Facebook Twitter Instagram
    • About
    • Subscribe
    • Contact
    • Report Library
    • Manager Login
    Facebook Twitter LinkedIn RSS
    HedgeNordic
    • Home
    • Allocator Angle
    • Report Library
    • Nordic Hedge Award
      • Nominations 2021 Nordic Hedge Award
      • Rookie of the Year
      • Jury Board
      • Historic Winners
      • Statistics
    • Nordic Hedge Index
    • Webinars & Podcasts
    HedgeNordic

    When One Plus One is Greater Than Two

    Eugeniu GuzunBy Eugeniu Guzun07/06/2022No Comments
    Facebook Twitter LinkedIn Email

    Stockholm (HedgeNordic) – 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.

    “We think the performance shows that one plus one equals 2.5 when Gladiator was merged into Adrigo,” Staffan Östlin comments on the performance of Adrigo Small & Midcap L/S. Max Mitteregger’s long/short equity fund was merged into Adrigo Small & Midcap L/S on May 2 after 17 years in operation. “We have more muscles and staying power in our dynamic positions and average market cap has increased, which is good from a liquidity point of view,” says Östlin. “Overall, we noticed very good performance from ‘old Adrigo Holdings’ as well as from the holdings we took over from Gladiator.”

    “We think the performance shows that one plus one equals 2.5 when Gladiator was merged into Adrigo.Overall, we noticed very good performance from ‘old Adrigo Holdings’ as well as from the holdings we took over from Gladiator.”

    Adrigo Small & Midcap L/S, managed by CIO Staffan Östlin and his co-portfolio manager Johan Eriksson, usually 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. “We had good performance from the long side as well as from shorts,” Östlin comments on the May performance. On the long side, the fund’s position in Swedish biotech company BoneSupport had a significant contribution to performance.

    “We had good performance from the long side as well as from shorts.”

    “We have been invested in the company since the current management came onboard in the spring of 2018 and had a strong belief that the FDA would approve Cerament G,” explains Östlin, referring to BoneSupport’s bone void filler comprising the antibiotic gentamicin that is the first device-drug combination product of its kind. “Although the stock is up by some 50 percent since the news broke, we have to say that we are surprised that it hasn’t performed even better,” says Östlin. “We remain happy long-term holders of this gem.”

    Another of Adrigo’s large positions that performed well in May was Swedish science-led biopharmaceutical company Camurus. “Q1 figures were stellar including the first profit since the IPO,” comments Östlin. “We continue to see a major potential for Buvidal and it looks as the market put more or less zero value on its pipeline.” According to Östlin, the Swedish firm’s long-acting opioid dependency drug Buvidal “has strong clinical data and is validated among prison settings, for instance, where the prevalence is high.”

    “Our monthly returns will occasionally show larger swings month over month, as noticed in 2022. We often emphasize the importance of having a long-term view when investing along with ourselves.”

    “Our monthly returns will occasionally show larger swings month over month, as noticed in 2022,” concludes Östlin. “Investing in small and mid-caps and having a focused and concentrated portfolio will generate occasional swings in performance. We are not satisfied with showing high short-term volatility,” he acknowledges. However, “we manage the portfolio with a long-term focus, looking for companies that can compound high returns over time. We often emphasize the importance of having a long-term view when investing along with ourselves, focusing on our target of delivering 8-16% p.a. with volatility below the Nordic small & mid-cap market.”

    Share. Facebook Twitter LinkedIn Email
    Previous ArticleOrigo Partners up with Oslo-based NRP
    Next Article Brummer & Partners Appoints Henrik Paulsson as New CEO
    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.

    Related Posts

    CTAs Starting Summer on a High Note

    Nordic Quant Funds Win Awards

    A Light-Footed Shipping-Only Strategy

    Add A Comment

    Leave A Reply Cancel Reply

    Time limit is exhausted. Please reload CAPTCHA.

    Most read today:
    • St. Petri Readying Launch of Long-Only Fund
    • Janus Henderson Onboards Danske Bank’s EMD Team
    • AIFM Group Adds Art to Suite of Offerings
    • Nordic Hedge Award – Main
    • Head of Alts Jumps Ship to Join AP Pension
    • Investing in Commodities as an Inflation Hedge?
    • In-Depth: Inflation Protection

    Ukraine, Supply-Chain Shortages and Soaring Prices – Accelerators of Sustainable Development

    18/05/2022

    New Theme: Real Income Destruction

    17/05/2022

    Blockification

    16/05/2022

    The Inflation Puzzle

    12/05/2022
    Promotion:
    Video: Manager Interviews
    https://www.youtube.com/watch?v=tni7dQvQrmo

    Subscribe to our newsletter

    HedgeNordic: Your Single Access Point to the Nordic Hedge Fund Industry!

    Check your inbox now to confirm your subscription.

    Most read articles this week:
    • Janus Henderson Onboards Danske Bank’s EMD Team
    • Are We in for a Soft Landing?
    • PFA Hires PM from Hedge Fund Space
    • AIFM Group Adds Art to Suite of Offerings
    • Real Assets: AP4’s True “Alternative”
    • Nordic Hedge Award – Main
    • Recent
    • NHX
    • In Depth

    St. Petri Readying Launch of Long-Only Fund

    29/06/2022

    AIFM Group Adds Art to Suite of Offerings

    29/06/2022

    Head of Alts Jumps Ship to Join AP Pension

    28/06/2022

    Janus Henderson Onboards Danske Bank’s EMD Team

    27/06/2022

    Month in Review – May 2022

    22/06/2022

    Month in Review – April 2022

    12/05/2022

    Follow Your Favourite Hedge Fund

    11/05/2022

    Month in Review – March 2022

    13/04/2022

    Ukraine, Supply-Chain Shortages and Soaring Prices – Accelerators of Sustainable Development

    18/05/2022

    New Theme: Real Income Destruction

    17/05/2022

    Blockification

    16/05/2022

    The Inflation Puzzle

    12/05/2022
    Newsletter Subscription:
    Most Recent Posts:

    St. Petri Readying Launch of Long-Only Fund

    29/06/2022

    AIFM Group Adds Art to Suite of Offerings

    29/06/2022

    Head of Alts Jumps Ship to Join AP Pension

    28/06/2022

    Janus Henderson Onboards Danske Bank’s EMD Team

    27/06/2022

    Procrastinated Risk is Knocking on the Door

    23/06/2022
    Publisher

    Nordic Business Media AB
    Corporate No.: 556838-6170
    BOX 7285
    SE-103 89 Stockholm, Sweden

    VAT No.: SE-556838617001
    Tel.:+46 (0) 8 5333 8688
    Mob.: +46 (0) 7 06566688
    Email: info@hedgenordic.com

    STAY INFORMED

    HedgeNordic: Your Single Access Point to the Nordic Hedge Fund Industry!

    Subscribe to our newsletter:

    Check your inbox now to confirm your subscription.

    RSS Hedge Fund Job Digest
    • Sr. Associate 30/06/2022
    • Data Analyst 30/06/2022
    • Fund Operations Analyst 30/06/2022
    • Fund Analyst 30/06/2022
    • Data Analyst 30/06/2022
    • Director, Alternative Specialists 30/06/2022
    • Asset Management Associate 30/06/2022
    • Python Automation Engineer 30/06/2022

    Copyright © 2022 Nordic Business Media AB

    © 2022 Nordic Business Media AB
    • About
    • Cookie Policy
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.

    We are using cookies to give you the best experience on our website.

    HedgeNordic
    Powered by  GDPR Cookie Compliance
    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.

    Strictly Necessary Cookies

    Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

    If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.