Initially, the manager notes that the banking sector showed continued low credit loss levels, lower financing costs, and increased loan demand during the month.
The real estate sector continued its gradual recovery, supported by a stable interest rate environment and improved financing conditions.
At the same time, industrial companies generally showed a stable demand picture, but without clear signs of a broader economic upturn.
The importance of company-specific factors received significant focus during the month, resulting in more differentiated market performance.
In the broad credit markets, performance was consistently stable. The investment grade segment was characterized by relatively tight credit spreads, solid investor demand, and an active primary market.
'In High Yield, valuations are now more attractive following the spread widening that occurred during March. Issuance activity has started to pick up slightly here as well, and investor sentiment is constructive', the manager writes.
After a volatile March, which was marked by reduced risk appetite due to geopolitical unrest in the Middle East, the market calmed down during April and the fund once again posted a positive return.
Among individual holdings, Norwegian Axactor was a positive contributor to the fund's performance. The company carried out a private placement of equity at the end of the month, which caused the company's bonds to rise in value.
Regarding portfolio activity, the fund made investments in bonds from Citira and Kinnevik, among others, during the month.
| Case Högräntefond, % | April, 2026 |
| Fund M/M, change in percent | 0.56 |
| Fund YTD, change in percent | 1.36 |
