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Q4
The Nordic Hedge Fund Space Country by Country Report
www.hedgenordic.com - April 2018
SWEDEN Swedish Hedge Fund Industry Down 3.6% in Q4 The Swedish hedge fund industry was the second-best performing in the fourth quarter of 2018 among the four Nordic countries. Speaking of performance, Swedish hedge funds delivered the second-highest 12-month compounded 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 returns generated by Swedish hedge funds and the S&P 500 stands at 0.26. 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 lowest among the four industries.
HedgeNordic's Ranking Pie Q4 Performance Dispersion
Q4 Return
12-Month Correlation with S&P 500
12-Month Return
12-Month Volatility
12-Month Sharpe ratio
Recent Hedge Fund Launches in Sweden Volt Diversified Alpha Fund
2017
Q1
Q2
2018
Nordic Cross Stable Return Nordic Cross Total Return Bond Fund
Q3
Coeli Altrua Macro Coeli Absolute European Equity
Q4
Q1
Nordic Cross Small Cap Edge IAM Nordic Multi Strategy Fund
PAGE
2
Adrigo Small & Midcap L/S
Q2
Nordic Cross Credit Edge
Q3
Q4 ia
2019
Alcur Select Proxy Long/Short Energy OPM Multi Hedge Hamiltonian Global Credit Opportunity Proxy Global Energy Proxy Renewable Long/Short Energy
www.hedgenordic.com - April 2018
Fraction of hedge funds with positive returns in Q4 2018
Top performing hedge funds in Q4 2018
Active Hedge Funds
101 104 in Q3
Volt Diversified Alpha Fund
11.2%
Atlant Protect
5.8%
DNB TMT Absolute Return
4.2%
Pacific Precious
3.2%
Peak Equity Alpha
2.7%
19.8%
Average 12-month Sharpe Ratio
Performance dispersion in Q4 2018
10.8%
-0.12 0.26
Top 30%
1.2%
Bottom 30%
-9.6%
Average 12-month correlation with the S&P 500
Performance Comparison: Swedish Hedge Funds versus NHX Composite 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% -5.0%
2.0% 0.7% -0.3%
-3.6% Q4 2018 return
-3.0% 12-month return
Annualized 24-month Annualized 36-month Annualized 60-month return return return
NHX Sweden
Largest Swedish Hedge Funds Dec 2018, EUR
1 YoY Δ
Brummer Multi-Strategy
3.62 Billion
-3%
Nektar
1.19 Billion
-52%
SEB Asset Selection
1.10 Billion
-25%
NHX Composite
Hedge Hunds by Strategy Multi-Strategy 18 Fixed-income 12
CTA 13 101
Equities 42 Fund of funds 16 PAGE
3
www.hedgenordic.com - April 2018
DENMARK Danish Hedge Fund Industry Down 3.1% in Q4
HedgeNordic's Ranking Pie
The Danish hedge fund industry was the best performing in the fourth quarter of 2018 among the four Nordic countries. Speaking of performance, Danish hedge funds delivered the highest 12-month compounded 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 returns generated by Danish hedge funds and the S&P 500 stands at 0.35. This was the second-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.
Q4 Performance Dispersion
Q4 Return
12-Month Correlation with S&P 500
12-Month Return
12-Month Volatility
12-Month Sharpe ratio
Recent Hedge Fund Launches in Denmark 2018
CABA Hedge
SEB Eureka Fixed Income Relative Value
Calculo Evolution Fund
Nykredit EVIRA
2017
Q1
Q2
Q3
Q4
Q1
Asgard Fixed Income Risk Premia
PAGE
4
Q2
Q3
Yggdrasil Multi-Asset Fund Innolab Capital Index Danske Invest Global Cross Asset Volatility Danske Invest Fixed Income Global Value
Q4
2019
HP Hedge Fixed Income Investin Othania Etisk FormuevĂŚkst
www.hedgenordic.com - April 2018
Active Hedge Funds
36
Fraction of hedge funds with positive returns in Q4 2018
Top performing hedge funds in Q4 2018
34
in Q3
Formue Nord Markedsneutral
4.2%
Calculo Evolution Fund
3.0%
HP Hedge Danish Bonds
0.7%
Formuepleje Fokus
0.5%
DI Eastern Europe Absolute
0.5%
22.2%
Average 12-month Sharpe Ratio
0.35
Performance dispersion in Q4 2018
8.9%
0.24
Top 30%
0.6%
Bottom 30%
-8.2%
Average 12-month correlation with the S&P 500
Performance Comparison: Danish Hedge Funds versus NHX Composite 8.0% 6.0%
3.5%
4.0%
5.8%
4.9%
2.0% 0.0%
-0.5%
-2.0% -4.0% -6.0%
-3.1% Q4 2018 return
12-month return
Annualized 24-month Annualized 36-month Annualized 60-month return return return
NHX Denmark
Largest Danish Hedge Funds Dec 2018, EUR
1 YoY Δ
Nordea 1 - Alpha 10 MA
2.26 Billion
+47%
Nordea 1 – Alpha 15 MA
1.09 Billion
+29%
DI Hedge Fixed Income Strategies
1.04 Billion
-11%
NHX Composite
Hedge Hunds by Strategy Multi-Strategy 13 Fixed-income 17
CTA 2
36
Equities 3 Fund of funds 1 PAGE
5
www.hedgenordic.com - April 2018
FINLAND Finnish Hedge Fund Industry Down 6.9% in Q4
HedgeNordic's Ranking Pie
The Finnish hedge fund industry was the second-worst performing in the fourth quarter of 2018 in the four Nordic countries. Speaking of performance, Finnish hedge funds delivered the second-lowest 12-month compounded 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 returns generated by Finnish hedge funds and the S&P 500 stands at 0.17. 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 second-highest in the Nordics, whereas the 12-month volatility was the second-highest among the four industries.
