- Advertisement -

Related

Adrigo adds in October

- Advertisement -

Stockholm (HedgeNordic) – Adrigo Hedge adds 1.03% in October, raising ist year-to-date performance to 4,8%. The holdings which contributed the most to performance were Volvo (trucks), Securitas (security/guarding) and Nokia (telecom equipment). Amongst the Fund’s smaller holdings the manager saw good percentage gains in Tomra (recycling/sorting) and UPM (paper). The strong performance in Nordic equities during October OMX N40, climbing by 5.1% ,  seem to have  not given the portfolio managers  opportunities on the short side as “the Fund’s short positions impacted performance negatively”, Adrigo writes.

In the monthly letter for October, Adrigo gives an outlook: „The Nordic companies’ reporting period is now behind us, meaning that the market’s focus is likely to shift to macro economic statements from the large economies, ie China, the US and Europe. Focus is likely to remain high on statements made by Heads of Central banks, ie Yellen, Draghi and, in Sweden, Ingves. Any new policies or actions announced from these banks are likely to lead to significant impact on equity markets. The continued weakness in China is a big threat, and direct and indirect effects from a further weakening in China would be significant. We have invested in Sandvik (industrial) as we have good hope that the new top management, ie Head of Board of Directors, Johan Molin, and CEO Björn Rosengren, will put in place numerous programmes for a long term change towards sharply higher margins. A small first sign in the right direction was the sale of Mining Systems. We remain optimistic and continue to see good opportunities to achieve strong risk adjusted returns based on our stock picking strategy.“

Adrigo Hedge is a long / short equity fund with a Nordic bias driven by fundamental research and is co maanged by Göran Tornée and Håkan Filipson. The portfolio is fairly concentrated, with both the long and short book each making up 15-15 positions.

 

Picture: (c) Juan-Fuertes—shutterstock.com

Subscribe to HedgeBrev, HedgeNordic’s weekly newsletter, and never miss the latest news!

Our newsletter is sent once a week, every Friday.

Kamran Ghalitschi
Kamran Ghalitschi
Kamran has been working in the financial industry since 1994 and has specialized on client relations and marketing. Having worked with retail clients in asset management and brokerage the first ten years of his career for major European banks, he joined a CTA / Managed Futures fund with 1,5 Billion USD under management where he was responsible for sales, client relations and operations in the BeNeLux and Nordic countries. Kamran joined a multi-family office managing their own fund of hedgefunds with 400 million USD AuM in 2009. Kamran has worked and lived in Vienna, Frankfurt, Amsterdam and Stockholm. Born in 1974, Kamran today again lives in Vienna, Austria.

Latest Articles

The Investment Case for European Infrastructure Debt

Europe’s infrastructure needs are expanding as governments and businesses seek greater energy security, lower emissions and more resilient digital and electricity networks. For debt...

Bliwa Balances Fixed Income Stability with Selective Risk-Taking

For insurers, fixed income must do more than generate returns. It needs to provide stability, preserve liquidity, and help match investments to liabilities. At...

Beyond the Yield Premium: Finding Value in Nordic High Yield

The Nordic high-yield market combines shorter maturities, a high share of floating-rate bonds, stronger creditor protections in many transactions and a persistent yield premium...

An Invitation-Only Market: Evli’s Approach to Nordic Mid-Market Loans

The Nordic credit markets offer investors a distinctive combination of attractive yields, floating-rate instruments and access to high-quality mid-market companies. The region’s established private...

P+ Looks Beyond Direct Lending to NAV and GP Financing

Private credit has expanded well beyond traditional direct lending, with institutional investors increasingly exploring specialized financing strategies for diversification and additional sources of return....

Securitized Credit, CLOs and Capital Call Financing Offer New Routes to Fixed Income Diversification

Institutional investors seeking to diversify their fixed income portfolios beyond government bonds and investment-grade credit may find opportunities in securitized credit and capital call...

Allocator Interviews

Voices

Request for Proposal

- Advertisement -