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Nordic Hedge Fund Industry Report 2024

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Stockholm (HedgeNordic) – HedgeNordic’s Nordic Hedge Fund Industry Report kicks off with an analysis of the industry’s performance across different asset size ranges. This analysis leads to the conclusion that a notable highlight for the Nordic hedge fund industry in 2023 was the strong performance of the larger local hedge funds with assets ranging from €300 million to €1 billion. This group of 18 funds, managing a combined €9.8 billion going into 2023, achieved an impressive asset-weighted return of 13 percent for the year.

The report features interviews with institutional investors actively investing in hedge funds. These interviews shed light on their perspectives on hedge funds, their approach to investing within the space, and the intricacies of their manager selection process. The first interview is with Cian Walsh, Head of Hedge Funds and Private Credit at wealth management firm Formue. He discusses Formue’s use of “Hedge Funds as an Alternative, Uncorrelated Return Stream” and explains the rationale for its nonexistent exposure to Nordic hedge fund managers in Formue’s €1.3 billion portfolio of hedge funds.

Having undergone a generational shift within both the portfolio management and operational teams, the team at Rhenman & Partners share their experience of “Embracing Change Amid an Ever-Changing Healthcare Sector.” Ola Björkmo and Jonas Sandefeldt of Meriti Capital provide insights into “The Evolution of the QQM Strategy into Meriti Neutral,” discussing their systematic market-neutral strategy focused on capturing fundamental momentum. The investment team at Norwegian fund boutique Sissener, led by Jan Petter Sissener, explain why their long/short equity fund “Sissener Canopus Likes Energy, Shipping, and Financials.”

The publication next features an interview with the team at Finnish pension insurance company Ilmarinen, which has an allocation to hedge funds exceeding €5 billion. Head of Allocation Juha Niemelä and Senior Portfolio Manager Marko Mikama offer a tour “Inside Ilmarinen’s Approach to Hedge Fund Allocation.” PO Nilsson, co-founder and fund manager at PriorNilsson Fonder, discusses “Market-Neutral Investing in a New Regime,” characterized by healthier volatility for stock returns and higher interest rates for cash management.

Luciana Oliveira of Datia describes “How to Handle the Increasing Workload of Sustainable Reporting” with a case study of Swedish hedge fund house Atlant Fonder. Hanna Persson and Jonas Mårtenson of Ress Capital introduce and explain “Longevity as a Source of Returns and Diversification,” providing insights into investing in life insurance policies.

Michael Levén, portfolio manager at the pension fund serving the employees of Swedish telecoms company Ericsson, shares details about the “Refined Hedge Fund Strategy Mix at Ericsson Pensionsstiftelse.” Fredrik Carlsson, the founder of Swedish fixed-income specialist Carlsson Norén Asset Management, discusses the opportunity of “Unlocking Equity-Like Returns in the Complex Hybrid Segment.”

Tom Hestnes and Ole Einar Stokstad of Norselab Credit Management present their approach to “Absolute Returns in Impact-Screened High-Yield Market,” while Joakim Hannisdahl then introduces his shipping-focused long/ short equity strategy that has seen “Smooth Sailing in Rough Seas” since launching in mid-2013. Peter Ragnarsson, Head of Alternatives at PRI Pensionsgaranti, concludes by discussing the “Evolution in Hedge Fund Investing with LGT Collaboration,” sharing details about the decision to partner up with LGT Capital Partners to manage its ten percent allocation to hedge funds.

Please find the report here. Happy reading!

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Kamran Ghalitschi
Kamran Ghalitschi
Kamran has been working in the financial industry since 1994 and has specialized on client relations and marketing. Having worked with retail clients in asset management and brokerage the first ten years of his career for major European banks, he joined a CTA / Managed Futures fund with 1,5 Billion USD under management where he was responsible for sales, client relations and operations in the BeNeLux and Nordic countries. Kamran joined a multi-family office managing their own fund of hedgefunds with 400 million USD AuM in 2009. Kamran has worked and lived in Vienna, Frankfurt, Amsterdam and Stockholm. Born in 1974, Kamran today again lives in Vienna, Austria.

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