Despite the Nordic region featuring a slimmer lineup of nominees at this year’s HFM European Performance Awards compared to previous years, three Nordic managers returned from London with awards. Lynx Constellation, SRV Fixed Income, and Svelland Global Trading Fund all picked up trophies at the ceremony held on 25 November at the Victoria & Albert Museum.
The HFM European Performance Awards recognize the top-performing hedge funds, funds of hedge funds, and CTAs across Europe. Although the Nordics typically enjoy broad representation among both nominees and winners, this year’s nominee shortlist included only eight Nordic hedge funds. Even so, the region secured three awards.
Lynx Constellation
Lynx Asset Management, the most represented Nordic manager among this year’s nominees with all three of its programs shortlisted, won the category “Managed Futures (CTA) Up to $1bn” with its Lynx Constellation Program. Lynx Constellation has received an award at the HFM European Performance Awards for the second year in a row.
“We are honored to receive this recognition for the Lynx Constellation program in a highly competitive universe,” says Andreas Bernsel, one of the portfolio managers of the Lynx Constellation Program. “The fund has produced solid results over the past four years, with the past two years standing out as particularly rewarding despite the challenging environment for CTA strategies.”
The Lynx Constellation Program, a pure machine-learning complement to the flagship trend-following Lynx Program, has delivered strong performance in recent years, especially during periods that have challenged more traditional trend-followers, such as in 2024 and 2025. Over the past three years, Lynx Constellation achieved an annualized return of 8.7 percent, the highest among Nordic managed futures vehicles.
SRV Fixed Income
SRV Fixed Income, a relative-value fixed-income fund managed by a team on the outskirts of Copenhagen, won the “Alternative Risk Premia” category. SRV Capital applies a disciplined relative-value approach to Scandinavian bonds, using derivatives and hedging to deliver stable, low-volatility returns with limited interest-rate exposure. More specifically, the strategy aims to harvest risk premia from Danish and Nordic mortgage bonds using leverage, supported by three additional pillars: a roll-and-carry strategy to exploit yield-curve slopes, a “raw alpha” allocation targeting market dislocations, and a dedicated tail-risk hedge strategy.
“This award, the second award we have received this year, recognizes our ongoing focus on quality, disciplined risk management, and deep insight into the Scandinavian fixed-income markets,” says the team at SRV Capital. “This honour is the result of strong teamwork and a sustained commitment to creating value for our investors.”
Despite operating as a relative-value vehicle focused on fixed income, SRV Fixed Income has delivered exceptionally strong results over the past three years, generating an annualized return of 14.9 percent. The fund finished 2022 in positive territory at 0.6 percent, followed by its best annual performance to date, 14.3 percent in 2023, since launching in early 2019. SRV Fixed Income has maintained this momentum, returning 13.9 percent in 2024 and adding a further 12.7 percent year-to-date through the end of November. “With a solid track record since 2019 and a strong focus on risk management, the strategy offers investors a resilient source of diversification in shifting fixed-income markets,” adds the team.
Svelland Global Trading Fund
Svelland Global Trading Fund, a fundamental discretionary long/short strategy focused on commodities, secured its third consecutive win in the “Commodity” category. Led by Norwegian manager Tor A. Svelland and his teams in Oslo and London, the fund trades across commodity futures, freight futures, and equities, with selective allocations to other areas within the commodity space.
The fund has been one of the best-performing and fastest-growing hedge funds in the Nordic region in recent years, even as 2025 has proven more challenging. Since its launch in mid-2017, Svelland Global Trading Fund has delivered an annualized return of 18.3 percent through the end of August this year, with performance data for September and October not yet available.
