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Q3
The Nordic Hedge Fund Space Country by Country Report
www.hedgenordic.com - April 2018
www.hedgenordic.com - April 2018
Active Hedge Funds
Atlant Edge
104 99
Swedish Hedge Fund Industry Up 0.95% in Q3 The Swedish hedge fund industry was the second-best performing in the third quarter of 2018 among the four Nordic countries. Speaking of performance, Swedish hedge funds delivered the third-highest 12-month compounded return. When looking at risk-adjusted returns, the Swedish hedge fund industry also had the third-highest 12-month Sharpe ratio in the Nordics. Hedge funds are generally known for providing uncorrelated returns, and the 12-month correlation between the returns generated by Swedish hedge funds and the S&P 500 stands at 0.23. This was the third-lowest correlation among the four Nordic hedge fund industries. Last but not least, performance dispersion between the top 30 percent and bottom 30 percent was the third-lowest in the Nordics, whereas the 12-month volatility was the second-lowest among the four industries.
HedgeNordic's Ranking Pie
2017
Q1
Q2
Q3
Q3 Performance Dispersion
Q3 Return
12-Month Correlation with S&P 500
PAGE
2
Adrigo Small & Midcap L/S
7.7%
Norron Select
7.3%
0.23
Performance dispersion in Q3 2018
7.0%
0.45
Coeli Altrua Macro Coeli Absolute European Equity
Q4
Q1
Adrigo Small & Midcap L/S
Q2
12-Month Sharpe ratio
Alcur Select OPM Multi Hedge Hamiltonian Global Credit Opportunity
Q4
4.5%
Bottom 30%
-2.4%
5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00%
3.37% 2.38% 1.84% 1.01%
Q3 2018 return
1.30%
12-month return
Annualized 24-month Annualized 36-mont h Annualized 60-mont h return return ret urn
NHX Sweden
Largest Swedish Hedge Funds
Nordic Cross Credit Edge
Q3
Top 30%
Performance Comparison: Swedish Hedge Funds versus NHX Composite 12-Month Return
12-Month Volatility
Nordic Cross Small Cap Edge IAM Nordic Multi Strategy Fund
8.2%
Average 12-month correlation with the S&P 500
2018
Nordic Cross Stable Return Nordic Cross Total Return Bond Fund
Coeli Absolute European Equity
Average 12-month Sharpe Ratio
Recent Hedge Fund Launches in Sweden Volt Diversified Alpha Fund
66.3%
12.0%
Rhenman Healthcare Equity L/S 10.6%
in Q2
SWEDEN
Fraction of hedge funds with positive returns in Q3 2018
Top performing hedge funds in Q3 2018
2019
Sep 2018, EUR
1 YoY Δ
Brummer Multi-Strategy
3.96 Billion
+11%
Nordea 1 - Alpha 10 MA Fund
2.35 Billion
+88%
SEB Asset Selection
1.22 Billion
-6%
NHX Composite
Hedge Hunds by Strategy Multi-Strategy 18 Fixed-income 11
CTA 14 104
Equities 43 Fund of funds 18 PAGE
3
www.hedgenordic.com - April 2018
www.hedgenordic.com - April 2018
Active Hedge Funds
34 DENMARK Danish Hedge Fund Industry Up 2.03% in Q3
HedgeNordic's Ranking Pie
The Danish hedge fund industry was the best performing in the third quarter of 2018 among the four Nordic countries. Speaking of performance, Danish hedge funds delivered the highest 12-month compounded return. When looking at riskadjusted 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 returns generated by Danish hedge funds and the S&P 500 stands at 0.35. This was the highest correlation among the four Nordic hedge fund industries. Last but not least, performance dispersion between the top 30 percent and bottom 30 percent was the lowest in the Nordics, whereas the 12-month volatility was the second-highest among the four industries.
31
in Q2
Q1
Q2
Q3
Q3 Performance Dispersion
Q3 Return
4
6.1%
Formuepleje Penta
5.1%
Othania Invest A/S
4.5%
Formuepleje Epikur
4.3%
88.2%
0.35
Performance dispersion in Q3 2018
4.8%
1.17
Top 30%
4.4%
Bottom 30%
-0.3%
Performance Comparison: Danish Hedge Funds versus NHX Composite 7.37%
7.00%
12-Month Correlation with S&P 500
12-Month Return
7.08%
6.27%
6.00% 5.00%
4.28%
4.00% 3.00% 12-Month Volatility
12-Month Sharpe ratio
2.00%
2.07%
1.00% 0.00%
SEB Eureka Fixed Income Relative Value
Q1
Asgard Fixed Income Risk Premia
PAGE
Asgard Credit Fund
8.00%
2018 Q4
6.2%
Average 12-month correlation with the S&P 500
Q3 2018 return
Q2
Yggdrasil Multi-Asset Fund Innolab Capital Index Danske Invest Global Cross Asset Volatility Danske Invest Fixed Income Global Value
Annualized 24-month Annualized 36-month Annualized 60-month return return return
Largest Danish Hedge Funds
Calculo Evolution Fund
Q3
12-month return
NHX Denmark
Nykredit EVIRA
2017
Nykredit EVIRA Hedge Fund
Average 12-month Sharpe Ratio
Recent Hedge Fund Launches in Denmark CABA Hedge
Fraction of hedge funds with positive returns in Q3 2018
Top performing hedge funds in Q3 2018
Q4
2019
Sep 2018, EUR
1 YoY Δ
1.07 Billion
-8%
Formuepleje Safe
793.5 Million
+22%
Formuepleje Penta
642.9 Million
+22%
Danske Invest Hedge FI Strategies
NHX Composite
Hedge Hunds by Strategy Multi-Strategy 12 Fixed-income 16
CTA 2
34
Equities 3 Fund of funds 1 PAGE
5
www.hedgenordic.com - April 2018
www.hedgenordic.com - April 2018
Active Hedge Funds
19 FINLAND Finnish Hedge Fund Industry Down 0.20% in Q3
HedgeNordic's Ranking Pie
The Finnish hedge fund industry was the worst performing in the third quarter of 2018 in the four Nordic countries. Speaking of performance, Finnish hedge funds delivered the lowest 12-month compounded return. When looking at risk-adjusted returns, the Finnish hedge fund industry also 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 returns generated by Finnish hedge funds and the S&P 500 stands at 0.16. This was the second-lowest correlation among the four Nordic hedge fund industries. Last but not least, performance dispersion between the top 30 percent and bottom 30 percent was the second-lowest in the Nordics, whereas the 12-month volatility was the highest among the four industries.
