Exelity Monthly Report – November 2025

November was undoubtedly a tough month for Swedish small companies – but when we look up, we see that Exelity continues to deliver. Despite a sour stock market climate where OMX Small Cap fell -2.8 % and First North fell -5.3 %, we are up a whopping +11.8 % so far this year. This means that we are not only beating but clearly outperforming all relevant indices in 2025:

· OMX Stockholm PI: +7.1 %

· OMX Small Cap PI: +9.8 %

· First North All-Share: -6.4 %

We are therefore well on our way to another year of double-digit returns and our long-term goal of at least 10 % per year (2024: +26 %, 2023: +27 %). Since the undersigned took over management in the fall of 2023, the fund has totaled a strong +62 % – a development that is a full 30–70 percentage points better than the benchmark index. We are proud of that.

November ended weakly at -6.0 %, with the equity portfolio affected by the broad small-cap decline and a couple of individual disappointments (mainly Surgical Science -60 % after losing a contract, but also Paxman, which received lower compensation levels than expected).

At the same time, the transaction leg delivered +0.5 %, we signed a new guarantee and now have four guarantee commitments totaling SEK 27.5 million.

The loan portfolio continues to be stable, where we now have eleven loans outstanding with a value of approximately SEK 72 million (approximately SEK 28 million of the fund) with a good risk-adjusted interest rate.

The development in November was primarily weighed down by the equity leg, but was also negatively affected by increased provisions (-0.4% impact on NAV), weak warranty outcomes (-1.3%), and falling option values (-0.4%). This means that we now have an attractive entry into 2026.

We also see several bright spots in the portfolio: Zinzino rose +43 % and Nordrest +10 % on strong reports.

In conclusion

November was a chaotic month in a chaotic small cap climate, but Exelity is stronger than ever. We are up close to 12 % so far this year, beating both small cap and large cap indices and have a strategy that has proven to work in both ups and downs. It is precisely in times like these that active management, the combination of stocks, guarantees and loans, and sober risk management make the biggest difference.

We look forward with confidence to the end of 2025 and a new strong year in 2026.

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