- Advertisement -
- Advertisement -

Related

Month in Review – May 2022

Latest Report

- Advertisement -

Stockholm (HedgeNordic) – Nordic hedge funds lost 0.9 percent on average in May (98 percent reported), the industry’s fourth negative month in five. Despite the Nordic Hedge Index losing 4.4 percent in the first five months of 2022, the Nordic hedge fund industry is outperforming broad markets year-to-date. About one in every three members of the Nordic hedge fund industry is in positive territory so far in 2022.

Month in Review – May 2022

Four of the five strategy categories within the Nordic Hedge Index ended May in the red, with equity hedge funds as a group edging up 0.3 percent as they dominanted last month’s table of top performers. Equity-focused funds lost 4.2 percent on average in the first five months of 2022. After two consecutive months of strong returns, Nordic CTAs edged down 0.5 percent in May to trim the group’s year-to-date advance to 5.3 percent. Fixed-income hedge funds, meanwhile, are suffering their worst year since 2008, with the group down 7.3 percent in 2022 after incurring an average loss of 2.2 percent in May. Multi-strategy funds were down 1.5 percent in May to extend their 2022 decline to 5.0 percent, while the performance of funds of hedge funds entered negative territory for 2022 at 0.3 percent after the group incurred an average decline of 1.1 percent in May.

At a country level, the Danish hedge fund industry dominated by fixed-income strategies fell by 2.0 percent in May to end the first five months of 2022 down 9.1 percent. Finnish hedge funds were down 1.0 percent on average in May to further extend their 2022 decline to 6.0 percent. Swedish hedge funds, which account for the largest portion of the Nordic hedge fund industry, were down 0.5 percent last month, ending the first five months of the year down 2.5 percent. Norwegian hedge funds, meanwhile, edged down 0.1 percent in May to trim their 2022 advance to 0.9 percent.

The performance dispersion between last month’s best- and worst-performing members of the Nordic Hedge Index decreased month-over-month as losses incurred by worst performers were smaller in May compared to April. In May, the top 20 percent of Nordic hedge funds advanced 3.3 percent on average and the bottom 20 percent lost 4.8 percent, representing a top-to-bottom dispersion of 8.1 percent versus 9.7 percent in April. In April, the top 20 percent were up 3.5 percent and the bottom 20 percent were down 6.1 percent. About one in every four members of the Nordic Hedge Index with reported May figures posted gains last month.

Top Performers in May

Proxy Renewable Long/Short Energy was last month’s best performing member of the Nordic Hedge Index with an advance of 13.8 percent, as renewable energy and clean tech sectors recovered strongly in the second half of May after weak performance in the first half of the month. The energy transition-focused equity fund managed by Stockholm-based Proxy P Management gained 18.4 percent in the first five months of 2022, ranking among this year’s top ten best performing hedge funds in the Nordics.

Adrigo Small & Midcap L/S achieved its best month on record in May in the first month of Gladiator Fond’s merger into Staffan Östlin’s fund. Adrigo Small & Midcap L/S booked a monthly gain of 13.6 percent in May to trim the year-to-date decline to 5.1 percent. Cleaves Shipping Fund, a shipping-only long/short equity fund managed by Joakim Hannisdahl, gained an estimated 12.5 percent in May to extend its 2022 advance to over 44 percent. The shipping fund is currently this year’s best performing member of the Nordic Hedge Index.

Another energy-focused long/short equity fund, OAM Absolute Return, followed suit with a monthly advance of 8.0 percent in May, which brought the fund’s year-to-date performance further into positive territory at about 15 percent. Systematic value-focused fund HCP Quant, meanwhile, gained 5.1 percent in May to bring its year-to-date performance in positive territory at 1.9 percent.

  • Best Performing CTAs in 2022

The Month in Review for May 2022 can be downloaded below:

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

Small But Mighty: Norwegians Lead Performance Tables

While Sweden and Denmark may dominate the Nordic hedge fund industry in terms of assets under management, 2025 has so far belonged to Norway....

Avanto Right Tail Crosses 100% Since Inception

Lars Mikelsen, portfolio manager of Avanto Right Tail, runs a strategy designed to capture extreme upside events through concentrated bets on themes such as...

Nordic Hedge Funds Extend Solid Run Through Summer

Nordic hedge funds continued their strong run since May, closing out the summer on a positive note with an average gain of 0.5 percent...

Pasi Havia Bids Farewell to HCP, Quant Strategy Carries On

After more than a decade at Helsinki Capital Partners (HCP), portfolio manager Pasi Havia has stepped down from his role, leaving behind the management...

Fresh Talent, New Funds: ALCUR Expands Reach in Retail Segment

After a wave of portfolio manager hires earlier this year, stock-picking fund boutique ALCUR Fonder is preparing to launch several new funds aimed at...

Quirky Questions for Kathryn Kaminski (AlphaSimplex)

Not every hedge fund conversation needs to revolve around performance charts or trade execution. In HedgeNordic’s Quirky Questions series, we look beyond the strategies to the...

Allocator Interviews

In-Depth: High Yield

Voices

Request for Proposal

- Advertisement -
HedgeNordic
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.