EN 
SE 
After the sharp stock market declines in March, the stock market frenzy continued in April. Despite the stock market turmoil, Exelity once again developed strongly with +3% for the month and outperformed all indices during the month (OMX SPI -1.5%, First North -0.5% and OMX Small Cap +1.6%). With April's return behind it, Exelity reaches double digits for the full year 2025, +10.1%. Although Exelity is an absolute return fund and should not be compared to other indices, we can note that Exelity beats all indices so far in 2025, just as the fund did in 2024. For 2025, OMX Small Cap is -1.2% while OMX SPI is -2.5%, thus the excess return is approximately 12% during the first four months of the year.
If we take a closer look at April, we can see that the development is broad, with approximately half of the return explained by the equity leg and the other half by the transaction leg. April was characterized by an intensive transaction month where three new guarantees were signed and four new bridge loans. In total, loans increased as a share of the total fund from 21% to 28%. An exciting transaction that Exelity made in April was in Prostatype where we participated and both guaranteed and issued a bridge loan. In total, Exelity now has seven ongoing guarantees with a total volume of approximately SEK 30 million. It is pleasing to see that Exelity has grown significantly both in terms of AUM and in relationships with various Nordic advisors in corporate transactions. We can see that Exelity is today one of the largest players in bridge loans and guarantees in Scandinavia, which continues to provide good opportunities to act broadly in the transaction market in the future. A strong transaction leg is the key to the historical stability, where we note that Exelity has had only one negative return month since the undersigned took over management in the fall of 2023. During the same period, the fund is +59% with a volatility of under 4% and a sharp ratio of upwards of 4.
During April, both the transaction leg and the equity leg performed strongly. Positions that stand out within the equity leg are Nanexa (+42%), Smart Eye (+25%), Carasent (+20%), Zinzino (+19%). The listed portfolio returned just over 1.5% for the month, and at the end of April constituted approximately 70% of the fund.
Looking ahead, we note a strong pipeline of both bridge loans and guarantees, where Exelity has signed loans and guarantees equivalent to just over 3% in returns for the fund, which is expected to have a positive impact in the coming months. This is expected to continue to provide a cushion on the downside in an otherwise turbulent stock market climate. Exelity's strong performance in guarantees is a consequence of quantitative modeling, selectivity, but also fundamental analysis behind the transactions the fund participates in.
With kind regards,
Marlon Varnik