NOON Invest Live – februar 2026

Market Overview: We consider ourselves cautiously optimistic. While US indices have been the weakest so far this year, Europe (up approx. 5%), Oslo Børs (up 8%) and emerging markets (over 10%) have delivered good returns in local currency.

Currency and Inflation: The Norwegian krone has strengthened significantly, which means that the global index measured in NOK is down over 2%. Norway has higher inflation (3.5%) than the US and Europe (2-3%), which suggests that Norges Bank will keep interest rates higher for longer.

Concentration risk: We have long talked about the large weighting of the "Magnificent Seven" technology companies in the world index. NOON Invest has deliberately reduced its exposure to the US to almost half of the index weight to balance this risk.

Interest and new tax rules: From January 1, 2026, the tax rules for fixed income funds have changed, so that you now have deferred taxation until withdrawal, similar to equity funds. NOON is therefore launching a new service for liquidity management with lower costs.

Investment strategy: We advise against (as usual) "timing" the market and highlight monthly savings as a very effective strategy. As an example, we show that monthly savings in 2020 gave a 17.4% return, compared to 3.9% for a lump sum deposited at the start of the year

https://www.youtube.com/watch?v=EaUf27pvJ2Y

In Norwegian