- Advertisement -
- Advertisement -

Nordic Equity HFs Extend Gains

Report: Systematic Strategies

- Advertisement -

Stockholm (HedgeNordic) – Nordic equity hedge funds continued their strong start to the year into February. The equity-oriented members of the Nordic Hedge Index (NHX) gained 1.5 percent on average (89 percent reported) last month, with the group advancing 4.6 percent year-to-date through the end of February.

Speedometer: The February performance of the NHX Equities Index relative to its best and worst monthly performance since 2010. Source: HedgeNordic.

Nordic equity hedge funds lagged Nordic and international stock market indices in February. This comes as no surprise given their low net exposure to equity markets, as some equity-focused members of the NHX run market-neutral strategies and others even maintain negative net market exposure this year.

Last month, Nordic equities as expressed by the VINX All-share index earned a net return of 3.3 percent in Euro terms. This index includes all firms listed on Nasdaq OMX Nordic Exchanges and Oslo Börs. Global equity markets, as measured by the FTSE World Index, advanced 3.5 percent in Euro terms, after gaining around seven percent during the first month of the year. Eurozone equities gained 3.9 percent last month, while North American equities were up 4.1 percent in Euro terms.

Nordic equity-oriented hedge fund broadly outperformed their European and global peers last month. The Eurekahedge Europe Long Short Equities Hedge Fund Index, reflecting the average performance of 174 index constituents, was up only 0.2 percent last month. Eurekahedge Long Short Equities Hedge Fund Index, a broader index that includes 983 global long/short equity funds, advanced 1.1 percent. The 107 funds from the Barclay Equity Long/Short Index that reported February return figures were down 0.5 percent on average last month.

Three in every four members of the NHX Equities recorded positive returns for February, with small-cap-focused long/short equity fund Alcur Select topping the table. The Stockholm-based vehicle managed by Wilhelm Gruvberg and his team gained 8.6 percent last month, taking this year’s performance to 15.9 percent.

HCP Focus Fund, a Helsinki-based fund that maintains a concentrated portfolio of high-quality companies trading at attractive prices, advanced 7.7 percent last month. The fund managed by Ernst Grönblom is up 25.4 percent year-to-date, securing the title of the best performing member of the Nordic Hedge Index in 2019.

Value-oriented vehicle Taiga Fund was up 5.5 percent in February, extending year-to-date gains to 10.2 percent. Rhenman Global Opportunities L/S and Proxy Renewable Long/Short Energy were up 5.5 percent and 5.4 percent, respectively.

 

Picture © Jirsak—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

Nordic Investors Join Call for Hedge Funds to Implement Cash Hurdles

Stockholm (HedgeNordic) – A coalition of institutional investors, led by the Teacher Retirement System of Texas, is gaining more support, including from Nordic investors,...

How to Make Sure Your Hedge Fund Portfolio Will Disappoint

Stockholm (HedgeNordic) – Investors typically invest in hedge funds for diversification, uncorrelated returns, and ideally, attractive returns. However, the hedge fund industry has evolved...

New High in Hedge Fund Assets

Stockholm (HedgeNordic) – The global hedge fund industry’s assets continued their upward trajectory for the seventh consecutive quarter, surpassing the previous high of $4.3...

Leadership Changes at AMF

Stockholm (HedgeNordic) – Swedish occupational pension fund AMF is set for a leadership change, appointing its head of asset management, Tomas Flodén, as the...

Ridge Capital Expands Team After Hitting €100 Million Milestone

Stockholm (HedgeNordic) – With its unconventional high-yield bond strategy now exceeding €100 million in assets under management, Ridge Capital is expanding its portfolio management...

“7 Years, Niller, Then You Know a Thing or Two”

Stockholm (HedgeNordic) – There is a Danish saying that goes, “7 years, Niller, then you know a thing or two,” suggesting that seven years...

Allocator Interviews

In-Depth: High Yield

Voices

Request for Proposal

- Advertisement -