Stockholm (HedgeNordic) – Norwegian asset manager CARN Capital is renaming its long/short fundamental equity fund CARN Long Short into CARN Latitude following the launch of a long-only equity fund. “The long/short equity fund is joined by Longitude – a carve-out of our long book,” Erik Haukaa, the recently-appointed Head of Investor Relations at CARN Capital, tells HedgeNordic.
“A ‘carn’ is a marker meant to point out direction, by functioning as a navigational reference,” Haukaa explains the origin of the names of the long/short and long-only equity funds. “After five years in operation, we are very happy to announce that we are taking another step on our journey at CARN – by launching a long-only fund,” Haukaa tells HedgeNordic. “We now offer two funds that provide exposure to a more sustainable future.”
“After five years in operation, we are very happy to announce that we are taking another step on our journey at CARN – by launching a long-only fund.”
According to Haukaa, “our long/short strategy will remain the same, but is re-named Latitude.” CARN Latitude is a concentrated, long-biased fund typically maintaining a net market exposure between 60 to 80 percent to sustainable Nordic medium-sized public companies. The long-only vehicle, called CARN Longitude, represents a carve-out of the long/short equity fund’s long book. “Longitude will have the same fund structure and the same liquidity conditions as Latitude – a UCITS fund with bi-weekly liquidity,” says Haukaa.
“Our long/short strategy will remain the same, but is re-named Latitude. CARN’s investment process continues to be based on two key pillars: fundamental equity analysis and sustainability analysis.”
“As a hedge fund manager, CARN has a long bias,” emphasizes Haukaa. “This is based on the fundamental belief that, as investors, we want to be exposed to the value creation happening on a daily basis, through innovation and productivity gains,” he continues. The CARN team manages allocation risk in its long/short strategy, which “poses a challenge for investors who want to address that risk themselves, or for whom a hedge fund is not preferable for some other reason.” For that reason, “CARN Longitude seeks to meet that demand by offering investors a way to invest in a carve-out of our long book.” Haukaa goes on to say that “this allows us to keep our focus on a single strategy, while offering two different fund vehicles, providing investors with more flexibility in terms of finding the best fit for them.”
“CARN Longitude seeks to meet that demand by offering investors a way to invest in a carve-out of our long book. This allows us to keep our focus on a single strategy, while offering two different fund vehicles, providing investors with more flexibility in terms of finding the best fit for them.”
The strategy employed by CARN Capital’s five-member investment team – comprised of Christer Bjørndal, Andreas Bomann-Larsen, Harald Havnen, Melanie Brooks and Jon Audun Kvalbein – will remain unchanged. “CARN’s investment process continues to be based on two key pillars: fundamental equity analysis and sustainability analysis,” explains Haukaa. “CARN’s investment strategy utilizes the UN Sustainable Development Goals (SDGs) as a reference in identifying business models that are aligned with the transition to a sustainable world economy,” he continues. “We believe this is the best way to protect and grow our investors’ capital and to contribute to a more sustainable future.”