Security and Defence is an actively managed equity fund that invests globally. The allocation between different countries and markets may vary over time. The investments are concentrated in companies whose product, service, or business directly or indirectly is linked to security and defence. This primarily includes companies that have security and defence as their core business, such as companies within cybersecurity, the defence industry and civil protection (physical security, safety and protection of critical infrastructure). The fund has a long-term investment horizon, and selects companies that are considered attractively valued in relation to the assessment of the company's future earning potential. The fund complies with Swedbank Robur’s Policy for Responsible Investments and is availabe in different share classes. Read more about this in the fund’s Information Brochure and swedbankrobur.se. Sustainability and climate work is an integrated part in our investment strategy.
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SFDR Classification
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Asset Manager Comment
Updated 2026-02-04January was a turbulent period geopolitically, with a series of developments concerning the conflicts relating to Venezuela, Iran, and Greenland. We also saw an escalation between Russia and Ukraine in the form of new sanctions from the US against Russian oil, as well as increasing tensions between China and Taiwan as a result of increased Chinese presence in the area. Two other events that left their mark on the sector were the World Economic Forum in Davos and the presentation of the US’s upcoming defence budget, where the proposal amounts to $1.5 trillion – up from $900 billion for 2026. All this contributed to a strong month for companies in the defence sector, with share price increases in both European and global companies. Companies in the space industry, which are included in both the defence and civil preparedness themes, performed strongly, while cyber security performed more weakly as a result of continued pressure on the software sector. The fund’s main contributors during the month were Canadian MDA Space, Swedish Clavister, and South Korean Hanwha Aerospace. The weakest performers among the holdings were cybersecurity companies Zscaler and Netskope, as well as security system provider Alarm.com. During the month, we reduced our positions in Saab, Australian Codan, Google and French Exail Technologies after significant price increases, while the positions in Microsoft and Norwegian Norbit were divested entirely. The fund has increased its positions in cyber security and participated in the IPO of the American space company York Space Systems. We have also increased our exposure to Japanese defence and security through two new holdings: Mitsubishi Electric, a supplier of electronic warfare, anti-drone and missile systems, and cyber security for operational infrastructure, among other things, and NEC, a key player in communication systems, underwater sensors and cyber security. Finally, US-based MACOM Technology was also acquired during the month, a company that plays a crucial role in the value chain in both defence and space through its advanced semiconductor solutions.
Management
Managed the fund since
2025-09-25
Agnes Virf
Agnes Virf is co-portfolio manager of Swedbank Robur Security and Defence and assistant portfolio manager for Allemansfond Komplett and Kapitalinvest. She joined Swedbank Robur in 2022. Experience and education She has previously worked as an equity analyst at SEB (2020-2022), where she also worked with business development in Private Banking (2020). Prior to that, she worked as an insurance advisor at Länsförsäkringar (2017-2019). Agnes has a B.Sc. in Economics & Finance from Luleå University of Technology (2015-2019) and an exchange year with a financial focus at the University of Nebraska at Omaha (2018).
Managed the fund since
2025-09-25
Patric Naeslund
Patric Naeslund is lead portfolio manager of Swedbank Robur Allemansfond Komplett and co-portfolio manager of Security and Defence. He is a certified financial analyst and has many years’ experience of portfolio management. He joined Swedbank Robur in 2008. Experience and education He has previously managed Swedbank Robur Sverigefond and Förbundsfond (2008–2016), Folksam LO Sverige and Folksam LO Västfonden (2008–2009), Aktiefond Pension, Globalfond, Kapitalinvest and Allemansfond Komplett (2008–2011), Exportfonden and Sweden High Dividend (2008–2018). He has also managed Swedish equities at Nordea Asset Management (2001–2008). Prior to this, he worked as an equity analyst (1997–2001) and sales specialist (1994–1997) at Swedbank Markets. Patric has a qualification as certified financial analyst from the Stockholm School of Economics (1998) and has an M.Sc. in Finance and Business Administration from Uppsala University (1990–1994).
Managed the fund since
2025-09-25
Ulrik Grönvall
Ulrik Grönvall is lead portfolio manager of Swedbank Robur Kapitalinvest and co-portfolio manager of Security and Defence. He has extensive experience in fund management and joined Swedbank Robur in 2020. Experience and education He has previously worked within Corporate Governance at Swedbank Robur (2020-2022). Ulrik has also worked as Risk Manager (2019-2020), Portfolio Manager (2003-2019) and Senior Operational Risk Officer (2002-2003) at Danske Bank. Prior to this, he has been Head of Middle Office (1999-2002) and Risk Manager (1995-1999) at Swedbank Robur. Ulrik has an M.Sc in Business and Economics from Handelshögskolan in Umeå (1991-1995).
