- Advertisement -
- Advertisement -

Related

Anniversary with a Bang

Report: Alternative Fixed Income

- Advertisement -

Stockholm (HedgeNordic) – Around mid-May in 2018, Stockholm-based asset manager Alcur Fonder launched a long-biased small-cap-focused long/short equity fund called Alcur Select. Fast forward two years, Alcur Select ranks as the best-performing hedge fund in the Nordics during the two years since its inception.

Managed by Wilhelm Gruvberg (pictured) out of Stockholm, Alcur Select was last year’s best-performing Nordic hedge fund with a gain of 51 percent and currently ranks among this year’s ten best performers with a year-to-date return of about 14 percent. “Alcur Select celebrated its two-year anniversary in May, two extremely eventful years,” says Gruvberg. “During our short lifetime, we already faced two major stock market corrections,” one in the fourth quarter of 2018 and another one in the first quarter of 2020.

“We are, of course, very pleased with Alcur Select’s return since inception.”

Alcur Select, a long-biased long/short equity fund investing in small and medium-sized companies in the Nordic region, generated a cumulative return of about 81 percent since launching in May 2018. The fund’s net market exposure varied between 50 percent and 100 percent, averaging at about 78 percent. “We are, of course, very pleased with Alcur Select’s return since inception,” Gruvberg comments on the fund’s performance so far. “The main explanation for the fund’s strong return since inception relates to its resilience in downturns.”

“The main explanation for the fund’s strong return since inception relates to its resilience in downturns.”

Carnegie Small Cap Index accumulated a cumulative negative return of 43 percent during all the negative months for the index since Alcur Select’s launch, whereas the fund managed by Gruvberg lost a cumulative seven percent during the same months. “The fund’s ability to shine in difficult periods has contributed well to the strong risk-adjusted and absolute returns,” points out Gruvberg. The solid performance in both risk-on and risk-off environments has contributed to an increase in the fund’s assets under management, with Alcur Select approaching SEK 1.2 billion in managed capital within two years since its launch.

Alcur Select’s underlying strategy relies on fundamental, bottom-up analysis, with each investment opportunity viewed as a risk-reward question. “We work in a disciplined way with our management philosophy and risk control, and attach great importance on maintaining a good risk-reward profile for our portfolio,” explains Gruvberg. “Not only do we spend time analyzing the potential upside in our positions, but we also focus on the risk that we committed errors in our analysis and the shares we own can fall.”

“Not only do we spend time analyzing the potential upside in our positions, but we also focus on the risk that we committed errors in our analysis and the shares we own can fall.”

Alcur Select’s portfolio of long holdings predominantly features companies with strong balance sheets, strong cash flow generation and receiving a high share of recurring revenue. “Alcur Select continues to work according to a disciplined investment process that focuses on Nordic companies with long-term sustainable business models,” says Gruvberg. “We call that healthy risk-taking.”

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

High-Yield Bonds Knock Out Stocks

Nordic high-yield bonds and the managers specializing in them have delivered strong returns in recent years, even outperforming local equity markets. Jarle Sjo, Head...

EM Corporate Bonds: Could Trump’s Tariffs Create Opportunities?

By Toke Hjortshøj, Senior Portfolio Manager at Impax Asset Management: Emerging market (EM) corporate bonds are on the frontline of the tariff war that...

Infrastructure’s Role in Europe’s Transformation

As Europe accelerates its transition toward a greener and more digital future, infrastructure investment has become a cornerstone of this transformation. However, a funding...

Capital Four Reaches Hard Cap for Fifth Private Debt Vintage

Copenhagen-based credit specialist Capital Four has reached the hard cap of €3 billion for its fifth private debt vintage, Private Debt V – Senior....

Othania Introduces UCITS Version of All-Weather Strategy

Danish boutique asset manager Othania has assumed management of the UCITS-structured fund ØU Invest Balance KL, which will be rebranded as Othania Stabil UCITS...

Hilbert Expands Asset Management Arm

Hilbert Group, which operates an asset management business specializing in hedge funds focused on digital assets, has completed the acquisition and integration of digital...

Allocator Interviews

In-Depth: Megatrends

Voices

Request for Proposal

- Advertisement -