Aktia has had a weak relative performance year-to-date, up only 5% and representing a 15% underperformance compared to the Nordic bank index. We struggle to see a good reason for this, as we expect banks in general to benefit from having more fee than NII exposure, which is very much the case for Aktia. Further, Aktia announced an acquisition in the quarter that we believe will be accretive. We expect strong Q1 trends and keep a constructive view on the stock.
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