Q4 Performance Dispersion
Q4 Return
12-Month Correlation with S&P 500
12-Month Return
12-Month Volatility
12-Month Sharpe ratio
Recent Hedge Fund Launches in Finland 2018 2017
Q1
Q2
Q3
Q4 Evli Factor Premia
PAGE
6
Northern Star MG Relative Value
Q1
Q2
Q3
Q4
2019
www.hedgenordic.com - April 2018
Active Hedge Funds
18
Fraction of hedge funds with positive returns in Q4 2018
Top performing hedge funds in Q4 2018
19
in Q3
Estlander & Partners Alpha
-1.0%
Estlander & Partners Presto
-1.6%
NS MG Relative Value
-2.0%
AIM Diversified Strategies
-2.0%
FIM Alpha
-2.9%
0.0%
Average 12-month Sharpe Ratio
0.17
Performance dispersion in Q4 2018
14.8%
-0.84
Top 30%
-1.6%
Bottom 30%
-16.4%
Average 12-month correlation with the S&P 500
Performance Comparison: Finnish Hedge Funds versus NHX Composite 4.0%
1.2%
2.0% 0.0% -2.0% -4.0%
-3.2%
-6.0% -8.0% -10.0%
-6.9% Q4 2018 return
-5.3% -7.7% 12-month return
Annualized 24-month Annualized 36-month Annualized 60-month return return return
NHX Finland
Largest Finnish Hedge Funds Dec 2018, EUR
1 YoY Δ
VISIO Allocator Fund
159.2 Million
-4%
Estlander & Partners Alpha Trend
85.5 Million
-14%
HCP Focus Fund
45.5 Million
+43%
NHX Composite
Hedge Hunds by Strategy Multi-Strategy 5 Fixed-income 0
CTA 5
18
Equities 3 Fund of funds 5 PAGE
7
www.hedgenordic.com - April 2018
NORWAY HedgeNordic's Ranking Pie
Norwegian Hedge Fund Industry
Down 9.4% in Q4
The Norwegian hedge fund industry was the worst performing in the fourth quarter of 2018 in the four Nordic countries. Speaking of performance, Norwegian hedge funds delivered the lowest 12-month compounded return. When looking at risk-adjusted returns, the Norwegian hedge fund industry had the second-worst 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 0.37. 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 highest in the Nordics, whereas the 12-month volatility was the highest among the four industries.
Q4 Performance Dispersion
Q4 Return
12-Month Correlation with S&P 500
12-Month Return
12-Month Volatility
12-Month Sharpe ratio
Recent Hedge Fund Launches in Norway NOMA Fokus
2016
Q1
Q2 Titan Opportunities
PAGE
8
Q3
Q4
2017 No hedge fund launches in 2017 and 2018
Q1
Q2
Q3
Q4
2018
www.hedgenordic.com - April 2018
Active Hedge Funds
17
Fraction of hedge funds with positive returns in Q4 2018
Top performing hedge funds in Q4 2018
18
in Q3
Pareto Nordic Alpha
-0.5%
Sector Healthcare Fund
-1.7%
Borea European Credit
-1.9%
Pareto Nordic Omega
-2.4%
Alchemy Trading
-3.1%
0.0%
Average 12-month Sharpe Ratio
Performance dispersion in Q4 2018
-0.56 0.37
18.6%
Top 30%
-1.9%
Bottom 30%
-20.5%
Average 12-month correlation with the S&P 500
Performance Comparison: Norwegian Hedge Funds versus NHX Composite 4.0%
3.2%
1.3%
2.0% 0.0% -2.0%
-1.5%
-4.0% -6.0% -8.0% -10.0% -12.0%
-9.4% Q4 2018 return
-8.7% 12-month return
Annualized 24-month Annualized 36-month Annualized 60-month return return return
NHX Norway
NHX Composite
Largest Norwegian Hedge Funds Hedge Hunds by Strategy Dec 2018, EUR
1 YoY Δ
AAM Absolute Return Fund
377.6 Million
+54%
Taiga Fund
237.0 Million
-9%
Borea Høyrente
197.1 Million
+18%
Multi-Strategy 2 Fixed-income 2
CTA 1
17
Equities 12 Fund of funds 0 PAGE
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