Stockholm (HedgeNordic) – 2024 marked a milestone for the Nordic Hedge Index with the addition of its first crypto-focused hedge fund. As Bitcoin doubled in value for the second consecutive year, the Norwegian algorithmic hedge fund, Anna Fund, emerged as the top performer in the index with a return of 144 percent. While the Bitcoin rally in 2024 provided a favorable backdrop, Anna Fund’s co-founder, Ole Christian Wendel, emphasizes that the strategy’s success is not solely dependent on crypto market rallies.
“Internally, we do not benchmark our performance against Bitcoin, as our fund operates independently of the long-term value of BTC. Our return target remains fixed regardless of whether Bitcoin rises or falls in a given year,” explains Wendel, one of the three founders of Anna Fund. “Overall, we are very happy with our performance in 2024, as our target is to deliver 65 percent net return annually for our investors,” he adds. With Bitcoin posting a gross return of 121 percent in 2024, the Anna Fund team is “very satisfied to have delivered better numbers for our investors even after fees and taxes.”
“Internally, we do not benchmark our performance against Bitcoin, as our fund operates independently of the long-term value of BTC. Our return target remains fixed regardless of whether Bitcoin rises or falls in a given year.”
Ole Christian Wendel, CEO of Anna Asset Management.
The Norwegian founding trio of Ole Christian Wendel, Martin Helgheim, and Ole Nordviste developed a momentum-driven strategy that exclusively relies on historical price and volume data to trade Bitcoin futures. Their strategy is based on the premise that Bitcoin investors primarily trade on price movements, given the cryptocurrency’s lack of the typical characteristics required for valuation using conventional methods. The team focuses on identifying and capitalizing on bullish or bearish momentum in Bitcoin, describing 2024 as a strong year for momentum in the cryptocurrency market. “In general, the quarterly price spread, whether up or down, is the key indicator of how favorable the market environment is for our strategy,” explains Wendel. “By that measure, 2024 has been close to Bitcoin’s five-year average.”
“In general, the quarterly price spread, whether up or down, is the key indicator of how favorable the market environment is for our strategy. By that measure, 2024 has been close to Bitcoin’s five-year average.”
Ole Christian Wendel, CEO of Anna Asset Management.
Looking ahead to 2025, the team anticipates Bitcoin to experience both favorable and less favorable periods, “similar to what we observed in 2024.” Since its launch in 2023, Anna Fund achieved a win rate of 53 percent on its positions, with an average gain of almost 25 percent and losses capped at a maximum of eight percent. “This profile is consistent with historical simulations and forms the foundation for how we generate returns over time,” says Wendel. “Our performance statistics are roughly the same for both long and short positions. As a result, we expect to deliver strong results regardless of whether Bitcoin is trading at $20,000 or $200,000 by the end of the year.”
Bitcoin saw a strong rally in late 2023 and early 2024, driven by optimism surrounding potential spot Bitcoin ETF approvals, increased institutional interest, and broader adoption. As a result, Anna Fund’s momentum strategy, officially launched as a fund in mid-2023, delivered strong performance, sparking investor interest in the strategy. Starting with less than €3 million in assets under management, Anna Fund’s asset base grew more than tenfold, reaching over €30 million by the end of 2024, thanks to strong performance and additional investments. “The fund has experienced significant interest throughout 2024, with the number of investors increasing approximately fourfold during the year,” says Wendel.
“The fund has experienced significant interest throughout 2024, with the number of investors increasing approximately fourfold during the year.”
Ole Christian Wendel, CEO of Anna Asset Management.
Currently, the fund is exclusively available to Norwegian professional investors, primarily family offices and high-net-worth individuals. Throughout 2024, the team witnessed growing interest from investors outside of Norway. “We are planning to open the fund to international investors during the first half of 2025,” says Wendel. “We have worked diligently in 2024 to build an even better infrastructure for our investors, which we look forward to rolling out in the coming months.”
