July monthly reports published
July was a month when interest rates moved sideways, hence we got marginal return effect in our funds. International macro was dominated by a weaker Dollar, especially against the Euro, and thereby a somewhat stronger equity market in the US and weaker equity markets in Europe. Swedish news were dominated by the censure against three ministers of the Government for the handling of an IT leakage from a government agency, but the market effect was limited. Credit markets were supported with relatively strong earnings reports with solid balance sheets and we saw new lows in credit spreads for this cycle.
Unchanged interest rates and somewhat lower credit spreads gave small effect on our funds. July result for Excalibur was +0,06% and for Trude -0,10%.
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