Monthly report April 2021 - NFF

The NAV rate in April was 102.21, which gives an increase for the month of 0.55 (0.54 %). It's a good month especially considering it's 30 days in April.

Inflow of SEK 31 million, thank you very much for that.

New lending in April was approximately SEK 34 million.

We introduce quarterly liquidity in the redemption fund on 2021-07-01, we retain monthly opportunities for investments.

We continue our work with extra frequent follow-up of our companies with regard to the Corona situation. Our portfolio companies handle themselves well and the factoring business is tough.

The market

We received new unemployment statistics from the USA on Friday. It came in much weaker than expected. That is, fewer new jobs had been created in the United States in the past month. This is despite the huge stimulus packages initiated by the US administration. It takes a while for the stimuli to hit the labor market.

The market, which is doped with liquidity, took the statistics positively with the interpretation that then more packages will come. It feels absurd, I think, to make that interpretation when massive stimuli have just been announced. What is more understandable, however, is that the inflationary turmoil that has characterized the market recently has taken a break. This led to a falling US dollar, lower interest rates and positive tones for risky assets.

Another theme right now is that the manufacturing industry has a component shortage both here at home and in the rest of the world. Shutdowns last year, the Suez debacle contributes to this, among other things. Furthermore, the industry goes for high pressure and could produce more if there was no shortage of certain inputs.

It seems as if GDP here at home and parts of the world will be back on the trend line during the latter part of 2021 or 2022. An absolutely fantastic recovery from last year. A child of sorrow, however, is Europe, which has problems, especially the countries around the Mediterranean. We can really hope that the vaccination will give the desired result soon.

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