Less than a year after the launch of Asgard-Steno Global Macro Fund – a collaborative effort between macro strategist Andreas Steno Larsen and fixed-income specialist Asgard Asset Management – the fund’s original strategy is being discontinued due to limited investor demand. While the macro strategy will be wound down, the fund will continue under a new name and direction.
Effective September 1, the fund will be renamed Asgard Global Fixed Income Risk Premia and adopt an investment strategy focused on global fixed income markets. The updated approach will complement Asgard’s successful Nordics-focused fixed income risk premia strategy and apply its proven approach in markets outside of Scandinavia. With the discontinuation of the macro strategy, Asgard Asset Management is doubling down on its core expertise: fixed income.
“It has been decided to discontinue the investment strategy of the Asgard-Steno Global Macro Fund (“ASGM”),” announces the team at Asgard Asset Management. “While the investment results have been as expected, the fund raising has disappointed. All investors in ASGM have, to date, earned positive returns.” Since its inception in December 2024, the Asgard-Steno Global Macro Fund has generated a cumulative return of 2.2 percent, including a 4.1 percent gain in the first half of 2025. Despite this performance aligning with initial expectations, asset growth remained modest, with assets under management increasing from €17.9 million at the end of 2024 to €22.2 million by mid-2025.
“It has been decided to discontinue the investment strategy of the Asgard-Steno Global Macro Fund. While the investment results have been as expected, the fund raising has disappointed.”
After launching his own macro research firm, former Nordea Chief Strategist Andreas Steno Larsen teamed up with Asgard Asset Management to launch the Asgard-Steno Global Macro Fund. The fund combined Steno’s real-time macro nowcasting techniques with Asgard’s established risk premia approach. Highly active and focused on liquid instruments, the strategy typically held 7–10 positions with a turnover of less than a month. The use of futures, options, and other derivatives allowed the team to keep cash idle, which could then be deployed into Asgard’s risk premia strategy. The fund’s risk allocation generally leaned more heavily on the macro strategy, taking roughly twice the risk compared to the risk premia sleeve.
As the macro strategy winds down, Asgard Asset Management is shifting focus to its core strength in fixed income. Asgard-Steno Global Macro Fund will continue as Asgard Global Fixed Income Risk Premia, adopting a strategy centered on capturing risk premiums in global interest rate markets. The approach mirrors the one used in Asgard’s fixed income funds, which currently manage over €1.64 billion in assets: Asgard Fixed Income Fund and Asgard Fixed Income Risk Premia.
