Mercurius Credit Fund turns three and earns five stars from Morningstar

Overall rating, based on three years of data, among 132 funds in the category EAA Fund SEK Corporate Bond.

The rating places the fund among the top ten per cent of funds in its category. The Morningstar Rating™ is a quantitative, backward-looking measure that compares a fund’s historical risk-adjusted returns with those of similar funds. It is based entirely on a mathematical assessment of past performance.

Since inception, net of fees: 23.14 %
Annualised return: Stibor + 400 bps
Above target return: +3.4 pp

Since inception, the fund has returned 23.14 % net of fees, equivalent to an annualised return of Stibor plus 400 basis points and well above its target of Stibor plus 300 basis points. We are particularly pleased with the returns achieved relative to the risk taken.

The three-year period has encompassed several distinct market environments: sharp spread tightening in late 2023; an active primary market and stable spreads through 2024 and early 2025; the brief “Liberation Day” turmoil in April 2025; and, over the past year, a focus on inflation, geopolitics and AI-related financing.

The fund’s return has comfortably exceeded the return implied by the portfolio’s average credit spread. In our view, this demonstrates the value that active management has added beyond compensation for the credit risk taken. A carefully considered fund structure and a flexible mandate, designed around how the Nordic credit market operates, allow us to be selective and act when attractive opportunities arise.

Cumulative return since inception

Net of fees, July 2023–July 2026, per cent

Source: OQAM. The credit spread line represents Stibor plus the average portfolio credit spread, less the fixed management fee of 0.80%, compounded over successive periods.

MCF has delivered 23.14 %, outperforming its target return by 3.4 percentage points and the return implied by its average credit spread by 9.6 percentage points. A fund whose return above Stibor exactly matches its average credit spread has earned compensation for the credit risk taken. MCF’s additional return of approximately 280 basis points a year measures the value added by active management.

Explore further details and key figures in our investor portal.

Marketing communication. This article does not constitute investment research. It has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The views expressed are those held at the time of publication, may change without notice and do not constitute investment advice. Fund returns relate to share class A, are net of fees and are not adjusted for inflation. The fund was launched on 2023-07-07. Past performance is no guarantee of future returns. The value of an investment in the fund can fall as well as rise, and you may not get back the full amount invested. Mercurius Credit Fund is a Swedish special fund with FCG Fonder AB as alternative investment fund manager (AIFM) and OQAM AB as portfolio manager. The key information document and information brochure are available on the fund page. For further details, see Important information.