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OPM Closes a FoHFs To Sharpen ESG Focus

Report: Systematic Strategies

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Stockholm (HedgeNordic) – OPM Multi Hedge, one of the three funds of hedge funds at Swedish alternative asset manager Optimized Portfolio Management (OPM), is in the process of closing down. Launched in mid-2018, OPM Multi Hedge maintained a portfolio of international UCITS-regulated hedge funds expected to exhibit low long-term correlation with equity markets.

“We have seen less demand for traditional funds of hedge funds over many years,” fund manager Simon Reinius (pictured) tells HedgeNordic. “Instead, we see increased demand from institutions for our OPM Vega fund, an ESG-focused fund of hedge funds,” he adds. “ESG/Sustainability together with low equity beta is now our full focus within funds of hedge funds.”

“OPM Multi Hedge is in the process of being closed down and all but one of the previous unit holders have redeemed,” analyst Emanuel Furubo, who is part of the team managing OPM’s funds of hedge funds, tells HedgeNordic. “The last unit holder is expected to exit in early June, after which the fund will be closed down.”

OPM Multi Hedge predominantly invested in leading European and American hedge fund teams that developed UCITS versions of their successful up-and-running hedge funds. The fund of funds mainly invested in hedge funds employing global macro, equity market-neutral and managed futures strategies. By investing in daily-traded hedge funds, OPM Multi Hedge offered investors daily liquidity.

At the end of August last year, another fund of hedge funds under the umbrella of OPM, OPM Absolute Managers, was merged into OPM Multi Hedge to improve management efficiency, streamline the fund range and reduce costs. OPM, which is owned by independent asset management group Carneo Asset Managers, continues to manage two other funds of hedge funds: OPM Vega and CARNEO Systematic Alpha. OPM Vega has an ESG focus, whereas CARNEO Systematic Alpha invests in global hedge funds.

All three funds of hedge funds have been managed by a team led by Simon Reinius since September of last year, following the departure of Martin Alm from OPM. OPM Multi Hedge delivered a negative cumulative return of 8.5 percent since launching in June 2018 through the end of April this year. The fund of funds was down 4.3 percent in the first four months of 2020.

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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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