After a strong year for Cleaves Shipping Fund, which is on track to finish among the ten best-performing Nordic hedge funds of 2025, the team at Cleaves has decided to relocate the fund’s structure from Ireland to Norway and rebrand it as Agmentum Maritime. The move is aimed at improving cost and operational efficiency and better aligning the fund’s structure with its capacity-constrained, shipping-focused equity strategy.
Cleaves Shipping Fund, an equity long/short hedge fund focused exclusively on the shipping sector, gained 23.1 percent over the first eleven months of 2025, following a challenging 2024 for shipping equities. According to Carl Synvis, Head of Fund Management and Portfolio Manager, the rebound was driven by a reassessment of sector fundamentals. “Our market analysis suggested that the sell-off in shipping stocks had been an overreaction,” he says. “We observed that shipping equities were generally trading at a discount to their underlying asset values.”
“Our market analysis suggested that the sell-off in shipping stocks had been an overreaction.”
Carl Synvis, Head of Fund Management and Portfolio Manager.
Beyond valuation, the team identified several macro and sector-specific tailwinds. In particular, they saw upside potential from a possible increase in OPEC+ supply combined with tighter sanctions on Russia, Iran, and India, a dynamic they believed would be especially supportive for tanker markets. “We were also constructive on dry bulk segment, where demand growth, in our view, exceeded new vessel supply,” Synvis notes. Reflecting these views, the fund maintained an overweight in long positions while holding a limited number of shorts. “We had a negative outlook on both the car carrier and container segments and generated returns on both the long and short sides.”
Overall, the fund’s 2025 performance reflects a combination of “allocation decisions, stock selection, supportive market movements, and good decision making,” according to Synvis. The market turmoil surrounding the so-called “Liberation Day” event in April proved particularly challenging. Many of the fund’s portfolio holdings declined by more than 30 percent in a short period, but the fund entered the episode with a substantial cash buffer. “That allowed us to acquire high-quality companies at attractive valuations before markets began to recover,” recalls Synvis.
Tanker equities later staged a sharp rally following the U.S. attack on Iran. “VLCC earnings were reported at above USD 100,000 per day, leading to a strong surge in share prices,” says Synvis. “Subsequently, we reduced our long exposure throughout the second half of the year, which contributed meaningfully to overall performance.”
From Irish ICAV to Norwegian AIF Structure
Around the turn of the year, the fund initiated its transition from an Irish ICAV structure to a Norwegian alternative investment fund. Given the relatively limited universe of listed shipping equities, shipping-focused strategies typically operate with smaller asset bases, making cost efficiency particularly important. “Based on our experience over the past three and a half years with the Irish ICAV structure, we believe it is better suited for significantly larger funds than ours,” Synvis explains. “The cost base and operational requirements are largely the same for a small fund like ours as for a large hedge fund, making the structure inefficient for our size.”
“…we have established a Norwegian structure that is both more cost-effective and operationally efficient.”
Carl Synvis, Head of Fund Management and Portfolio Manager.
“As a result, we have established a Norwegian structure that is both more cost-effective and operationally efficient,” he adds. When the fund initially launched in Ireland, the tax environment in Norway was less supportive, according to Synvis. “Conditions have since improved, and we are highly motivated to build a strong fund management company based in Oslo.” In line with this transition, Cleaves Shipping Fund will soon be renamed Agmentum Maritime.
