Three Danish hedge funds have been recognized at the 2025 Hedge Fund Journal CTA and Discretionary Trader Awards. Two funds managed by Danske Bank Asset Management, along with the one of Calculo Capital, have been acknowledged for their strong, risk-adjusted performance across multiple time periods.
Calculo Capital
Calculo Evolution Fund, a pure commodity trend-following strategy based in Denmark, was awarded Best Performing Trend Follower – Commodities Fund over both three- and six-year periods. These time frames include the fund’s standout year in 2022, as well as the more challenging environments of 2023 and 2024 for trend-following strategies. While many trend-following funds suffered setbacks following the strong 2022, Calculo Evolution Fund demonstrated resilience – declining only 2.2 percent in 2023 and delivering a 1.5 percent gain in 2024 after its strongest annual return of 15.1 percent in 2022.
“We are honored by this recognition and remain committed to delivering uncorrelated, risk-managed returns for our investors.”
“This award is a testament to the consistency, resilience, and long-term performance of our strategy in the commodities space,” comments Philip Engel Carlsson, portfolio manager and CEO at Calculo Capital. “We are honored by this recognition and remain committed to delivering uncorrelated, risk-managed returns for our investors.”
Danske Bank Asset Management
Two hedge funds from Danske Bank Asset Management were also honored for their performance. Danske Invest Global Cross Asset Volatility, a multi-asset, multi-strategy fund employing volatility-focused strategies, received the award for Best Performing Fund over one, two, three, four, and five years in the “Cross Asset Volatility (Hybrid Discretionary and Systematic)” category. Meanwhile, Danske Invest Global Alternative Opportunities, which seeks to capture alternative risk premia across asset classes, was awarded Best Performing Fund for its performance in 2024 and over the past two years in the “Alternative Risk Premia” category.
“This is yet another recognition of their investment skills and our strong market position in hedge funds, which has also attracted significant inflows from institutional clients this year.”
“I’m really excited for the portfolio management teams,” says Thomas Gade, Head of Quant & Overlay at Danske Bank Asset Management. “This is yet another recognition of their investment skills and our strong market position in hedge funds, which has also attracted significant inflows from institutional clients this year.”
Methodology
The Hedge Fund Journal CTA and Discretionary Trader Awards are based on quantitative analysis of risk-adjusted returns across various categories and time periods. Only the top-performing funds, based purely on data, are invited to participate. If a fund declines to participate, the award category is omitted rather than passed on to the next-best performer.
