Odin Norden Fund Outperforms Benchmark in July, Novo Nordisk Takes a Hit

Odin Norden fund rose 0.26% in July, outperforming its benchmark index, which fell 0.95%. Since the start of the year, the fund has declined 1.03%, underperforming the index, which is down 0.35%. The fund's performance was driven by Protector Forsikring, Valmet, Hexagon, Beijer Ref, and Vend Marketplaces, while Novo Nordisk and SP Group were among the negative contributors.

The Odin Norden fund, managed by Vigdis Almestad and Atle Hauge, reported a 0.26% increase in July, surpassing its benchmark index, which declined by 0.95% [1]. Since the beginning of the year, the fund has underperformed, losing 1.03%, compared to the index's 0.35% decrease [1]. The fund's performance was driven by strong contributions from Protector Forsikring, Valmet, Hexagon, Beijer Ref, and Vend Marketplaces, while Novo Nordisk and SP Group were among the negative contributors [1].

The fund's July performance was influenced by a relatively calm market in the Nordics during the reporting period. Several companies in the fund's portfolio reported better-than-expected results for the second quarter [1]. However, Novo Nordisk's announcement of Mike Doustar as the new CEO and the reduction of its growth projections for 2025 due to weak U.S. sales and increased competition negatively impacted the fund's performance [1]. Despite this, the fund's managers remain optimistic about Novo Nordisk's ability to turn around its fortunes by focusing on U.S. sales growth.

The fund's managers also noted that most countries have reached agreements with the U.S. regarding new tariff rules, with the EU and the U.S. agreeing on a 15% tariff. However, the situation in Norway remains uncertain [1]. Central banks, including the U.S. Federal Reserve, have been cautious about adjusting interest rates due to potential inflationary pressures resulting from the new tariffs [1].

The fund's top holdings at the end of July included Protector Forsikring, DSV, and Securitas, with respective weightings of 6.59%, 4.75%, and 4.60% [1]. The fund's performance highlights the importance of diversifying investments across various sectors and geographies to mitigate risks and maximize returns.

References:
[1] https://www.placera.se/telegram/odin-norden-c-sek-odin-norden-okade-0-26-procent-i-juli-kraftigt-fall-for-novo-nordisk-20250819