Stockholm (HedgeNordic) – Stockholm-based hedge fund manager Bodenholm Capital has decided to return capital to its investors and liquidate its funds. The Bodenholm team “will take a clean break from the industry for the foreseeable future,” according to a letter to investors by Bodenholm. Brummer & Partners, in turn, announced that Brummer Multi-Strategy would redeem its entire investment in Bodenholm by April 15.
“Looking back over the last five years, we are tremendously thankful that Brummer & Partners believed in us and gave the initial seeding and hosted us within their premises,” writes a letter penned by CIO Per Johansson (pictured), CEO Erik Orving and the Bodenholm team. “They backed, what was then, a very young team and we will always be grateful for their support.” Founded by Johansson, Bodenholm is a Europe-focused fundamental equity long/short fund with a global mandate. Brummer Multi-Strategy (BMS) has been invested in Bodenholm since its launch in September 2015.
Bodenholm delivered an annualized return of 4.4 percent since inception through the end of February 2020. “We are pleased (but as Buffett says; never satisfied) with performance over the years and we are very happy to have been recognized both in 2018 and 2019 as the winner of several European hedge fund awards,” the letter writes. “We are also pleased that we are liquidating the funds at peak performance relative to the markets since we started.”
“We have had discussions with Bodenholm regarding the fund’s investment and risk management for some time, and the CIO and parts of the investment team have announced their intention to resign from Bodenholm,” comments Mikael Spångberg, CEO and portfolio manager of BMS, on the decision to redeem capital from Bodenholm. “We will redeem BMS’s entire investment in Bodenholm One on April 15, 2020.” Following the redemption in Bodenholm, BMS will be invested in nine funds.