NHX Performance Review - December 2017 Funds count: 155 Month in Review Stockholm (HedgeNordic) – Nordic hedge funds, as expressed by the Nordic Hedge Index (NHX), gained an estimated 0.2% in December (95% reported), bringing the yearly performance to 3.0%. Despite ending the year on a positive note, the Nordic hedge fund universe recorded the worst yearly performance since 2011. The NHX sub-categories displayed mixed performance in the last month of the year, with CTAs incurring another month of dismaying performance as returns were mixed across managers and sub-strategies. CTAs lost 0.7% on average and were down 2.4% in 2017. Equity hedge funds gained 0.9% last month, pushing the full-year gain to 3.8%. Fixed-income strategies advanced 0.2% in December and were up 7.1% for the year, claiming the title of the best-performing NHX category in 2017. Multi-strategy funds were flat in December (4.4% for the year) and fund of funds lost 0.6% (0.1% for the year). Equity-focused funds dominated the list of best-performing Nordic hedge funds in December, with activist hedge fund Accendo being the best performer after gaining 10.6% last month. Norron Select, Origo Quest 1, Gladiator Fond, and Adrigo Small & Midcap L/S, four other equity-focused funds that topped the list of best performers. Fund of funds Alfa Quant Fund (-4.8%), two Estlander & Partners funds, and two Atlant Fonder funds were the five biggest laggers within the Nordic hedge fund universe. Estlander & Partners Alpha Trend II and Estlander & Partners Presto lost 6.5% and 2.7%, respectively. Meanwhile, Atlant Edge and Atlant Sharp were down 5.5% and 2.7%, correspondingly.
Sub-Strategy and Country-by-Country Performance 8%
10%
6% 4%
5%
2% 0%
0%
-2% -4%
-5% NHX Composite
NHX CTA
NHX Equities
NHX Fixed Income
MTD
NHX Multi-Strategy
NHX Fund O f Funds
NHX Denmark
NHX Finland
YTD
NHX Norway
MTD
The NHX sub-categories displayed mixed performance in December, with fixed-income strategies delivering positive returns for the 22nd consecutive month. CTAs and funds of funds were down 0.7% and 0.6%, respectively. Equity-focused hedge funds gained 0.9% in December, while multi-strategy funds were flat.
NHX Sweden
YTD
The country-by-country review reveals that three of the four Nordic countries exhibited positive returns in December, with Finnish funds losing 0.6% on average. Norwegian funds gained the most last month, with the 1.3% December gain extending the yearly performance to 5.9%. Danish and Swedish funds were up 0.1% and 0.2%, respectively.
NHX Composite Historical Monthly Returns (95% updated NAVs) JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
Year
2017
0.06
1.22
0.25
0.53
-0.18
-0.53
0.16
0.14
0.59
0.92
-0.39
0.2
3.01
2016
-1.06
0.38
0.37
0.4
0.63
0.14
1.41
0.07
0.19
-0.04
0.16
1.08
3.75
2015
2.27
1.39
0.91
-0.1
0.42
-1.41
1.21
-1.49
-0.48
0.88
1.67
-0.49
4.79
2014
0.3
1.67
-0.1
0.07
1.23
0.29
-0.04
0.74
0.07
-0.04
1.14
0.02
5.48
2013
1.86
0.61
0.52
0.55
0.79
-1.26
0.68
-0.42
1.03
1.42
1
0.98
8
2012
1.77
1.46
0.26
-0.03
-0.36
-0.48
1.87
0.35
0.25
-0.58
0.44
0.89
5.94
2011
-0.18
0.46
0.26
1.32
-0.92
-1.49
0.02
-1.82
-1.06
0.77
-0.43
0.55
-2.52
2010
0.3
0.07
1.81
0.76
-1.57
-0.68
0.71
0.36
1.62
1.07
0.3
3.3
8.25
2009
0.44
-0.32
1.12
2.46
2.97
0.04
1.96
1.51
1.73
0.17
0.72
0.6
14.19
2008
-1.13
1.84
-0.73
0.52
1.22
-1.24
-1.43
0.05
-4.28
-3.6
-0.58
-0.47
-9.53
2007
1.11
0.17
0.93
1.44
1.07
0.3
-0.38
-1.45
0.89
1.06
-1.49
0.3
3.96
2006
1.7
0.75
2.22
1.02
-1.26
-0.07
-0.22
0.97
0.67
1.01
1.42
1.99
10.62
2005
0.76
1.45
0.37
-0.57
1.25
1.68
1.52
0.51
1.72
-1.39
1.75
2.01
11.56
Nordic Business Media AB | Corporate No.: 556838-6170, Stockholm SE-103 89 | Phone: +46 (0) 8 5333 8688 | Email: kamran@hedgenordic.com There is a substantial risk of loss in trading commodity futures, options and off-exchange foreign currency products. Past performance is not indicative of future results.
NHX Performance Review - December 2017 Top Performing Managers - December 2017 MTD
YTD
12M ROR
Total Return
St. Dev.
