Stockholm (HedgeNordic) – Christer Bjørndal has left his role as portfolio manager at the Oslo-based asset management boutique he co-founded with Andreas Bomann-Larsen in 2015. Bomann-Larsen will remain the sole portfolio manager of CARN Capital’s long/short equity fund CARN Latitude and long-only equity fund CARN Longitude.

“Christer Bjørndal left the company at the end of the year. We are thankful for his contributions to the company, and we wish him all the best in his next chapter of his career,” says a monthly letter penned by Andreas Bomann-Larsen. “Christer will remain a central owner in the management company and stay significantly invested in our funds,” according to Bomann-Larsen.

“We are thankful for his contributions to the company, and we wish him all the best in his next chapter of his career.”

Following his departure from CARN Capital, Bjørndal started paving the way for a new venture in the asset management industry. Bjørndal started his career at Norges Bank Investment Management, which oversees Norway’s sovereign wealth fund – the Norwegian Oil Fund, in 2007. He served as a portfolio manager responsible for a global equity portfolio for a little less than nine years until he co-founded CARN Capital in mid-2015.

At CARN Capital, Bjørndal managed the asset manager’s long/short equity fund since its launch in late 2015, and its long-only carve-out vehicle launched in late 2020. CARN Latitude has generated an annualized return of 8.8 percent since its inception through the end of 2022. The long/short equity fund has predominantly maintained a net market exposure in the range of 60-80 percent with overweight in small-cap stocks, particularly Swedish small-caps. This exposure proved costly for CARN Latitude in 2022, as Swedish small-caps were down 31 percent in Norwegian krone during the course of 2022. CARN Latitude ended 2022 with a decline of 16.8 percent.