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Exelity closed April with a positive return of +1,8 %, which means that we are on +0 % for the full year 2026. Since I took over management in the fall of 2023, the fund has delivered a CAGR of approximately 24% %, with only four negative return months during the entire period.
Despite a clear rebound on global stock markets in April, most Swedish small-cap indices continue to be negatively listed for the year. The Carnegie Micro Cap Total Return Index is at -3,3 % and Carnegie Small Cap Total Return Index on -5,4 % for 2026. Exelity thus continues to stand out positively – both this year and over the entire period 2023–2026 – compared to both the index and other Swedish micro and small cap funds.
We continue to manage a relatively concentrated portfolio with a focus on Nordic small and micro companies. During the month of April, several of our holdings performed strongly, including FreeTrailer (+20 %), Smart Eye (+19 %) and North Rest (+17 %).
We are now entering an intensive reporting period in May. We are particularly looking forward to the report from Argo Defence, where we believe that the market still underestimates the company's potential. We hope that the report will help to highlight some of this potential. After the end of the month, Exelity also participated in the directed issue in SHT Smart High-Tech to SEK 22 per share. The loan in Nanexa was repaid during the month through offsetting at SEK 3.20 per share.
We note a clear increase in activity and optimism in the small cap market during April. We see this positive trend continuing into the summer. While the transaction market remains cautious, the equity segment is developing strongly, with a relatively high cash position.
Thank you for your continued trust. It is a privilege to manage your capital and we look forward to continuing to deliver good results together with you.
With kind regards,
Marlon Varnik CEO and manager Exelity