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September was a weaker month for the stock market as a whole, with both the small cap and large cap indices falling by around 2 percent. Against this background, it is gratifying to report that Exelity held up well and closed the month with a gain of +2.8 percent.
Thus, Exelity has risen by 11.1 percent so far this year, which can be compared to the First North Index at −13 percent, Carnegie Micro Cap at −0.4 percent, and the OMXSPI large cap index at +7.7 percent. The average for Swedish micro- and small cap funds for the year is −1 percent.
Since the undersigned took over management in 2023, the fund has risen by approximately 90 percent, corresponding to an average annual return of approximately 25 percent. We are proud that Exelity continues to rank among the best performing Swedish micro- and small cap funds, both in the short and long term.
Nanexa – agreement with Novo Nordisk
The big event of the month was that Nanexa signed an agreement with Novo Nordisk, which caused the share to rise by over 100 percent. Exelity already holds approximately 1.7 million options with a strike price of 4 kronor per share. The share closed the month at 10.54 kronor, which contributed positively to the fund’s NAV by approximately 2.4 percent.
Paxman – now the fund's largest holding
During the month, Exelity increased its position in Paxman, which is now the fund’s largest holding. We view the company very positively. At the moment, there is a broad shift from self-pay to IBBM, while new sites are being added continuously. Yale is expected to go live in Q3’26. At today’s valuation, the market is pricing in a penetration rate of around 2–3 percent, which we consider too low for a company that is the global market leader in scalp cooling.
An important milestone during September was when Governor Newsom signed the bill on insurance coverage for scalp cooling in California. Compared to New York, California has twice as many residents, approximately 40 million versus 20 million, and the coverage is also broader because Medi-Cal is covered. The law is also technically more narrowly formulated: only FDA-approved systems are covered, which excludes manual cooling caps. This further strengthens Paxman’s competitive position. We also believe that the decision in California will have ripple effects and that more states will follow, in an American market where Paxman is already the dominant player. We have positioned the fund accordingly.
We enter the final quarter of the year with confidence and a portfolio we strongly believe in. Transaction activity is increasing, and it often tends to be a particularly intense period before Christmas.
Thank you for your continued trust!