Stockholm (HedgeNordic) – HFM Global has revealed an updated list of nominations for the EuroHedge Absolute UCITS Awards 2018, which includes additional Nordic names to the initial list released in August. Nordic Cross Stable Return and Norron Select joined the original list of Nordic hedge funds nominated for this year’s Absolute UCITS Awards, which included Norron Alpha, Norron Target, Nordea Alpha 15 Fund, and Storm Bond Fund.
Nordic Cross Stable Return, an alternative multi-strategy fund primarily investing in equity and fixed-income instruments in Nordic markets, was nominated in the category “New Fund of the Year” alongside four other non-Nordic funds. The retail share class of Nordic Cross Stable Return gained 5.2 percent since its launch in August 2017, whereas the institutional share class included in the Nordic Hedge Index (NHX) returned 5.4 percent over the same period.
Although Norron AB’s market-neutral equity fund Norron Alpha and its absolute return fund Norron Target made the list of nominees during the first nomination round, the asset manager’s third hedge fund, Norron Select, was only nominated earlier this week in two categories. Long/short equity fund Norron Select, which generated a compounded annual return of 8.4 percent since its inception in February 2011, was shortlisted in the “European Equity – Under $500m” category for both the one-year and three-year award categories. The nominations of Norron’s full suite of hedge funds for the EuroHedge Absolute UCITS Awards earned the Stockholm-based asset manager a nomination in the “Management Firm of the Year” category.
For the one-year and three-year performance award categories, only hedge funds with at least $100 million in assets under management qualified for nominations, with nominees chosen based on Sharpe ratios. The winners, however, will be selected based on absolute returns as long as winning funds are also among the funds with the highest Sharpe ratios within their respective groups. For the new fund and management firm of the year awards, the winners will be judged on additional comparative criteria apart from absolute returns and Sharpe ratios.
A summary of the Nordic hedge funds shortlisted for the EuroHedge Absolute UCITS Awards 2018 can be found below:
- Management Firm of the Year: Norron AB;
- New Fund of the Year: Nordic Cross Stable Return;
- Credit & Fixed Income · 1 Year: STORM Bond Fund;
- Equity Market Neutral · 1 Year: Norron Alpha;
- European Equity – Under $500m · 1 Year: Norron Select;
- Macro & Multi Asset · 1 Year: Norron Target;
- Credit & Fixed Income · 3 Years: STORM Bond Fund;
- European Equity – Under $500m · 3 Years: Norron Select;
- Macro & Multi Asset · 3 Years: Nordea Alpha 15 Fund.
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