The fund delivered a gross return of 1.6% and net return of +1.23% for the month, marking a second consecutive month of positive performance and bringing the return to +2.52% since inception on 1 April 2026.

What stood out was the consistency of the result, broadly in line with April, yet achieved with notably low return variance against a materially reversed market backdrop. The full report covers the performance breakdown, our read on equity- and credit markets, and how the portfolio is positioned for the months ahead.

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.

The full April 2026 is available for download above.

‍