2020 NORDIC HEDGE AWARD - STOCKHOLM, APRIL 2021 - HEDGENORDIC
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PROMOTION. FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR PUBLIC DISTRIBUTION
Stockholm, April 2021
2020 Nordic Hedge Award
www.hedgenordic.com - June 2021 www.hedgenordic.com - June 2021
INTRODUCTION
HedgeNordic is the leading media
covering the Nordic alternative
investment and hedge fund universe.
The website brings daily news, research,
analysis and background that is relevant
to Nordic hedge fund professionals from
2020 NORDIC the sell and buy side from all tiers.
HedgeNordic publishes monthly,
HEDGE AWARD quarterly and annual reports on recent
developments in her core market as
well as special, indepth reports on “hot
topics”.
HedgeNordic also calculates and
publishes the Nordic Hedge Index
(NHX) and is host to the Nordic Hedge
Contents 4 Editor´s Note... Missing the Hot Dogs
56 Best Nordic Hedge Fund 2020 Overall Award and organizes round tables and
seminars.
6 2020: A Tale of Two Extremes
Partner Introductions: PUBLICATION PLAN 2021:
June: Private Markets
12 The Model Determining the Best Nordic Hedge Funds
62 The Asset Management Exchange
September: Quant Strategies
October: Value / Quality Investing
November: Alternative Fixed Income
16 Jury Board to the Nordic Hedge Award
66 Efficient Capital
December: ESG in Alternatives
20 Best Nordic Fund of Hedge Funds 2020
68 Northern Trust
CONTACT:
26 Best Nordic Equity Hedge Fund 2020
70 SS&C EZE
Kamran George Ghalitschi
Nordic Business Media AB
Kungsgatan 8
32 Best Nordic Fixed Income Hedge Fund 2020
74 Harvest Advokatbyrå
SE-103 89 Stockholm, Sweden
Corporate Number: 556838-6170
VAT Number: SE-556838617001
38 Best Nordic Multi Strategy Hedge Fund 2020
76 RBC I&TS Direct: +46 (0) 8 5333 8688
Mobile: +46 (0) 706566688
44 Best Nordic CTA 2020
78 CME Group
email: kamran@hedgenordic.com
www.hedgenordic.com
48 Performance Awards
88 The Mingle Picture Index: Dirk Ercken---shutterstock,
52 Rookie of the Year 2020
PROMOTION. FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR PUBLIC DISTRIBUTION
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Hedge Award. The winners in the various categories industry. More importantly, there were many, many
were announced in the week of April 19 – April 23 in strong performing managers last year, which made
short video clips premiering daily. While we certainly the competition at the 2020 Nordic Hedge Award
enjoy the traditional event in a group of 150 people more intense and exciting.
from every corner of the planet, the virtual event had
its advantages too. One of them being that a much, Heartfelt cheers, therefore, go out to those managers
much larger audience got to see, watch and hear the ending up as the winners of the 2020 Nordic Hedge
winners and the sponsors of the Nordic Hedge Award. Award. Many congratulations! A cornerstone of the
methodology used to determine the best Nordic
Therefor switching to an all-digital format and hedge funds is the jury board to the Nordic Hedge
hosting the event as a series of videos was an Award, typically recruited among Nordic institutional
entirely different, and new ball game with some steep investors. For the 2020 event, we were privileged to
learning curves. It was also rather demanding on the win Kari Vatanen, CIO at Veritas Pension Insurance,
nominated and winning managers, as we asked them Gilles Lafleuriel, Head of Real Assets and Alternatives
to send short video clips presenting themselves to at Nordea, Gustav Karner, CEO and CIO at Apoteket’s
the jury members as well as videos where they´d be Pension Fund, Helen Idenstedt, Head of External
accepting their prizes. It was great to see every single Partnerships and Innovation at AP1, Claudia
manager playing along and contributing their clips Stanghellini, the Head of External Management
to make the 2020 Nordic Hedge Award a success, of AP3, and Christer Franzén, CIO at Ericsson
despite the hurdles. Pensionsstiftelse. Thank you for dedicating your time
and expertise to rank the managers.
What did not change, however, are the basic process
to determine the winners at the Nordic Hedge Award, The “Rookie of the Year” award has its own jury board
the excitement we feel when finding out the winners put together of Nordic hedge fund managers, who
after compiling and combining the quant and jury also commit time and effort to the cause. A very
scores, and more importantly, the excitement we warm thank you to Henrik Fournais from the reigning
see in the eyes of the truly-deserving winners (in Rookie HP Hedge Fixed Income, Martin Estlander
the pandemic days, the excitement we hear in the of Estlander & Partners, Mette Østerbye Vejen from
voices of the happy winners giving us a call) – and CABA Capital, Michael Ekelund of Atlant Fonder and
Editor´s Note... sometimes, the bitter disappointment of other equally
deserving peers.
We are still hopeful we can all gather to mingle and
Jonas Martenson of Resscapital, last year’s winner of
the prestigious “Best Nordic Hedge Fund – Overall.”
We have been very fortunate to have strong, loyal,
Missing the Hot Dogs share a drink or two next April for the Nordic Hedge
Award. An award ceremony, besides all the gloom,
long-term partners who express their bonds and
dedication to the Nordic alternative investment space
should be a time of celebration. After months of next to many other channels, initiatives and their daily
Zooming, I am sure the next event of the Nordic Hedge work, but also through the Nordic Hedge Award. These
Award in the flesh will feel as exciting – or even more relations are invaluable to us. My sincere gratitude
T
he final event to the Nordic Hedge Award is a the Nordic Hedge Award feels like, we are certainly exciting – as the first one. goes to CME Group, who appeared as lead sponsor,
very special occasion for us and we hear many looking forward to experiencing it again. However, as Northern Trust, RBC I&TS, Harvest Advokatbyra,
times over how you, the industry participants, so many other things dear to us have fallen victim But now back to 2020 and the 2020 Nordic Hedge Efficient Capital, SS&C Eze and the AMX. Thank you
too, have grown to treasure it. We get to meet old to the global pandemic, the Nordic Hedge Award is Award. Previously I had quoted Billie Ocean in my all for your support and guidance!
