9 /1
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
9
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