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Nordic hedge funds gain in August, CTAs continue rebound

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Stockholm (HedgeNordic) – Nordic hedge funds, as expressed by the Nordic Hedge Index NHX, gained an estimated 0.17% in August (83% reported), bringing the year-to-date performance to 1.68%.

The month showed overall solid performance numbers, with CTAs continuing its rebound from July to finish August 0.98% higher. The strategy was the best performer on the month but is still lagging other strategies year-to-date (-2.68%). Fixed income strategies remained positive with a progress of 0.33% on the month, adding to its position as the best performing strategy on the year (+6.06%). Elsewhere, multi-strategy and fund of funds were slightly up with gains of 0.05% and 0.10% respectively. Equity strategies ended the month marginally lower to finish August down 0.1%.

Among individual winners, the Finnish activist hedge fund Accendo Capital rebounded strongly from losses seen in July with net gains of 8.9% (+19.15% YTD). Another strong rebounder was systematic trend follower Lynx with gains of 5.1% (-6.63% YTD), Lynx has been struggling in the first half of 2017 but in August, reemerging trends in bonds (lower interest rates), commodities (higher gold, aluminum and copper prices) and currencies (weaker dollar) supported a significant bounce-back. The short-term CTA program from Estlander & Partners, Presto, continued its recent run gaining 5.15% in August. Among sector specialists, Shepherd Power Series, added 6,13%. The fund focuses on the Nordic power market using a trend following strategy.

Among losing funds, Norron Select (-3.86%), Taiga (-2.65%) and the AAM Absolute Return Fund (-2.54%) all struggled during the month. In the case of AAM, the fund is now among the biggest losers for the year with a net loss of 11.95%, which means the Oslo-based asset manager has given back the gains made in 2016.

Full monthly report to be accessed below:

Picture (c): kentoh-shutterstock.com

 

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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

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