{"id":2572,"date":"2026-11-05T15:01:40","date_gmt":"2026-11-05T13:01:40","guid":{"rendered":"https:\/\/kreditfonden.se\/?p=2572"},"modified":"2026-11-05T15:01:41","modified_gmt":"2026-11-05T13:01:41","slug":"manadskommentar-scfi-oktober-2026","status":"publish","type":"post","link":"https:\/\/kreditfonden.se\/en\/manadskommentar-scfi-oktober-2026\/","title":{"rendered":"Monthly Commentary SCFI October 2026"},"content":{"rendered":"

Scandinavian Credit Fund I AB (publ) reports a NAV price for October of 33.28, which is a decrease of 10.01 % compared to the previous month. The fund's assets under management at the end of the month amounted to SEK 898 million.<\/p>\n\n\n\n

This month, the fund's exposure to Episurf Medical AB and VIMAB Group AB also accounted for the majority, around two-thirds, of the decrease in NAV. In addition, the value of underlying assets in two corporate structures is now considered to be significantly lower than previously. Together, these two items explain around a quarter of the decrease. The remainder is mainly explained by the US dollar weakening by around 2 percent against the krona.<\/p>\n\n\n\n

The fund's directly owned portfolio is distributed across asset classes as shown below at the end of the month.<\/p>\n\n\n\n

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

The Fund's exposure to shares traded on the marketplace amounted to approximately SEK 180 million on 30 October 2026, corresponding to approximately 20 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 does not constitute the Fund's carrying amount for the financial instruments through which the exposure is held, nor is it an assessment of the amount that could be realized upon sale. The Fund's carrying amounts and provisions are determined in accordance with the accounting principles applied by the Fund.<\/p>\n\n\n\n

Provisions for expected credit losses according to IFRS 9 increased during the month from SEK 533 million to SEK 537 million. The increase is mainly attributable to one of the company structures described above, where the provision has increased and the commitment has simultaneously been transferred from category 2 to category 3. During the month, a bond issued by TryggHem Projekt 1 AB of approximately SEK 1 million was written off as a confirmed credit loss. It was fully reserved previously and therefore did not affect the NAV for the month. Provisions for other commitments decreased slightly, partly as a result of the krona strengthening against the Danish kronor and the euro. Provisions for credit losses are made in accordance with applicable accounting rules and are based on an assessment of expected credit losses at the time of reporting. However, a final confirmed credit loss can only be determined when an individual case is legally closed.<\/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 krona strengthened during the month against all currencies in the portfolio except the Norwegian kroner. Most importantly for NAV, the US dollar weakened by 1.9 percent. For assets with provisions for expected credit losses, the exchange rate affects both the gross carrying amount and the provision. If the asset is fully provisioned, the effects cancel each other out, and if it is partially provisioned, the NAV is only affected by the unreserved portion.<\/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

During the month, one loan was repaid, which meant that the liquidity situation has improved.<\/p>\n\n\n\n

About refunds<\/h2>\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>","protected":false},"excerpt":{"rendered":"

Scandinavian Credit Fund I AB (publ) redovisar en NAV-kurs f\u00f6r oktober om 33,28, vilket \u00e4r en minskning med 10,01 % j\u00e4mf\u00f6rt med f\u00f6reg\u00e5ende m\u00e5nad. Fondens f\u00f6rvaltade kapital uppg\u00e5r vid utg\u00e5ngen av m\u00e5naden till 898 Mkr. \u00c4ven denna m\u00e5nad svarade fondens exponering mot Episurf Medical AB och VIMAB Group AB f\u00f6r huvuddelen, omkring tv\u00e5 tredjedelar, av […]<\/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-2572","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\/2572","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=2572"}],"version-history":[{"count":2,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/posts\/2572\/revisions"}],"predecessor-version":[{"id":2577,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/posts\/2572\/revisions\/2577"}],"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=2572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/categories?post=2572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kreditfonden.se\/en\/wp-json\/wp\/v2\/tags?post=2572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}