Stockholm (HedgeFonder.nu) – After two near-flat years of return for Catellas Nordic Opportunities Fixed Income Fund is off to a much brighter start in 2012. The fund, launched in December of 2010, is up by 1,26% in July (OMRX T Bill 0,09%) bringing the year to date return to 5,83% (0,81% for OMRX T Bill).
Late summer 2011 destroyed what had up to then been a clean sheet of green numbers for the fund when it lost 2,57% in August and 2,23% in September, bringing the yearly result to +0,13% after 0,07% in 2010. (for 2010 only one month of trading is on record)
Catella Nordic Fixed Income Opportunity is a corporate bond fund with focus on the Nordic region. The fund allocates among different instruments within the fixed income markets applying an absolute return profile. Derivative instruments may also be used both to hedge the value of the capital invested and to opportunistically leverage incorrect pricing and capitalize on business opportunities.
Catella Nordic Fixed Income Opportunity is co-managed out of Stockholm by Fredrik Tauson and Magnus Nilsson and has an annualized return of 3,77% since inception with a standard deviation for the period of 2% (OMRX T Bill 0,08%), taking Sharpe ratio to just over 1. Catella discloses current assets under management to be at 265MSEK.
Commenting on the months performance Catella writes: ”The funds positive result was generated mainly through increasing prices within the bank and finance sectors. Holdings in RWE, DNB, Aviva, Danske Bank and Rabobank resulted in the most positive contributions.” Looking forward at possible performance drivers the managers write in their monthly statement. “Companies with a BB rating provide, in our opinion, the best risk-adjusted returns in the current situation.”