Monthly commentary April 2022

Team Global Security Fund

Team Global Defense & Security Fund

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The Russian invasion of Ukraine continued in April, while the market shifted to how the macroeconomic picture will affect the companies' growth going forward. Overall, the month was weak for equities globally, especially for growth companies. Global Security Fund lost 4.16 %, which was significantly better than global stock indices.

The fund was disadvantaged by the general market sentiment, but benefited from its predominance against defensive companies in traditional defense and from a rising dollar exchange rate against the krona.

Going forward, we believe that increased investments in defense and global security, in light of what is happening in Ukraine, will be in focus for a long time to come. This in turn will create a structural trend of increased demand for the companies included in the fund. It is important to emphasize that the fund does not want to profit from war, rather the fund should be seen as an investment that aims to contribute to the UN's goal of peaceful and inclusive societies.

Functioning police, defense forces and private security companies are a prerequisite for a safe and secure society, and for them to be able to fulfill their obligations and contribute to a safe and secure society, a functioning and prosperous defense and security industry is required.

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