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Before making any final investment decisions, please read the prospectus, its Annual Report, and the KID of the relevant Sub-Fund here. Note that the information below describes the share class (R SEK), which is a share class reserved for private investors. Investments in other share classes generally have other conditions regarding, among other things, fees, which affects the share class return. The information below regarding returns therefore differs from the returns in other share classes.
Coeli High Yield Opportunities (Class R) advanced by 0.29% during January. The positive sentiment in the financial markets from December continued into the new year with moderately rising stock markets and very strong price increases in select commodity markets, including silver and gold. In the corporate bond market, credit spreads narrowed somewhat, which, together with slightly lower long-term interest rates, gave a positive start to the year.
Headlines in January were dominated by the White House's repeated territorial claims to Greenland and threats of further tariffs against Denmark and the countries that opposed the threats. The very tense situation eased after it was declared in a speech in Davos that the US had no intention of invading one of its allies. The capriciousness of US foreign and trade policy, together with persistent budget deficits and rapidly growing national debt, contributed to a debate about whether, from a European perspective, it is wise to own US assets.
Long-term government bond yields generally traded somewhat lower in Europe while rising slightly in the US. At the same time, the US dollar continued to weaken. At its first meeting of the year, the Riksbank decided to leave the policy rate unchanged, while confirming earlier forecasts with expectations that the rate will remain at the current level of 1.75% for the rest of the year. The Federal Reserve also decided to leave its policy rate unchanged, which was in line with market expectations. The comments from the Fed on the economic situation were generally positive and were interpreted as somewhat hawkish.
The rate decision in the US was overshadowed by the news that the US Department of Justice had opened a criminal investigation into Fed Chairman Jerome Powell in connection with renovations to the Fed's headquarters. The move can hardly be seen as anything other than a plea in the White House's attempts to increase control of monetary policy. At the end of the month, it was announced that Kevin Warsh had been nominated as the new chairman of the Fed. Warsh has previous experience in central banking and has made a name for himself by criticizing the Fed's quantitative easing policy. If Warsh is approved by the Senate, the key question remains whether he will rise above current political interests and work for an independent monetary policy.
Bonds from Flora Food Group were again the largest contributor. The company released preliminary figures for 2025 that showed some decline in sales and moderately falling margins. However, the forecast for the coming year indicates a return to growth and restored profitability, which should be able to result in a lower leverage.
Good development was also seen for the credit management company B2 Impact after a trading update that indicated a strong end to the year. The company carried out a bond issue during the month that was well received by the market. The trampoline park operator Activeon developed strongly after another solid quarterly report that showed good growth and improved profitability. Among the reporting companies, strong figures were also noted from, among others, Nordea and Swedbank, both of which show strong profitability and low credit losses.
On the negative side, bonds from EHAB and its subsidiary Novedo were found. EHAB published a downwardly adjusted net asset value during the month in line with the forecast from December. EHAB is considered to be under some time pressure to resolve a refinancing of the company's outstanding bond before the end of April. Previously announced divestments and plans to list Novedo have dragged on and are eroding investors' confidence in the company.
During the month, the fund participated in the aforementioned issue from B2 Impact, and in addition, its holdings of bonds from the real estate company CIBUS were increased.
