Protect delivered +1.05 % in January, while global equities rose approximately +1.6 %. The difference is explained by the fund's defensive profile and prioritization of downside protection over maximum capture in rapidly rising markets.

The stronger krona particularly negatively affected US holdings, resulting in underperformance for the SEK share class. This is a natural consequence of broad geographical exposure. During the month, we implemented strategic reallocations – we realized profits, strengthened cash and extended the time horizon in selected positions. This reduced the portfolio’s sensitivity to short-term volatility without compromising overall equity exposure. The fund ended the month with a balanced structure and improved liquidity preparedness.

For savers who prioritize controlled risk and capital preservation over quick profits, Protect offers a stable return profile even when the market is characterized by uncertainty around interest rate paths and geopolitics.