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Exelity closes the month of April +0.74% (after fees), and so far this year is +8.2%. Thus, the net return for the fund is +25% since the undersigned took over the trustee role in autumn 2023, with no negative return months.
During April, the listed portfolio was unchanged, while the transaction leg drove the return. OMX Small Cap PI and First North Index were noted at -1.9% and -3.6% respectively for the month of April, and thus Exelity once again outperformed most benchmarks for the month. The fund's largest holding was Smart Eye, which made up approx. 8% of the fund's NAV, which was listed down by 3.2% during April. In the positive Libra, FreeTrailer was seen developing well during the month, +18%, which now represents a position of about 5% of Exelity. The share capital since I took over management is +28%, and today constitutes almost 65% of the fund's total asset mass. Over the past 16 months, Exelity has only had two negative return months, with the largest decline amounting to -1.6% (September 2023). This can be compared to OMX Small Cap where eleven months have shown negative returns (biggest decline: -15% September 2023) since January 2023. One reason why Exelity pares the declines well is the transaction leg, which generates good returns regardless of the market climate.
Within guarantees and loans, April was a somewhat quieter month, where only one new guarantee (poLight) was signed during the month. In total, guarantees now make up about 8% of Exelity, while loans account for just under 30%. It bears mentioning that the loan portfolio is made up of listed companies, all but one of which are listed on the Swedish stock exchange. Exelity has continued to have zero loan defaults since inception, where we continue to reserve for potential losses.
From already signed loan and guarantee agreements, around 2% of NAV in revenue is currently expected in the next three months. We note that Exelity's quantitative modeling for loans and guarantees continues to create strong value for the fund's shareholders, and is a main reason for the fund's strong development in transactions.