July was a quiet month by design. The fund returned +0.34% net (+0.49% gross), closed at a NAV per unit of 104.51 SEK, and has now returned +4.51% net since inception on 1 April - a fourth consecutive positive month.

Nordic credit kept summer hours: new issuance was close to dormant, secondary turnover thin, and price discovery limited. Almost the entire result came from where we would want it to in a month like this — credit carry accruing day by day, with only a marginal contribution from spread moves and nothing from interest rates or market beta. A quiet month is in some respects the more searching test of the strategy: with little to trade and no dislocation to exploit, what remains is the cashflow the book generates on its own - and it delivered, with very low return dispersion and no drawdown worth naming.

The fund remains fully invested in notional terms, with an approximate running yield in the region of 10%, split between cash-bond coupon income and the contribution from the credit-derivative book. Alongside this we retain ample liquidity in cash and cash-equivalent paper, ready to deploy should volatility resurface and create buying opportunities. Exposure is broadly distributed across sectors, instruments, and issuers, giving the fund increasingly diversified cashflow streams as we head into the second half of the year.

Looking into the autumn, we are deliberately moving the portfolio to a more defensive footing. Our conviction in the carry Nordic credit pays is undiminished, but we would rather be patient than chase new paper: valuations across risk assets leave thin margin for error, the concentration of global equity indices in a narrow group of names means an equity setback need not be broad-based to reach credit spreads, and issuance calendars point to heavy supply once the market returns from holiday. We would rather let liquidity build and be paid to wait than add credit risk at levels we do not think pay. We pair our long credit carry with a convex short book, mainly against private credit, equity risk premia, and cross-sector dispersion, held as low-cost tail protection, leaving the fund strongly positioned to deploy into any volatility.

‍

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.

‍

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

‍

Our full July monthly report is available for download above.

‍

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.

‍