EN 
SE 
Exelity once again shows strength and ends December with an increase of +4.2%, thus setting the full-year return at +17%. Exelity thus outperforms all large- and small-cap indices both during December, but also for the full year 2025. While First North performed weakly during December with -2.2%, OMX Small Cap PI and OMX SPI performed even stronger +3.65% and 2.25%, respectively. For the full year, First North was listed at -8.5%, OMX Small Cap at +15% and OMX SPI at +9.5%. It is worth highlighting that OMX SPI was primarily driven by the banking sector and SAAB, excluding these, the OMX SPI increase was approximately 4% for the full year 2025.
When we summarize 2025, we also note Exelity's third consecutive year of fund outperformance against all Swedish indices, after the fund ended +26% in 2024 and +27% in 2023. Thus, the fund is +69% since the undersigned took over management in the fall of 2023.
For the month of December, a continued challenging guarantee market was noted, while the equity leg developed strongly, +7.7%. In the positive balance sheet, holdings such as Smart Eye (+9%), Nosa Plugs (+24%), Nekkar (+13%), but also BTS Group (10%) were noted. During the month, Exelity also participated in the block transaction in Terranor (+18%), and was one of the larger takers in the Argo Defence IPO. Argo Defence is a company that shows strong profitable growth, where we see an exciting fourth quarter but also 2026 above all. We note that the expectations are too low in the market, and that the valuation multiple should be traded at a lower discount to the sector as a whole. Two catalysts during the year, in other words.
The listing of We Sports was weak during the month, but also smaller holdings such as iZafe (-31%), Studsvik (-11%), Opter (-10%).
While the equity leg was strong, the transaction leg was weaker. A couple of guarantee shares were sold at a loss, where we have noted during the autumn a continued tough guarantee market. Given that, we have been extra selective in our guarantees, and thus have been outside a number of weak guarantee outcomes during the month. However, Exelity was involved in guaranteeing the entire book with another player in SaltX, a guarantee we entered into at 0%. In addition, Exelity had several loans repaid, which has temporarily lifted the cash and gives the fund room to act in the near future. Because of this, the loan share has decreased to 7% of the fund, where we had eight loans repaid during the month to a value of approximately 60 MSEK.
It has been an intense month in both the equity leg and the transaction leg, in other words, where a number of loans and guarantees have been repaid and matured – with overall good results.
We summarize December as a month where Exelity once again beat comparable indices, and where stability persisted on the downside, taking full-year results in 2025 to a strong +17% year. The pipeline for 2026 looks stable.