Stockholm (HedgeNordic) – Swedish hedge fund boutique Alcur Fonder has reinforced its portfolio management team at the start of 2025 following the departure of fund manager Erik Eikeland. In late January, the firm announced the appointment of seasoned stockbroker Per Flöstrand as a fund manager, joining the team overseeing the low-risk hedge fund Alcur Classic.
“With us at Alcur Fonder, Per will take on role in portfolio management and specifically work with Alcur Classic together with the rest of the portfolio management team. We are delighted that Per is coming to us,” the fund boutique announced in late January. After more than 15 years on the sell-side as a broker at ABG Sundal Collier – most recently serving as Head of Equity Sales Sweden and International – he is now making the transition to the buy-side. Flöstrand joins the team managing the low-risk hedge fund Alcur Classic alongside Johan Klevby, Wilhelm Gruvberg, Mikael Holm, Oscar Karlsson, and Peter Guve.
“With us at Alcur Fonder, Per will take on role in portfolio management and specifically work with Alcur Classic together with the rest of the portfolio management team. We are delighted that Per is coming to us.”
“My career up until now has been as a stockbroker at banks and brokerage houses. As a broker, you talk and write about stocks, you recommend what customers should buy and sell,” Flöstrand told Swedish business magazine Privata Affärer. “Over time, you develop the urge to be on the other side of the table, to be the one making the investment decisions.” He acknowledges the transition to the buy-side as both a challenge and an opportunity. “That’s also when you find out how good you really are,” he adds. “I have extensive experience in the stock market but none in investment management, so this will be an exciting journey. It feels fantastic to be able to work with something I am so interested in and to be able to contribute to a fund with such a strong history.”
“I have extensive experience in the stock market but none in investment management, so this will be an exciting journey. It feels fantastic to be able to work with something I am so interested in and to be able to contribute to a fund with such a strong history.”
Per Flöstrand, Fund Manager for Alcur Classic.
Alcur Fonder manages three funds under its umbrella, overseeing a total of €1.1 billion in assets. Alcur Classic, the firm’s flagship low-net long/short equity fund focused on the Nordic region, accounts for roughly three-fifths of the total assets. Alcur Select, a higher-risk, higher-return long/short equity fund, manages €382 million as of the end of 2024. Additionally, Alcur Fonder runs Alcur Grow, a long-only equity fund with approximately €85 million in assets under management.
Launched in early 2007, Alcur Classic has delivered an annualized return of 5.9 percent over its 18-year track record, with an annualized standard deviation of 2.8 percent – resulting in an inception-to-date Sharpe ratio exceeding 2.0. The fund has demonstrated resilience in risk-off environments, generating strong positive returns in 2008, 2018, and 2022, while experiencing only one down year – a minor 0.2 percent decline in 2017. Since inception, its maximum drawdown has been limited to just 5.0 percent.
“What they do is among the most difficult tasks in money management. Running a hedge fund is challenging, and succeeding with a low-beta approach is even more challenging,” Per Flöstrand told Privata Affärer. “It’s impressive that they have consistently delivered strong results over such a long period without stumbling, something far from guaranteed in the hedge fund world.”