friends and new, partners and business relations. looking different for a second consecutive year. editor’s note saying, “When the going gets tough, the
We shake hands, hug, exchange war stories and tough get going.” That was more true in 2020 than
business cards, laugh at poor jokes, enjoy the The character of the final event to the Nordic Hedge ever before. After the Nordic hedge fund industry
traditional hot dogs and pop-corn ahead of the winner Award is very old school, low tech and sees people suffered its worst quarterly decline in the first quarter
announcement and have a good evening overlooking interacting, shaking hands, exchanging business of 2020, the industry went on to enjoy its best three-
Stockholm harbor over some chilled beverages. cards, sharing laughs and war stories. Although quarter performance ever. Viewed on a standalone
we were caught off guard in our first edition of the basis, 2020 was an exceptionally strong year for
KAMRAN GHALITSCHI
With the Covid-19 pandemic well into its second year, Nordic Hedge Award in the pandemic era, we were Nordic hedge funds. Looking beneath the surface
CEO & PUBLISHER HEDGENORDIC
we might have forgotten what the real-life event of more prepared for the virtual event to the 2020 Nordic though, last year was a tale of two extremes for the
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2020: A TALE OF 2020 was a year of extremes for markets, investors and hedge funds
managers alike. For the Nordic hedge fund industry, 2020 could be
summed up as a tale of two extremes. The first quarter of last year
was exceptionally difficult for Nordic hedge funds, which recorded
TWO EXTREMES
their worst quarterly decline since HedgeNordic started tracking the
industry back in 2005. The industry’s sizeable drawdown was quickly
offset by strong performance when markets bounced back starting
in April. Following the worst quarterly decline on record in the first
quarter, the Nordic hedge fund industry went on to enjoy its best three-
quarter performance since 2005.
FIGURE 1. A TALE OF TWO EXTREMES FOR NORDIC HEDGE FUNDS
Source: HedgeNordic
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The Nordic hedge fund industry, as reflected by
the Nordic Hedge Index, advanced 8.5 percent
“Following the worst quarter of last year. Drawdowns are peak to trough,
what about climbing out from the trough back to a
the NHX Multi-Strategy was up 4.0 percent. This
280 percentage points-difference stems from the
last year, its strongest annual performance since quarterly decline on new peak? How long did it take for the Nordic hedge worse-than-average performance of the 13 multi-
2009. Viewed on a standalone basis, 2020 was an fund industry to recover from its second-worst strategy hedge funds that closed down last year.
exceptionally strong year for Nordic hedge funds. record in the first drawdown? The recovery from the valley of the Similarly, the existing funds of hedge funds in the
When looking beneath the surface, last year was index to a new high lasted only four months. In the Nordic Hedge Index were up 4.3 percent last year,
indeed a tale of two extremes for the industry. quarter, the Nordic final three quarters of 2020, the Nordic hedge fund while the NHX Funds of Funds, which reflects the
The Nordic hedge fund industry lost 6.8 percent
in the first quarter of last year, its worst quarterly
hedge fund industry industry enjoyed a cumulative return of 16.4 percent,
its best three-quarter performance on record.
performance of defunct funds too, gained only 2.6
percent.
decline on record. The quarterly decline was mainly went on to enjoy its
attributable to the 5.4 percent-loss in March, which
was the industry’s worst month on record. best three-quarter THE NORDIC HEDGE INDEX OVERCOMES AVERAGES HIDE DISPARITIES
THE SURVIVORSHIP BIAS
Starting with a loss of 1.8 percent in February and
performance since The Nordic hedge fund industry gained 8.5 percent
then enduring an additional decline of 5.4 percent in 2005.” Hedge fund indices are often (perhaps wrongfully) net-of-fees last year and active Nordic hedge funds
March, the Nordic hedge fund industry experienced associated with exhibiting “survivorship bias,” which were up 10.9 percent on average. While these
its second-worst drawdown on record in the first reflects the tendency of certain data providers to average figures are useful for comparison, averages
solely reflect the returns only generated by existing do hide disparities. With a return of 98.3 percent,
funds – thereby, ignoring the performance of thematic-focused long/short equity fund St. Petri
already-defunct funds. With no less than 30 Nordic L/S was last year’s best-performing member of the
hedge funds delisted from the Nordic Hedge Index Nordic Hedge Index. The worst performing fund that
FIGURE 2. LACK OF SURVIVORSHIP BIAS IN THE NORDIC HEDGE INDEX.
last year – funds either closed down or merged is still part of the index, meanwhile, was down 17.4
into other funds, an inappropriate calculation percent. The dispersion between last year’s best-
methodology for the Nordic Hedge Index could have and worst-performing hedge fund was wide, very
25,00 resulted in significant survivorship bias. wide in fact.
The Nordic Hedge Index tackles this bias by The top 30 percent of all members of the Nordic
reflecting the aggregate performance of both Hedge Index gained 30.2 percent on average,
20,00
defunct and up-and-running funds. The index was whereas the bottom 30 percent was down slightly
3,80 up 8.5 percent last year, but the 138 active Nordic over two percent. The top 20 percent, meanwhile,
hedge funds returned 10.9 percent on average gained 37.9 percent last year and the bottom 20
15,00 last year. The 240 percentage points-difference percent lost 3.9 percent on average.
reflects the performance detraction from the funds
that closed during 2020 (which, unsurprisingly, In the graph below, the grey boxes show that
10,00 performed worse than the up-and-running funds). the Nordic hedge funds that were not in the top
2,41
and bottom 30 percent in terms of performance
16,07
The most noticeable difference between the returned between 1.8 percent and 16.9 percent last
performance of a sub-index and the performance of year. About one in every five members of the Nordic
5,00 1,59 0,80 2,77
8,49 active funds underlying that sub-index is observed Hedge Index achieved a return higher than 16.9
1,73 in the NHX Equities. The 50 up-and-running equity percent in 2020, while eight percent returned above
4,18 4,62 4,03
2,58 hedge funds within the Nordic Hedge Index gained 30 percent. A little more than seven percent of all
- 19.9 percent on average in 2020, while the NHX members returned above 40 percent last year.
Nordic Hedge Index Equity Funds CTAs Fixed-Income Funds Multi-Strategy Funds Funds of Funds Equities was up 16.1 percent as 13 members of this
Index Performance Detraction from Defunct Funds sub-index closed down last year. About 47 percent of Nordic equity hedge funds
outperformed the MSCI World’s 16.5 percent-
Up-and-running Nordic multi-strategy hedge funds return last year, but one should not forget that most
Source: HedgeNordic returned 6.8 percent on average last year, whereas Nordic equity hedge fund maintain a net market
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JOIN THE NORDIC
FIGURE 3. 2020 PERFORMANCE STATISTICS ON THE NORDIC HEDGE INDEX AND NHX SUB-INDICES.
