Recommended portfolio from DNB Carnegie

On this page you will find equity strategist Paul Harper's weekly top picks on the Oslo Stock Exchange.

The Oslo Stock Exchange in November

WEEKLY PORTFOLIO: Paul Harper's recommended portfolio of shares from the Oslo Stock Exchange has beaten the main index in 18 out of 21 years, but this year is looking worse. (Photo: DNB)

Weekly and daily recommendations

This week's recommendations from DNB Carnegie are updated, with certain exceptions, on this page every Monday. If you have access to DNB's equity trading service, you will receive the recommendations when logged in early Monday morning on our trading platform.

Daily buy and sell recommendations from our analysts are also available when logged in.

Daily Recommendations

Our analysts closely follow 600 companies and provide daily buy, sell or hold recommendations within DNB's equity trading service.

Portfolio week 43

(19.10.26) We are removing two and adding one

The portfolio's value is unchanged from Monday morning last week to the same time today. In the same period, OSEBX was up 1.6 per cent.

Shares out:

  • Kitron
  • Borregaard

Shares in:

  • Kongsberg

Kitron is removed to secure gains, but Borregaard is removed as we are experiencing significant headwinds there due to currency. Kongsberg is added as we consider it to have a good growth profile over the longer term.

Full commentary will be published this afternoon.

Last week's report:

Report recommended week 42 (PDF, Norwegian)Open the file in a new tab

NOTE: The recommendations are given with certain reservations. Read disclaimer below.

Anbefalte-uke-42

Year to date: So far in 2026 the portfolio is up 1.8 per cent, whilst OSEBX is up 21.8 per cent.

Our comment

(12.10.26) This week we are making no changes

So far in 2026 the portfolio is up 1.8 per cent, whilst OSEBX is up 21.5 per cent.

The week that passed

The strongest contributions to the portfolio's rate of return came from the energy shares last week, where Aker BP (+2.9%), DOF Group (+2.8%) and Equinor (+2.0%) contributed the most. On the negative side, performance was more mixed, with Nordic Semiconductor (-8.3%), SalMar (-3.6%) and Kitron (-2.6%) as the weakest contributors. SalMar's weak performance came after the company's update for the third quarter on Monday last week, where they reported that volume growth was lower than consensus had expected. The third-quarter results report will be published on 10 November.

This week

Reporting for the third quarter is now under way. In the US, the banks are first out, and this week Goldman Sachs, JP Morgan, Citi, Bank of America and Morgan Stanley, among others, will present their third-quarter results. On the Oslo Stock Exchange, the property company Entra is first out among the largest companies, with its report presentation on Thursday. Among the Nordic large-cap companies, Ericsson and Nordea are also reporting this week.

On the macro side, the week is dominated by US key figures. On Tuesday, the inflation figures for September will be published, and economists expect prices to have risen 3.6% over the past twelve months, while core inflation is expected to have been 2.5%. The outcome will be important for the Fed's next monetary policy meeting on 28 October, although the market on Monday afternoon is pricing in less than 20% probability of an interest rate rise at the October meeting.

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You can find an archive of previous weeks when logged in to DNB's Share trading, under the "Insights" tab

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*The average annual rate of return on Paul Harper's recommended portfolio since inception (2005–end of 2023) is 20.7%, whilst OSEBX delivered 10.7% on average annually over the same period. Over the past ten years (2013–2023), Harper's portfolio delivered 17.9% on average annually. The recommended portfolio outperformed the main index (OSEBX) in the following years: 2005–2007, 2009–2010, 2012–2021 and 2023–2024.

In our calculation of rate of return, we base the entry and exit prices on the opening prices on Monday morning. The portfolio is equally weighted and the week's rate of return therefore reflects an overall average of the price development for all shares throughout the week. For companies on the OBX index, we use the average price up to 10:00 on Monday, whilst for other shares we use the average up to 12:00. The return for OSEBX is calculated from the price at 10:00 on Monday.

Investing in shares involves high risk.Future rate of return depends on market developments, the investor's skill, risk, and costs associated with purchase, maintenance and sale. The return may be negative.

Important information

The recommendations of the week are based on a report prepared by DNB Carnegie, a division of DNB Bank ASA. DNB Bank ASA is part of the DNB Group. This report is based on information obtained from public sources that DNB Carnegie believes to be reliable, but which DNB Carnegie has not independently verified. DNB Carnegie therefore provides no warranties, representations or guarantees as to accuracy or completeness. This report does not contain, and does not attempt to contain, all material information about the companies named.

All opinions expressed on this page reflect DNB Carnegie's assessment at the time the report was prepared. The recommendations may change without notice.

Read the full disclaimer here.