Manager Wiklund notes that credit market sentiment improved during the month.
'The European credit index iTraxx Main (investment grade) tightened by approximately 10 bps to 61 bps, while iTraxx Xover (high yield) tightened by around 50 bps to 301 bps', Wiklund writes.
Credit spreads in Swedish kronor also developed positively, in line with international markets.
Furthermore, the manager notes that interest rates initially fell during the month but rose towards the end as oil prices climbed. Overall, the period ended with a more sideways trend and a steeper yield curve, as long-term rates rose and short-term rates fell. The manager describes the oil price as the primary driver for the market's outlook on interest rate developments.
At month-end, the fund was positioned with a slightly longer interest rate risk than the benchmark, with an interest rate duration of just over three years. Credit duration was somewhat shorter, at around 2.5 years, while the portfolio contains assets with higher credit risk and several unrated holdings.
The development of oil prices is described as a factor that could dampen demand by acting as an additional cost for households. The assessment is that this will not necessarily lead to more aggressive central banks, but that the trend in core inflation will be decisive for future monetary policy.
Regarding individual holdings, Wiklund reports that the fund has increased its credit duration in Nibe Industrier. Exposure to Catena has also been increased, and a shorter exposure in Fastpartner has been extended to February 2027.
At the end of the month, the fund's three largest holdings were bonds issued by Humlegården Fastigheter, Boliden, and Vasakronan, with portfolio weights of 3.40, 2.46, and 2.44 percent respectively.
| Länsförsäkringar Företagsobligation Vision, % | April, 2026 |
| Fund M/M, change in percent | 0.65 |
| Index M/M, change in percent | 0.55 |
| Fund YTD, change in percent | 0.46 |
| Index YTD, change in percent | 0.17 |
