Monthly Commentary February 2026
Scandinavian Credit Fund I AB (publ) reports a NAV price for February of 44.46, which is a decrease of -2.75% compared to the previous month. The fund's managed capital amounts to SEK 1,201 million at the end of the month.
The change during the month is due to the prices of the listed holdings in the portfolio having decreased. We have not made any direct revaluations otherwise. As previously in 2025, the strengthening of the Swedish krona has continued against other currencies except against the Norwegian krone which, unlike other currencies, has strengthened during 2026. The outcome is shown in the table below.
*) As mentioned in previous monthly newsletters, the fund has stopped hedging its holdings as it was considered too expensive and that it also has liquidity effects in connection with the realization of the currency futures. The outcome of the portfolio is affected after we stopped 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 reserves according to IFRS 9 have increased slightly since the turn of the year and have affected the result by SEK -5.1 million in 2026. The closing reserve as of February 28 amounts to SEK -291.8 million, compared with the reserve as of the end of December, which amounted to SEK -286.7 million.
Events during the month
On February 27, the fund's annual report for 2025 was published together with the audit report. The audit was conducted by PWC, who have been the fund's auditors since the start, although with different auditors due to rotation requirements as one and the same auditor cannot hold the position for more than seven years. The current auditor, Peter Sott, has been the auditor for the last two financial years. The annual report is available on the fund's website.
A webinar was held on March 5th and the recording is available at YouTube as well as on the fund's website for those who want to watch the presentation afterwards.
Vimab, in which we are now the largest owner after the conversion of loans to shares carried out in January, has had a negative price trend in 2026 and the share was valued at 1.90 in NAV as of February 28. The company has now published a press release in March that the subsidiary VIM Energy Systems (formerly Vimab BESS) – which is part of the listed VIMAB Group AB (publ) – has taken large market shares in electricity trading in Sweden in a short time and is now one of the country's ten largest electricity traders. Behind the rapid growth is VIM Energy Systems' market-leading system for electricity trading and optimization. The company now handles approximately 2 Terawatt hours per year, which corresponds to approximately 1.5 percent of all of Sweden's electricity consumption. The price has had a positive trend after the announcement. We hope that this, together with the projects it has in the pipeline, will be able to mean a turnaround for Vimab in 2026.
The allocation of shares from the sale of the properties in Norrtälje and Hallstavik is ongoing. The price of the shares that we will receive has varied both below and above the fixed price agreed in connection with the sale. As previously announced, we have no lock-up on the shares but will divest in an orderly manner.
We have not yet concluded negotiations, which began in 2025, regarding a smaller holding where the parent company is now bankrupt. We have mortgages in three of the company's subsidiaries and are working with management and the debt collection agency to be able to realize these and obtain repayment. We hope to be able to complete this shortly.
Nothing new regarding the ongoing lawsuit process in Denmark. The fund has sued previous management and auditors. The work takes time and we will return when we have more information.
Sales of the condominiums in Björnrike continue. We have not sold any more apartments. A total of 9 out of 15 apartments sold. Advertising still on Hemnet and the real estate agent's website.
Repayment of capital
We expect to be able to make further repayments during Q1 or early Q2. We will return with the amount and timing of the repayment later. An overall forecast was provided in connection with the Webinar of the assets that we intend to realize. The timing may be affected by the price development of the listed shares included.
More information and Q&A is available on the Fund's website: https://kreditfonden.se as well as in previous monthly newsletters.
