The MSCI World index and several other major stock market indexes in the world have turned upwards for the full year, including US stock exchanges and the Stockholm Stock Exchange.
However, most Swedes' fund and stock accounts are showing a minus. The pension favourite AP7 Såfa, or the "sofa fund", has for example fallen by around 10 per cent this year.
The reason is Swedes' large exposure to American stocks and thus the dollar.
It's a currency effect because the krona has strengthened, says Nordnet's savings economist Frida Bratt.
The Swedish krona has strengthened by 12 per cent against the American dollar, which means that Swedes' global index funds are experiencing negative development. Frida Bratt notes that we have previously benefited from currency effects.
When it has been shaky earlier and the krona has weakened against the dollar, then the currency effect has instead been a shock absorber.
She advocates spreading out one's savings to avoid getting too high an exposure to specific regions and markets.
That is, making sure one doesn't have a global fund, a US fund, and a tech fund. Then it becomes too much exposure to the dollar.
The online broker has clearly noticed that more small savers are moving their savings to Sweden funds.
It's a clear trend that one wants to focus a bit more on home.
