Stockholm (HedgeNordic) – Asgard Asset Management has partnered with macroeconomist Andreas Steno to launch an artificial intelligence-assisted global macro hedge fund. Set to launch on December 1, the Asgard-Steno Global Macro Hedge Fund will combine human decision-making with AI-driven models to capitalize opportunities in global markets.
“Thrilled to announce that Andreas Steno and Asgard Asset Management team up to launch an AI-supported Macro Hedge Fund that leverages the latest technology for advanced market insights with the goal to stay ahead of major market shifts,” announces Kenny Friis Gade, Deputy CIO at Asgard Asset Management. “Our mission is clear in everything we do: to generate attractive risk-adjusted returns in the long run.” Morten Mathiesen, CIO of Asgard Asset Management, remarks, “Andreas and his team are a natural fit for our setup, and this new fund allows us to further diversify and seize more opportunities in the market, while maintaining our focus on risk management-one of the core principles that has driven Asgard’s success.”
“Thrilled to announce that Andreas Steno and Asgard Asset Management team up to launch an AI-supported Macro Hedge Fund that leverages the latest technology for advanced market insights…”
Kenny Friis Gade, Deputy CIO at Asgard Asset Management.
The Asgard-Steno Global Macro Hedge Fund will employ a discretionary macro strategy grounded in a quantitative framework that integrates AI, built on years of macroeconomic research and trading expertise. “This project has been a dream in the making, and I’m proud to partner with Asgard Asset Management, one of the best risk managers in Northern Europe with an incredible track record,” says Andreas Steno. “Over the past two years, Steno Research has grown rapidly, working with nearly 60 of the world’s largest hedge funds. The feedback on our technology has been overwhelmingly positive,” adds Steno. “That inspired me to take the next step and launch a fund using these insights.”
“This project has been a dream in the making, and I’m proud to partner with Asgard Asset Management, one of the best risk managers in Northern Europe with an incredible track record.”
Andreas Steno, CIO of the Asgard-Steno Global Macro Hedge Fund.
The team behind the Asgard-Steno Global Macro Hedge Fund also includes Claus Hornsleth (ex-Brevan Howard) as Chief portfolio manager, Alex Mealor (ex-Barclays Capital) as chief technology officer, and Mads Nielsen as Chief Quant Strategist, among others. According to Steno, the fund is being launched against the backdrop of ongoing macroeconomic volatility. “Post the pandemic, we have seen inflation moving from one extreme to the other extreme over the course of the past 36 months, and our product is designed to be able to navigate such a volatile macro environment no matter whether inflation is going up or down,” he explains. “You can make money in such markets, but it requires the right technology and the right macro models to navigate such volatility.”
The team at Steno Research has spent the last several years developing models nowcasting inflation, growth, and liquidity across a range of geographies and markets, including the U.S., Europe, China, and Japan. Nowcasting, the process of using real-time data to estimate current economic conditions, gives the team an edge in timing market moves. “The aim of the strategy is to have complete control of the left tail risk while still posting solid returns in both up and downtrends in financial markets,” Steno adds. “We do that via exploiting our nowcasting techniques across a range of assets, and by design, we have a very strict risk management protocol that ensures that we do not make large drawdowns.” The Asgard-Steno Global Macro Hedge Fund aims to deliver an annual return of 10-15 percent.
