Country hedgenordic q2 july

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Q2

The Nordic Hedge Fund Space Country by Country Report

www.hedgenordic.com - July 2019

SWEDEN Swedish Hedge Fund Industry Up 0.5% in Q2 The Swedish hedge fund industry as expressed by the NHX Sweden was the second-worst performing in the second quarter of 2019 among the four NHX country sub-indices.

Speaking of performance, Swedish hedge funds delivered the second-highest 12-month return. When looking at riskadjusted 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 0.32. 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 Sweden was the second-lowest, and the average 12-month volatility of its members was the second-lowest.

HedgeNordic's Ranking Pie Q2 Performance Dispersion

Q2 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 Agenta Alternativa Investeringar

Q4

Q1

ia Proxy Long/Short Energy Proxy Global Energy Proxy Renewable Long/Short Energy

Q2

Q3

Q4

2020

www.hedgenordic.com - july 2019

Active Hedge Funds

100

Top performing hedge funds in Q2 2019

99

in Q1

RPM Evolving CTA Fund

11.1%

Proxy Renewable Long/Short

9.0%

Alcur Select

8.4%

Bodenholm

5.7%

Carve 2

5.3%

58.0% Performance dispersion in Q2 2019

Average 12-month Sharpe ratio

0.32

Fraction of hedge funds with positive returns in Q2 2019

7.2%

0.09

Top 30%

4.0%

Bottom 30%

-3.2%

Average 12-month correlation with the S&P 500

Performance Comparison: Swedish Hedge Funds versus NHX Composite 3 .0% 2.5%

1.8%

2.0%

1.2%

1.5% 1.0%

0.5%

0.3%

0.5% 0.0%

Annualized 60-m return

Annualized 36-m return

Annualized 24-m return NHX Sweden

Largest Swedish Hedge Funds Jun 2019, EUR

1 YoY Δ

Brummer Multi-Strategy

3.38 Billion

-10%

IPM Systematic Macro Fund

1.13 Billion

-3%

Nordkinn Fixed Income Macro

1.08 Billion

-1%

-0.3% 12-m return

-0.5%

Q2 2019 Return

NHX Composite

Hedge Hunds by Strategy Multi-Strategy 22 Fixed-income 12

CTA 10 100

Equities 42 Fund of funds 14 PAGE

3

www.hedgenordic.com - July 2019

DENMARK Danish Hedge Fund Industry Up 1.4% in Q2

HedgeNordic's Ranking Pie

The Danish hedge fund industry as expressed by the NHX Denmark was the best performing in the second 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 0.49. 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 lowest, whereas the average 12-month volatility of its members was also the lowest.

Q2 Performance Dispersion

Q2 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 SRV - Fixed Income

Calculo Evolution Fund

Q3

Yggdrasil Multi-Asset Fund Innolab Capital Index Danske Invest Global Cross Asset Volatility Danske Invest Fixed Income Global Value Nordea 1 – Alpha 7 MA

