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Exelity continues to print positive return months and closes July at +3.7%. This means the fund is +23% for the full year 2025 (2024: +26%), with no negative return months noted. Since the undersigned took over management in the fall of 2023, Exelity is +77% after fees with only one negative return month (August 2024: -1%). It bears repeating that Exelity is an absolute return fund, but has beaten all Swedish small and large cap indices both in the short and long term. This means Exelity continues to stand out, as the fund is the only publicly traded fund in the Nordics where you can get exposure to bridge loans and guarantees.
As in previous years, transaction market activity tends to decrease during the summer months. This pattern was also seen this year, with no new guarantees signed during the month. On the lending side, one new loan was made, while three loans were repaid. The net result is that the loan share of total NAV now amounts to 23% (rolling 3 months).
Contributing to the strong performance in July was the equity leg, which ended at +4.3% for the month. It is worth mentioning the bid on Integrum, which contributed approximately 2% units to NAV after an increase of 113% for the month. In addition to Integrum, strong performance was seen in Studsvik (+26%), SHT (+42%), Chargepanel (+47%), Evolution (+15%) but also Nordrest (+12%). In the negative equity bracket were Gentoo Media (-18%), BTS (-11%) and FreeTrailer (-12%). No holding represents more than 7% of the fund.
That said, stability remains, with the fund's 12-month rolling sharp ratio approaching 5 with a volatility of 3.8%. We are now entering an intensive reporting period, as well as a period for transactions, which the undersigned are looking forward to. In loans already signed, proceeds of just over 1% at NAV are expected for the remainder of 2025, which acts as a small cushion on the downside.