Sharpe
Accendo
10.59
24.00
24.00
239.73
4.28
0.92
Norron Select
4.37
3.53
3.53
73.24
2.19
1.09
Origo Quest 1
4.15
2.21
2.21
94.08
3.07
1.33
Gladiator Fond
3.52
8.46
8.46
336.59
4.61
0.80
Adrigo Small & Midcap L/S
3.40
6.14
-
6.14
0.53
19.76
RPM Galaxy
3.20
3.28
3.28
54.49
4.77
0.35
Incentive Active Value Fund
3.03
9.10
9.10
38.38
2.62
1.07
Alchemy Trading AS
3.00
-1.23
-1.23
84.77
2.43
1.44
Coeli Norrsken
2.92
5.95
5.95
84.94
1.70
0.96
Mjeltevik Invest
2.71
10.20
10.20
287.07
4.46
1.18
Top Performing Managers - Year To Date 2017 YTD
MTD
12M ROR
Total Return
St. Dev.
Sharpe
Rhenman Healthcare Equity L/S
34.53
1.87
34.53
401.08
5.58
1.08
Accendo
24.00
10.59
24.00
239.73
4.28
0.92
HCP Focus Fund
20.97
2.11
20.97
148.68
3.98
1.38
Borea Global Equities
19.25
2.60
19.25
190.73
3.20
1.61
Nykredit MIRA Hedge Fund
18.12
0.23
18.12
172.60
1.81
1.78
Borea European Credit
15.69
0.80
15.69
67.04
1.65
1.53
Formuepleje Penta
15.19
-0.11
15.19
84.29
8.06
0.35
SEB Diversified
12.82
-0.77
12.82
21.73
2.55
1.00
VISIO Allocator Fund
12.68
0.56
12.68
116.73
2.46
1.22
Alfa Sigma Opportunities
12.58
0.27
12.58
73.02
2.88
1.80
Nordic Business Media AB | Corporate No.: 556838-6170, Stockholm SE-103 89 | Phone: +46 (0) 8 5333 8688 | Email: kamran@hedgenordic.com There is a substantial risk of loss in trading commodity futures, options and off-exchange foreign currency products. Past performance is not indicative of future results.
NHX Performance Review - December 2017 NHX Equity - Top Performing Managers - December 2017 MTD
YTD
12M ROR
Total Return
St. Dev.
Sharpe
Accendo
10.59
24.00
24.00
239.73
4.28
0.92
Norron Select
4.37
3.53
3.53
73.24
2.19
1.09
Origo Quest 1
4.15
2.21
2.21
94.08
3.07
1.33
Gladiator Fond
3.52
8.46
8.46
336.59
4.61
0.80
Adrigo Small & Midcap L/S
3.40
6.14
-
6.14
0.53
19.76
Total Return
St. Dev.
Sharpe
NHX Fixed Income - Top Performing Managers - December 2017 MTD
YTD
12M ROR
Asgard Credit Fund
1.75
7.30
7.30
9.21
0.98
2.09
KLP Alfa Global Rente
1.36
7.17
7.17
93.72
1.42
1.37
Borea European Credit
0.80
15.69
15.69
67.04
1.65
1.53
HP Hedge
0.73
8.40
8.40
158.29
2.35
1.12
Nordkinn Fixed Income Macro Fund SEK
0.72
2.71
2.71
17.35
0.59
1.76
Total Return
St. Dev.
Sharpe
NHX Multi Strategy - Top Performing Managers - December 2017 MTD
YTD
12M ROR
Atlant Protect
1.23
0.88
0.88
0.43
0.83
0.09
Peak Global Macro
1.17
1.83
1.83
-1.91
1.82
-0.13
UB Real REIT
1.10
-4.81
-4.81
37.20
2.69
0.65
Catella Hedgefond
1.01
4.65
4.65
97.51
0.97
1.48
Systematic Capital MuLTi
0.69
8.26
8.26
82.83
1.71
0.83
NHX Managed Futures & CTA - Top Performing Managers - December 2017 MTD
YTD
12M ROR
Total Return
St. Dev.
Sharpe
RPM Galaxy
3.20
3.28
3.28
54.49
4.77
0.35
Coeli Prognosis Machines
1.28
6.98
6.98
-1.66
3.81
0.00
Volt Diversified Alpha Fund
1.16
0.09
-
0.09
2.00
0.05
Runestone Capital Fund
0.38
4.74
4.74
24.32
3.91
0.67
Alfa Sigma Opportunities
0.27
12.58
12.58
73.02
2.88
1.80
NHX Fund of Funds - Top Performing Managers - December 2017 MTD
YTD
12M ROR
Total Return
St. Dev.
Sharpe
Coeli Multistrategi
1.13
1.01
1.01
46.56
0.92
0.87
Formuepleje Merkur
0.44
1.60
1.60
12.38
1.98
0.41
AIM Credit Strategies
0.16
2.94
2.94
63.87
0.87
1.93
Guide Hedgefond
0.13
0.02
0.02
-1.24
0.45
-0.19
Atlant Multi-Strategy Internal
0.12
3.42
3.42
6.07
0.95
0.91
Nordic Business Media AB | Corporate No.: 556838-6170, Stockholm SE-103 89 | Phone: +46 (0) 8 5333 8688 | Email: kamran@hedgenordic.com There is a substantial risk of loss in trading commodity futures, options and off-exchange foreign currency products. Past performance is not indicative of future results.
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Nordic Business Media AB | Corporate No.: 556838-6170, Stockholm SE-103 89 | Phone: +46 (0) 8 5333 8688 | Email: kamran@hedgenordic.com There is a substantial risk of loss in trading commodity futures, options and off-exchange foreign currency products. Past performance is not indicative of future results.