HEDGE INDEX
105
St. Petri L/S, 98.3% St. Petri L/S, 98.3%
100
95
90
85
80
75
70
65
60
Average (10.9%)
55
BE SEEN
50
45
Volt Diversified Alpha Fund, 41%
40
35
Nordic Cross Stable Return, 27.3%
30
25
20 70th percentile (16.9%)
With the early possible early signs of inflation creeping up
Asgard Fixed Income Fund, 16.2% Brummer Multi-Strategy, 12.5%
15
10
PEER
5
0
-5 30th percentile (1.8%)
-10
-15
-20 be compared to a relevant, local peer group
-25
BE FOUND
NHX Equities Fixed Income Multi-Strategy Fund of Funds CTA
Source: HedgeNordic
by relevant allocators scouting the area
exposure below 100 percent. Some members of
the NHX Equities employ a market-neutral approach
to investing, and some even maintain negative
hedge funds returned between 1.6 percent and 9.7
percent last year. The top 20 percent, meanwhile,
were up 13.8 percent on average, whereas the
QUALIFY
net exposure to the market. The average equity bottom 20 percent lost 3.0 percent on average. The All listed funds qualify for the Nordic Hedge Award
hedge fund in the Nordic Hedge Index was up 16.1 majority of multi-strategy hedge funds returned
percent last year, but, again, the average hides wide between 1.1 percent and 10.0 percent.
disparities.
The top 20 percent of performers in the NHX Equites
returned 63.1 percent on average last year, while
the bottom 20 percent were down 6.5 percent on
Listing your fund is free, quick and simple. For more information, visit:
average. The equity hedge funds that were neither
in the top 30 percent nor in the bottom 30 percent
returned between 3.6 percent and 33.4 percent. In a
similar fashion, the great majority of fixed-income
www.nhx.hedgenordic.com YOUR SINGLE ACCESS POINT TO THE NORDIC HEDGE FUND INDUSTRY
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The Model
Determining the
Best Nordic Hedge Funds
– Combining Academia and Industry Expertise
Michael Halling, Associate Professor at the Stockholm School of Economics and Research Fellow at
the Swedish House of Finance (on leave)
E
very spring, HedgeNordic sets aside this In the second step, a judging panel comprised of “The quantitative
special time for the Nordic Hedge Award to industry professionals assigns a rating to each
recognize and celebrate the best and most nominated fund after evaluating a wide range of model should identify
promising Nordic hedge funds. Except for the quantitative and qualitative attributes, allowing to
Performance Awards and the Rookie of the Year generate a “qualitative” score for each fund. In the
those hedge funds with
award, all nominees and winners in the regular last step, the quantitative and qualitative scores are the most “successful”
categories at the Nordic Hedge Award are selected aggregated at equal weighting to create the final
via a three-step process. scores, and thus, the rankings.
strategy and pursue the
goal of (a) identifying
In a first step, from the Nordic hedge fund universe
as defined by the Nordic Hedge Index, the top five DISSECTING THE QUANTITATIVE SCORE managers with unique
funds per award category are shortlisted using a and award-worthy
quantitative model co-developed by HedgeNordic From the large universe Nordic hedge funds, which
and the Swedish House of Finance at the fund deserves the title of the best Nordic hedge skills and (b) avoiding
Stockholm School of Economics. The model uses fund of a given year? Should the title go to the fund
several measures of risk and return to produce a with the highest absolute return? Or should the fund
managers that were just
“quantitative” score. with the highest risk-adjusted return receive the lucky.”
title? Doesn’t longer-term performance matter? And
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if long-term performance does matter, how long is limited but frequent upside and a somewhat
“long-term?” unlimited, though less frequent downside. A
negatively skewed distribution is characterized by
The challenge of how to choose the nominees and frequent small gains and a few extreme losses. As
winners in the main award categories at the Nordic Halling argues, “negative skewness indicates crash-
Hedge Award is a difficult task. Michael Halling, risk and investors don’t quite like that.”
Associate Professor at the Stockholm School of
Economics and Research Fellow at the Swedish
House of Finance, argues that the quantitative model THE JURY SCORE AND FINAL RANKING
should “identify those hedge funds with
“The ‘best’ funds would be those the most “successful” strategy and pursue The five quantitative metrics are normalized in
the goal of (a) identifying managers with order to make them comparable to each other, and
that provide investors with unique and award-worthy skills and (b) combined using a pre-determined set of weights
the best risk-adjusted returns, avoiding managers that were just lucky.” to spit out a combined quantitative score. A jury of
industry professionals, typically allocators and asset
ideally determined using various “That means that one wants to look at short- owners from the Nordic hedge fund space, then
term performance because the awards rewards the nominated funds based on a wide range
measures because there is no
are handed out for a given year, but one of – mostly qualitative – criteria. The quantitative
single accepted concept.” also wants to look at more medium-term and qualitative scores are put in an equal footing
performance to filter out luck,” continues and combined to create the final scores and thereby
Halling, who presided the process of selecting the rankings. The judging panel not only serves as a
inputs for the quantitative model. Success can be cross-check for our quantitative model but also
defined in various ways, acknowledges the professor, heavily influences the final rankings. The
but taking “an investor-perspective makes the most selection process of winners, therefore,
sense.” Therefore, “the ‘best’ funds would be those combines the academic expertise of the
“The Swedish House of Finance
that provide investors with the best risk-adjusted Swedish House of Finance with the industry is involved in the quantitative
returns, ideally determined using various measures expertise of the jury board.
because there is no single accepted concept.”
evaluation of the funds because
Michael Halling and the Swedish House of that is where academia can
For these reasons, the quantitative model co- Finance endorse this combination, arguing
developed by HedgeNordic and the Stockholm School that “a unique and very valuable feature of provide useful input.”
of Economics considers five metrics: single-year the Nordic Hedge Award is the combination
absolute returns, single-year peer outperformance, of the quantitative and qualitative scores, which
as well as Sharpe ratios, absolute returns, and makes the awards particularly credible.” Pairing
skewness over the previous 36 months. Metrics are academic rigor with hands-on industry experience
viewed and measured on a per-fund basis, as well is particularly relevant for the hedge fund industry
as relative to peers in the respective sub-category given the diversity of investment strategies.
