It is pleasing that Exelity closes August at +0.7%, the 12th consecutive month with positive returns. Since the undersigned took over management in the fall of 2023, only one negative return month has been recorded (August 2024: -1%), with a development for the fund of almost +80%. This over a period of approximately two years.<\/p>\n\n\n\n
Thus, Exelity continues to outperform all Swedish large and small cap indices over the short and long term. It bears repeating, however, that Exelity is an absolute return fund that aims to return at least 10% per year. If we look at the development so far this year, the fund is +23%, while 2024 closed at +26%. The year before, 2023, the fund ended at +27%.<\/p>\n\n\n\n
As previously mentioned, it is the transaction leg that creates stability in the long term, where bridge loans and guarantees have little impact from the stock market in general. The natural dynamics, where demand for bridge loans and guarantees tends to increase during periods when the stock market is tougher. Vice versa, when the stock market is strong, the positive contribution to the equity leg of the fund. This dynamic creates stability in development.<\/p>\n\n\n\n
If we look at the month of August, we can see that the contribution came from both the transaction leg and the equity leg. This after a period where the equity leg has overturned strongly in recent months. In the positive balance we saw names such as FreeTrailer (+17%), Smart Eye (+25%), but also Terranor (+21%). While weak development was seen in Surgical Science (-35%), Zinzino (-18%) and Gentoo (-29%). No holding represents more than 7% of the fund.<\/p>\n\n\n\n
During August, the loan side increased by approximately SEK 8 million, at the same time as a new guarantee was signed. We note that seasonal activity within loans and guarantees has increased during the month and see a strong pipeline during the autumn.<\/p>\n\n\n\n
That said, stability remains, with the fund's rolling 12-month sharp ratio approaching 5 with a volatility of 3.8%.<\/p>\n\n\n\n