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The net return for Exelity during the month of March was -2.5 %, compared to -1.8 % for the OMXS30 index. The negative return is explained by our largest listed share cases Smart Eye and Awardit (18 % and 17 % of the total), which during the month continued to fall by -11 % and -10 % respectively, despite the absence of related, negative news. High volatility of this kind is a necessary price to pay for extraordinary returns. Although our timing turned out to be premature, our assessment is still that the value of Smart Eye and Awardit is several times higher than today's market prices, which is why these positions make up a high percentage of the portfolio.
The other parts of our portfolio delivered a satisfactory, positive return. We have e.g. participated in block transactions and directed issues with good results. Another positive muscle, worth highlighting, is our underwriting, which is a cornerstone of our strategy. After signing four new guarantee commitments in the last few weeks, we currently have contracts for SEK 22 million in guarantees which will result in significant income during the spring. All our ongoing guarantees are traded stably above the subscription price in cases where the issues are now ongoing.
Our four new guarantees mean that we are up to six guarantees in total, and that the percentage of guarantees in the portfolio has gone from 15 % to 22 %. It is a consequence of ever better opportunities and transaction conditions, which was also what we expected in our last month's newsletter. We are currently in negotiations for a couple of additional guarantee procurements and therefore expect to add even more guarantees shortly. We are also working on a number of interesting loan opportunities where we plan to use parts of our large cash of approximately 25% of the portfolio, which would create a larger base of stable interest income that reduces the volatility of the portfolio. The checkout gives us important optionality. We'd rather keep cash than make half-baked investments.
Another important and unique part of the fund's strategy is investments in pre-IPOs and other unlisted companies. Up until now, we have not made any unlisted investments and we will continue to be very selective in that area. During March, however, we made an exception when we participated in a pre-IPO in a defense technology company. The investment is made in the form of a convertible which is repaid including interest if the company does not make a listing before a specific date this fall, which we see as an attractive transaction structure. The company has critical expertise in an area of technology that Western Europe stopped developing after the Cold War, but which has now become highly topical again after Russia's invasion of Ukraine. We will have the opportunity to return to more details about the company in the future when it becomes relevant with the IPO.
Out in the world, the problems within the supply chains are still raging, but we do not see that this will have any major impact on Exelity because only around 10-15 % of the portfolio consists of hardware operations dependent on physical supply chains. We have mainly invested in software companies whose business models are based on license income and where products and services are largely distributed via cloud solutions.