within the Nordic Hedge Index. Whereas absolute,
relative and risk-adjusted returns can be viewed as “I think that makes sense, in particular for hedge
standard inputs in models designed to handpick the funds, where managers are largely unrestricted in
best performing funds, skewness is a rarely-used their activities,” Halling argues. “The Swedish House
metric that was added in the quantitative model in of Finance is involved in the quantitative evaluation
2018 as a measure of downside risk. of the funds because that is where academia can
provide useful input,” says Halling, stressing that “it
“Skewness represents another dimension of risk is important to ask industry experts to comment on
that is not captured by variance,” explains Halling. and evaluate those nominated funds” to select truly
The model penalizes hedge funds with a negatively deserving award winners.
skewed distribution of returns. After all, relative to
the average return, negative skewness indicates
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PERFORMANCE NUMBERS ONLY TELL ONE SIDE OF THE STORY
JURY BOARD TO THE NORDIC HEDGE AWARD
G
iven the heterogeneous nature of hedge fund return profiles, the traditional risk-adjusted The qualitative score is determined by a jury board based criteria. The qualitative criteria may also
strategies, comparing hedge funds solely measures may not always reflect the true riskiness comprised of industry professionals, with their include longevity, work ethics, sustainability, alpha
based on traditional absolute or even risk- of underlying investments. Compared to many other voices accounting for half of the final scores that generation, uniqueness, innovation, asset raising
adjusted performance measures may not always industry awards, the Nordic Hedge Award does not determine the rankings at the Nordic Hedge Award. capacities, administrative setup, or any other
be the best approach. The name of the game for solely rely on performance-based measures to relevant characteristics.
many hedge funds is to provide investors with recognize the best Nordic hedge funds of a given The members of the jury are asked to make a
high risk-adjusted returns. So yes, risk-adjusted year. qualitative assessment of the funds that have been The assembled jury board for the 2020 Nordic
measures such as the Sharpe ratio or the Sortino nominated through the quantitative screening co- Hedge Award included Kari Vatanen, CIO at Veritas
ratio are a good starting point for comparisons. To determine the winners at the Nordic Hedge developed with the Swedish House of Finance at the Pension Insurance, Gilles Lafleuriel, Head of Real
Award, HedgeNordic employs a scoring system Stockholm School of Economics. The jury members Assets and Alternatives at Nordea, Gustav Karner,
Even so, the Sharpe ratio and other risk-adjusted that equally weights a quantitative score – that cast their final judgment based on various criteria, CEO and CIO at Apoteket’s Pension Fund, Helen
performance measures do not always tell the reflects several parameters such as short- and with the board being encouraged to overweight Idenstedt, Head of External Partnerships and
whole story. Due to the unique nature of hedge fund longer-term absolute, relative and risk-adjusted any qualitative criteria such as reputation, quality Innovation at AP1, Claudia Stanghellini, the Head of
strategies, some of which may invest in relatively returns, as well as downside risk – and a qualitative of communication, transparency and other External Management of AP3, and Christer Franzén,
illiquid asset classes or may exhibit asymmetric score that considers “qualitative” or “soft” factors. characteristics relative to quantitative, performance- CIO at Ericsson Pensionsstiftelse.
Kari Vatanen, Chief Investment Officer, Gilles Lafleuriel, Head of Real Assets and Gustav Karner, CEO and CIO, Apoteket’s Helen Idenstedt, Head of External Claudia Stanghellini, Head of External Christer Franzén, CIO, Ericsson
Veritas Pension Insurance Alternatives, Nordea Pension Fund Partnerships and Innovation, AP1 Management, AP3 Pensionsstiftelse
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PERFORMANCE NUMBERS ONLY TELL ONE generation of managers and analysts trained and diversification,” according to Pontus von Essen of
SIDE OF THE STORY encouraged to take a more active and value-adding AP7, a previous jury member. “Hedge funds have the
role in the organization?” Jaatinen reckons that opportunity to be very focused on their particular
“Performance numbers only tell one side of the qualitative aspects such as “the company culture, niche, thereby providing a piece of the puzzle to
story,” Linsay McPhater, a senior portfolio manager all of their stakeholders (i.e. all third parties that are an institutional investor in the form of expertise
focusing on alternatives at Nordea and a member integral for running their operations), the current and knowledge sharing,” Pontus von Essen told
of the Jury Board to both the 2018 and 2019 status of the management team” are essential in HedgeNordic. “It is hard for an institutional investor
Nordic Hedge Award, previously told HedgeNordic. the evaluation of hedge funds. “Are they too rich and to internally create the right environment for these
According to McPhater, “one should also assess the lazy to care about managing capital?” is a question niche strategies to take off” and the role of hedge
business aspect,” including “management, the culture worth asking, according to Jaatinen. funds is “similar to the role of start-ups for large
of integrity, operational efficiency, disciplined and corporations in many other businesses.”
rigorous investment process, investment strategy, Gustav Karner, the CEO and CIO at Apoteket’s
risk oversight, AuM growth and the client interface.” Pension Fund who has been part of the Jury Board According to Linsay McPhater, “at a general level,
Last but certainly not least, “hedge funds must have for two consecutive years, reckons that the custody, the value of hedge funds is to maximize investor
an opaque structure, so we can see their underlying administrator and auditor of a hedge fund should returns and eliminate risk.” She told HedgeNordic
investments, so transparency is a key aspect,” argued not be overlooked either. In addition, a qualitative- that “hedge funds are designed to not correlate or
McPhater. based assessment can help identify hedge funds behave like other investments.” During significant
with a “strong risk culture,” which may not always be stock market declines, “hedge funds are expected to
For investors, therefore, a hedge fund’s operational reflected in quantitative measures, particularly for experience lower loses or even generate a positive
processes are just as important as the risk-adjusted funds with limited track records. return,” said McPhater. “Therefore, investors view
performance profile of the fund. “Deepness of hedge funds as a diversifier and risk reducer in their
research, company culture, talent retention, market wider portfolios.”
understanding and investment conviction are often THE VALUE AND ROLE OF HEDGE FUNDS
hard to see in numbers, but they tend to reward the Gustav Karner corroborates McPhater’s view,
long-term investor,” argues Gilles Lafleuriel, who “Hedge funds are used in various ways by adding that “hedge fund returns should have low or
was part of the Jury Board to 2020 Nordic Hedge institutional investors,” argues Gilles Lafleuriel, Head negative correlations to equities because we can’t
Award. Mika Jaatinen, Portfolio Manager of Hedge of Real Assets and Alternatives at Nordea. “As part trust treasury bonds as a diversifier anymore.” Mika
Fund Investments at Finnish employment pension of a portfolio, they tend to be used as an insurance Jaatinen also told HedgeNordic that hedge funds
company Elo and a Jury Board member at the in troubles times, as an absolute performance tool should “act as an alternative source and stream of
previous edition of the Nordic Hedge Award, agrees or a risk diversifier next to other traditional long-only returns that do not correlate too much with other
with both McPhater and Lafleuriel. holdings,” he continues. “It is up to the investors asset classes.”
to define their own rationale and then to pick and
“Numbers cannot tell about a hedge fund’s culture,” monitor their funds accordingly.”
