Forte Obligasjon gave a return of 0.43% in January and is up 4.79% over the past 12 months.

The positive performance of Forte Obligasjon continued into 2026. The fund delivered a return of 0.43% in January, which was marginally better than the benchmark index. The return reflects both a solid portfolio composition and a favorable development in the Norwegian credit market during the month.

Global financial markets were characterized by increased volatility at the start of the year. This is largely due to persistent geopolitical unrest, as well as increasing skepticism among investors related to the valuation of US software and technology companies. However, the international turmoil has had a limited direct effect on the Norwegian interest rate market, which has mainly been governed by domestic macro conditions and developments in the credit market.

In Norway, the general interest rate level rose slightly in January. At the same time, the market’s expectations for monetary policy were adjusted somewhat, reducing the likelihood of a first interest rate cut before the summer. This development contributed to moderate price movements in the government and swap markets, but had a limited negative impact on the fund’s return given the portfolio’s balanced interest rate sensitivity.

The Norwegian credit market had a consistently strong development in January. Credit spreads continued to come in across most segments, driven by good demand for credit securities, solid liquidity in the market and continued low default risk among Norwegian issuers. Activity in the new issue market was relatively high for the time of year, and several issues were well received, often with premiums in the lower part of the expected pricing range. Investor appetite was particularly strong in the investment grade segment, but also in parts of the high yield market. This development was an important contributor to the good return in Forte Obligasjon throughout the month.

As communicated in previous monthly reports, we made a number of changes to the portfolio towards the end of 2025. The main purpose of these changes was to reduce risk, particularly as a result of tight credit spreads in certain segments. This applied in particular to subordinated loans and hybrid capital bonds, where we considered the relationship between risk and expected return to be less attractive. Following this change, we have so far in 2026 only made minor adjustments to the portfolio, as we consider the overall exposure to be very well positioned based on relative pricing and risk profile.

At the end of the month, the fund had a current interest rate of 5.15%* and an effective interest rate of 5.08%*.

*Forcosts related to management. Will be subject to change from day to day, and is therefore no guarantee of the return in the period for which it is calculated.

Sincerely

Stone Svalestad