August was our largest month since launch. The fund returned +1.24% net (+1.59% gross), closed at a NAV per unit of 105.81 SEK, and has now returned +5.81% net since inception on 1 April. That makes five consecutive positive months, each delivered against a different market backdrop, with return variance that has stayed very low and no drawdown worth naming.

Where July was carry almost in its entirety, August was carry plus a market that finally moved: coupon income accrued daily as it always does, joined by positive revaluations across the cash book and gains on selected derivative positions. Nothing came from interest rates or market beta, which is exactly where we want the return to come from. The floating-rate book once again produced income with no sensitivity to the move higher in market rates.

The fund remains fully invested in notional terms, with an approximate running yield in the region of 10%. Alongside this we hold a third of the portfolio in cash and very low-risk liquid assets - 19% in cash and a further 14% in liquid paper - held explicitly so it can be deployed into turmoil, not because we have run out of ideas. Holdings are spread across more than 50 issuers with disciplined position sizing, the largest single position at 4.6% of the credit book.

We are progressively more defensive on the outlook, over both the short and medium term. Two concerns sit above the rest: the rising cost of sovereign debt as a large stack of low-coupon paper refinances at materially higher rates, and the concentration of the AI economy, where a growing share of growth, equity returns and credit issuance traces back to the capex plans of a very small number of firms. We do not think either is currently priced as a risk. We remain long credit carry paired with a convex short book held as low-cost tail protection, positioned to prefer a significant market downturn to a significant melt-up. Swedish real estate credit remains an area where compensation does not, in our view, reward the risk, and we stay highly selective there for now.
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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.

Our full August monthly 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.

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