- Advertisement -
- Advertisement -

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

CABA Launches ‘Flex2’ for Another Ride on the Spread Curve

Stockholm (HedgeNordic) – In December 2022, Danish boutique CABA Capital launched a closed-end fund with a three-year lifespan to capture risk premiums in Scandinavian...

Truepenny One Step Closer to Launch

Stockholm (HedgeNordic) – Truepenny Capital Management has received authorization as an investment firm and obtained license as a portfolio manager from the Swedish financial...

Rhenman Embracing Change Amid an Ever-Changing Healthcare Sector

Stockholm (HedgeNordic) – The largest equity hedge fund in the Nordics with assets under management just shy of $1 billion, the Rhenman healthcare fund,...

Inside Ilmarinen’s Approach to Hedge Fund Allocation

Stockholm (HedgeNordic) – Ilmarinen, in a tight race with Varma as Finland’s largest earnings-related pension insurance company, has emerged as a noteworthy investor in...

Nordic Hedge Fund Industry Report 2024

Stockholm (HedgeNordic) – HedgeNordic’s Nordic Hedge Fund Industry Report kicks off with an analysis of the industry’s performance across different asset size ranges. This...

BlueOrchard’s Climate Insurance PE Fund Edges Toward $100M

Stockholm (HedgeNordic) – BlueOrchard’s private equity fund dedicated to climate insurance has secured commitments of close to $30 million from two new investors, British...

Allocator Interviews

Latest Articles

In-Depth: Emerging Markets


Request for Proposal

- Advertisement -