OMX SPI 
In the introduction, the managers write that October was a strong month for the Nordic credit market and that activity in the primary market remained high.
They also note that the reporting season has started for the larger companies in the portfolio, and that things look good so far.
Heimstaden Bostad continued to contribute positively during the month after a strong quarterly report and after the company managed to issue a new EUR bond that was heavily oversubscribed.
In terms of portfolio activity, the Fund participated in the refinancing of Greenfood's bond and made a new investment in Sweden Timber.
Greenfood also contributed positively to the fund's performance after the refinancing of its bond.
"The company owns, among other things, Picadeli, which offers picked salad in mainly grocery stores and had a very tough period during covid, which meant that the company had a strained balance sheet. However, the company has managed to deliver continuous and profitable growth, which has gradually allowed the company to grow into its debt. The owner also put up SEK 350 million in equity, which contributed to our participation in the refinancing," the managers write.
Sweden Timber, which manufactures wood products, paper products and wood fiber composite products, is considered to have an interesting sustainability focus, according to the managers. They particularly highlight wood fiber composites as an exciting part of the business.
"Wood fiber composite is an exciting part of the company that accounts for a small part of the turnover but is very profitable and exciting because the products can replace plastic. Sustainability is an important selling point for the majority of the company's products, which can show that they have lower CO2 emissions than many competitors."
Finally, the managers write that they maintain a relatively defensive strategy given that credit margins have narrowed, preferring more stable companies and shorter maturities.
The largest issuers in the fund's portfolio were European Energy, Aker Horizons and Bonheur, with weights of 2.5%, 2.4% and 2.4% respectively.
The fund had the largest geographical exposure to Sweden with 47.5%, followed by Norway and Denmark with 21.8% and 9.3% respectively. At the same time, the largest sectors were industrials, real estate and energy.
Interest rate duration and credit duration amounted to 0.6 and 2.4 years respectively at month-end.
| Carnegie High Yield 3 SEK, % | October, 2024 |
| Fund MM, change in percent | 0,67 |
| Fund this year, change in percent | 8,30 |
