{"id":2524,"date":"2026-09-08T21:25:32","date_gmt":"2026-09-08T19:25:32","guid":{"rendered":"https:\/\/kreditfonden.se\/?p=2524"},"modified":"2026-09-08T21:25:33","modified_gmt":"2026-09-08T19:25:33","slug":"manadskommentar-scfi-augusti-2026","status":"publish","type":"post","link":"https:\/\/kreditfonden.se\/en\/manadskommentar-scfi-augusti-2026\/","title":{"rendered":"Monthly Commentary SCFI August 2026"},"content":{"rendered":"

Scandinavian Credit Fund I AB (publ) reports a NAV price for August of 38.30, which is an increase of 8.31 % compared to the previous month. The fund's assets under management at the end of the month amounted to SEK 1,034 million.<\/p>\n\n\n\n

The month's NAV development is essentially explained by an increase in shares traded on the marketplace to which the fund has direct or indirect exposure. This is the same mechanism that explained the decline in July, although with the opposite sign. The effect has been partially offset by increased provisions for credit losses.<\/p>\n\n\n\n

The fund's exposure to shares traded on the marketplace amounted to approximately SEK 270 million on 31 August 2026, corresponding to approximately 26 percent of managed assets, calculated on the number of shares at closing price. The exposure, which is both direct and indirect, is distributed across five companies: Episurf Medical AB, Fable Media Group AB, Ortelius International AB, OXE Marine AB and VIMAB Group AB. The amount refers to the market value of the underlying shareholding and is therefore not the same as the value at which the holdings are recorded in the fund's accounts.<\/p>\n\n\n\n

Provisions for credit losses under IFRS 9 increased from SEK 529 million in July to SEK 538 million in August, an increase of SEK 9 million. The increase is essentially attributable to an individual commitment in category 3, where a reassessment of the value of collateral provided led to a higher provisioning ratio. Other commitments in category 3 are essentially unchanged, and the changes in categories 1 and 2 are marginal. 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 matter 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 all currencies in the portfolio. However, the results of currency changes should be interpreted with caution. A large part of the fund's dollar exposure relates to holdings whose recoverable value is in practice determined by factors other than the dollar exchange rate. A few percent movement in the currency is therefore not what determines the fair value.<\/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 otherwise comment on individual holdings, ongoing sales processes or specific counterparties. The reasons are partly regulatory, as the fund's profit-sharing loans are admitted to trading on NGM's regulated market and are 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

About refunds<\/strong><\/p>\n\n\n\n

The Fund seeks to repay capital to investors when possible without limiting the Manager's ability to act in the best interests of investors. In addition to the Fund's need to maintain a liquidity buffer, each repayment incurs costs. The Manager therefore continuously assesses whether the available liquidity in addition to the buffer is sufficient for a repayment to be economically justified and provide meaningful value to investors. The Manager does not commit to any predetermined timing for such repayments.<\/p>\n\n\n\n

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

The fund intends to update the document from 2024 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 the management of the fund.<\/p>\n\n\n\n

The Fund also intends to review the appearance of the monthly reporting later in the year. As of the end of the month, 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, both those traded on the market and those that are not, claims on other companies in the group where collateral has 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 going into ongoing processes and counterparties.<\/p>\n\n\n\n

<\/p>","protected":false},"excerpt":{"rendered":"

Scandinavian Credit Fund I AB (publ) redovisar en NAV-kurs f\u00f6r augusti om 38,30, vilket \u00e4r en \u00f6kning med 8,31 % j\u00e4mf\u00f6rt med f\u00f6reg\u00e5ende m\u00e5nad. Fondens f\u00f6rvaltade kapital uppg\u00e5r vid utg\u00e5ngen av m\u00e5naden till 1 034 Mkr. M\u00e5nadens NAV-utveckling f\u00f6rklaras i allt v\u00e4sentligt av en uppg\u00e5ng i aktier som handlas p\u00e5 marknadsplats och som fonden direkt […]<\/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-2524","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\/2524","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=2524"}],"version-history":[{"count":2,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/posts\/2524\/revisions"}],"predecessor-version":[{"id":2529,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/posts\/2524\/revisions\/2529"}],"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=2524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/categories?post=2524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/tags?post=2524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}