9 /1
Q1
The Nordic Hedge Fund Space Country by Country Report
www.hedgenordic.com - April 2019
SWEDEN Swedish Hedge Fund Industry Up 1.9% in Q1 The Swedish hedge fund industry as expressed by the NHX Sweden was the worst performing in the first quarter of 2019 among the four NHX country sub-indices. Speaking of performance, Swedish hedge funds delivered the secondhighest 12-month return. When looking at risk-adjusted returns, the Swedish hedge fund industry also had the second-highest 12-month Sharpe ratio in the Nordics. Hedge funds are generally known for providing uncorrelated returns, and the 12-month correlation between the NHX Sweden and the S&P 500 stands at 0.29. This was the secondlowest correlation among the four NHX country sub-indices. Last but not least, performance dispersion between the top 30 percent and bottom 30 percent in the NHX Sweden was the lowest, and its 12-month volatility was the lowest among the four sub-indices.
HedgeNordic's Ranking Pie Q1 Performance Dispersion
Q1 Return
12-Month Correlation with S&P 500
12-Month Return
12-Month Volatility
12-Month Sharpe ratio
Recent Hedge Fund Launches in Sweden 2019
Handelsbanken HĂĽllbarhet Hedge Criteria Nordic Cross Credit Edge Coeli Absolute European Equity Coeli Altrua Macro
2018
Q1
Q2
Q3
Alcur Select OPM Multi Hedge Hamiltonian Global Credit Opportunity
PAGE
2
Carlsson NorĂŠn Yield Opportunity
Q4
Q1
ia Proxy Long/Short Energy Proxy Global Energy Proxy Renewable Long/Short Energy
Q2
Q3
Q4
2020
www.hedgenordic.com - April 2019
Active Hedge Funds
99
Fraction of hedge funds with positive returns in Q1 2019
Top performing hedge funds in Q1 2019
101 in Q4
Alcur Select
20.5%
Proxy Renewable L/S Energy
19.5%
Proxy Global Energy
18.0%
Rhenman Global Opp. L/S
15.9%
Rhenman Health. Equity L/S
15.5%
63.6%
Average 12-month Sharpe Ratio
Performance dispersion in Q1 2019
10.4%
0.13
Top 30%
7.7%
0.29
Bottom 30%
-2.7%
Average 12-month correlation with the S&P 500
Performance Comparison: Swedish Hedge Funds versus NHX Composite 3.5% 3.0% 2.5% 2.0%
2.0%
1.9%
1.5%
1.5% 1.0%
0.2%
0.5% 0.0% -0.5%
0.0% Q1 2019 Return
12-month return
Annualized 24-month Annualized 36-month Annualized 60-month return return return
NHX Sweden
Largest Swedish Hedge Funds Mar 2019, EUR
1 YoY Δ
Brummer Multi-Strategy
3.34 Billion
-10%
IPM Systematic Macro Fund
1.16 Billion
+8%
Nordkinn Fixed Income Macro
1.08 Billion
+5%
NHX Composite
Hedge Hunds by Strategy Multi-Strategy 20 Fixed-income 12
CTA 11
99
Equities 42 Fund of funds 14 PAGE
3
www.hedgenordic.com - April 2019
DENMARK Danish Hedge Fund Industry Up 5.1% in Q1
HedgeNordic's Ranking Pie
The Danish hedge fund industry as expressed by the NHX Denmark was the second best performing in the first quarter of 2019 among the four NHX country sub-indices. Speaking of performance, Danish hedge funds delivered the highest 12-month return. When looking at risk-adjusted returns, the Danish hedge fund industry had the highest 12-month Sharpe ratio in the Nordics. Hedge funds are generally known for providing uncorrelated returns, and the 12-month correlation between the NHX Denmark and the S&P 500 stands at 0.47. This was the second-highest correlation among the four NHX country sub-indices. Last but not least, performance dispersion between the top 30 percent and bottom 30 percent in the NHX Denmark was the second lowest, whereas its 12-month volatility was the second lowest among the four sub-indices.
