EN 
SE 
Despite a continued tough climate for small companies during the first month of the year, Exelity performed strongly in January with a return of +0.33 %.
During the same period, the broad small cap indices fell significantly: First North Sweden fell by approximately -6% %, while Carnegie Sweden Small Cap lost -4% %. Exelity thus continues to show clear excess returns compared to the small cap market. This strengthens the trend from 2025, when the fund ended the year with +17% % – compared to First North's -9% % and Carnegie Sweden Small Caps' +2% %.
Both the equity portfolio and the transaction leg contributed slightly positively during the month. The strongest development among the holdings was seen in:
· Argo Defense +21 %
· Xvivo +21 %
· Plaid +19 %
· Studsvik +19 %
Exelity actively participated in the Argo Defence IPO and increased its holding shortly afterwards. This means that Argo Defence is now the fund's largest position and represents approximately 8 % of the portfolio at the end of the month. We would like to emphasize again that the portfolio is relatively well diversified, but at the same time concentrated in companies that we follow very closely and believe in strongly. Ahead of Plejd's Q4 report (which came in clearly better than expected), we also chose to increase the holding further.
The negative scale includes, among other things:
· CTT-18 %
· OssDsign -18 %
· BTS Group -13 %
· SuS -17 %
Within the transaction leg, activity has been somewhat lower during January, with fewer outstanding guarantees at the moment. Exelity has a strong cash position and is well positioned to act quickly when attractive opportunities arise.
We continue to work disciplined with our combined strategy – growth investments in Nordic small companies combined with selected financial transactions – to create stable risk-adjusted returns over time.