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After 12 consecutive positive return months, Exelity recorded a negative performance for September with -2.5%. This was in line with the small cap index which also had a negative performance during the month where First North was recorded at -4.1% and OMX Small Cap at -0.7%. For the full year 2025, Exelity is +20.4% after fees, and has thus outperformed all large and small cap indices. It bears repeating that Exelity is an absolute return fund with the goal of returning at least 10% annually. Exelity is well above this target This target for the current year, but also previous years (2023: +27%, 2024: +26%).
While the transaction leg returned approximately 0.6% for the month, Exelity was weighed down by the equity leg. The bid for Integrum was withdrawn, with the share price falling almost 70% during the month. Integrum contributed to a negative effect of approximately 2.5% for the fund, thus explaining almost the entire negative return for the month. In addition to Integrum, negative developments were noted in Zinzino (-26%), Astor (-14%), Opter (-21%) and FreeTrailer (-11%). In the positive balance, Studsvik (+17%) and Smart Eye (+6%) were noted.
Despite the development in September, we can note that Exelity has only recorded two negative return months since the undersigned took over management in the fall of 2023, with a development of approximately +75%.
The transaction leg continued to move at a steady pace, with two new loans and two new guarantees signed during the month. In total, loan exposure increased by SEK 18 million, with loans including credit lines now accounting for approximately SEK 301.3 million of the fund. Exelity issued a credit line of SEK 10 million to Crunchfish, and took part in a directed issue there at SEK 3.50 per share. The guarantee in Oncopeptides was pleasingly clear. The pipeline is accelerating, with good activity seen during the autumn, both in terms of guarantees, issues and IPOs.
As previously mentioned, it is the transaction leg that creates stability in the long term, where bridge loans and guarantees have little impact from the stock market in general. The natural dynamics, where demand for bridge loans and guarantees tends to increase during periods when the stock market is tougher. Vice versa, when the stock market is strong, the positive contribution to the equity leg of the fund. This dynamic creates stability in development.