Kraft Investment Grade returned 1.42% in January and is up 8.83% over the past 12 months.

The fund has had a solid start to the year, with a return of 1.42%.

In January, the markets were characterized by significant geopolitical tension. However, the fund’s portfolio has been affected by this to a limited extent, and for the companies in the portfolio, operations have largely been characterized by “business as usual”. The ongoing reporting for the fourth quarter has generally been solid, with no significant negative surprises.

So far this year, the investment grade market has experienced a relatively positive recovery, with moderate tightening of credit spreads. This has contributed to a stable development in the fund’s underlying values, while the ongoing return level remains attractive in a historical perspective.

The fund’s most important transactions in January were participation in new issues from Société Générale SA and CPI Property Group SA. At the same time, exposure to Aroundtown was reduced as part of ongoing portfolio optimization.

Kraft Investment Grade has a diversified portfolio of solid quality companies with high credit ratings. The management strategy remains unchanged, with a clear focus on capital discipline and investments that provide attractive risk-adjusted returns in a more unpredictable market.

At the end of the month, the fund had a current interest rate of 5.77%* and an effective interest rate of 5.96%*.

*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