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June was characterized by a strong stock market for small companies but a somewhat quieter transaction market. When we summarize the month, the return after fees ended at +4.2% for Exelity, which thus takes the fund to +18.3% for the full year 2025. Thus, Exelity continues to outperform all indexes both in the short and long term, where we can see that for example the OMX Large Cap Index is -0.2% for the full year while the OMX Small Cap is +11.4%. However, it bears repeating that Exelity is an absolute return fund, which does not have a directly comparable benchmark index given the fund's unique exposure to bridge loans and guarantees.
It is pleasing that the fund still only has a single negative return month (August 2024: -1%), with a total return of over 70% since the undersigned took over management at the end of 2023. On a rolling 12-month basis, the sharp ratio remains a bit above 4 while volatility continues to be below 4%.
During the month of June, the fund's performance was particularly strong in the equity segment, which developed strongly +5.2% for the month. The companies that stood out during the month were Zinzino (+27%), Envipco (+32%), Evolution (+15%), Studsvik (+27%) and CTT +12%. Among the companies that went negative, the fund's largest holding FreeTrailer went -10% during the month.
The transaction leg had a somewhat calmer month, with several guarantees and loans being repaid. Enviro had a poor outcome on the guarantee side in June with 49%, but the guarantee in Lipigon was also weak with an outcome of 26%. Overall, however, Exelity continues to be very selective in its guarantees, with an average outcome of 12% for the full year 2025. The fund's quantitative approach to guarantees continues to act as a good support in decision-making. As of the end of June, Exelity has 1 ongoing guarantee, as well as 10 outstanding loans. The transaction leg is therefore expected to continue to act as a stable cushion on the downside also in the future.