Protect continues to weather market turbulence well, losing only -3.60% in March compared to global equities which fell -4.64%. The protection program provides good protection when the stock market falls and volatility rises. Although the reaction in expected volatility has been somewhat lower than normal so far, it helps the fund preserve its returns.

So far this year, Protect has limited the loss in value to -1.69% while global equities have lost -2.43% in value. This is entirely in line with the expectation that the fund has a higher sensitivity to smaller movements. During January, Protect rose by approximately 73% of the stock market rise for global equities, and in the subsequent decline, Protect has lost the equivalent of approximately 72% of the stock market decline. Towards April, Protect has a lower exposure thanks to the protection program becoming increasingly relevant as the stock market falls.

Since the turn of the year, the Swedish krona has strengthened significantly while the US dollar has weakened.

Currency developments are hitting Protect C hard, but so far the strengthening of the krona/weakening of the dollar has actually only reversed the initial movement that came after the US presidential election in November.