Always Opportunities has returned +5.84% net (+7.66% gross) since launch on 1 April 2026, closing September at a NAV per unit of 105.84 SEK. The fund has been positive in all six months. Most of that return came from the coupons our bonds pay, not from bets on interest rates or market direction.

September tested that. The US 10-year Treasury yield reached its highest level since 2002, the ECB raised rates, and high yield fell on both sides of the Atlantic. Parts of Nordic real estate credit dropped by double digits. Government bonds, credit and most equities lost value in the same month, and the fund still ended it positive. Floating-rate bonds kept it largely unaffected by higher yields. Low real estate exposure kept it out of the worst of the sell-off. Hedges offset most of the fall in bond prices.

That outcome came from decisions made over the summer. As credit got more expensive, we turned down deals that didn’t pay enough for their risk, let cash build and added protection, accepting slightly lower income in the short term. We did not try to predict when the market would turn. We built the portfolio so its returns would not depend on it staying calm.

We now hold around 30% in cash and very low-risk liquid instruments, have no exposure to data-centre or AI-infrastructure debt, and are under no pressure to sell. The market has shifted from one where lenders took what they were offered to one where they can set terms. Funds facing redemptions are selling good bonds to raise cash, new issuance has largely stopped, and higher policy rates are lifting coupons on floating-rate bonds. We have started putting capital to work, issuer by issuer, in solid credits priced as if they weren’t. This is the environment the strategy was built for.

Always Opportunities is an absolute-return credit fund focused on the Nordic corporate bond market. The strategy is designed to preserve capital and generate returns across market cycles, ready to act as a buyer when uncertainty pushes prices below fair value. To keep returns anchored in credit selection rather than broader market direction, we systematically hedge what we do not need to take a view on: currency, interest rates, and market beta.

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The fund is structured as a Swedish AIF, regulated by Finansinspektionen, with monthly subscriptions. SRI risk classification: 3 out of 7.

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Our full six-month report is available for download above.

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Marketing communication. Past performance is no guarantee of future results. The value of an investment can rise and fall, and invested capital may not be recovered. Figures are preliminary and may be revised.

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