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Meriti Ekorren Global share class A showed a very good development in October and rose by +4.76 percent. The fund's increase in value since the turn of the year thus amounts to 23.6 percent. Since the fund's inception on 4 December 2023, the increase in value amounts to 25.4 percent, a result that is over 2 percentage points stronger than the fund's benchmark index.
October was a volatile month in the financial markets. Share prices generally fell after having a strong development during the first nine months of the year. Growth risks remained the main concern for investors, despite signs of resilience in the US economy in particular. Uncertainty also increased due to the upcoming US election and the possible implications for inflation rates and interest rates.
The Japanese stock market was the strongest performer, despite a hawkish tone from the Bank of Japan at its October meeting, as well as the ruling coalition's election loss, which could lead to a period of political instability. Japanese shares measured as the TOPIX index rose by +1.9 percent during the month.
The US stock market, the S&P 500 Index, fell by -0.9 percent in October, despite strong economic data. The September labor market report beat expectations, with non-farm payrolls increasing by 254,000 (compared to an expected 140,000). Unemployment fell to 4.1 percent, and wage growth rose to 4 percent year-on-year.
In Europe, there are many signs of weakened economic activity, with Germany at the center. The weakness in economic activity was reflected in the European stock market, which recorded a decline of -2.1 percent during the month. The Swedish stock market measured as the OMX Stockholm Benchmark Index lost -3.5 percent.
The US dollar has had a strong development during the month, rising by over +5% against the Swedish krona. This meant that global shares in SEK rose during the month.
The month's largest increase at sector level has occurred in the industries Software & Services, Pharmaceuticals, Biotechnology and Life Sciences and Health Care Equipment & Services. Correspondingly, the largest reduction has occurred in the industries Diversified Financials, Utilities and Capital Goods.