The net return for Exelity during September amounted to -1.6 %, which can be compared with -2.1 % for the Stockholm Stock Exchange's broad index OMXSPI, but as usual we would like to remind you that there is no relevant benchmark that matches Exelity's unique profile. Our goal is instead to deliver at least 10 % net returns per year, where the fund is up over 10% this year when we close the month of September (OMXSPI +1.7% during the same period). Our upcoming loan proceeds for 2023, equivalent to 2 % of the fund's current asset mass (NAV), form a good basis for exceeding our target. It is often said that volatility kills returns because large percentage declines quickly destroy the interest-on-interest effect. The fund's net return of +10.3 % through September this year is a result of the stability and low volatility of our strategy. During the year, we delivered eight out of nine profitable months and thus pared the stock market's large swings, in line with the fund's strategy. Development was once again driven entirely by transactions. Guarantees returned +1.1 %. Interest generated +0.9 %, excluding our origination fees which usually amount to at least 5 % and are settled immediately, but accrued until the maturity date of the loans.
After eleven new loans in recent months, our loan stock now stands at 46 % of NAV, compared to 45 % in July. We do not see that the loan exposure will be much greater than this because the loan limit is a maximum of 50 %. Conversion clauses in the loan agreements mean that we can quickly correct the exposure if necessary. In summary, our loan portfolio is robust with strong development and good news in most of the holdings, which facilitates recapitalization and repayment.
The listed holdings burdened the portfolio's development by -3.7 %, which can be compared with First North All Shares which lost 7.5 % in September. The decline was moderated thanks to relatively strong development in most companies in the portfolio such as e.g. Smart Eye -2.6 %, Awardit +5.3 %, Humble Group +3.9%. The First North All Shares Index is now trading at the same levels as in 2008 and 2018, where outflows have significantly affected these companies and strongly pressured valuations. As interest rates are expected to peak, we see that sentiment and risk appetite will return and with that said a good risk/reward if you take a longer investment perspective - in line with Exelity's strategy.