Stockholm (HedgeNordic) – Nordic hedge funds consistently secure a strong presence among the nominees at the EuroHedge Awards, and the 2024 edition is no exception. As in the previous year, Nordic funds dominate the “Fixed Income” category, achieving all four initial nominations. Pareto Total, last year’s top-performing Nordic hedge fund, has once again earned nominations in two distinct categories.
The With Intelligence EuroHedge Awards aim to recognize and celebrate the best performers in the European hedge fund industry. The nominations and winners are determined based on a combination of Sharpe ratios and absolute returns, reflecting two core objectives of hedge funds: minimizing volatility and delivering positive returns. The current nominations represent the first round, with the final round of nominations to be announced in January. The winners of the 2024 EuroHedge Awards will be revealed at a ceremony in London on February 27.
Nordic Supremacy in Fixed Income
Nordic hedge funds have taken a commanding lead in the “Fixed Income” category at the 2024 EuroHedge Awards. Among the nominees is Ridge Capital’s Northern Yield, a relatively new Swedish entrant making its mark. The Danish representation in this category includes Asgard Fixed Income Fund, Danske Invest Hedge Fixed Income Relative Value Fund, and Investin SRV – Fixed Income. Additionally, another Nordic manager, Accunia, has earned recognition in the “Credit – up to $500m” category with its Accunia European CLO Opportunity Fund.
Emerging Managers: Borea and Tidan
Borea Asset Management and Tidan Capital have seen their funds nominated in the “Emerging Manager – Smaller Fund – Macro, Futures, Fixed Income & RV” category. Borea Kreditt of Norwegian asset manager Borea employs a high-yield-focused strategy similar to its flagship fund – Borea Høyrente. Both funds aim to capitalize on the ‘credit spread puzzle,’ where relatively safe companies (BB-rated equivalents) pay a higher credit spread than justified by their expected losses and other risk factors. Meanwhile, Tidan Fund specializes in capital structure opportunities, relying on a relative-value approach. The fund ranks as the third best-performing hedge fund in the Nordic region this year, with a year-to-date return of 32.4 percent.
Swedish Stock Pickers in the Spotlight
Two Stockholm-based stock-picking funds, ALCUR Select and Protean Select, have secured nominations in the “European Equity – up to $500m” category at the 2024 EuroHedge Awards. Alcur Select, managed by portfolio manager Wilhelm Gruvberg and his team at Alcur Fonder, has established itself as one of the top-performing hedge funds in the Nordics in recent years, delivering an annualized return of 22.3 percent since launching in May 2018. Its younger peer, Protean Select, is a flexible and opportunistic equity hedge fund managed by Pontus Dackmo, Carl Gustafsson, and their team at Protean.
Pareto Total’s Dual Nomination
Pareto Total, a long-biased equity long/short fund managed by Bård Johannessen and Oddmund Nicolaisen Enæs out of Oslo, has been nominated in two categories at the 2024 EuroHedge Awards – one for short-term performance and another for longer-term performance. The fund achieved a return of 31.4 percent in 2023, securing the top position among Nordic hedge funds in the Nordic Hedge Index for that year. It has continued to deliver strong performance, gaining an additional 17 percent so far in 2024. Pareto Total is competing in both the “Global Equity” and “Long Term Performance (5 years) – Equity Strategies” categories.
Lynx’s Younger Systematic Macro Program
Lynx Asset Management’s Systematic Macro Program has also been nominated, competing in the “Managed Futures – up to $500m” category. The program has delivered a solid 17.5 percent return this year, using fundamental macroeconomic principles to invest across a range of asset classes, including currencies, fixed income, equity indices, and commodities. This strategy complements Lynx’s flagship program, one of the world’s largest and most successful trend-following strategies, with $5.6 billion in assets under management.
Excelling in Commodities and Volatility
Svelland Global Trading Fund, a long/short equities- and commodities-focused hedge fund overseen by Norwegian Tor Svelland, has earned a nomination in the “Commodities” category. The fund specializes in futures and equity trading in commodities such as LNG, crude oil, emissions, copper, aluminum, and iron ore. It has consistently delivered solid returns since its inception in 2017, including a 45.2 percent gain in 2022. The fund gained 10.4 percent in 2023 and has delivered 13.5 percent year-to-date through October, with an annualized return of 22 percent since inception. Svelland Global Trading Fund has also surpassed $750 million in assets under management.
Finally, Danske Invest Global Cross Asset Volatility, managed by Chief Portfolio Manager Jacob Øland Jensen, has been shortlisted in the “Volatility & Options” category. This multi-asset, multi-strategy fund aims to exhibit low correlation to risky assets, particularly during stressed market conditions, with a target return of four to six percent. The fund delivered a 10.3 percent gain in 2023, following a slight decline of 0.7 percent in 2022, which was a challenging year for many strategies. So far in 2024, the fund has gained an additional eight percent. It currently manages €533 million in assets under management.
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