december2017

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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.


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