Jaatinen told HedgeNordic. According to Jaatinen, an
understanding of the culture warrants questions such “Expertise and knowledge sharing” is the primary role
as: “How are organizations managed? How do they of hedge funds “above the other two components
operate during times of crisis? How is the younger that they bring to the table: absolute return and
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BEST NORDIC
FUND OF HEDGE
FUNDS 2020
SUPPORTED BY RBC INVESTOR & TREASURY SERVICES
Mikael Spångberg, CEO and Portfolio Manager - Brummer Multi-Strategy
T
he fund of hedge funds industry has been often-inaccessible set of hedge fund teams and single-strategy hedge funds under the umbrella of distinction. “We are both humbled and thankful for
facing a slow death in recent years as many strategies. The significantly lower number of active Brummer & Partners, moved into the top spot in this winning at the Nordic Hedge Award.”
investors appear to have opted to bypass funds of hedge funds in the Nordics, therefore, has year’s edition of the Nordic Hedge Award by scoring
their services and their double-layer of fees to not made the competition for the title of the “Best high on quant-based parameters such as short- and Brummer Multi-Strategy reached its second-best
invest directly in hedge funds. The number of active Nordic Fund of Hedge Funds” less intense. On the longer-term absolute, relative and risk-adjusted annual performance on record in 2020 after returning
Nordic funds of hedge funds declined from 31 at contrary, the survival of the fittest has made the performance, as well as by winning the “Jury Board” 12.6 percent for the year. Last year’s advance was
the beginning of 2015 to 19 at the end of 2018, competition even more ferocious. vote. just shy of its record of 12.8 percent reached in 2005.
11 at the end of 2019 and only eight at the end of “Last year was truly extraordinary in so many ways,”
2020. The ones that are still up and running may “This year we are celebrating 25 years of generating Mikael Spångberg, the CEO and portfolio manager
still have an important role to play for their current WINNER: BRUMMER MULTI-STRATEGY alpha and we are devoted to continue,” says Jonas of the multi-strategy fund, reflected on 2020. “For
and prospective investors. Börjesson, Head of Investor Relations at Brummer us, for BMS, it was quite a fantastic year in terms of
In the 2020 lineup, Brummer Multi-Strategy & Partners. “2020 is our second-best year since performance, the way we generated the return and
The still active Nordic funds of hedge funds either unseated the previous edition’s winner, Atlant Multi- start, and this award serves as a testament to the quality of the return.” Brummer Multi-Strategy
represent a “one-stop” solution to a respective Strategy, as the “Best Nordic Fund of Hedge Funds” what we’re all about; delivering strong risk-adjusted exhibited a beta of only 0.06 compared to the MSCI
asset manager’s hedge funds without charging of 2020 at the Nordic Hedge Award. Brummer return through a portfolio of uncorrelated strategies World throughout 2020. “Looking ahead, we are in
an additional layer of fees or offer exposure to an Multi-Strategy, a multi-strategy fund investing in the that complement each other,” he comments on the a strong position to keep delivering performance,
20 21www.hedgenordic.com - June 2021 www.hedgenordic.com - June 2021
although there will be a lot of uncertainty out there, that our approach of focusing on high-quality and
so one should always be humble,” says Börjesson. often difficult-to-access hedge fund managers
with proven and tested investment processes of
producing persistent and uncorrelated returns
SECOND PLACE: AIM DIVERSIFIED stands out in the competitive alternative investment
STRATEGIES space,” he continues. “This award means a lot to our
team and we look forward to continuing our efforts
AIM Diversified Strategies has been awarded of long-term value creation for our clients through
second place in the “Best Nordic Fund of Hedge 2021 and beyond.”
Funds” category at the Nordic Hedge Award for a
second consecutive year. The fund of hedge funds AIM Diversified Strategies gained 4.7 percent in
managed by Helsinki-based AIM Capital primarily 2020 after booking a similar gain of 4.7 percent in
invests in alternative strategies run by hedge fund 2019 and a 2.4 percent-gain for 2018. The fund of
giants such as Citadel Advisors, D.E. Shaw & Co., and hedge funds incurred only one down year – a 0.5
Renaissance Technologies. “The fund has exposure percent-loss in 2016 – since launching in the second
and access to extremely high-quality managers like half of 2009. “Our goal for investment performance
D.E. Shaw and Citadel, most of which are closed is to be consistent and persistent,” says Hautamäki.
to new investors, which makes our fund unique in AIM Diversified Strategies has delivered an
Scandinavia,” explains Miikka Hautamäki, the CEO annualized return of 3.9 percent since September
Miikka Hautamäki, CEO and Managing Partner - AIM Capital and Managing Partner at AIM Capital. 2009 with 3.4 percent volatility, translating into an
inception-to-date Sharpe ratio of 1.14. “Many people
“I am so pleased our team has been recognized and underestimate the power of compounding effect on
celebrated by the Nordic Hedge Award for delivering the long-term track record,” he emphasizes. “There
strong risk-adjusted returns,” Hautamäki comments is no such thing as an overnight success in the
on the distinction. “This recognition is an affirmation asset management business.”
22 23www.hedgenordic.com - June 2021
Specialist Expertise
Assured Financial Strength
Taking a consultative approach to delivering an
Peter Beckman integrated financial and administrative solution,
Deputy CEO
our General Partner clients benefit from specialist
Atlant Fonder
expertise across the entire fund lifecycle to help them
achieve their objectives.