Q1 Performance Dispersion
Q1 Return
12-Month Correlation with S&P 500
12-Month Return
12-Month Volatility
12-Month Sharpe ratio
Recent Hedge Fund Launches in Denmark SEB Eureka Fixed Income Relative Value
2018
PAGE
4
Q1
Q2
2019
Danske Invest Europe Long-Short Equity Factors
Calculo Evolution Fund
Q3
Yggdrasil Multi-Asset Fund Innolab Capital Index Danske Invest Global Cross Asset Volatility Danske Invest Fixed Income Global Value
Q4
Q1
HP Hedge Fixed Income Investin Othania Etisk FormuevĂŚkst
Q2
Q3
Q4
2020
www.hedgenordic.com - April 2019
Active Hedge Funds
38
Fraction of hedge funds with positive returns in Q1 2019
Top performing hedge funds in Q1 2019
36
in Q4
Formuepleje Penta
19.8%
Formuepleje Epikur
17.2%
Asgard Credit Fund
14.4%
Formuepleje Safe
13.8%
Nykredit EVIRA Hedge Fund
11.3%
84.2%
Average 12-month Sharpe Ratio
Performance dispersion in Q1 2019
10.4%
0.97
Top 30%
11.2%
0.47
Bottom 30%
0.8%
Average 12-month correlation with the S&P 500
Performance Comparison: Danish Hedge Funds versus NHX Composite 8.0%
6.7%
7.0% 6.0% 5.0%
5.1%
5.0%
6.0%
4.1%
4.0% 3.0% 2.0% 1.0% 0.0%
Q1 2019 Return
12 -month return
Annualized 24-month Annualized 36-month Annualized 60-month return return return
NHX Denmark
Largest Danish Hedge Funds Mar 2019, EUR
1 YoY Δ
Nordea 1 - Alpha 10 MA
2.30 Billion
+30%
Nordea 1 – Alpha 15 MA
1.32 Billion
+35%
DI Hedge Fixed Income Strategies
1.07 Billion
-3%
NHX Composite
Hedge Hunds by Strategy Multi-Strategy 14 Fixed-income 17
CTA 2
38
Equities 4 Fund of funds 1 PAGE
5
www.hedgenordic.com - April 2019
FINLAND Finnish Hedge Fund Industry Up 5.5% in Q1
HedgeNordic's Ranking Pie
The Finnish hedge fund industry as expressed by the NHX Finland was the best performing in the first quarter of 2019 among the four NHX country sub-indices. Speaking of performance, Finnish hedge funds delivered the secondlowest 12-month return. When looking at risk-adjusted returns, the Finnish hedge fund industry had the lowest 12-month Sharpe ratio in the Nordics. Hedge funds are generally known for providing uncorrelated returns, and the 12-month correlation between the NHX Finland and the S&P 500 stands at 0.27. This was the lowest correlation among the four NHX country sub-indices. Last but not least, performance dispersion between the top 30 percent and bottom 30 percent in the NHX Finland was the highest, whereas its 12-month volatility was the second highest among the four sub-indices.
Q1 Performance Dispersion
Q1 Return
12-Month Correlation with S&P 500
12-Month Return
12-Month Volatility
12-Month Sharpe ratio
Recent Hedge Fund Launches in Finland 2019 Northern Star MG Relative Value
2018
PAGE
6
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2020
www.hedgenordic.com - April 2019
Active Hedge Funds
17
Fraction of hedge funds with positive returns in Q1 2019
Top performing hedge funds in Q1 2019
18
in Q4
HCP Focus Fund
32.2%
UB Real REIT
16.2%
HCP Quant Fund
14.9%
Evli Factor Premia
5.2%
Northern Star MG Relative
4.1%
58.8%
Average 12-month Sharpe Ratio
Performance dispersion in Q1 2019
19.9%
-0.52
Top 30%
17.1%
0.27
Bottom 30%
-2.7%
Average 12-month correlation with the S&P 500
Performance Comparison: Finnish Hedge Funds versus NHX Composite 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0%
5.5%
2.0%
-1.2%
-1.9% Q1 2019 Return
12-month return
-2.5%
Annualized 24-month Annualized 36-month Annualized 60-month return return return
NHX Finland
Largest Finnish Hedge Funds Mar 2019, EUR
1 YoY Δ
VISIO Allocator Fund
151.1 Million
-8%
Estlander & Partners Alpha Trend
84.7 Million
-13%
HCP Focus Fund
65.5 Million
+86%
NHX Composite
Hedge Hunds by Strategy Multi-Strategy 4 Fixed-income 0
CTA 5
17
Equities 3 Fund of funds 5 PAGE
7
www.hedgenordic.com - April 2019
NORWAY HedgeNordic's Ranking Pie
Norwegian Hedge Fund Industry
Up 3.9% in Q1 The Norwegian hedge fund industry as expressed by the NHX Norway was the second worst performing in the first quarter of 2019 among the four NHX country sub-indices. Speaking of performance, Norwegian hedge funds delivered the lowest 12-month return. When looking at risk-adjusted returns, the Norwegian hedge fund industry had the secondworst 12-month Sharpe ratio in the Nordics. Hedge funds are generally known for providing uncorrelated returns, and the 12-month correlation between the NHX Norway and the S&P 500 stands at 0.58. This was the highest correlation among the four NHX country sub-indices. Last but not least, performance dispersion between the top 30 percent and bottom 30 percent in the NHX Norway was the second highest in the Nordics, whereas its 12-month volatility was the highest among the four sub-indices.
