EN 
SE 
The net return for Exelity during August amounted to +0.5 %, which can be compared with -3.8 % for the Stockholm Stock Exchange's broad index OMXSPI, but as usual we would like to remind you that there is no relevant benchmark that matches Exelity's unique profile. Our goal is instead to deliver at least 10 % net returns per year. Our upcoming loan proceeds for 2023, equivalent to 3 % of the fund's current asset mass (NAV), form a good basis for exceeding our target.
It is often said that volatility kills returns because large percentage declines quickly destroy the interest-on-interest effect. The fund's net return of +12.1 % through August this year is a result of the stability and low volatility of our strategy. During the year, we delivered eight months of profit in a row and thus pared the large fluctuations of the stock market.
Development was once again driven entirely by transactions. Guarantees returned +1.0 %. Interest generated +0.7 %, excluding our origination fees which are settled immediately, but accrued until the maturity date of the loans.
After eleven new loans during the summer, of which two in August, our loan stock now amounts to 46 % of NAV, compared to 42 % in July. We do not see that the loan exposure will be much greater than this because the loan limit is a maximum of 50 %. Conversion clauses in the loan agreements mean that we can quickly correct the exposure if necessary. In summary, our loan portfolio is robust with strong development and good news in most of the holdings, which facilitates recapitalization and repayment.
During the period, we signed three new guarantees from our well-filled pipeline, one of which was a larger guarantee in Quickbit. Earlier in the summer, we entered into our largest guarantee agreement ever, in Fingerprint Cards, where the subscription period is running stable. Guarantees now make up 29 % of NAV, which is our second highest exposure ever. Members of the public may be wondering how this guarantee exposure goes together with a record loan portfolio and the risk of having to subscribe for shares in the issues. We therefore want to underline that the fund's liquidity situation is still excellent because the majority of the listed portfolio consists of smaller positions in liquid companies.
The listed holdings burdened the development with -1.2 %. The decline is entirely due to Awardit which after a SNAFU report fell by an incredible -42 %, which means that the valuation is now very low and the upside substantial to say the least as the company emerges from its crisis of confidence. Awardit's decline and BPC Instruments' rise of 29 % after the Q2 report mean that BPC is now the fund's third largest holding after Smart Eye and CTT. Smart Eye was the fund's second best holding for the month following a report showing signs of an inflection point with 45 % sequential growth in Automotive sales and good cost control. Finally, we want to highlight Paxman which rose 10% during the month after another strong report. The company reported growth of 42 % and 12 % EBITDA margin, but the real price lift for this undiscovered gem remains to be seen.