To discover how we can support your investment,
THIRD PLACE: ATLANT MULTI-STRATEGY podium at the Nordic Hedge Award representing a
testament to the firm’s success in delivering solid market and product expansion, visit rbcits.com/pcs
Atlant Multi-Strategy, the “Best Nordic Fund of Hedge risk-adjusted returns.
Funds” of 2019, took the third step on the podium
in this category at this year’s edition of the Nordic Atlant Fonder oversees SEK 5.29 billion in assets
Hedge Award. This represents the third consecutive under management across its range of eight funds.
podium in this award category for the fund of funds In the first quarter of 2021, the hedge fund house
investing in Atlant Fonder’s own hedge funds. expanded its fund range with the launch of a Nordic-
focused high-yield bond fund, Atlant Högräntefond. REAL ESTATE | INFRASTRUCTURE | PRIVATE EQUITY | PRIVATE DEBT
“Last year we won this category and it is the third This is the first pure fixed-income vehicle under
year in a row that we have been nominated and been Atlant Fonder’s umbrella. The Atlant-branded RBC Investor & Treasury Services™ is a global brand name and is part of Royal Bank of Canada. RBC Investor & Treasury Services is a specialist provider of asset servicing, custody, payments and treasury services for financial and other
among the top three at the Nordic Hedge Award,” suite also includes three-market-neutral funds, institutional investors worldwide. RBC Investor & Treasury Services operates primarily through the following companies: Royal Bank of Canada, RBC Investor Services Trust and RBC Investor Services Bank S.A., and their branches and affiliates.
RBC IS Bank S.A. is supervised in Luxembourg by the CSSF and the European Central Bank. In the UK, RBC I&TS operates through RBC Investor Services Trust, London Branch & Royal Bank of Canada, London Branch, authorised and regulated
says Michael Ekelund, the CEO of Atlant Fonder. two equity-tilted hedge funds designed to provide by the Office of the Superintendent of Financial Institutions of Canada. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority.
Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. RBC I&TS UK also operates through RBC Europe Limited, authorised by the Prudential Regulation Authority and regulated by the
“We are happy for that. At Atlant Fonder, we strive exposure to equity markets at lower volatility, one Financial Conduct Authority and the Prudential Regulation Authority. Additionally, RBC I&TS’ Trustee and Depositary services are provided through RBC Investor Services Bank S.A., London Branch, authorised by the Commission de Surveillance
du Secteur Financier (CSSF) and European Central Bank (ECB) and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority
to achieve strong risk-adjusted and market-neutral vehicle designed to protect against market crashes, and Prudential Regulation Authority are available from us on request. In Australia, RBC Investor Services Trust is authorized to carry on financial services business by the Australian Securities and Investments Commission under the AFSL
(Australian Financial Services Licence) number 295018. In Singapore, RBC Investor Services Trust Singapore Limited (RISTS) is licensed by the Monetary Authority of Singapore (MAS) as a Licensed Trust Company under the Trust Companies
returns,” with this fund’s continued presence on the as well as precious metal-focused Atlant Precious. Act and was approved by the MAS to act as a trustee of collective investment schemes authorized under S 286 of the Securities and Futures Act (SFA). RISTS is also a Capital Markets Services Licence Holder issued by the MAS under the SFA
in connection with its activities of acting as a custodian. In Guernsey, RBC Offshore Fund Managers Limited is regulated by the Guernsey Financial Services Commission in the conduct of investment business. Registered Office: PO Box 246,
Canada Court, St Peter Port, Guernsey, Channel Islands, GY1 3QE, registered company number 8494. In Jersey, RBC Fund Administration (CI) Limited is regulated by the Jersey Financial Services Commission in the conduct of fund services and
trust company business in Jersey. Registered office: Gaspé House, 66-72 Esplanade, St Helier, Jersey JE2 3QT, Channel Islands. Registered company number 52624. In Hong Kong, RBC Investor Services Bank S.A. is a restricted license bank and
is authorized to carry on certain banking business in Hong Kong by the Hong Kong Monetary Authority. RBC Investor Services Trust Hong Kong Limited is regulated by the Mandatory Provident Fund Schemes Authority as an approved trustee.
® / ™ Trademarks of Royal Bank of Canada. Used under licence.
24 21www.hedgenordic.com - June 2021 www.hedgenordic.com - June 2021
BEST NORDIC
EQUITY HEDGE
FUND 2020
SUPPORTED BY NORTHERN TRUST
This model levels the playing field between return- Nordic Equity Hedge Fund” award, Lucerne Nordic
focused managers and those focused on risk- Fund, is a hedge fund run by a Brit out of New
adjusted performance in the race for the “Best York but runs a strictly Nordic investment theme.
Jonathan Copplestone - Lucerne Capital Management Nordic Equity Hedge Fund” award. With the equity Jonathan Copplestone lives in New York City in the
market rebound from the March lows outrunning heart vibes of Wall Street and is an ocean away from
even the post-financial crisis recovery in terms his hunting ground: small- and mid-sized companies
of both speed and magnitude, the Nordic Hedge in the Nordic region.
E
quity managers account for more than one- Award model’s focus on absolute performance, risk-
third of the Nordic hedge fund industry, with adjusted performance and downside risk helped “I am so happy and proud to be nominated amongst
these managers employing a wide range of pick the funds that truly stood out from the crowd in the best Nordic equity funds for 2020,” says Jonathan
approaches and varying degrees of net market a chaotic year for equity managers. Copplestone of Lucerne Capital Management. “As
exposure. From the large universe of Nordic you all know, it is a very competitive field and it
equity hedge funds, which fund deserves the “Best is a real honor to be included amongst the best,”
Nordic Equity Hedge Fund” title? HedgeNordic WINNER: LUCERNE NORDIC FUND he continues. “So pleased for my investors and
co-developed a model with the Swedish House of colleagues that the Lucerne Nordic Fund won the
Finance at the Stockholm School of Economics The funds included in the Nordic Hedge Index top prize for Best Nordic Hedge Fund Overall for
that takes into account shorter- and longer-term have typically either been managed by Nordic- 2020 in addition to winning in the Equity category,”
absolute, relative and risk-adjusted performance, as born managers, have been domiciled in one of the he comments on the achievement. “It takes a lot of
well as a measure of downside risk and qualitative Nordic countries, or have been run by teams out of work and focus as well as support from friends and
assessments from a jury board. the Nordic countries. The winner of this year’s “Best colleagues in the industry.”
