June was our strongest month since launch. The fund returned +1.60% net (+2.05% gross), closed at a NAV per unit of 104.16 SEK, and has now returned +4.16% net since inception on 1 April.

What encourages us most is not the June figure in isolation but the shape of the three-month record behind it: three consecutive positive months, each delivered against a different market backdrop, with strikingly low return variance and no drawdown of any note. A portfolio engineered for low-volatility, low-correlation returns alongside meaningful cashflow should behave consistently across most environments - and so far it has.

The fund remains fully invested in notional terms, with an approximate running yield in the region of 11%. Alongside this we retain ample liquidity in cash and cash-equivalent paper, ready to deploy should volatility resurface and create buying opportunities. Holdings are spread broadly across sectors and issuers, with disciplined position sizing and the largest single issuer at roughly 6% of the credit book.We stay constructive on the carry Nordic credit pays, but we are unwilling to overpay for it. Primary supply has been strong and keenly absorbed, and in several corners of the market spreads have tightened to levels that no longer compensate for the underlying risk in our view - so we would rather let liquidity accumulate than chase risk we believe is misspriced. Swedish real estate credit is one area where we see this most clearly, and we remain highly selective there for now. Given the sector's size within the Nordic market, we think more compelling opportunities to deploy may well emerge in time.

Always Opportunities is an absolute-return credit fund focused on the Nordic corporate bond market. The strategy is designed to preserve capital andgenerate returns across market cycles, ready to act as a buyer when uncertainty pushes prices below fair value. To keep returns anchored in credit selectionrather than broader market direction, we systematically hedge what we do notneed 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.

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Our full June 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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