Monthly report February 2022 - SCF I

Scandinavian Credit Fund I AB (publ) reports a NAV rate for February of 101.00. It is an increase of 0.48 (0.477%), it is a good month considering that we only have 28 days in February. Inflow for the month of February is SEK 12 million, thank you very much for that.

New lending in February is approx. SEK 48 million.

The market

The Ukraine conflict controls everything and your guess is as good as mine where this ends. What is certain, however, is that the central banks will wait for increases at this stage. Rising energy and food prices will have a dampening effect on growth and this suggests that they are waiting in Europe, the Fed will raise in March by 25 basis points.

The stock markets are falling heavily today as I write this and credit spreads are falling apart.

The fund's holdings have no direct exposure to Eastern Europe, we will, in the same way as with covid, follow all borrowers extra closely.


We include the provisions for IFRS 9 this month so you can see what the risk on the holdings looks like. We will show this summary every month from February. LTV shows how large the loan is in relation to the value of the security. That is, in category 2, it gives surplus values ​​on the current valuation with 25%. In February, we received new external valuations of a holding that involves an upward adjustment of its value, however, we made a large general provision for the uncertain macro situation we are in and moved two loans from category 1 to category 2. The net of these will have virtually no effect on the NAV course.

IFRS9 reserveringar


In 2020, Finserve Nordic, which is the fund's AIF manager, joined the company to the PRI network, Principles for Responsible Investment. The network is independent but supported by the UN and encourages investors to make responsible investments by following the principles developed by the network.

Finserve Nordic believes that the integration of sustainability risks is an important part of the funds' investment processes. Sustainability risks are defined as environmental, social, or corporate governance-related circumstances that could have a significant negative impact on the value of investments.

Social aspects include e.g. human rights, labor rights and equal treatment. Environmental aspects are e.g. the companies' impact on the environment and climate. Corporate governance aspects are e.g. anti-corruption, shareholder rights and business ethics

All funds under Finserve's management follow the responsible investment process that is formalized in Finserve's Policy for Integrating Sustainability Risks. The policy is available on the company's website https: // Each fund's sustainability policy is available on the funds' websites.

We can announce that based on today's sustainability requirements for funds, Scandinavian Credit Fund I is to be regarded as a “light green” fund, which is very good. In Sweden, about 30% of all funds have a rating corresponding to light green or better.

When you make your analysis of the fund, you should mainly look at the credit risk and liquidity risk in the fund. Are you comfortable with the credit risk generated by the fund's holdings? Furthermore, the assets are illiquid and it can take some time to get their investment back if many want to withdraw invested funds at the same time. The fund has a low market risk and has a low correlation with other asset classes.

We emphasize that we are not stressed by non-lending funds, but continue to work based on our models for credit assessment, all to ensure a good diversification of the portfolio in relation to the credit risk we take.

If you need to sell your holdings, do so in the primary market where you get the best price.

The official NAV exchange rate is published on the first banking day each month, what is shown during the month on NGM is not, I do not want to emphasize the official NAV exchange rate, as fund units in the secondary market may have been converted to a different exchange rate than official NAV.

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Emma Westerberg

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