26 27www.hedgenordic.com - June 2021 www.hedgenordic.com - June 2021
Lucerne Nordic Fund ended 2020 up 77 percent and nominees in the “Equity” category but achieved the
has delivered an annualized return of 31.5 percent highest 36-month Sharpe ratio.
since launching in February 2015. In addition to being
named the “Best Nordic Equity Hedge Fund” and “We really appreciate the recognition of our team’s
“Best Nordic Hedge Fund” of 2020, Lucerne Nordic hard work and we remain as upbeat as ever on
Fund also received the performance awards for the our portfolio positions and the fund’s ability to
highest 36-month and 60-month performance within generate attractive returns to our investors in 2021
the Nordic hedge fund industry. “I have never seen and beyond,” Managing Partner Christer Bjørndal
any correlation between managers’ location and comments on the achievement. CARN Latitude
their performance,” Copplestone told HedgeNordic advanced 39.4 percent in 2020 after incurring a
at the beginning of 2021. loss of only 2.7 percent during the volatile month
of March, ending the first quarter down a mere 1.2
percent.
From left to right: Harald Havnen, Melanie Brooks, Andreas Bomann-Larsen, and Christer Bjørndal - CARN Capital SECOND PLACE: CARN LATITUDE
“2020 was a challenging yet rewarding year for
In the race for the “Best Nordic Equity Hedge an active asset manager like CARN,” Bjørndal
Fund” of 2020, the second place went to long/ comments on the 2020 performance. “Extreme
short fundamental equity fund CARN Latitude market turbulence caused by the COVID-19
run by Norwegian asset manager CARN Capital. pandemic not seen since the financial crisis is a
CARN Latitude’s second-place podium shows the reminder of the inherent risk of volatility and fear
importance of risk-adjusted performance and that periodically grip equity markets. At CARN, we
limited drawdown at the Nordic Hedge Award. were able to protect the downside relatively well in
With an annualized return of 19.3 percent over the the first quarter and managed to catch up well when
three years through the end of 2020, CARN Latitude the market picked up, making 2020 a good year for
had the lowest 36-month return among the five us.”
28 29www.hedgenordic.com - June 2021
FASTER FORWARD
Make change an opportunity instead of a challenge.
Turn to us for the technology, insight and service that helps
achieve your goals – so you can focus on your core business.
For more information, visit northerntrust.com or contact:
Struan Malcolm
Head of Nordic Sales
struan_malcolm@ntrs.com
+46 10 555 5157
ACHIEVE GREATER
From left to right: Kai Tavakka, Henri Österlund, and Mark H. Shay - Accendo Capital
THIRD PLACE: ACCENDO at Accendo. The Accendo team has been “busy
building our performance and portfolio companies
Activist investor Accendo Capital, one of the most and we are perhaps more excited than ever about
decorated funds at all editions of the Nordic Hedge being an active owner in listed northern European
Award, rounded out the podium in the “Best Nordic companies,” she adds. “Most of our effort and energy
Equity Hedge Fund” category. This represents is dedicated to working together with companies to
Accendo’s fourth appearance on the podium in the help them grow.”
“Best Nordic Equity Hedge Fund” category in the past
five years. Accendo, which is an active shareholder The fund managed by Henri Österlund, Mark H.
in listed small-cap companies in northern Europe Shay and Kai Tavakka has generated an annualized
that drive, or benefit from, technological innovation, net return of 16.8 percent since launching in early
gained 69.3 percent in 2020, followed by a 45.6 2008 to achieve an inception-to-date Sharpe ratio
percent-advance in the previous year. of 0.93. “We are delighted that our track record
shows that we have been able to create value for ASSET SERVICING \ ASSET MANAGEMENT \ WEALTH MANAGEMENT
“Here at Accendo, we are delighted to be on the all the stakeholders at the companies we have © 2021 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A.
podium at the Nordic Hedge Award once again, been involved with and, most importantly, for our Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust
especially with the year that we have behind us,” investors,” says Auer. Corporation may vary in different markets and are offered in accordance with local regulation. For legal
comments Elise Auer, Director of Investor Relations and regulatory information about individual market offices, visit northerntrust.com/disclosures.
DIRECTED TO PROFESSIONAL CLIENTS ONLY. NOT INTENDED FOR RETAIL CLIENTS.
30www.hedgenordic.com - June 2021 www.hedgenordic.com - June 2021
BEST NORDIC
FIXED INCOME
HEDGE FUND 2020
SUPPORTED BY SS&C EZE
L
iquidations outpaced new funds entering the
From left to right: Tore Davidsen, Bo Michael Andersen and Rasmus Dall-Hansen
Nordic hedge fund universe in recent years,
shrinking the number of active funds in the
industry from 170 at the beginning of 2015 to 140
at the end of 2020. All strategy categories within
the Nordic Hedge Index have seen the number of the “fixed income” category at this year’s edition of now with three years of track record, I am obviously
their components drop in recent years, all except the Nordic Hedge Award was again dominated by happy to see that we are set to win a prize in the
for the “fixed income” category. The “fixed income” Danish managers. “Best Nordic Fixed Income Hedge Fund” category,”
segment of the Nordic hedge fund industry, the Bo M. Andersen, the CIO of the fund, commented on
healthy organism of the universe, has seen the the initial nomination.
