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Nordic Equity Long-Only Funds Shine in November

Report: Systematic Strategies

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Stockholm (HedgeNordic) – In September, HedgeNordic introduced a new sub-strategy category to the Nordic Hedge Index: Equity Long-Only (ELO). This category is home to funds that, while not qualifying as traditional hedge funds due to their long-only approach, exhibit habitual characteristics of a hedge fund strategy. Following a three-month stretch of losses in a risk-off environment since August, Nordic equity long-only funds posted an average gain of 8.3 percent in November as market pessimism shifted into confidence about cooling inflation.

Leading the pack in November was Asilo Argo, which maintains a concentrated portfolio of approximately 12 current or potential future “superstar” companies. The fund recorded a monthly gain of 21.3 percent. Portfolio manager Ernst Grönblom attributes Asilo Argo’s strong performance to a combination of well-informed investment decisions, favorable company results, and an optimistic market outlook. Co-managed by Henri Blomster, Asilo Argo achieved a year-to-date gain of 62.2 percent through November, marking a robust recovery from the challenges faced in 2022 that penalized the fund’s ‘future superstar’ stocks.

HCP Focus, under the umbrella of Helsinki Capital Partners, followed suit with a monthly advance of 12.9 percent in November, bringing the fund’s year-to-date advance to 56.3 percent. HCP Focus, previously managed by Asilo Argo’s Ernst Grönblom with a similar focused strategy, aims to capitalize on significant megatrends by investing in a concentrated portfolio of high-growth, sustainable competitive stocks.

Protean Small Cap, an actively managed long-only special fund focusing on small and medium-sized companies in the Nordic markets, also had a solid November by advancing 12.1 percent. Following the successful launch of the long-biased long/short equity fund Protean Select in May of last year, Protean Funds launched a long-only small- and mid-cap-focused equity fund in June of this year. Protean Small Cap has gained 1.5 percent since its launch. 

Coeli European, previously a long/short equity fund that transitioned into an active long-only equity fund in September, recorded an 11.4 percent advance in November. Malmö-based portfolio manager Mikael Petersson has decided to transform his long/short equity fund, Coeli Absolute European Equity, into a long-only equity fund after recognizing greater success in generating excess returns from long positions compared to shorts, which demand a more thorough analysis, more attention, and a different trading mentality. Since transitioning into a long-only vehicle in September, the fund is in positive territory at 0.4 percent. 

So far this year, both Stolt Explorer and HCP Quant Fund have also delivered strong performances, enjoying gains of 18.1 percent and 17.9 percent, respectively, up until the end of November. HCP Quant utilizes a systematic, value-focused investment approach, while Stolt Explorer similarly adopts a systematic process to invest in well-established companies globally.

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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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