Scandinavian Credit Fund I AB (publ) reports a NAV price for April of 45.12, which is a decrease of 1.23% compared to the previous month. The fund's managed capital amounts to SEK 1,218 million at the end of the month.
There are many small changes during the month that explain the change in the NAV price, and none of them stand out as significant. The movement of the Swedish krona is mixed during the month, so the currency outcome is not a major contributor to the month's return. The currency outcome is shown in the table below.
*) The outcome of the portfolio is affected after we stop hedging both up and down depending on how the currencies change.
Loans and shares in the portfolio before reserves are distributed in underlying currencies as below.
According to the model that the fund applies for reserving loans, the reserve per category is as follows.
The fund's provisions according to IFRS 9 have decreased slightly since the previous month and have positively affected the result by SEK 6.1 million during April 2026. The closing reserve amounts to SEK -294.8 million as of April 30, compared to SEK -300.9 million as of March 31.
The month's change of +6 MSEK is mainly explained by the fact that an individual commitment was written down by 10 MSEK, where the write-down was fully covered by previously made provisions. This has meant that the corresponding reserve has been reversed.
At the same time, the provisioning ratio for other parts of the portfolio has increased as a result of weaker macroeconomic signals picked up in the IFRS 9 regulations.
Overall, the monthly outcome reflects a combination of realized credit losses within the framework of existing reserves and a general increase in the risk level in the remaining portfolio, including effects from ongoing revaluations and currency.
Events during the month
At the end of the month, the fund was close to an agreement regarding a smaller holding where the parent company is bankrupt. We estimate that existing reserves will cover all or almost all of the credit loss that the fund will incur if the agreement is finalized.
More information and Q&A is available on the Fund's website: https://kreditfonden.se as well as in previous monthly newsletters.