number of active funds increase from 23 at the WINNER: SEB EUREKA FIXED INCOME
beginning of 2015 to 34 at the end of last year. RELATIVE VALUE The relative-value fund managed by CIO Bo
Michael Andersen along with portfolio managers
With the number of new funds employing fixed- Two years after winning the “Rookie of Year” award Tore Davidsen and Rasmus Dall-Hansen out of
income-focused strategies outpacing liquidations, at the 2018 Nordic Hedge Award, SEB Eureka Fixed Copenhagen has reinforced the dominance of
the competition for the title of the “Best Nordic Fixed Income Relative Value has been crowned the “Best Danish hedge funds in the “fixed income” category
Income Hedge Fund” at the Nordic Hedge Award Nordic Fixed Income Hedge Fund” of 2020. “The fund at the Nordic Hedge Award. “This is a recognition
has been intensifying with each passing year. After was launched back in January of 2018, and after our of our investment policy based on superior risk-
a hiatus last year, as is customary, the podium for first year we won the “Rookie of the Year” award and adjusted returns,” Andersen comments on the
32 33www.hedgenordic.com - June 2021 www.hedgenordic.com - June 2021
Morten Mathiesen, CIO - Moma Advisors
accomplishment. “On behalf of the entire team, I am in SEB’s alternative fund offering,” remarks Peter Hedge Fund” category in all eight previous editions than 15%, which is close to potential given the risk
happy and proud that we won this prestigious award, Høltermand, Country Manager of SEB Denmark. of the Nordic Hedge Award and winning the top restrictions,” he continued. “At the offset we had
recognizing our superior risk-adjusted returns since “The consistent performance that the team has prize five times, Asgard Fixed Income Fund came expectations of approximately 8% for the year, but
we launched the fund a little more than three years created – in good times and bad – shows that the in second place in the 2020 edition of the Nordic the spike in volatility in March due to the covid-19
ago.” fund has delivered on the ambitions we had when Hedge Award. “I am so happy to be nominated this outbreak provided some welcome opportunities to
we started setting up the fund in 2016.” year again in what has become the primary event re-adjust the portfolio for higher returns,” according
When orchestrating the launch of SEB Eureka Fixed in Scandinavia within our business,” CIO Morten to Mathiesen.
Income Relative Value more than three years ago, Mathiesen commented on the fund’s nomination.
Andersen set an explicit return target in the range SECOND PLACE: ASGARD FIXED INCOME Moma Advisors’ Asgard Fixed Income Fund has
of four to eight percent per year net-of-fees. So far, FUND “Although 2020 on many levels was frustrating delivered an annualized return of 13 percent since
the fund has delivered an annualized return of 6.8 and challenging, the year also provided a good its inception in mid-2003. This is the highest
percent with an annualized standard deviation of Asgard Fixed Income Fund has long been a crown balance between volatility and stability,” Mathiesen annualized return among all fixed-income hedge
2.8 percent, translating into an inception-to-date jewel in the Nordic hedge fund space. After being on commented on the fund’s 2020 performance. funds in the Nordics. The fund’s continued presence
Sharpe ratio of 2.40. “SEB Eureka is a cornerstone the podium in the “Best Nordic Fixed-Income Nordic “That has enabled us to reach a return of more on the podium at the Nordic Hedge Award comes as
34 35www.hedgenordic.com - June 2021
no surprise, with the fund incurring only one down
year in its nearly 18-year journey (a drop of four
percent in 2008).
THIRD PLACE: ASGARD FIXED INCOME
RISK PREMIA
With Moma Advisors winding up the Asgard Credit
Fund – runner-up in the “fixed income” category at
Fast-moving markets demand
reliable technology.
the 2019 Nordic Hedge Award – last year due to high
volatility in returns and dwindling investor interest,
it was Asgard Fixed Income Risk Premia’s turn to
pick up the baton. Moma Advisors’ younger vehicle,
Asgard Fixed Income Risk Premia, completed the
podium in the “Best Nordic Fixed Income Hedge
Fund” category at this year’s edition of the Nordic Whether at home or in the office, you need an investment management
Hedge Award.
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“Winning a single year is nice, but being there
or thereabout year after year is probably more SS&C Eze simplifies the investment process so you can focus on your business.
important when investors look for true talent within
the industry,” Birger Durhuus, the CEO of Moma For more than 25 years, the top asset managers around the world have trusted
Advisors, previously commented on their fund’s
continued presence on the podium at the Nordic our solutions to power their investment operations. Reliable, dependable, and
Hedge Award. Due to popular demand, Moma
Advisors decided to launch a SEK share class in
secure. In times of uncertainty, rely on SS&C Eze.
Asgard Fixed Income Risk Premia in 2020. The
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to the EUR class, given the minimal interest rate
difference between the two currencies.
Asgard Fixed Income Risk Premia’s EUR share class
reflected in the Nordic Hedge Index has delivered
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an annualized return of 7.3 percent since its
inception in September 2017 to reach an inception-
to-date Sharpe ratio of 1.19. The team’s approach
of harvesting risk premiums in various bond and
interest rate markets mainly in Scandinavian yielded
a return of 16.1 percent in 2020 after booking a gain
of eight percent for the previous year. Best Front Office Technology Provider
SS&C Eze
36 © 2021 Eze Software Group LLC. All rights reserved. Unless otherwise noted, product names, trade names, designs, logos and all other trademarks or service marks used herein are the property
of Eze Software Group LLC (“Eze”) or its affiliates. Eze’s affiliate in Australia, Eze Software Group Pty Limited, holds Australian Financial Services Licence No. 448217.www.hedgenordic.com - June 2021 www.hedgenordic.com - June 2021
BEST NORDIC
MULTI STRATEGY
HEDGE FUND 2020
SUPPORTED BY AMX (THE ASSET MANAGEMENT EXCHANGE)
Mikkel Hagel, Rasmus Viggers and Thøger Dam Johansen - Formue Nord
I
nstruments traded serve as the guiding In the fund management industry, “multi-strategy” WINNER: FORMUE NORD
compass for HedgeNordic when assigning is a nebulous term with no clear edges. Within the MARKEDSNEUTRAL
Nordic hedge funds to their respective Nordic Hedge Index, the multi-strategy category
strategy categories. Funds investing in stocks represents the most diverse and inclusive category, After two consecutive podiums without a win, Formue
and equity-related instruments are classified featuring true multi-strategy funds investing in Nord Markedsneutral has been crowned the “Best
as “equity” funds, while funds investing in multiple asset classes and instruments and unique Nordic Multi-Strategy Hedge Fund” of 2020. The market-
fixed-income-related securities are included in funds that do not fit any other clear classification. neutral special situations fund offering financing
the “fixed income” category. Funds investing in The diverse range of managers within the “multi- solutions to smaller companies in the Nordics enjoyed
other funds are classified as funds of funds and strategy” group within the Nordic hedge fund its best year on record in 2020 with an annual return of
managers investing in futures are – surprise, universe makes the “Best Nordic Multi-Strategy 26.6 percent. Last year’s strong performance follows
surprise – featured in the managed futures or Hedge Fund” award category an exciting category an advance of 17.1 percent in 2019. With a full-year
CTA category. All the funds that do not fit in to follow. advance of 13.6 for 2018, the fund was the industry’s
any of these four categories are classified as third-best performer in what was the Nordic hedge
“multi-strategy.” fund industry’s worst year since 2008.
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