The strength of multi-strategy investing lies in diversification: rarely do all strategies struggle at once, helping protect the downside. But in the right environment, multiple strategies can also perform in tandem. That dynamic was on full display at Hafnium Investment Fund in February, when broad-based gains across its models led to the fund’s strongest month on record, with a return of 5.7 percent.

February marked the strongest monthly performance since the fund’s inception in the first quarter of 2025, coinciding with the completion of its first 12 months of track record. “Returns were broad-based, with several strategies contributing as market conditions proved favorable across regions and asset classes,” the team writes in a recent investor update. Managed out of Copenhagen, Hafnium Investment Fund employs a multi-strategy, multi-asset framework built on distinct systematic models spanning equity volatility, foreign exchange, interest rates, and commodities.

“Returns were broad-based, with several strategies contributing as market conditions proved favorable across regions and asset classes.”

“While exposures remained well balanced, volatility was the largest contributor, supported by episodic market moves,” the French-Danish duo of Alexis Dubois and Victor Clausen Brassart explains. Commodities also delivered strong performance, with livestock markets benefiting from dislocations linked to plant shutdowns. Additional gains came from foreign exchange and fixed income, with Latin America serving as the primary driver within currencies.

“While exposures remained well balanced, volatility was the largest contributor, supported by episodic market moves.”

The team deploys risk premia strategies with a history of robust performance across each asset class. The volatility strategy focuses on long/short opportunities in equity index options. In FX, the model combines traditional carry with more advanced statistical arbitrage signals. The rates strategy targets macro momentum across G10 interest rate futures, while the commodities model seeks to exploit inefficiencies in liquid futures markets, including energy, agriculture, and metals. “These models ensure a well-diversified and decorrelated portfolio that adapts to various market conditions,” CIO Victor Clausen Brassart previously told HedgeNordic.

As Hafnium Investment Fund completes its first full year of performance, it has delivered a solid start, generating a cumulative return of 9.2 percent with an annualized volatility of 7.2 percent based on monthly returns. The timing of the launch coincided with the onset of a more volatile market environment, shaped in part by uncertainty around U.S. tariff policies, providing an early test of the strategy’s robustness. Looking ahead, the team expects geopolitical developments, particularly in Iran, to remain a key driver of market dynamics, likely sustaining a supportive backdrop for diversified, systematic strategies.