{"id":2490,"date":"2026-06-04T16:54:48","date_gmt":"2026-06-04T14:54:48","guid":{"rendered":"https:\/\/kreditfonden.se\/?p=2490"},"modified":"2026-07-07T16:22:17","modified_gmt":"2026-07-07T14:22:17","slug":"manadskommentar-scfi-juni-2026","status":"publish","type":"post","link":"https:\/\/kreditfonden.se\/en\/manadskommentar-scfi-juni-2026\/","title":{"rendered":"Monthly Commentary SCFI June 2026"},"content":{"rendered":"

Scandinavian Credit Fund I AB (publ) reports a NAV price for June of 37.54, which is a decrease of 3.20 % compared to the previous month. The fund's managed capital amounts to SEK 1,013 million at the end of the month.<\/p>\n\n\n\n

The month's NAV development is mainly explained by a decline in the discounted value of the cash flow relating to the property companies divested at year-end. The fund has indirect exposure to this cash flow through a loan arrangement where any increase in value in the holdings accrues to the fund. The cash flow consists partly of an interest-free promissory note from the buyer and partly of listed shares. The decline in value during the month is mainly attributable to the price development of the listed shares. In addition, the NAV has been affected by minor changes in market values, exchange rates and provisions for expected credit losses.<\/p>\n\n\n\n

The total provisions have decreased by SEK 6 million during the month. The decrease is due to a number of credits based on the provisioning model not giving any major change overall, a marginal increase due to a weaker krona against DKK and GBP and that a holding in another credit fund under liquidation has changed its valuation method. It is no longer valued at acquisition value and provision but with shares and a rate derived from the value assessed by the liquidators. This results in a net value of some million higher at the end of June than the net value after provisions was at the end of May. According to the latest communication, the liquidators of that fund estimate that they will be able to make a final payment during this year.<\/p>\n\n\n\n

The total provisions therefore decreased from SEK 530 million in May to SEK 524 million in June. Provisions for credit losses are made in accordance with applicable accounting rules and are based on an assessment of expected credit losses at the reporting date. However, a final established credit loss can only be determined when an individual case has been legally closed and all recovery options have been tested.<\/p>\n\n\n\n

According to the model that the fund applies for provisions for credit losses on loans, the provision per category amounts to the following.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The Swedish krona weakened during the month against the currencies in the portfolio except the Norwegian krone. However, the result from currency changes should be interpreted with caution. The holding in US dollars consists predominantly of the value of preference shares in an unlisted company. At the time of writing, we believe that the value of the common shares in the company in question is questionable, so the valuation is based entirely on a valuation model.<\/p>\n\n\n\n

Loans and shares in the portfolio before reserves are distributed in underlying currencies as below.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The fund does not comment on individual holdings, ongoing sales processes or specific counterparties. The reasons are partly regulatory, as the fund is listed on NGM and is subject to the Market Abuse Regulation (MAR), and partly strategic. An open disclosure of the fund's position in ongoing negotiations could directly counteract the unitholders' common interest in maximizing recovered capital. For the same reason, this letter describes the portfolio's development at an overall level rather than individual assets.<\/p>\n\n\n\n

No significant transactions were carried out during the month.<\/p>\n\n\n\n

Changed information provision<\/strong><\/h2>\n\n\n\n

The fund intends to update the document from 2024 during the summer that describes the process and management of the fund during the liquidation. A couple of years have passed since the decision to close and liquidate the fund. The nature of the fund's portfolio has changed during that time. There is therefore reason to update the principles and processes for managing the fund.<\/p>\n\n\n\n

The Fund also intends to review the format of the monthly reporting later in the year. As of the end of the first half of the year, there are no regular loans to external borrowers among the Fund's assets that have not deteriorated in credit quality according to the accounting rules in IFRS 9. The credits classified in category 1 are loans to companies that are indirectly controlled by the Fund. In category 2, there is only one loan to an external party. Otherwise, in this case too, they are loans to companies that the Fund indirectly controls.<\/p>\n\n\n\n

The winding up of the Credit Fund has reached a point where the fund's portfolio no longer consists of ordinary credits that provide interest and amortisation. Instead, it consists of credits to bankrupt estates, bonds issued by companies that are now bankrupt estates, shares of various forms, listed and unlisted, claims on other companies in the group where pledges have been "parked" on behalf of the fund and where the value of the assets through the use of preference shares or loans with profit sharing accrues to the fund and thus to the fund unit holders. We have understood that many people find it difficult to understand from the accounts what the fund owns, and we therefore intend to try to find complementary ways to describe the portfolio without commenting on individual holdings.<\/p>","protected":false},"excerpt":{"rendered":"

Scandinavian Credit Fund I AB (publ) redovisar en NAV-kurs f\u00f6r juni om 37,54 vilket \u00e4r en minskning med 3,20 % mot f\u00f6reg\u00e5ende m\u00e5nad. Fondens f\u00f6rvaltade kapital uppg\u00e5r vid utg\u00e5ngen av m\u00e5naden till 1 013 Mkr. M\u00e5nadens NAV-utveckling f\u00f6rklaras huvudsakligen av en nedg\u00e5ng i det diskonterade v\u00e4rdet av den likvid som h\u00e4nf\u00f6r sig till de vid […]<\/p>\n","protected":false},"author":2,"featured_media":1121,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-2490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manadskommentar-scfi"],"acf":[],"_links":{"self":[{"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/posts\/2490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/comments?post=2490"}],"version-history":[{"count":2,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/posts\/2490\/revisions"}],"predecessor-version":[{"id":2503,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/posts\/2490\/revisions\/2503"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/media\/1121"}],"wp:attachment":[{"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/media?parent=2490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/categories?post=2490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/tags?post=2490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}