Stockholm (HedgeNordic) Finland’s Visio Asset Management reported increases in net asset value of 1.15% for its Allocator Fund, and of 0.50% for its Emerging Markets Multi Strategy B Fund for April. These were by comparison to the 1.3% increase in the Euro Stoxx 50 total return index and an appreciation of 0.32% in the Nordic Hedge Index Composite (NHX).
Allocator is Visio’s multi-strategy fund focusing on Nordic equity markets. The Fund’s best performing hodings in April were in fundamental equity positions, equity index strategies and corporate bonds. Its worst performing positions were in index hedges and emerging market investments. Allocator reduced its exposure in April to the banking sector by closing positions in Nordea, Swedbank, Allianz and KBC. It bought shares in Bayer and Telia.
Emerging Markets Multi Strategy B is Visio’s multi-strategy fund focusing on emerging markets and Western companies with emerging market exposure. The Fund’s best performing positions in April were in banks, index hedges and funds investing in Asia. Its worst performing positions were in capital goods companies, funds investing in frontier markets and telecoms. In wanting to reduce emerging markets exposure, EM Multi Strategy B redeemed units in a fund investing in frontier markets. It cut its exposure within Western equities to the banking sector by closing positions in Nordea, Allianz, ING and KBC, but also bought shares in Bayer and Telia.
EM Multi Strategy B’s largest sector exposures are in Health Care, at 11%, and Industrials, at 8%, with its largest regional exposures being in the Nordics and in frontier markets. It also recently added to its U.S. equity index hedges.
Visio Asset Management holds that valuations of high-quality European companies are attractive to long term investors in the current uncertain market environment, and will continue holding such shares and continue hedging activities to continue outperforming throughout the year.
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