Stockholm (HedgeNordic) – After a year of hefty losses, Max Mitteregger’s long/short equity fund Gladiator Fond will be merged with Adrigo Small & Midcap L/S under Adrigo’s management. Following nearly 17 years at the helm of Gladiator Fond, Mitteregger will continue to serve as Senior Advisor to East Capital Group’s Adrigo platform.
Both Adrigo Small & Midcap L/S and Gladiator Fond operate as actively managed equity hedge funds investing in Nordic companies, sharing many similarities in terms of management strategy, focus and risk mandate. Adrigo Small & Midcap L/S, managed by CIO Staffan Östlin and his co-portfolio manager Johan Eriksson, maintains a Nordic-focused concentrated, high-conviction portfolio that houses between 25 to 30 long positions, with roughly a similar number of short positions to reduce net market exposure.
“I have for some time been interested in finding a platform where Gladiator and its inherited management focus and philosophy can continue to prosper. A guiding principle has been that my co-investors should get the best possible continuation.”
“I have for some time been interested in finding a platform where Gladiator and its inherited management focus and philosophy can continue to prosper,” comments Max Mitteregger. “A guiding principle has been that my co-investors should get the best possible continuation,” he continues. “I have known Staffan for a long time and we have also worked together for several years. It was natural to contact him and Adrigo about a merger of the funds. I am really looking forward to my new role as Senior Advisor and to act as a sounding board for the continued management.”
“Max Mitteregger and Staffan Östlin are fund managers with many similarities who have great respect for each other’s ability to find the most attractive positions…”
“Max Mitteregger and Staffan Östlin are fund managers with many similarities who have great respect for each other’s ability to find the most attractive positions in a part of the stock market where insightful investors can benefit from a lack of transparency in many companies,” Albin Rosengren, Partner at East Capital Group, comments on the merger between the two funds. Staffan Östlin’s Adrigo Small & Midcap L/S had generated an annualized return of 15.5 percent since launching in late 2017 after returning 43.6 percent last year. The fund is down 4.6 percent so far in 2021 with one month until the end of the year.
“We are also very pleased that Max, in his role as Senior Advisor, will continue to contribute with market insights and extensive knowledge.”
“Adrigo has shown strong performance since the start, and through the combination of funds and resources, we can offer an even stronger overall solution to both existing and new investors,” comments Staffan Östlin, Fund Manager and CIO at Adrigo. “We are also very pleased that Max, in his role as Senior Advisor, will continue to contribute with market insights and extensive knowledge,” he adds. “Adrigo’s solid experience together with Max’s continued commitment will ensure that investors get continuity and the absolute best conditions for attractive returns. Now, we look forward to making sure that our new investors appreciate and share the same trust in the management as our current ones do.”
“Adrigo’s solid experience together with Max’s continued commitment will ensure that investors get continuity and the absolute best conditions for attractive returns.”
The notification of the takeover and merger will be sent to the Swedish Financial Supervisory Authority later this December, with the funds expected to be merged during the second quarter of next year.