Q4

Q1

HP Hedge Fixed Income Investin Othania Etisk FormuevĂŚkst

Q2

Q3

Danske Invest Global Macro Hedge Fund

Q4

2020

www.hedgenordic.com - july 2019

Active Hedge Funds

40

Fraction of hedge funds with positive returns in Q2 2019

Top performing hedge funds in Q2 2019

38

in Q1

Nykredit EVIRA Hedge Fund

9.1%

Formue Nord Markedsneutral

8.7%

Asgard Credit Fund

4.7%

Formuepleje Penta

3.5%

Midgard Fixed Income Fund

3.2%

65.0% Performance dispersion in Q2 2019

Average 12-month Sharpe ratio

0.49

5.4%

0.88

Top 30%

4.0%

Bottom 30%

-1.4%

Average 12-month correlation with the S&P 500

Performance Comparison: Danish Hedge Funds versus NHX Composite 7.0%

6.2%

5.8%

6.0%

5.2%

5.0%

4.2%

4.0% 3 .0%

1.4%

2.0% 1.0% 0.0%

Annualized 60-m return

Annualized 36-m return

Annualized 24-m return

NHX Denmark

Largest Danish Hedge Funds Jun 2019, EUR

1 YoY Δ

Nordea 1 - Alpha 10 MA

2.30 Billion

+26%

Nordea 1 – Alpha 15 MA

1.57 Billion

+53%

DI Hedge Fixed Income Strategies

1.06 Billion

-2%

12-m return

Q2 2019 Return

NHX Composite

Hedge Hunds by Strategy Multi-Strategy 15 Fixed-income 18

CTA 2

40

Equities 4 Fund of funds 1 PAGE

5

www.hedgenordic.com - July 2019

FINLAND Finnish Hedge Fund Industry Up 1.0% in Q2

HedgeNordic's Ranking Pie

The Finnish hedge fund industry as expressed by the NHX Finland was the second-best performing in the second quarter of 2019 among the four NHX country sub-indices.

Speaking of performance, Finnish hedge funds delivered the second-lowest 12-month return. When looking at riskadjusted returns, the Finnish hedge fund industry had the second-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 0.43. 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 Finland was the highest, whereas the average 12-month volatility of its members was the highest.

Q2 Performance Dispersion

Q2 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 - july 2019

Active Hedge Funds

12

Fraction of hedge funds with positive returns in Q2 2019

Top performing hedge funds in Q2 2019

17

in Q1

E&P Alpha Trend II

15.7%

E&P Alpha Trend

5.0%

AIM Diversified Strategies*

1.9%

HCP Focus Fund

1.1%

Danske Invest Eliksir FoHF

1.1%

66.7% Performance dispersion in Q2 2019

Average 12-month Sharpe ratio

0.43

10.5%

-0.07

Top 30%

5.9%

Bottom 30%

-4.5%

Average 12-month correlation with the S&P 500

Performance Comparison: Finnish Hedge Funds versus NHX Composite 3.0% 2.5 % 2.0% 1.5 % 1.0% 0.5 % 0.0% -0.5% -1.0% -1.5%

1.7% 1.0%

-0.9% Annualized 60-m return

Annualized 36-m return

-1.1% Annualized 24-m return NHX Finland

Largest Finnish Hedge Funds Jun 2019, EUR

1 YoY Δ

VISIO Allocator Fund

137.8 Million

-37%

Estlander & Partners Alpha Trend

93.7 Million

+5%

HCP Focus Fund

69.8 Million

+48%

-1.1% 12-m return

Q2 2019 Return

NHX Composite

Hedge Hunds by Strategy Multi-Strategy 4 Fixed-income 0

CTA 4

12

Equities 2 Fund of funds 2 PAGE

7

www.hedgenordic.com - July 2019

NORWAY Norwegian Hedge Fund Industry

HedgeNordic's Ranking Pie

Down 0.3% in Q2 The Norwegian hedge fund industry as expressed by the NHX Norway was the worst performing in the second 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 worst 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 0.62. 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 the average 12-month volatility of its members was the second-highest.

Q2 Performance Dispersion

Q2 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 - july 2019

Active Hedge Funds

18

Fraction of hedge funds with positive returns in Q2 2019

Top performing hedge funds in Q2 2019

18

in Q1

Taiga Fund

5.5%

CARN Long Short

4.7%

Borea Global Equities

3.7%

KLP Alfa Global Energi

3.5%

Sector Zen Fund

2.9%

47.4%

Average 12-month Sharpe ratio

0.62

Performance dispersion in Q2 2019

8.8%

-0.14

Top 30%

4.1%

Bottom 30%

-4.7%

Average 12-month correlation with the S&P 500

Performance Comparison: Norwegian Hedge Funds versus NHX Composite 6.0%

3.6%

2.8%

4.0% 2.0% 0.0%

-0.3%

-0.4%

-2.0% -4.0% -6.0%

-6.0% Annualized 60-m return

Annualized 36-m return

Annualized 24-m return NHX Norway

Largest Norwegian Hedge Funds Jun 2019, EUR

1 YoY Δ

AAM Absolute Return Fund

374.6 Million

+13%

Sissener Canopus

293.8 Million

na

Taiga Fund

264.0 Million

-1%

12-m return

-8.0%

Q2 2019 Return

NHX Composite

Hedge Hunds by Strategy Multi-Strategy 2 Fixed-income 2

CTA 1

18

Equities 13 Fund of funds 0 PAGE

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