In June, the tone of the conflict that had characterized the market for six months changed. Tanker traffic through Hormuz continued, oil fell back and the acute anxiety eased. But the relief did not lift everything. Instead of a broad rally, the market rotated: Europe and the Nordic countries rose while the US and the leading AI companies fell back towards the end of the month. At the same time, central banks pulled in different directions, from hikes in the euro area and Japan to a wait-and-see Riksbank. We encounter such an environment with active risk control. When a feared risk eases but the market changes leaders instead of rising broadly, we maintain protection against the downside and retain room for maneuver. We do not rely on relief being the same as calm. For the saver, it means a smoother journey for the portfolio and less sensitivity to a quick setback, without us having to predict exactly when it will come. Read the full monthly report here.