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Danske HFs Near Full Capacity

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Stockholm (HedgeNordic) – Two Danske Bank fixed-income hedge funds are nearing maximum capacity and will thereby close to new money in late March. Danske Invest Hedge Fixed Income Relative Value Fund and Danske Invest Hedge Fixed Income Strategies Fund will close to new subscriptions or conversions in, except for their W classes that are solely available to a select group of clients in the context of a discretionary management agreement.

“The Funds have nearly reached their maximum capacity,” writes a notice to investors. “Therefore, in the best interests of the Company, the Board has decided to close the Funds to new subscriptions and conversions in, except for W Sub-Classes,” the notice adds. “Such closure will happen for an undetermined period of time, however the Board or the Alternative Investment Fund Manager (the “AIFM”) may at their discretion authorise subscriptions or conversions in from time to time subject to available capacity.”

“The Funds have nearly reached their maximum capacity. The Board has decided to close the Funds to new subscriptions and conversions in…”

Both funds had previously been subject to a five percent subscription fee, “which in theory has kept the two funds closed to new money for years,” according to Michael Petry, Head of Hedge Funds at Danske Bank Asset Management. “We are now removing this subcription fee and are closing the funds to new investments instead.”

Following this announcement, Danske Bank Asset Management’s entire range of three fixed-income hedge funds will soon be closed to new investments. Danske Invest Fixed Income Global Value, another fixed-income hedge fund under the umbrella of Danske Bank Asset Management, was closed for new investments in late 2021 after nearly reaching its maximum capacity due to robust performance and strong investor inflows since its inception in early June 2018 (read more).

Danske Invest Hedge Fixed Income Strategies Fund is a relative value fund primarily active in government bonds, mortgage bonds, interest rate swaps and cross-currency swaps. The fund managed by Michael Petry had €927 million in assets under management at the end of February. Down 7.8 percent in the first two months of 2022, Danske Invest Hedge Fixed Income Strategies Fund has delivered an annualized return of about 10 percent since inception and enjoyed positive performance in 16 of the past 17 years.

The second fund, Danske Invest Fixed Income Relative Value, had €496 million in assets under management at the end of February this year. The fund’s share class reflected in the Nordic Hedge Index has delivered an annualized return of about 7.0 percent since its launch in September 2012. Down 11.6 percent so far in 2022 through March 10, Danske Invest Fixed Income Relative Value has enjoyed ten consecutive years of positive returns.

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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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