Månadsrapport juni 2022 – NFF

Monthly report June 2022 – NFF

NAV rate in June was 103.28, which gives an increase for the month of 0.54 (0.53 %). It is a stable and good month, the fund is moving according to plan. Inflow for the month of June is SEK 102 million, many thanks for that. We have a good pipeline for factoring so all inflows will be put to work in the foreseeable future.

The market

I have edited part of Teknikföretagen's analysis of May's inflation figure. They describe well the effect that rising energy prices have on other parts of the economy. All sectors are affected more or less directly or indirectly. One conclusion we can draw is that: everyone affected by these cost increases will strive to compensate for this as long as it is profitable for them to do so. We need to see a calmer demand pressure in the economy which makes it not worthwhile to compensate for increased input prices. This is, among other things, what the central banks are trying to achieve through interest rate increases. Hope they succeed even though they woke up late.

Below you can see NFF and its return since inception in comparison with a long bond fund. You can sell a long bond fund on the day, but you will hardly get an interesting return if you compare it with NFF since its inception. It looks good to be able to present a curve that has produced a steady and consistent return. 

(source: Bloomberg)


The reserves in this fund are very small, therefore we do not make a special table for this.

Everything is in category 1 and the fund's collateral is over 30,000 invoices pledged in favor of the fund. These are rolled over in 30 to 90 days with credit insurance both with and without recourse. Furthermore, there is property insurance for an eventuality should false invoices appear.

We look brightly at the possibility of growth for factoring in 2022, our partner is getting more and more assignments and that is positive. A bit of a bummer is that competition is increasing and thus pricing is getting tougher, so I think we will land closer to 6% in 2022 than 7% which was the case in 2021.

Below you can see the fund's breakdown by industry and the share in the portfolio of these: