May was one of the strongest May months in a long time, with clear gains on global stock markets. Sweden’s OMXS30 rose 2.6%, the S&P 500 rose 6.2% and the technology-heavy Nasdaq Composite rose a full 9.6%.
Reduced concerns about trade tariffs, combined with stronger-than-expected quarterly reports from many companies, contributed to the positive development.
In the current market climate, our global fund, Nordic Equities Global Stars, continues to excel. In the latest Lipper evaluation as of April 30, 2025, the fund ranks at the top with 5 out of 5 possible in both total return and risk-adjusted return, over both three years and in total.
At the same time, the importance of a long-term perspective is clear. During the month, we therefore published our report “The importance of being long-term and fact-based in 2025”, with the subtitle “This time it’s different — just like last time”. The report shows how, despite recurring crises and non-linear development patterns, the global economy has grown by an average of around 3% per year for over a century. Trade patterns are changing, new technology is creating entirely new industries, while others are gradually being marginalized.
We also had the pleasure of organizing several events in May. On May 22, we had the honor of welcoming Japan’s ambassador, Hideaki Mizukoshi, to the Society for an evening. The ambassador shared his insights on Japan’s long history of adaptability and economic strength. With its 125 million inhabitants, innovative strength, and strong global position, Japan is now the world’s fourth largest economy – with significance in both economic and security policy terms. We also discussed the country’s global corporate icons – where names such as Sony, Toyota, SoftBank, Uniqlo, Honda, and Mitsubishi demonstrate Japan’s broad competitiveness – as well as the positive winds now blowing across the country.
A few days later, on May 27, we gathered over 60 participants for our Future Evening – Perspectives and Innovation. The evening’s guests included Daniel Akenine, National Technology Director at Microsoft, Martin Rönnlund, Client Director at ServiceNow, and Oscar Werner, CEO of fintech company Gilion and former CEO of Sinch. The focus was on the major changes that technology-driven innovations have already brought about – from the impact of personal computers to the rapid development of AI.
The conversation revolved around the impact of AI on business and society. We discussed how industries such as pharmaceuticals have already been transformed by AI-based methods for finding new treatments and drugs. The companies of the future, self-driving vehicles, and humanoid robots were also in the spotlight. The panel shared concrete examples of how their own organizations—and they themselves—use AI in practice.
During the evening, we presented the Jakobson Prize to young entrepreneurs and to Fredrik Moberg for his book on biomimicry – an inspiring account of how nature’s solutions can contribute to future innovations.
We organized a lunch presentation in Gothenburg together with Torsten Jansson, founder and CEO of New Wave. Torsten talked about how the company entered 2025 with a strong first quarter and positive development in terms of both sales and earnings. Despite continued global uncertainty, New Wave continues to gain market share and build for the future.
We also had the pleasure of hosting a lunch presentation with Helena Stjernholm, CEO of Industrivärden. Helena provided insight into Industrivärden’s active ownership role and how the company works long-term in boards to create sustainable value over time.
May has been a month filled with knowledge, future perspectives, and insightful dialogue. We look forward to taking these perspectives with us into the summer—with a continued focus on the long term.
*The fund’s performance is in SEK and reported after dividends and fees. Inflation is not taken into account. Past performance is no guarantee of future returns. The money invested in the fund may increase or decrease in value, and there is no guarantee that an investor will get back the amount invested.
We at Nordic Equities wish you a wonderful summer!