Q1 Performance Dispersion
Q1 Return
12-Month Correlation with S&P 500
12-Month Return
12-Month Volatility
12-Month Sharpe ratio
Recent Hedge Fund Launches in Norway 2019 No hedge fund launches in 2018
2018
PAGE
8
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2020
www.hedgenordic.com - April 2019
Active Hedge Funds
18
Fraction of hedge funds with positive returns in Q1 2019
Top performing hedge funds in Q1 2019
17
in Q4
Titan Opportunities Fund
12.0%
Taiga Fund
11.3%
Incentive Active Value Fund
9.7%
Borea Global Equities
9.2%
Sissener Canopus
9.1%
66.7%
Average 12-month Sharpe Ratio
Performance dispersion in Q1 2019
0.17
10.9%
Top 30%
0.58
10.3%
Bottom 30%
-0.6%
Average 12-month correlation with the S&P 500
Performance Comparison: Norwegian Hedge Funds versus NHX Composite 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% -5.0%
3.9%
3.7%
3.3%
-0.4%
Q1 2019 Return
-4.4%
12-month return
Annualized 24-month Annualized 36-month Annualized 60-month return return return
NHX Norway
Largest Norwegian Hedge Funds Mar 2019, EUR
1 YoY Δ
AAM Absolute Return Fund
377.1 Million
+32%
Sissener Canopus
297.5 Million
na
Taiga Fund
246.0 Million
-6%
NHX Composite
Hedge Hunds by Strategy Multi-Strategy 2 Fixed-income 2
CTA 1
18
Equities 13 Fund of funds 0 PAGE
9
“Your single access point to the Nordic Hedge Fund Industry”
GENERAL TERMS AND CONDITIONS
These are the terms and conditions which govern the use of „HedgeNordic Industry Report“, an online magazine edited and distributed by electronical means and owned, operated and provided by Nordic Business Media AB (the “Editor”), Corporate Number: 556838-6170, BOX 7285, SE-103 89 Stockholm, Sweden.
DISCLAIMERS AND LIMITATIONS OF LIABILITY 1.
The Content may include inaccuracies or typographical errors. Despite taking care with regard to procurement and provision, the Editor shall not accept any liability for the correctness, completeness, or accuracy of the fund-related and economic information, share prices, indices, prices, messages, general market data, and other content of „HedgeNordic Industry Report“ (“Content”). The Content is provided “as is” and the Editor does not accept any warranty for the Content.
2.
The Content provided in „HedgeNordic Industry Report“ may in some cases contain elements of advertising. The editor may have received some compensation for the articles. The Editor is not in any way liable for any inaccuracies or errors. The Content can in no way be seen as any investment advice or any other kind of recommendation.
3.
Any and all information provided in „HedgeNordic Industry Report“ is aimed for professional, sophisticated industry participants only and does not represent advice on investment or any other form of recommendation.
www.hedgenordic.com
www.hedgenordic.com - April 2019
Contents is expressly forbidden, unless with the prior, explicit consent of the Editor in writing.
3. Any duplication, transmission, distribution, data transfer, reproduction and publication is only permitted by i. expressly mentioning Nordic Business Media AB as the sole copyright-holder of the Content and by ii. referring to the Website www.hedgenordic.com as the source of the information. provided that such duplication, transmission, distribution, data transfer, reproduc tion or publication does not modify or alter the relevant Content. 4.
Subject to the limitations in Clause 2 and 3 above, the reader may retrieve and display Content on a computer screen, print individual pages on paper and store such pages in electronic form on disc.
5.
If it is brought to the Editor’s attention that the reader has sold, published, distributed, re-transmitted or otherwise provided access to Content to anyone against this general terms and conditions without the Editor’s express prior written permission, the Editor will invoice the reader for copyright abuse damages per article/data unless the reader can show that he has not infringed any copyright, which will be payable immediately on receipt of the invoice. Such payment shall be without prejudice to any other rights and remedies which the Editor may have under these Terms or applicable laws.
4. The Content that is provided and displayed is intended exclusively to inform any reader and does not represent advice on investment or any other form of recom mendation.
MISCELLANEOUS
5.
The Editor is not liable for any damage, losses, or consequential damage that may arise from the use of the Content. This includes any loss in earnings (regardless of whether direct or indirect), reductions in goodwill or damage to corporate.
1.
These conditions do not impair the statutory rights granted to the readers of the Content at all times as a consumer in the respective country of the reader and that cannot be altered or modified on a contractual basis.
6.
Whenever this Content contains advertisements including trademarks and logos, solely the mandator of such advertisements and not the Editor will be liable for this advertisements. The Editor refuses any kind of legal responsibility for such kind of Content.
2.
All legal relations of the parties shall be subject to Swedish law, under the exclusion of the UN Convention of Contracts for the international sale of goods and the rules of conflicts of laws of international private law. Stockholm is hereby agreed as the place of performance and the exclusive court of jurisdiction, insofar as there is no compulsory court of jurisdiction.
3.
Insofar as any individual provisions of these General Terms and Conditions contradict mandatory, statutory regulations or are invalid, the remaining provisions shall remain valid. Such provisions shall be replaced by valid and enforceable provisions that achieve the intended purpose as closely as possible. This shall also apply in the event of any loopholes.
YOUR USE OF CONTENT AND TRADE MARKS 1.
All rights in and to the Content belong to the Editor and are protected by copyright, trademarks, and/or other intellectual property rights. The Editor may license third parties to use the Content at our sole discretion.
2.
The reader may use the Content solely for his own personal use and benefit and not for resale or other transfer or disposition to any other person or entity. Any sale of PAGE
10