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After a strong 2023 with a net return of +27%, Exelity continues to outperform against most indices. Net returns (after fees) for February ended at +3.72%, with a strong contribution from the listed portfolio. Year to date, Exelity is up 5% after fees for 2024, which compares to OMX Small Cap PI which is -4.2%, OMX Stockholm 30 +2.8% and First North Index which is -3.5%. Thus, Exelity continues the path taken from 2023 and outperforms against all indexes. It bears repeating once again, however, that Exelity's unique profile means that there is no relevant benchmark that matches.
The listed portfolio saw several core holdings deliver strong performance during February; such as Fortnox (+24%), Smart Eye (+23%), CTT (+11%), Evolution (+10%) and FreeTrailer (+10%). Despite a fairly concentrated portfolio, Exelity's largest holding Smart Eye only represents 8% of the fund's NAV, while the three largest holdings correspond to around 17%. The total share exposure of Exelity corresponds to 50% at the end of February. Although the Small Cap index has had a tough time in February, with an index decline of around 4%, Exelity parries the decline well.
At the same time, the loan leg continues to develop stably, which was up 1.6% in February (together with guarantees). The loan portfolio now represents 39% of NAV, where our upcoming loan income for the rest of 2024 corresponds to approximately 4% of the fund's current asset mass (NAV). The loan income forms a stable base in the portfolio, where Exelity has continued to have zero defaults since the start. We continue to reserve for potential defaults, where the reserves as of the end of February roughly correspond to an average loan exposure.
During February, we signed two new guarantees, where the future guarantee compensation from all signed guarantees is currently expected to amount to approximately 2.4% of NAV. We continue to selectively underwrite in rights issues, where the average outcome in 2023 has been 20%.
We continue to note that the share portfolio is solid, while the loan stock is good, and that activity on the guarantee side continues to be strong. The strong momentum from 2023 looks set to continue, where we continue to deliver stable returns at low volatility, with only two losing months (-1.6% Sep -23, -0.5% Oct-23) since the loan portfolio has been fully uprampead (autumn 2022).