It was a good month for the Global Security Fund, which was up 1.8 percent and 1.7 percent for the share classes R and S, respectively. These are strong figures given the weak dollar, which was down 3 percent against the krona and compared with the other stock exchanges where was somewhat mixed. The fund has had a very good start to the year and is benefiting from the shift in the market where the development for growth equities has been weaker in favor of more value-oriented companies, with stable cash flows, which the fund mainly owns.
More than half of the companies have now reported in the second quarter and there has been a much more positive tone in the companies' communication. For example, Northrop Grumman, which reported significantly better results than expected and which now indicates a stronger year than indicated by DES three months ago. Northrop Grumman is up over 25 percent in the last three months and was up 6.2 percent for the month with a contribution of 0.4 percent to the fund. The company was the second best-performing company during the month, after CrowdStrike which was up 10.9 percent in April. CrowdStrike did not release a report, but the price increase during the month was probably a reaction to the weak start to the year for the share. The company reported strongly during the first quarter and is considered to be a leading company in the endpoint detection segment, which includes remote connection. The company is well positioned in this growing segment. The company's price increase made a contribution of 0.7 percent. CrowdStrike is one of the fund's five largest holdings.
Kongsberg Gruppen is the security company that has managed the past year best, which can be explained by the company's positioning in maritime, space, security and technology. Following the merger with Rolls Royce maritime, the company has seen good synergies that have been integrated faster and more cost-effectively than expected. Despite the fact that the company has met the market's sales expectations, the company has shown a better profit margin than before. It is clear that the company has succeeded in creating an attractive niche. The company has an active space business and is an important supplier of infrastructure to many of the satellites that are launched. The company mentioned a possible spin-off of Kongsberg Digital, which would be an exciting development. Kongsberg was up 6.8 percent for the month, which benefited the fund by 0.35 percent. The cybersecurity company Fortinet was once again one of the fund's best performing holdings and was up 7.4 percent, which benefited the fund by 0.35 percent. The company reported strongly in the first quarter and again in the second quarter. The company has invested in organic growth and today has strong products and a strong fundamental base with good margins. The company is the fund's best performing holding this year. Raytheon Technologies was up 4.5 percent for the month, which benefited the fund by 0.2 percent.
Of the weaker companies, the Boeing fund was the worst performing holding and fell by 10.8 percent - a contribution of -0.35 percent. The company had a cash burn of $ 3.68 billion for the quarter, which is an improvement even if the recovery takes time. The cybersecurity and IT consulting company Mantech reported better than expected, but despite this the price fell by 4.8 percent - a contribution of -0.2 percent. The company has good prospects after the company has signed a cooperation agreement with Google and achieved certifications with Amazon Web Services, which gives the company better conditions for future procurements. The cybersecurity company FireEye reported strong sales growth but reported a lower profit. The company has for a long period worked with an improvement of products that can increase the sales growth rate, which it has succeeded in, but the margins have been weaker than expected.
Security giant Lockheed Martin reported sales in line with expectations but a better-than-expected earnings per share. The company has had a slightly weaker sales development of the F35 fighter aircraft, as an effect of the Covid pandemic. The company expects a normalization next year. There are still questions about the planned merger with Aerojet Rocketdyne, but the company expects approval. This will give the company great opportunities in the hypersonic area. Hypersonic development is a major investment for many security companies and typically defines speeds above 6,000 km / h and in many cases significantly more.
