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Scandinavian Credit Fund I AB (publ) reports a NAV rate for May of 101.17. That's an increase of 0.31 %.
The fund has not had any new lending during May, however, a lift has been carried out on already granted credits corresponding to approximately SEK 13.8 million.
As a result of large redemptions, the fund has been closed and will begin an orderly liquidation. Hans Westerberg has come in as a new manager in connection with the liquidation and continues the work of continuing to manage the fund as before and managing an orderly liquidation. Hans previously worked for 13 years at Swedbank in various senior roles including Head of ECM (Equity Capital Markets), 2 years at Nordea Markets and chief analyst at Danske Bank. The fund will continuously update information here on questions and answers.
Factors affecting the NAV for May are the value of the fund's listed shareholdings, which has decreased and the fund continues to see that the risks in the market are increasing. Reserves have increased as a result of increased risks, which is clearly visible within the SME market.
IFRS 9
The risks in the markets continue to increase and the fund has increased the reserves during the month. The fund especially sees pressure on companies that have sales to retail customers. The fund has seen an increased risk in three counterparties and the development is still negative, which increases the risk and also the reserves. The fund sees that bankruptcies continue to increase among SME companies, the financial situation puts pressure on some of the fund's holdings and will be evaluated on an ongoing basis.