Stockholm (HedgeNordic) – After a three-year winning streak in the “Hedge Fund of the Year” category at Privata Affärer, Alcur’s reign was interrupted last year when PriorNilsson Yield took home the renamed “Alternative Investment Fund of the Year” award. This year, Alcur Fonder’s low-risk hedge fund reclaimed its crown, earning the title of “Årets Alternativa Placering.” Meanwhile, Protean Small Cap, a newcomer with roots in the Nordic hedge fund industry, was recognized as the “Rising Star of the Year.”
Alternative Investment Fund of the Year: Alcur
Alcur, a low-net long/short equity fund focused on the Nordic region, was named “Årets Alternativa Placering” by the Swedish business magazine Privata Affärer. This marks the fund’s fourth win in the Alternative Investment category, following a winning streak from 2020 to 2022. “Alcur once again demonstrates top-tier performance by delivering strong returns relative to risk through active management,” notes Privata Affärer’s jury board in the decision to grant Alcur the “Årets Alternativa Placering” award.
“Alcur once again demonstrates top-tier performance by delivering strong returns relative to risk through active management.”
Alcur, also known as Alcur Classic, delivered a 6.7 percent gain in 2024, which is in line with its long-term objectives. This follows a 6.4 percent advance in 2023 and a more impressive gain of 8.2 percent during the difficult market conditions of 2022. The fund’s 2024 performance was “achieved with low standard deviation and low correlation to the stock market,” according to the Alcur Classic team. The long book returned 16 percent, while the short book gained seven percent, slightly less the eight percent rise in the relevant stock index. Alcur Classic closed the year with a net exposure of 14 percent.
Rising Star of the Year: Protean Small Cap
Protean Small Cap, a long-only equity fund targeting small and mid-cap stocks in the Nordics, was awarded the title of “Rising Star of the Year” by Privata Affärer. “A stellar debut for the newcomer, unleashing its creative imagination in the pursuit of the best small-cap stocks in the Nordics,” comments the Privata Affärer jury on their decision to recognize Protean Small Cap as the “Rising Star of the Year.”
“A stellar debut for the newcomer, unleashing its creative imagination in the pursuit of the best small-cap stocks in the Nordics.”
About a year after the successful launch of their long/short equity fund Protean Select in May 2022, Pontus Dackmo and Carl Gustafsson introduced a higher-risk counterpart with a long-only strategy, focusing on small- and mid-cap equities. Following its launch in June 2023, Protean Small Cap gained 11.9 percent in the second half of the year. The fund continued its strong performance in 2024, delivering a 24.2 percent return and outperforming its benchmark, the Carnegie Nordic Small Cap, by 13 percentage points. Since its inception, Protean Small Cap has risen 39 percent, generating an excess return of 22 percentage points over the index.
“Our ambition with launching Protean Funds has always been to create optimal conditions for high returns. One of our core principles is to keep the funds manageably small, enabling us to take a truly active approach to management,” says Carl Gustafsson, the fund’s lead portfolio manager. “We also avoid unnecessary labels and restrictions, giving us the freedom to invest where we see the greatest potential.” Gustafsson continues, “We are delighted that our work with Protean Small Cap has been recognized by Privata Affärer, and we’re proud to demonstrate that a small, independent fund manager can be successful. It’s encouraging to see more people drawn to the alternative we offer—standing apart from the large, often indistinguishable funds emerging amidst the industry’s ongoing consolidation.”
