EN 
SE 
The net return for Exelity during July amounted to +1.8 %, which means a return from the turn of the year of +11.6 %. The fund has only had one losing month of -0.7 % over the past ten months, supporting our thesis that the strategy can deliver high risk-adjusted returns at lower volatility.
Transactions were again the main driver of development, with +0.9 % from guarantees and +0.7 % from interest. Future interest and compensation from loans made and guarantees amortized over the remainder of 2023 exceeds 5 % of Exelity's current asset mass (NAV).
Even during the high summer holidays, our work continued to grow our loan stock. Despite repayment of a larger loan, we have, through three new loans, increased the fund's net loan exposure from 37% to 42%, compared to the month of June. We expect calls on our credit lines to increase the loan exposure further in the coming months, which means that the most intensive work on building up the loan stock is now finally behind us, even if the portfolio contains some shorter bridging loans with maturities of a couple of months that expire in autumn and beyond need to be replaced. As Exelity becomes more and more known and establishes itself as a reliable player in our niche area, it becomes increasingly easier to find new and attractive loans. We notice that listed companies discover our transactions in other companies and increasingly contact Exelity directly to discuss financing solutions.
As far as the warranty market is concerned, summer tends to be seasonally quieter, but during July we entered into our largest warranty agreement ever, which we will have the opportunity to return to in future monthly reports. The warranty exposure therefore rises from 8 % to 23 % – in line with the average during spring's busy warranty season. The 20 completed issues that we guaranteed in 2023 have been subscribed for an average of 89 %, which means that guarantee commitments of only 11 % have been used. That's even lower than our average warranty replacement of 12 %. In other words, 2023 has been very successful in terms of guarantees and our pipeline of new guarantees looks strong.