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Despite sharp stock market declines in general, Exelity manages to parry the declines well and closes at +0.5% for the month of March. This means that the fund significantly outperforms most indices, with both the OMX Stockholm PI and OMX Small Cap falling 8% during the month.
For the full year 2025, Exelity is +7%, while OMX Stockholm PI and OMX Small Cap are -1% and -3%, respectively. Exelity once again shows how the strategy with bridge loans and guarantees keeps returns up during generally weaker months. We can see that the fund has only continued 1 negative return month (August 2024: -1%) since 2023, while most Swedish indices note the majority of months with negative returns during the same period. At the same time, volatility remains low at around 4%, with a Sharpe ratio close to 4.0.
During the month, the transaction leg performed strongly, but the listed portfolio also outperformed significantly, driven by, among other things, the fund's defense exposure, Fortnox (+26%) and BPC Instruments (+18%). The listed portfolio recorded -1.2% for the month, while the transaction leg performed +1.7%. The listed portfolio comprises approximately 75% of Exelity as of the end of March.
The stock market declines negatively affected several core holdings during the month, where for example Smart Eye was listed down 21%, and Nanexa -20%. In the positive balance, we saw, as mentioned, Fortnox (+26%) and BPC Instruments (+18%), but also Nordrest (+15%) and Zinzino (+10%).
Exelity aims to return at least 10% annually, which we are therefore well on our way to achieving already in the first half of 2025. A goal that we have also reached by a good margin in the last two years (2023: +27%, 2024: +26%).
As mentioned, the transaction leg delivered strongly during the month. Three new guarantees were signed during March, with Exelity currently having 4 ongoing guarantees. Exelity's strategy of being very selective in guarantees, and only being a guarantor in cases we view positively in the long term, continues to generate good returns. Our models for guarantees continue to develop positively, and as more data is collected, we become increasingly confident that various factors are weighted correctly for optimal output in our models. Exelity's quantitative modeling is a strong security for the transaction leg, and something that stands out among other guarantors.
With kind regards,
Marlon Varnik