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SE 
Meriti Neutral share class A rose during May by +0.56 percent and the fund has thus risen by +5.09 percent since the turn of the year. Since the start of the strategy pro forma on 30/06/2010, the fund has returned +191.3 percent while the correlation to the Swedish stock market has been 0.10.
After setting new price records in mid-May, the trend leveled off when the focus shifted to the central banks' policy signals combined with the companies' earnings reports. The end of the month was marked by volatility around concerns about the effects of a delayed first rate cut by the Federal Reserve and debt ceiling issues in the US. Fresh economic data pointed to continued recovery in the eurozone, despite higher natural gas prices. Companies in renewable energy and technology led the gains, while the banking sector was slowed by increased loan losses. The industrial sector in Germany and France saw a surge in demand, lifting stock markets. At the same time, increased energy prices led to higher production costs for many companies, which negatively affected profits. An important contributing factor was also the geopolitical tensions in Eastern Europe, where the conflict in Ukraine continued to create continued uncertainty. Sanctions against Russia and their implications for the energy market remained significant risk factors.
The fund as a whole has shown a stable development and generated positive returns on 15 out of 21 trading days.
The fund's Value-at-Risk (95%, 1 day) averaged 0.31 percent during the month and the exposure to the stock market, the fund's estimated beta to the world index, averaged 0.15.