Stockholm (HedgeNordic) – The number of Nordic hedge funds is increasing at a fast pace this year, with eight vehicles joining the Nordic Hedge Index (NHX) during August. Five of these hedge funds were launched in 2018.
An additional seven hedge funds joined the NHX from the beginning of May through the end of July, four of which were launched during the second quarter of 2018. The closure of Swedish macro hedge fund Ambrosia (read more details), which is yet to be delisted from the index, brings the total number of NHX constituents to 173 members as of the end of August.
Brief introductions to the new members of the NHX can be found below:
Hamiltonian Global Credit Opportunities
Hamiltonian Global Credit Opportunities Fund (Hamiltonian GCO) is a credit-oriented hedge fund with an absolute return mandate launched by Göteborg-based asset manager Strukturinvest Fondkommission AB at the beginning of May. The fund invests globally mainly in corporate bonds and credit derivatives. Hamiltonian GCO uses derivatives to exploit return opportunities via credit swaps, for instance, but also derivatives to protect capital against currency fluctuations. Click to read more about Hamiltonian GCO.
Norron Alpha is a market-neutral equity hedge fund managed by asset manager Norron AB. The fund originates from the asset manager’s long-only equity fund Norron Active, named as Sweden’s best fund in the past five years by Swedish online magazine Placera at the end of last year. The long side of Norron Alpha constitutes a replica of Norron Active’s portfolio, with the fund shorting the OMX Stockholm Benchmark (SBX) using total return swaps to ensure the fund is market neutral. Norron Alpha was launched in September 2016. Click to read more about Norron Alpha.
OPM Multi Hedge
OPM Multi Hedge, launched in late June of this year, is the fourth fund of hedge funds managed by Stockholm-based asset manager Optimized Portfolio Management Stockholm AB. The fund invests in a portfolio of five to 15 international UCITS-compliant hedge funds, which enables it to offer daily liquidity. OPM Multi Hedge predominantly invests in leading European and American hedge fund teams. The fund of funds favors investments in global macro-oriented, equity market-neutral, and managed futures strategies, as these types of strategies tend to exhibit low long-term correlations with equity markets.
Coeli Absolute European Equity
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. The institutional share class of Coeli Absolute European Equity returned 8.5 percent since its inception in February of this year through August. Click to read more about Coeli Absolute European Equity.
Coeli Altrua Macro
Coeli Altrua Macro is an actively managed discretionary macro strategy with strong reliance on quantitative fundamental analysis and price indicators. The fund 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 was also launched at the beginning of 2018. Click to read more about Coeli Altrua Macro.
Danske Invest Eastern Europe Absolute
Danske Invest Eastern Europe Absolute is a long/short hedge fund investing in companies operating or domiciled in Eastern Europe or Turkey. A small portion of capital can be allocated to equities and equity-related securities issued by companies domiciled in countries bordering Eastern European countries. The fund aims to generate absolute returns and can leverage up using derivatives, maintaining an expected level of leverage between 90 percent and 200 percent. Danske Invest Eastern Europe Absolute was launched in October 2011 under the name Danske Invest Europe Absolute, before the then Europe-focused fund changed its name, investment strategy and investment team at the beginning of September 2017. Click to read more about Danske Invest Eastern Europe Absolute.
Nordic Cross Credit Edge
Nordic Cross Credit Edge is an alternative fixed-income fund that aims to generate long-term returns above those obtainable in the European high-yield bond market. The fund focuses on the European investment universe, with an emphasis on the Nordic region. To meet its objective, Nordic Cross Credit Edge gets exposure to credit markets using derivatives, which requires a very small amount of invested capital. The remaining capital is invested in liquid fixed-income securities with high creditworthiness, with these investments turned into available cash to harvest liquidity-driven risk premia in corporate bonds markets during times of increased uncertainty. The fund was launched during the summer of 2018. Click to read more about Nordic Cross Credit Edge.
NOMA Fokus AS is a long/short equity fund managed by Norwegian-based asset manager NOMA Capital AS, primarily focusing on Nordic equity markets. The fund applies a high-quality value investing approach of constructing a concentrated portfolio consisting of sound companies with strong positions within their industries at reasonable or attractive prices, a value-oriented approach employed by the likes of Warren Buffett. The fund seeks to identify high-quality companies that offer strong potential for value creation in the long-term. NOMA Fokus generated a cumulative return of 10.3 percent since its inception in October 2016 through July 2018. Click to read more about NOMA Fokus.
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