Always Opportunities launched on 1 April 2026 and returned +1.6% gross and +1.3% net in its first month. The fund closed April at a NAV per unit of 101.27 SEK.

The return came from two places: the income the portfolio earns just by holding bonds (carry), and modest price gains as Nordic corporate bond spreads tightened over the period. 

The portfolio is now fully built, spread across 28 bond issuers and 32 positions in eight sectors and four currencies. The estimated annual yield is approximately 11.2%. Over 80% of the bonds have floating rates, which means income holds up regardless of where interest rates go. The average bond matures in 2.6 years.

What we're watching: Nordic credit markets are busy, a lot of new bonds being issued, and spreads in parts of the market are getting tight. That warrants discipline, not participation at any price. We're holding meaningful cash reserves and active hedges, ready to deploy if conditions shift in our favour. In private credit, signs of stress are emerging: rising default rates and two large platforms restricting investor withdrawals in March. This reinforces our preference for liquid, transparent public credit where we can see exactly what we own and get out if we need to.

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.

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