth quarter. Profits increased by 18% compared to a year ago and forecasts for the full year 2025 still point to double-digit growth.
Unlike American stocks, European stocks performed well, with the S&P Europe 350 Index rising +3.6 percent during the month. The financial sector was the big winner in February, as in January, with an increase of +8.1 percent.
Information technology showed the worst performance of the month with a decline of -2.7 percent, mainly as a result of weakness in the semiconductor industry following concerns about further US restrictions on chips.
For the fund, the month's largest sector-level increase was in the Diversified Financials, Consumer Durables & Apparel and Transportation sectors. Correspondingly, the largest decrease was in the Banks, Health Care Equipment & Services and Semiconductors & Semiconductor Equipment sectors.