Both observation and scattered market data suggest that in Sweden, hedge fund investors are predominantly family offices, foundations, and private banks rather than large institutional allocators. This highlights a market where entrepreneurial wealth and private banking channels play a far more significant role in driving hedge fund capital flows than pension funds or insurance companies. It is precisely this dynamic that appeals to Norwegian fund boutique Sissener, which is now seeking to attract Swedish investors with its equity hedge fund Sissener Canopus and its high-yield bond strategy.

Sissener Canopus operates as a directional long/short equity fund with a strong emphasis on downside protection. The Sissener team and their clients are willing to forgo a portion of potential upside in exchange for capital preservation during market drawdowns, a trade-off that has proven worthwhile over time, with little lost in the way of long-term returns. “You drive every day with the handbrake on, ready to pull it when the market falls,” explains CEO Philippe Sissener in an interview with FinansWatch. “We adjust for market risk all the time. And because we have daily liquidity, we also offer something that many traditional hedge funds don’t,” he adds.

“You drive every day with the handbrake on, ready to pull it when the market falls.”

Philippe Sissener, CEO at Sissener AS.

Sissener Canopus, managed by a team of active stock pickers with a flexible mandate, has delivered an annualized return of 11.9 percent since its launch in the first half of 2012, with an annual volatility of 11.5 percent. As of late summer, the fund managed close to NOK 3 billion in assets and primarily caters to family offices and wealthy investors, with family offices accounting for about half of its capital. That investor profile is also what draws the Sissener team toward Sweden, which they view as “a giant market” for family offices and private banks. As Philippe Sissener puts it, “the whole charm lies in offering a slightly more even absolute return than riding the roller coaster of the stock market.”

Ludvig Uddeholt, Head of Investor Relations, highlights the importance of finding the “right” type of investor. “It’s a perfect product for people who want to save for their retirement,” he tells FinansWatch. “Even in 2022, when almost everything was down, we were up 8.5 percent,” he recalls. “In 2020, when Covid hit, we gained 17 percent because we managed to limit the downside. And that’s really what pension money is all about.” The fund’s track record underscores that Canopus tends to perform best when market uncertainty is at its highest.

“It’s a perfect product for people who want to save for their retirement.”

Ludvig Uddeholt, Head of Investor Relations at Sissener AS.

Sissener Canopus is enjoying a particularly strong 2025, currently ranking among the top ten best-performing hedge funds in the Nordics over the first three quarters. The fund has gained just over 20 percent year-to-date through the end of October, putting it on track for its second-best year since inception in 2012. The Sissener family – with Philippe Sissener, son of founder Jan Petter Sissener, at the helm – demonstrates strong conviction by investing its entire investable wealth in the fund. In addition, half of all employee bonuses are locked into Canopus for three years. “Everyone should have skin in the game,” Philippe Sissener emphasizes.