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Exelity pares headwinds during the month and closes June at +0.4% after fees. This can be compared with e.g. OMX Small Cap and First North Index closed down -3.2% and -1.2% respectively. Exelity thus continues to outperform all comparable indices, and is +14.3% for the full year 2024 (OMX Small Cap +5.9% and First North Index +0.1%).
It bears mentioning that the distribution of monthly returns is stable, with the fund's biggest decline month being -1.59% (September 2023, First North Index -7.5% in the same month) since January 2023. Since I took over the managing role in autumn 2023, Exelity is +32% after fees, where no negative months have been noted.
During June, loans continued to act as a cushion on the downside, but the equity leg also performed relatively strongly. Among stocks, we noted that BPC Instruments lifted 26.3% during the month. On the downside, we find several holdings, but nothing that stands out significantly. With an equity exposure of approx. 70%, and a well-diversified portfolio, the stock market decline in June was pared, where the equity leg ended at -0.1% for the month.
One reason why Exelity parries the declines well is the transaction leg, which generates continued good returns regardless of the market climate. The transaction leg continues to pick up at a steady pace, contributing 1.1% for the month, with loans and guarantees now showing only 5 out of 32 negative return months since inception, with the largest month of decline being recorded at -0.3%. The transactional leg continues to form a solid foundation in Exelity.
Within guarantees, June was once again a somewhat quieter month, where a new guarantee was signed. However, the activity in loans increased somewhat during June with two new loans of approx. 3% of the fund's NAV each.
In total, loans now make up approximately 23% of Exelity, and it bears mentioning that the loan portfolio consists of listed companies where all companies are listed on the Swedish stock exchange. Exelity has continued to have zero loan defaults since inception, where we continue to reserve for potential losses.
We note that Exelity's quantitative modeling for loans and guarantees continues to create strong value for the fund's shareholders, and is a main reason for the fund's strong development in transactions.