DPS of SEK 3.75 implies yield of 6.3%
NAVPS on 31 December was SEK 86.59, +4% q-o-q. The total shareholder return was +3% (SIXRX +11%), as the discount to NAV increased by 1pp to 31%. The proposed DPS of SEK 3.75 beat our SEK 3.50 estimate, and we now expect SEK 4.00 (3.50) for 2023e. With regard to the direct investments, the equity investments generally performed poorly, while the bonds increased in value. Private equity fund investments currently comprise 72% of NAV (88% including commitments), with direct investments at 6%, and net cash at 22%.
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