Stockholm (HedgeNordic) – Two new hedge funds launched by Swedish asset manager Coeli Asset Management at the beginning of the year, Coeli Absolute European Equity and Coeli Altrua Macro, have been added to the Nordic Hedge Index (NHX). The two recent launches extended Coeli’s suite of hedge funds to a total of seven.
Coeli Absolute European Equity is a long/short hedge fund investing in undervalued companies predominantly in Northern Europe, including Germany and The Benelux. The fund mainly searches for midcaps with market prices significantly below their estimated intrinsic values, and with boards of directors and management teams showing a clear focus on shareholder value. The long/short hedge fund maintains a concentrated portfolio and employs a fundamentally-driven investment process.
Coeli Absolute European Equity is managed by portfolio manager Mikael Petersson, who joined Coeli Asset Management in mid-October 2017. Prior to joining Coeli’s team in Malmö, Petersson had worked at renowned London-based hedge funds Lansdowne Partners and Kairos Investment Management, as well as co-founded a Swiss-based investment boutique that was nominated by EuroHedge for the best-performing long/short hedge fund two years in a row. Meanwhile, the institutional share class of Coeli Absolute European Equity returned 6.5 percent since its inception in February of this year through July, with the fund returning 5.8 percent last month.
The second fund, Coeli Altrua Macro, employs a quant-fundamental process that dynamically allocates between equities, bonds and currencies to create an optimal multi-asset macro portfolio based on the economic environment, valuations and trends. The fund’s core macro asset portfolio is supplemented with option strategies and structured trades designed to capture tails on the down- and up-side. The combination of dynamic asset allocation and tail risk protection is intended to generate a powerful compounded excess return effect through the macro cycle.
Coeli Altrua Macro is managed by portfolio managers Namik Immelbäck and Filip Kozlowski. Prior to joining Coeli in 2018, Immelbäck had worked at well-known hedge funds Tudor Investment Corporation in New York and Millennium Management in London. He also worked as macro strategist at macro hedge fund COMAC Capital in the early part of his career. Kozlowski, who joined Coeli at the beginning of 2018, has more than 15 years of experience in various capital market roles, most recently having served as an investment manager for a Monaco-based family office, with earlier roles in his career as a portfolio trader at Deutsche Bank in London and as a portfolio manager at a boutique investment firm based in Stockholm.
“The core of our fund’s strategy lies in what we believe to be the optimal intersection between the robustness and efficiency through computational power and on the other hand the human’s ability to think in creative and non-linear ways”, says Namik Immelbäck, who has quantified his more than 12 years of thinking as a global macro strategist into the foundation of the fund’s strategy. “In addition, we see increasing benefit of our long volatility and tail-risk overlays providing exceptional non-linear opportunities, at a point where we are far into one of the longest market cycles in history combined with growing signs of market fragility, as evidenced by the volatility spike in February just before the launch of the fund,” Filip Kozlowski continues. Both portfolio managers agree that the combination of a robust linear macro portfolio together with protective non-linear strategies should result in compounded excess returns for investors in their fund over many market cycles to come.
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