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August was characterised by a strong equity market, which lifted Exelity by +1.8 % over the month. The fund has therefore returned +8.1 % for the full year 2026 after fees. We continue to outperform comparable indices in both the short and long term.
Since I took over management in autumn 2023, Exelity has delivered an average return after fees of around 25 % per year. The outperformance relative to the Small Cap index amounts to around 50 percentage points over the same period.
The share portfolio
The month saw a clearly positive development in the equity leg. Several holdings contributed strongly:
Paxman +17 %, FreeTrailer +14 %, Opter +13 %, Plejd +11 % and Bergholm +11 %.
At the same time, Smart Eye reported results below expectations, with its share price falling by around 30 % during the month, weighing on Exelity’s performance by approximately 2 percentage points. The ramp-up in the automotive sector was a disappointment, whilst its main competitor, Seeing Machines, posted stronger figures. The growth base has therefore slowed, which rightly caused the share price to fall.
Transactions
Market activity is picking up following a seasonally quiet summer. No new bridge loans or put options were signed during August. The equity component accounted for approximately 75 % of the fund’s NAV at the end of the month. We reduced our equity exposure slightly during August. The aim is to create scope to act on both transaction opportunities and any opportunities that may arise on the stock market in the near future.
We look forward to an autumn of high intensity and several new investments. The pipeline is strong and we are well positioned to allocate capital where the risk/reward is judged to be most attractive.