After helping build and later steer the operations of fund boutique Norron, first as COO and then as CEO, Alexander Zetterquist is embarking on a new chapter as incoming CEO of hedge fund boutique Antiloop AB. He will be focusing on strengthening the firm’s operational backbone – systems, portfolio management, and connectivity – as well as setting the firm’s strategic path for the coming years. As Zetterquist prepares to lay the foundation for Antiloop’s next phase, Anna Svahn and Lynx co-founder Martin Sandquist continue to manage their respective strategies – Cygnus and Atlas – through separately managed account (SMA) structures.

Collaboration and Quant-Driven Insights

Svahn manages her commodity-focused tactical asset allocation strategy, Cygnus, while Sandquist oversees his multi-asset, multi-strategy approach, Atlas. Although they run their strategies independently, the duo operates as a cohesive team, sharing their combined experience and investment insights across both approaches. “The macro thesis is the clearest example of how we function as a team across our strategies,” says Svahn.

“And we both rely on the quant library that Martin has spent decades building,” she adds. Sandquist, one of the three co-founders of systematic asset manager Lynx Asset Management, has been developing a quantitative library that now forms the foundation for Antiloop’s strategies. The library includes roughly 50 combinations of rules and indicators that generate predictive signals across markets.

“We sit in the same office, share our macro thoughts, and often talk about individual trades. There’s a lot of teamwork involved.”

Anna Svahn

Svahn elaborates on how their teamwork works in practice, saying, “We sit in the same office, share our macro thoughts, and often talk about individual trades. There’s a lot of teamwork involved.” The difference between the two strategies is that Sandquist’s Atlas covers a broader universe and runs with lower risk, while Cygnus has more isolated exposure to commodities with slightly higher risk. “We’re very much a team, and we definitely collaborate on everything.”

Strong Performance and Future Outlook

The team’s top-down macro view has paid off this year, with Cygnus gaining 18.3 percent year-to-date through the end of September, while the lower-risk Atlas strategy rose 2.5 percent. “It has been a very interesting year in many ways. We’ve been completely right on the macro front and in how precious metals and commodities have played out,” says Sandquist. “The firm’s macro review has been very spot on, and we’re very happy with that.”

“It has been a very interesting year in many ways. We’ve been completely right on the macro front and in how precious metals and commodities have played out.”

Martin Sandquist

Both Cygnus and Atlas combine data-driven signals with fundamental macro views, underpinned by a shared belief in an emerging commodities supercycle. Svahn’s Cygnus strategy, in particular, has benefited from strong momentum across commodities this year. “Cygnus has more isolated exposure to commodities and slightly higher risk. It’s a universe of about 30 commodities, and it’s been a great year. There’s been a lot of tailwind for Cygnus,” says Svahn. The strategy’s exposure to uranium mining companies has been particularly rewarding.

The laggards this year have been agricultural commodities, while precious metals have performed strongly. “Now both platinum and palladium are also waking up,” says Svahn. “Silver is approaching $50 per ounce, let’s see if it breaks above that as smoothly as gold surpassed 4,000.”

“Cygnus has more isolated exposure to commodities and slightly higher risk. It’s a universe of about 30 commodities, and it’s been a great year. There’s been a lot of tailwind for Cygnus.”

Anna Svahn

Atlas, which blends systematic and discretionary methods, has had a more muted 2025. “Atlas struggled a bit. That’s largely because the quant component of the strategy has underperformed, though the fundamental side has offset some of those losses,” says Sandquist. He remains optimistic about the quant side, noting that “when it has a few weak periods, it often bounces back later, so hopefully we’ll see improvement going forward.”

Looking ahead, both Cygnus and Atlas share a strong conviction that “we are still in the early stages of a commodity bull market cycle,” according to Sandquist. “That’s a key part of our thesis. Even though commodities, especially precious metals, have performed very well this year, I believe we are still in the first innings of this cycle, which has many years to play out,” he emphasizes. He adds that while the sharp rise in gold prices may look alarming at first glance, “considering how much currency has been printed and the ongoing debasement of money, it’s still relatively early days in this cycle.”

“We are still in the early stages of a commodity bull market cycle.”

Martin Sandquist

While Zetterquist focuses on building out the operational framework of the boutique and laying the groundwork to eventually launch Cygnus and Atlas as standalone funds, Svahn and Sandquist remain fully committed to managing their strategies through SMA structures. Their goal is to demonstrate to current and prospective investors why these strategies deserve a place in diversified portfolios.