- Advertisement -
- Advertisement -

Chelonia Market Neutral Joins the NHX

- Advertisement -

Stockholm (HedgeNordic) – Chelonia Market Neutral, an equity market-neutral hedge fund managed by seasoned fund manager Magnus Angenfelt, has joined the Nordic Hedge Index (NHX). The fund was launched in December of last year under the umbrella of Stockholm-based asset manager Nordic Archipelago Investments AB.

Chelonia Market Neutral is a hedge fund that seeks to achieve a positive return regardless of market direction. The fund uses fundamentals-based investing to maintain a market-neutral equity exposure but can have a net long or net short exposure that reaches a maximum 30 percent of the fund’s value. The gross exposure must not exceed 300 percent of its value.

As part of the security selection process, Chelonia Market Neutral analyzes evolutionary trends that may have a deeper impact, either positive or negative, on groups of companies or industries. For the basket of long positions, the fund selects companies with lower valuations, lower leverage, higher market shares in their respective sectors, higher returns on equity, and reasonable moats. Technology, media, telecom, business services, and retail are several sectors that have historically accounted for a substantial portion of the fund’s exposure. Although Chelonia has no investment restrictions regarding geographic regions, the fund mainly focuses on the Nordic region. The fund can also invest in bonds and other interest-related instruments.

Magnus Angenfelt.

The market-neutral fund is managed by head portfolio manager Magnus Angenfelt, who previously was in charge of market-neutral long/short equity fund Zmart Alfa from the fund’s inception in March 2015 to May 2017. Angenfelt co-founded TMT-focused market-neutral hedge fund Manticore, part of the Brummer and Partners family of funds. He served as the CEO, CIO and portfolio manager of Manticore from 2000 until 2011. Before co-founding Manticore, he had worked for two years as a financial analyst at another Brummer-backed hedge fund vehicle, Zenit, and as a sell-side analyst at leading Nordic broker Alfred Berg from 1992 to 1998. There is an advisory board consisting of four senior advisors that assist Magnus Angenfelt with strategic advice and wise counsel on various issues he raises.

We focus on the losers,” says Magnus Angenfelt. “There is a paradigm shift in terms of evolutionary trends and speed that impact many corporates, resulting in both winners and losers. We short the losers,” adds the portfolio manager. “In addition, valuation anomalies are increasing, and ETFs are making stock markets dumber, as highlighted in a recent academic paper – Is there a dark side to ETFs?” This creates both long and short opportunities for Chelonia Market Neutral.


Picture © ronstik—shutterstock

Subscribe to HedgeBrev, HedgeNordic’s weekly newsletter, and never miss the latest news!

Our newsletter is sent once a week, every Friday.

Eugeniu Guzun
Eugeniu Guzun
Eugeniu Guzun serves as a data analyst responsible for maintaining and gatekeeping the Nordic Hedge Index, and as a journalist covering the Nordic hedge fund industry for HedgeNordic. Eugeniu completed his Master’s degree at the Stockholm School of Economics in 2018. Write to Eugeniu Guzun at eugene@hedgenordic.com

Latest Articles

Lars Wedenborn Strengthens Rhepa’s Board

Stockholm (HedgeNordic) – A well-designed and experienced board of directors is a powerful tool for any firm, including an asset management business. Rhenman &...

“Glad to Have Been Able to Launch” in Tumultuous Year

Stockholm (HedgeNordic) – Finnish fund managers Jan Brännback and Janne Lähdesmäki joined Schroders last year to launch two funds focused on Nordic small- and...

Hedge Funds Find Their Place in Finnish Institutional Portfolios

Stockholm (HedgeNordic) – Institutional investors have increasingly shifted their portfolios to alternative asset classes such as hedge funds in the low interest-rate environment after...

AT1 Bond Wipeout: Not the Default Mode of Resolutions

Stockholm (HedgeNordic) – As part of the takeover of Credit Suisse by UBS, Swiss financial regulator FINMA instructed the credit-stricken bank to write down...

P+ CEO Sørensen Announces Retirement

Stockholm (HedgeNordic) – After more than 21 years of overseeing pension fund management, Søren Kolbye Sørensen has announced his retirement from his role as...

The Hedge Fund Cure for Apoteket’s Pension Fund

Stockholm (HedgeNordic) – 2022 was one of the toughest years in recent memory for institutional investors, as the global economy and financial markets faced...


Most Popular This Week


Request for Proposal

- Advertisement -