The fund delivered another strong year with a return of 8.44% during 2025.
Credit spreads for both Nordic and European investment grade corporate bonds continued to compress in 2025. Nordic credit spreads are now at historically low levels, so it is important to remain selective to investments. Falling spreads, the right exposure and relatively high interest income have been significant contributors for the fund in 2025.
The fund made a few changes to its portfolio, including the acquisition of the British company Aldermore Group. Aldermore is a well-run niche bank that focuses primarily on lending to small and medium-sized enterprises. Apart from this, there were minor adjustments to existing positions during December.
Kraft Investment Grade has a well-diversified portfolio of quality companies. We will continue to exercise capital discipline and focus on investments with good risk-adjusted returns.
At the end of the month, the fund had a current interest rate of 6.06 %* and an effective interest rate of 6.35 %.*
*FExcess costs related to management. May change from day to day and is therefore no guarantee of the return in the period for which it is calculated.
Sincerely yours,
Øivind Thorstensen & Simen Aarsland Øgreid