Global equities team
Our global equities team invests in the majority of the markets around the world. The fund managers are responsible for their individual funds and select the companies to invest in, at the same time as the entire team works closely together, sharing knowledge and ideas. The team consists of eleven portfolio managers, and they are supported by our sustainability analysts and corporate governance specialists, which gives them a unique and broad basis for their investments.
Active equity funds
The actively managed equity funds apply an investment strategy based on analysis of fundamentals. The focus is on the selection of companies, but sector, regional and thematic analyses are also key components of the strategy. The fund managers strive through active management to attain a return that exceeds the average return in the markets where the funds invest, in other words, a return that exceeds the fund’s benchmark index. Our fund managers integrate sustainability as a natural component of the funds’ investment processes.
Region
United States of America
52.24 %
Canada
11.36 %
Japan
7.54 %
Sweden
6.66 %
France
6.23 %
Other
13.73 %
Industry
Largest holdings
Asset allocation
Fees
Total fee
1.45 %
Ongoing costs
1.26 %
Of which
Management fee
1.25 %
Transaction costs
0.19 %
Performance based fee
-
Risk
Risk (SRI)
4 / 7Sharpe ratio 3 y
0.00 %
Standard Deviation 3 y
0.00 %
Active risk 3 y
0.00 %
Fund Facts
Management Company
Swedbank Robur Fonder AB
Share Class
C
Dividend
No
ISIN
SE0025667215
Base Currency
EUR
Share Class Currency
Start date
25/09/2025
NAV-price
10.56 EUR
Asset Under Management
861.18 MSEK
Type
Equity
Legal seat
Sweden
UCITS
Yes
Benchmark
-
NAV Update
Daily
PPM-number
-
Morningstar Rating Total
Missing data
Sustainability
SFDR Classification
Article 8
CO₂
-
Sustainable bonds
-
Exclusion level
Policy
ESG rating
A
Sustainable Finance Disclosures
Summary
This financial product promotes environmental or social characteristics, but does not have a sustainable investment objective.
The fund promotes low emissions of carbon dioxide, a net zero target, business strategies that include the UN Global Goals (SDGs), an environmentally more sustainable approach by the activities of companies through Environmental Engagement (E) and an increased social responsibility on the part of companies through Social Engagement (S).
Sustainability and climate work constitute an integrated part of the investment strategy in order to manage sustainability and climate risks and to promote environmental and social characteristics. The fund is obligated to follow the Management Company’s "Policy for Responsible Investments" (adopted by the Board) and uses three overarching methods ("include", "exclude" and "engage") in order to achieve the environmental and social characteristics promoted by the fund. The fund follows the Management Company’s "Principles for Shareholder Engagement" (adopted by the Board). As an active owner, the aim of Swedbank Robur is that the companies we invest in are managed in an efficient and long-term sustainable manner.
There are plans for at least 80% of the fund's assets to consist of investments aligned with environmental or social characteristics.
The Management Company’s risk function monitors and checks that the environmental or social characteristics that the fund promotes are complied with. The risk function also performs a quarterly follow-up and analysis of the metrics the Management Company has selected to measure how the fund’s investments promote environmental or social characteristics.
In order to measure the attainment of the environmental and social characteristics that the fund promotes, the sustainability indicators weighted average carbon dioxide intensity (equity & credits), net zero target, SDG aligned revenues, Environmental Engagement (E) and Social Engagement (S) are used.
Swedbank Robur uses several sources in its process to measure how funds promote environmental and social characteristics. Swedbank Robur purchases data from major data providers that have demonstrated a robust method for guaranteeing the quality of data. In order to guarantee the quality of the data purchased, the supplier's data and product range are reviewed. When there is an opportunity, test data is taken from several providers offering the same product in order to compare as large a selection as possible.
There are a number of limitations with the models and data being currently used. The main limitation is the number of asset allocations for which metric calculation methods exist. The coverage is generally good for the funds, where a mix between reported and estimated data is used. Furthermore, Swedbank Robur believes that the method used by the data provider for estimating data is reliable.
The Management Company has due diligence procedures in place in order to ensure that sustainability risks and the sustainability requirements established for the fund are taken into consideration in the investment decision. Sustainability analysis is an integrated part of the fund management’s investment process. In order to manage sustainability risks and integrate the risks in investment decisions, the fund management follows the procedures that the Management Company describes in the Management Company’s "Strategy to include" and "Strategy to exclude". The Management Company’s risk function performs a daily inspection to determine whether the fund’s holdings fulfil its sustainability requirements and regulations regarding exclusion.
The fund follows the Management Company's "Principles for Shareholder Engagement" (adopted by the Board). In the event of sustainability-related controversies in invested companies, Swedbank Robur has special procedures and processes to monitor and follow up with the company. Both dialogue work and voting are key tools to try to prevent and respond to sustainability-related controversies.