As 2025 is deep in its final quarter, investors find themselves navigating a world of contradictions. Equity markets, flush with liquidity and investor optimism, continue to hover near record highs. Beneath the surface, tremors of volatility and geopolitical unease remind us how fragile that confidence can be. From shifting trade alliances and resurgent inflation pressures to fiscal imbalances and election-year uncertainty, markets are adjusting to a reality where risk and reward have become increasingly asymmetric.
In this environment, fixed income is once again in focus in this annual publication from HedgeNordic. This year’s Alternative Fixed Income report from HedgeNordic explores how institutional investors and asset managers are navigating this new reality, balancing yield and resilience amid shifting credit cycles, structural change, and evolving sources of return.
Please find the report here. Happy reading!
The publication opens with a conversation with Christoffer Malmström, Co-Founder and Chief Portfolio Manager at Ridge Capital, on “Beyond Plain-Vanilla” investing in the Nordic high-yield bond market. With its Northern Yield strategy approaching its three-year milestone, Malmström reflects on how Ridge Capital “Navigates Three Distinct Market Years” and what its flexible mandate enables the team to achieve.
In “Macro Matters Again and Nordkinn is Built for It,” Bjørn Roger Wilhelmsen and Lars Mouland of Nordkinn Asset Management discuss why macro investing is back in focus and how Nordkinn’s fixed-income macro strategy has managed to capitalize on this renewed environment.
Laura Parrott, Senior Managing Director and Head of Private Fixed Income at Nuveen, explores “Private Credit’s Evolution,” highlighting how private credit has matured into a diverse ecosystem of strategies with distinct risk profiles, borrower characteristics, and regional dynamics. Igor Birkjær Baranovski, Chief Portfolio Manager for Private Debt at PenSam, then outlines “PenSam’s Playbook for Private Credit,” built around senior, secured, and cash-flow-paying debt strategies.
Vincent Kroes, Senior Portfolio Manager at Aegon Asset Management, takes readers “Exploring the Capital Call Corner of Private Credit,” sharing Aegon’s decade of experience in this specialized segment. Anders Ellegaard, Head of Fixed Income at Industriens Pension, describes the expansion of the pension fund’s allocation to private credit, calling it “The Perfect Fit for Its Member Base.”
Edwin Wilches and Victoria Dorreboom of PGIM introduce “The Rise of Private ABS,” explaining how the strategy “Connects Institutional Capital to Real-Economy Assets.” Kenneth Norling, newly appointed CIO of SH Pension, describes why private credit remains “A Key Element of SH Pension’s Alternatives Exposure.”
In “The Future of European Private Credit and Purposeful Investing,” Daniel Sachs, Founder and CEO of P Capital Partners (PCP), part of M&G Investments, discusses how the firm provides tailored private credit solutions to entrepreneurs and family-owned businesses. Petri Lehtola, Senior Portfolio Manager at OP Financial Group, then explains how “OP’s Funds-of-Funds Model Brings Efficiency to Private Credit Investing.”
The publication concludes with an in-depth feature by the MSCI team on the Danish mortgage market, highlighting its “Flexibility for Borrowers, Complexity for Investors.”
Enjoy the read! You can access the publication through the link below.
