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Danish Hedge Funds Sweep Top Honors

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Stockholm (HedgeNordic) – The Hedge Fund Journal, a monthly magazine focusing on the global hedge fund industry, recognized and rewarded the achievements of two Nordic hedge funds at the Hedge Fund Journal CTA and Discretionary Trader Awards 2023. Calculo Evolution Fund was honored as the best-performing fund in the commodities-focused systematic trend-following CTA category for 2022. Meanwhile, Danske Invest Global Cross Asset Volatility was recognized as the top-performing fund in the multi-asset volatility arbitrage category across various time periods.

The Hedge Fund Journal CTA and Discretionary Trader Awards 2023 recognize winners in various strategy categories across different time horizons, using risk-adjusted returns based on data provided by Preqin. To determine the recipients, the Hedge Fund Journal team contacts the top performers indicated by the data and invites them to participate in the awards. If a winning fund declines to participate, the Hedge Fund Journal discontinues the award category without reaching out to the next best performer for their participation.

Calculo Evolution Fund

Calculo Evolution Fund, a commodity-focused trend-following fund, emerged as the best-performing fund in the “Systematic Trend Following CTA (Commodities)” category for 2022. Managed by Philip Engel Carlsson from the Charlottenlund region of Denmark, the fund achieved a 15.1 percent gain in the volatile commodity markets of the previous year. The volatility was driven by a slew of factors such as rising inflation, recession concerns, and market disruptions related to war. Notably, 2022 marked the fund’s best annual performance since its launch in mid-2018.

“We take great pride in sharing the podium with a prestigious group of blue-chip hedge funds.”

“We take great pride in sharing the podium with a prestigious group of blue-chip hedge funds,” comments Carlsson on the recognition. “With a strong performance and low volatility, we have provided true diversification to our investors.” In early 2023, Calculo Capital introduced a higher-risk, higher-return version of its Calculo Evolution Fund. “In addition to our fund, which boasts a five-year track record, we have recently introduced a 2x version of our strategy. This new offering provides higher returns and volatility while maintaining the same emphasis on delivering a solid risk-reward ratio,” says Carlsson.

Danske Invest Global Cross Asset Volatility

Danske Invest Global Cross Asset Volatility received recognition as the best-performing fund across two, three, and four years in the “Multi-Asset Volatility Arbitrage (Hybrid Systematic and Discretionary)” award category. Managed by Chief Portfolio Manager Jacob Øland Jensen, the fund is a multi-asset, multi-strategy fund employing various volatility-related strategies, all within the volatility space or with a connection to the volatility space. Since its launch in June 2018, the fund has delivered an annualized return of 3.0 percent.

“Our strategy has a broad mandate that covers systematic and tactical strategies across fixed income, equities and currencies.”

Danske Invest Global Cross Asset Volatility specifically aims at exhibiting low correlation to risky assets, primarily in stressed markets, and strives to achieve a return between four to six percent. The fund edged down 0.7 percent in the challenging market environment of 2022 following its best year in 2021 with an 8.1 percent gain. The fund is up 3.0 percent over the first four months of 2023. “Our strategy has a broad mandate that covers systematic and tactical strategies across fixed income, equities and currencies. This potentially enables us to deliver positive returns in many market scenarios, including during periods of market stress, as we have experienced in recent years with COVID-19, the high inflation, energy crunch in Europe, etc.,” comments Jensen.


Photo by Vita M on Unsplash

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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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