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.