Stockholm (HedgeNordic) – Norwegian money manager Petter Kvamme Jensen may be a newcomer to the Nordic hedge fund scene, operating with a relatively low profile, but his equity hedge fund, Impega, is once again topping the performance charts. After delivering a 54 percent return in 2024 – ranking second in the Nordic hedge fund industry – Impega has carried its strong momentum into 2025. The “small but agile” long-biased equity fund, which operates on the AKJ Hedge Fund Platform with a flexible mandate, posted an 8.2 percent gain in January.
“2025 has started strong for Impega, continuing the momentum from a solid 2024,” says Kvamme Jensen, a former employee with 12 years of experience at Norges Bank Investment Management. Launched in May 2023, his fund ended 2024 with a return of 54.1 percent and finished the year as the second-best performing fund in the Nordic hedge fund industry. The fund has carried that momentum into 2025 to extend the inception-to-date return to 86.1 percent, currently leading the performance charts in what has been a strong January for the industry.
“2025 has started strong for Impega, continuing the momentum from a solid 2024.”
“Our approach at the beginning of the year was to maintain full exposure in order to capitalize on the typical January effect,” says Kvamme Jensen, referring to the seasonal pattern where stock markets tend to rise more in January than in any other month. However, by mid-January, Kvamme Jensen began to reduce exposure “due to increasingly unstable signals from the Trump administration, particularly regarding trade and policy shifts.” He further explains, “Ahead of the announcement on U.S. tariff sanctions against Mexico, Canada, and China, we lowered our market exposure to 40 percent long.”
“Our approach at the beginning of the year was to maintain full exposure in order to capitalize on the typical January effect.”
Impega operates as a long-biased equity fund, with its long portfolio structured across three tiers: high-quality large-cap dividend stocks, mid-cap value stocks, and small-cap growth stocks. While maintaining a long-term buy-and-hold strategy for the core positions in the first tier, Kvamme Jensen takes a more active trading approach with the second and third tiers. Initially involved in NBIM’s operations department, handling exchange-traded derivatives, and later serving as a money market trader in the trading department, Kvamme Jensen now manages his equity-focused fund with the flexibility and tools to adjust portfolio risk based on evolving market conditions.
“Our main short position remains Tesla, while Palantir and Nordic Semiconductors are the main contributors on the long side.”
“Our main short position remains Tesla, while Palantir and Nordic Semiconductors are the main contributors on the long side,” Kvamme Jensen summarizes the biggest bets in the portfolio. The strong performance from 2024 and January 2025 “has carried over into February, and we continue to focus on identifying undervalued, high-quality companies,” he concludes. “We look forward to continuing this journey and will stay vigilant in managing risk while seizing new opportunities.”
