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The tough stock market climate persists, not least within OMX Small Cap which is Exelity's focus, where OMX Small Cap is listed down -3% for the month (-10% for 2024). The large company index also continues to have headwinds, with the OMX SPI closing November at -0.8% (+7% 2024). As is usually the case, the transaction leg usually supports the development during the weaker period, which was also the case in November. Exelity closes at +0.3% for the month and thus once again outperforms all large and small company indices, putting Exelity at +22.3% for the full year 2024. If we break down development during 2024, we can note that it has been a broad contribution, where both the share leg and the transaction leg have contributed a similar amount to the annual return.
In addition to headwinds from other exchanges, Exelity was weighed down by a weak guarantee, Wyld, which weighed on the month's results by approx. 1%. Despite this, Exelity manages to close the month in positive territory, and thus continues to record only one negative return month (August -1.0%) in the past year. What boosts Exelity during the month is the other transaction leg, where the warranty season has really kicked off after the summer lull (usual seasonal pattern). During the month, six new guarantees were signed, with a total guarantee compensation corresponding to approx. 2% at NAV - where most guarantees are periodized until the beginning of 2025 and will thus continue to act as a cushion on the downside.
The equity leg, which corresponds to approximately 68% of the fund, is recording a stronger development than the stock market in general, where names such as Paxman, SHT and FreeTrailer have all risen above +13% for the month. The portfolio is judged to continue to be well diversified, where the largest holding corresponds to approx. 7% of the fund, which reduces volatility between months.
For the loan portfolio, a new bridging loan has been signed, where loans now make up just over 20% of the fund. It bears repeating that the loan portfolio consists of listed companies except for one, all of which are listed on the Swedish stock exchange. Maturity is under one year, with the majority being so-called bridging loans. Exelity has continued to have zero loan defaults since inception, where we continue to reserve for potential losses. Reserves make up approx. 2% of the fund's NAV.
It is especially gratifying to see that the transaction leg holds up the result even in periods when the stock market is going hard, despite the Wyld guarantee. Exelity has also been noticed in a number of media channels recently, where the undersigned participated and was interviewed in FinVoices - an episode that can be found on spotify under the name "Marlon Värnik: Who is the manager behind Exelity?". I talk a lot about Exelity and how we differentiate ourselves from the other fund managers in our analysis and research, recommended.
Having said that, I thank you shareholders for the trust you have shown and we aim to maintain the strong trend.