Crescit delivered a strong start to the year through systematic portfolio optimization in a month characterized by clear regional differences. Europe and Sweden developed strongly, while the US showed higher volatility despite positive monthly returns. We have worked focused on realizing profits at favorable times, rolling exposures towards longer horizons and continuously improving the portfolio's time value. 

In line with rising markets and increased geopolitical uncertainty, we have gradually reduced risk and made tactical adjustments. The fixed income book contributed 0.2% in line with expectations, while equity exposure performed strongly with OMX as the main contributor. The risk reduction towards the end of the month meant that the hedge book also contributed positively. Risk appetite clearly improved during the month – the fear and greed index rose to 58 from 22 in the autumn, indicating a shift from extreme fear to a neutral risk environment. At the same time, significant differences remain between regions and asset classes. The portfolio is in a transition phase where we are financing the longer book short-term by selling short-term upside in February. This generates 10 basis points per month in positive carry and can be adjusted in the event of movements in volatility or the underlying market. 

For investors seeking flexible strategies with active risk management and the ability to exploit larger market movements, Crescit offers an attractive positioning in the current market climate.