EN 
SE 
Exelity parries the generally negative stock market climate during October well and closes the month at +3.2%, and is thus +22.1% for the full year 2024. During October, OMX Small Cap was noted -2% (2024: -6.9%), First North Index - 1.3% (2024: +1.5%), and OMX SPI -4.2% (2024: +7.8%). Thus, Exelity has outperformed all Swedish large and small company indices during the month as well as the entire year 2024, this with only an average share exposure of approx. 60% during the year.
Since the undersigned took over the management of Exelity in the fall of 2023, the fund is +41%, with only one negative return month (-1% in August). Stability thus continues to hold where Exelity has had only four negative returns months in the last two years, which can be compared with OMX Stockholm Small Caps which are listed 16 times.
In contrast to the stock market in general, Exelity delivered strong returns during the reporting period in October. Returns from the listed portfolio were strong during the month, with holdings such as Paxman, Bonesupport and BPC Instruments performing strongly. No company continues to make up more than 10% of the portfolio, where the fund's largest company as a share of NAV was BPC Instrument with 8% as of the end of October.
One reason why Exelity parries the downturns well is the transaction leg, which generates good returns regardless of the market climate. During the month of October, the transaction leg was +1.0% and has continued to develop stably and constitutes approximately 25% of the fund's NAV as of the end of October.
It bears mentioning that the loan portfolio is made up of listed companies, all but one of which 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 continue to selectively underwrite in senior issues, where the average yield through 2024 has been a low 6%. 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.
After a strong development in 2024, I look with confidence towards the end of the year where Exelity's pipeline is judged to remain solid.