Scandinavian Credit Fund I AB (publ) reports a NAV price for March of 45.68, which is an increase of 2.74% compared to the previous month. The fund's managed capital amounts to SEK 1,237 million at the end of the month.
The change during the month is mainly explained by the fact that the prices of listed holdings in the portfolio have increased. During the month, the Swedish krona has also weakened against other currencies, which also contributed to the increase in NAV. The currency 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 provisions according to IFRS 9 have increased since the turn of the year and have affected the result by SEK -14.2 million in 2026, of which SEK -9.1 million in March. The closing reserve as of March 31 amounted to SEK -300.9 million, compared with the reserve as of the end of December, which amounted to SEK -286.7 million.
The monthly change of SEK 9.1 million is mainly explained by an increased provision on a category 3 exposure (SEK 47.5 million), which is partly offset by reversed provisions due to the increase in the price of listed shares expected as payment for the sale of the Norrtälje and Hallstavik properties. Other movements are mainly currency effects.
Events during the month
A webinar was held on March 5. The recording is available on the fund's website for those who want to watch the presentation afterwards.
We have not yet concluded negotiations, which began in 2025, regarding a smaller holding where the parent company is bankrupt. We have received a couple of small repayments and hope to continue to realize values in the coming quarters.
Events after the end of the month
On April 8, a press release was published stating that Gustaf Hagerud, CEO of Finserve Nordic AB, has been appointed as the new manager of the fund. Finserve Nordic has also strengthened the organization with an advisor and analyst who will mainly support the manager in the winding down of the fund.
Finserve Nordic thanks the former manager Mats Johansson for his great contributions to the work with the fund and in Finserve Nordic in general. We wish him all the best as he steps down and retires.
More information and Q&A is available on the Fund's website: https://kreditfonden.se as well as in previous monthly newsletters.
