Monthly commentary March 2022

Jonathan Furelid

Jonathan Furelid


The Russian invasion of Ukraine continued in March. There is now even speculation about an escalation ahead of the so-called "victory day" on 9 May. It is the day when Nazi Germany gave up in World War II and Putin is expected by many experts to have a victory parade for this war on this very date.

Companies in traditional defense and cyber security have remained in focus due to the war. It has continued to benefit the Global Security Fund, which rose by 2.67 percent during the month.

Regardless of whether the war in Ukraine ends on May 9 or not, we believe that increased investment in defense and global security 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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