Stock markets ended 2025 with limited movement, but beneath the surface there were clear shifts. The US had a weaker finish, while Europe and Sweden performed better. At the same time, the interest rate cut cycle continued, and geopolitics continued to set the framework for risk appetite.

Crescit is a flexible fund that can switch between stocks, fixed income and credit. During December, we chose to maintain a balanced risk level, rather than increasing equity exposure late in the cycle. We have gradually shifted from a costly US overweight to European markets and let the fixed income and credit leg carry a larger share of the return. The month yielded +0.18 %, and the full year 2025 adds up to +8.35 %.

For the saver, this means a fund that seeks returns from multiple sources, not just the stock market. This can make the entire portfolio more robust in a situation where 2026 could start both sideways and jerky.