The fund has had an exceptionally strong start to the year. Despite increased geopolitical tensions and a more demanding macroeconomic environment, including growing trade policy tensions between the US and Europe, risk sentiment has been generally positive in the Nordic region and other international credit markets. Liquidity in the market has been good, which has helped to keep credit spreads under pressure. In some sectors, spreads have continued to tighten. At the same time, it is generally difficult to find broad value at sector level, and the fund has therefore had a clearer focus on company and instrument-specific risk assessment.
Activity in the primary market was good in January, but with somewhat lower volume than at the same time in 2025. The fund has mainly been active in the secondary market, where we have adjusted duration and increased exposure in selected existing positions.
During the period, the fund grew particularly in real estate through increased exposure to CPI Property Group, Citycon and G City Europe, while exposure to Aroundtown was reduced somewhat. Beyond this, only minor portfolio adjustments were made.
The portfolio is built with a focus on quality, liquidity and correctly priced risk. For 2026, the fund will continue a disciplined approach, emphasizing selective capital allocation in a more complex and unpredictable credit market.
At the end of the month, the fund had a current interest rate of 7.62%* and an effective interest rate of 10.86%*.
*Forcosts related to management. Will be subject to change from day to day, and is therefore no guarantee of the return in the period for which it is calculated.
Sincerely
Øivind Thorstensen & Simen Aarsland Øgreid
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