Having managed the opportunistic hedge fund Pensum Global Opportunities under the Pensum Asset Management umbrella since 2022, Sector co-founder Peter Andersland has now established a new management company, Coda Partners, and will rename the fund Coda Global Opportunities starting in November. What better way to mark this transition than with a record-setting month in September?
With a track record approaching four years, Andersland and Pensum Global Opportunities are no strangers to roller-coaster returns. After gaining 8.7 percent in August and 14.8 percent in September – its best monthly performance since inception, the fund is now up 29.3 percent year-to-date through September, ranking as the second-best performing Nordic hedge fund this year. Andersland, co-founder of hedge fund platform Sector Asset Management, knows well what a true hedge fund should deliver.
“The main purpose of the fund is to play “moneyball” for investors. Their portfolios should be better with us than without.”
“The main purpose of the fund is to play “moneyball” for investors,” Andersland explains. “Their portfolios should be better with us than without. Obviously, we are trying to generate the best possible return, but the key is zero or even negative correlation with the market.” The fund has maintained a negative beta since its launch in early 2022, and Andersland is particularly pleased with its performance in a strong equity market year-to-date, as well as the profits generated during the market rout in March and April.
Team Strength
Andersland attributes part of the 2025 performance to a strengthened team, now under the new Coda Partners umbrella. The firm’s three partners – Knut Børsheim, Harald Thorstein, and Andersland – officially joined forces at the start of the year. “We strengthened the team at the end of last year, and I am very happy with how well we are working together,” Andersland says. “Having a bigger investment team has allowed us to hunt for more investment themes without diluting existing investments.”
“We strengthened the team at the end of last year…Having a bigger investment team has allowed us to hunt for more investment themes without diluting existing investments.”
With its own license secured, the fund will officially become Coda Global Opportunities on November 1. Up 29.3 percent year-to-date, including a 14.8 percent September advance, the fund embarks on this new chapter on a strong note. Discussing drivers of the September performance, Andersland highlights gold and silver, nuclear energy, and platinum as the top contributors in the long book, while shorts in U.S. homebuilders, trucking, and restaurants also delivered positive results.
Gold’s recent rally has grabbed headlines, with prices hovering above $4,000 per troy ounce for the first time. Silver and platinum have outpaced even gold’s strong gains. For Pensum Global Opportunities’ long book, the largest contributions came from gold and silver (+800 bps), while nuclear energy (+238 bps) and platinum (+184 bps) also added meaningful returns.
Final Stretch Toward Year-End
As we enter the fourth quarter and the final stretch toward year-end, Andersland and his team are focusing on portfolio positioning. He notes that “while the market appears to be pricing in lower economic risk, the risks themselves have not diminished.” In fact, tariffs are likely to produce the negative effects feared earlier in the year, and the U.S. economy is weaker now than it was in April. “The difference today is that equity valuations are significantly higher, and investor sentiment has shifted from fear to optimism,” Andersland adds. “This does not necessarily imply that a major market decline is imminent. However, it does mean that market risk is now elevated.” With cash yielding 4 percent, equities offer limited compensation for the higher risk, says Andersland.
“This does not necessarily imply that a major market decline is imminent. However, it does mean that market risk is now elevated.”
For that reason, the team at now Coda Partners aims to limit risk while still participating selectively in upside opportunities. “We do this by keeping a relatively low net equity market exposure and structuring the portfolio with as much convexity as possible,” Andersland explains. This involves holding stocks where the upside significantly outweighs the downside, taking shorts expected to fall more sharply than the market during sell-offs, and expressing certain trades via options. “This disciplined approach allows us to remain defensive yet opportunistic, positioning the fund to capitalize on market dislocations while preserving capital during periods of heightened volatility.”
