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Strong November for Nordic Equity HFs

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Stockholm (HedgeNordic) – Nordic equity hedge funds gained 1.6 percent on average in November (84 percent reported), taking the group’s performance for the year above five percent. Equity hedge funds dominated last month’s list of best performers in the Nordic Hedge Index.

Global equity markets, as measured by the FTSE World Index, rose by 3.8 percent in Euro terms last month. Nordic equities, as expressed by the VINX All-Share Index, returned 3.3 percent in Euro terms. The index includes all firms listed on Nasdaq OMX Nordic Exchanges and Oslo Börs. Eurozone equities were up 2.6 percent, whereas North American stocks gained 4.9 percent in Euro terms.

Based on preliminary estimates, Nordic equity hedge funds as a group outperformed their European and global peers last month. The Eurekahedge Long Short Equities Hedge Fund Index, which tracks the performance of 917 global equity hedge funds, gained 1.1 percent last month based on reported data from seven percent of index constituents. This group of global equity hedge funds gained 8.6 percent in the first 11 months of the year. European long/short equity funds, as expressed by the Eurekahedge Europe Long Short Equities Hedge Fund Index, gained 0.7 percent on average in November based on reported data from 12 percent of index constituents.

The dispersion between last month’s best- and worst-performing members of the NHX Equities increased relative to the previous month, mostly because of strong performance from the group in November. The top 20 percent of members gained 6.4 percent on average, whereas the bottom 20 percent lost 1.7 percent. In October, the top 20 percent was up 3.9 percent, and the bottom 20 percent was down 1.9 percent. Three in every four members of the NHX Equities posted gains last month.

Chart by Visualizer

In November, Rhenman Healthcare Equity L/S was the group’s best-performing member for a second consecutive month. The long-biased healthcare-focused equity fund gained 13 percent in November, which brought the fund’s year-to-date return to 33.4 percent. Symmetry Invest, a Danish long/short value equity fund that favors founder-led companies, followed suit with a gain of 10 percent. The fund managed by Andreas Aaen gained 40.8 percent in the first 11 months of 2019 and currently ranks as the second best-performing member of the Nordic Hedge Index in 2019.

Activist fund Accendo was up 8.5 percent in November and 37.6 percent year-to-date to the end of November. HCP Focus Fund, meanwhile, returned 6 percent last month, extending the fund’s year-to-date performance to 28.3 percent. After gaining 5.2 percent in November, Alcur Select’s 2019 performance reached 44.3 percent. Alcur Select, managed by portfolio manager Wilhelm Gruvberg, currently ranks as this year’s best-performing hedge fund in the Nordics.

Chart by Visualizer

Image by pasja1000 from Pixabay

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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

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