19
in Q2
Q2
Q3
Q4 Evli Factor Premia
PAGE
6
9.7%
E & P Alpha Trend II
3.2%
E & P Alpha Trend
1.5%
VISIO Allocator Fund
0.8%
HCP Black Fund
0.5%
31.6% Performance dispersion in Q3 2018
6.1%
-0.21 0.16
Q3 Performance Dispersion
Q3 Return
Top 30%
3.1%
Bottom 30%
-3.0%
Average 12-month correlation with the S&P 500
Performance Comparison: Finnish Hedge Funds versus NHX Composite 5.00% 4.00%
12-Month Correlation with S&P 500
12-Month Return
2.99%
3.00% 2.00% 1.00% 0.00%
12-Month Volatility
12-Month Sharpe ratio
-1.00%
-0.32%
-2.00% -3.00%
2018 Q1
HCP Focus Fund
Average 12-month Sharpe Ratio
Q3 2018 return
Q1
Q2
Q3
12-month return
Annualized 24-month Annualized 36-mont h Annualized 60-mont h return return ret urn
NHX Finland
Q4
NHX Composite
Largest Finnish Hedge Funds
Northern Star MG Relative Value
2019
-0.32%
-1.10%
-1.75%
Recent Hedge Fund Launches in Finland
2017
Fraction of hedge funds with positive returns in Q3 2018
Top performing hedge funds in Q3 2018
Jun 2018, EUR
1 YoY Δ
Danske Invest Europe L-S Dynamic
258.0 Million
-55%
VISIO Allocator Fund
221.1 Million
+40%
Estlander & Partners Alpha Trend
88.6 Million
-9%
Hedge Hunds by Strategy Multi-Strategy 5 Fixed-income 0
CTA 5
19
Equities 4 Fund of funds 5 PAGE
7
www.hedgenordic.com - April 2018
www.hedgenordic.com - April 2018
Active Hedge Funds
18 NORWAY HedgeNordic's Ranking Pie
Norwegian Hedge Fund Industry
Up 0.54% in Q3
The Norwegian hedge fund industry was the third-best performing in the third quarter of 2018 in the four Nordic countries. Speaking of performance, Norwegian hedge funds delivered the second-highest 12-month compounded return. When looking at risk-adjusted returns, the Norwegian hedge fund industry 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 returns generated by Norwegian hedge funds and the S&P 500 stands at 0.12. This was the lowest correlation among the four Nordic hedge fund industries. Last but not least, performance dispersion between the top 30 percent and bottom 30 percent was the highest in the Nordics, whereas the 12-month volatility was the lowest among the four industries.
17
in Q2
2016
Q1
Q2 Titan Opportunities
PAGE
8
Q3
Q4
Borea Global Equities
6.8%
Titan Opportunities Fund
5.9%
Mjeltevik Invest
4.6%
KLP Alfa Global Rente
2.9%
Incentive Active Value Fund
2.8%
72.2%
Average 12-month Sharpe Ratio
0.12
Performance dispersion in Q3 2018
9.0%
0.78
Q3 Performance Dispersion
Q3 Return
4.6%
-4.4%
Performance Comparison: Norwegian Hedge Funds versus NHX Composite 7.00% 12-Month Return
6.59%
6.43%
5.78%
6.00%
12-Month Correlation with S&P 500
Top 30%
Bottom 30%
Average 12-month correlation with the S&P 500
5.00% 4.00%
2.97%
3.00% 2.00% 12-Month Volatility
12-Month Sharpe ratio
1.00% 0.00%
0.52% Q3 2018 return
Recent Hedge Fund Launches in Norway NOMA Fokus
Fraction of hedge funds with positive returns in Q3 2018
Top performing hedge funds in Q3 2018
Q3
NHX Composite
Largest Norwegian Hedge Funds Hedge Hunds by Strategy
No hedge fund launches in 2017 and 2018
Q2
Annualized 24-month Annualized 36-mont h Annualized 60-mont h return return ret urn
NHX Norway
2017 Q1
12-month return
Q4
2018
Sep 2018, EUR
1 YoY Δ
AAM Absolute Return Fund
312.2 Million
+36%
Borea European Credit
198.7 Million
+42%
KLP Alfa Global Rente
185.9 Million
+5%
Multi-Strategy 3 Fixed-income 2
CTA 1
18
Equities 12 Fund of funds 0 PAGE
9
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