- Advertisement -

Related

RGO L/S Initiates Short Amazon Position in First Month

- Advertisement -

Stockholm (HedgeNordic) – The newly launched Rhenman Global Opportunities L/S recorded a net gain of 0,1 per cent in its first month of trading since launching the fund on August 31.

In a comment, portfolio manager Staffan Knafve (pictured) writes that the fund benefited from its exposure to industrial and commodity companies while suffering from exposures to banks and automative manufacturers.

The banking sector came under pressure during the month following two consecutive months of gains, the main reason being the problems surrounding Deutsche Bank, Knafve writes.

“After two months of rising share prices the banking sector in September once again was the weakest. In Europe, the major German bank Deutsche Bank, already under considerable pressure, was hit by a claim for USD 14 bn from the American Department of Justice for its involvement in the mortgage market in the United States ten years ago. This amount corresponds to nearly the Bank’s market capitalization. As one of the world’s 30 so-called ‘systemically important’ banks this created turmoil in the banking sector and thereby stock markets as a whole.”

The fund´s long positions had a net positive contribution during the month adding 0.3% to overall performance, short positions weighed on performance detracting 0.2%.

The fund’s best contributors were commodity conglomerate Glencore, the telecommunications company Qualcomm and Japanese beverage producer Asahi.

The worst contributors over the month were Wells Fargo & Co, Amazon and Volkswagen. In the case of Amazon, the fund has initiated a short position.

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

Our newsletter is sent once a week, every Friday.

Jonathan Furelid
Jonathan Furelid
Jonathan Furelid is editor and hedge fund analyst at HedgeNordic. Having a background allocating institutional portfolios of systematic strategies at CTA-specialist RPM Risk & Portfolio Management, Mr. Furelid’s focus areas include sytematic macro and CTAs. Jonathan can be reached at: jonathan@hedgenordic.com

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 -