NHX Performance Review - August 2023

Funds count: 141

Month in Review

After a promising start to the second half of the year in July, Nordic hedge funds dipped by 0.1 percent in August. This decline came amid a challenging month for trend-following CTAs, while fixed-income managers had a solid performance. For the first eight months of 2023, the Nordic hedge fund industry has seen a 2.3 percent increase in returns.

Only two of the five strategy categories within the Nordic Hedge Index registered positive returns in August. Fixed-income hedge funds have been enjoying a robust recovery throughout 2023 after a difficult 2022, with a 6.0 percent increase as a group following a 0.9 percent advance in August. Multi-manager vehicles in the region edged up 0.2 percent in August, ending the first eight months of 2023 with a positive return of 1.7 percent. Nordic CTAs, on the other hand, booked an average decline of 1.8 percent in August amid several intra-month trend reversals across markets. Equity and diversified hedge funds also experienced minor setbacks, with declines of 0.4 percent and 0.3 percent, respectively, during the month of August. Despite dropping by 2.7 percent in August, HedgeNordic’s recently launched index of equity long-only managers advanced an estimated 16.0 percent in 2023.

The performance dispersion between the best- and worst-performing members of the Nordic Hedge Index declined slightly month-over-month. In August, the top 20 percent of Nordic hedge funds gained 2.6 percent and the bottom 20 percent lost 3.5 percent, resulting in a top-to-bottom dispersion of 6.1 percent versus 6.6 percent in July. In July, the top 20 percent were up 4.6 percent on average and the bottom 20 percent were down 1.9 percent. A little more than half of the members of the Nordic Hedge Index with reported August figures posted gains for the month.

Sub-Strategy and Country-by-Country Performance

Only two of the five strategy categories within the Nordic Hedge Index registered positive returns in August. Fixed-income hedge funds have been enjoying a robust recovery throughout 2023 after a difficult 2022, with a 6.0 percent increase as a group following a 0.9 percent advance in August. Multi-manager vehicles in the region edged up 0.2 percent in August, ending the first eight months of 2023 with a positive return of 1.7 percent. Nordic CTAs, on the other hand, booked an average decline of 1.8 percent in August amid several intra-month trend reversals across markets. Equity and diversified hedge funds also experienced minor setbacks, with declines of 0.4 percent and 0.3 percent, respectively, during the month of August. Despite dropping by 2.7 percent in August, HedgeNordic’s recently launched index of equity long-only managers advanced an estimated 16.0 percent in 2023.
On a country level, the Norwegian and Danish hedge fund industries performed the best in August, with average gains of 0.8 percent and 0.4 percent, respectively. These two industries also enjoyed strong year-to-date performances, with Norwegian hedge funds up 5.4 percent and Danish hedge funds up 4.3 percent in the first eight months of the year. Finnish hedge funds, on the other hand, faced a challenging August and were down 1.8 percent on average to bring their 2023 performance into negative territory at 0.8 percent. The Swedish hedge fund industry, leading the Nordic region with the highest number of active hedge funds, edged down 0.5 percent in August to end the first eight months of 2023 up 0.2 percent.

NHX Composite Historical Monthly Returns (99% updated NAVs)

Monthly Performance
Index Values
View Constituents
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Year

Top Performing Managers - August 2023

Top 10 NHX Performers Aug 23
Best NHX net performers
MTDYTD12M RORTotal ReturnSt. Dev.Sharpe
OAM Absolute Return Fund 8.75%27.40%38.90%806.35%4.11%0.95
Coeli Global Opportunities 6.10%24.81%15.49%15.72%5.07%0.75
Lucerne Nordic Fund 5.93%10.54%4.24%303.63%5.36%0.97
Pensum Global Opportunities 4.49%-15.95%-16.37%-17.67%4.11%-0.74
Capital Four Structured Credit Opportunities 3.64%16.54%28.97%52.70%4.53%0.89
Nordea 1 – Alpha 15 MA 3.46%-0.86%1.36%98.57%2.94%0.60
Asgard Fixed Income Risk Premia 3.38%15.62%25.21%31.66%2.40%0.60
Nykredit KOBRA Hedge Fund 3.04%7.17%11.30%88.92%2.22%0.74
CARN Latitude 3.02%1.66%1.30%85.52%3.15%0.78
SEB Eureka Fixed Income Relative Value 2.93%12.85%17.11%27.54%1.91%0.68

Top Performing Managers - Year To Date 2023

Top 10 Performers YTD
Best NHX net performers
YTDMTD12M RORTotal ReturnSt. Dev.Sharpe
HCP Focus Fund 53.56%-1.21%27.79%295.14%6.60%0.67
Asilo Argo 45.92%-12.61%9.69%-27.75%9.36%-0.20
Pareto Total 27.81%1.15%29.80%141.18%3.68%0.97
OAM Absolute Return Fund 27.40%8.75%38.90%806.35%4.11%0.95
Coeli Global Opportunities 24.81%6.10%15.49%15.72%5.07%0.75
Danske Invest Fixed Income Global Value 18.76%0.41%23.47%39.40%3.27%0.62
Solarstein Capital 18.15%1.59%15.69%8.87%5.06%0.48
Capital Four Structured Credit Opportunities 16.54%3.64%28.97%52.70%4.53%0.89
Asgard Fixed Income Risk Premia 15.62%3.38%25.21%31.66%2.40%0.60
Thyra Hedge 15.43%0.47%11.85%133.04%2.14%0.72

NHX Equity - Top Performing Managers - August 2023
MTDYTD12M RORTotal ReturnSt. Dev.Sharpe
OAM Absolute Return Fund 8.75%27.40%38.90%806.35%4.11%0.95
Coeli Global Opportunities 6.10%24.81%15.49%15.72%5.07%0.75
Lucerne Nordic Fund 5.93%10.54%4.24%303.63%5.36%0.97
Pensum Global Opportunities 4.49%-15.95%-16.37%-17.67%4.11%-0.74
CARN Latitude 3.02%1.66%1.30%85.52%3.15%0.78

NHX Fixed Income - Top Performing Managers - August 2023
MTDYTD12M RORTotal ReturnSt. Dev.Sharpe
Capital Four Structured Credit Opportunities 3.64%16.54%28.97%52.70%4.53%0.89
Asgard Fixed Income Risk Premia 3.38%15.62%25.21%31.66%2.40%0.60
Nykredit KOBRA Hedge Fund 3.04%7.17%11.30%88.92%2.22%0.74
SEB Eureka Fixed Income Relative Value 2.93%12.85%17.11%27.54%1.91%0.68
Asgard Fixed Income Fund 2.88%14.91%22.43%774.12%2.07%1.54

NHX Multi Strategy - Top Performing Managers - August 2023
MTDYTD12M RORTotal ReturnSt. Dev.Sharpe
Nordea 1 – Alpha 15 MA 3.46%-0.86%1.36%98.57%2.94%0.60
Nordea 1 - Alpha 10 MA 2.43%0.34%2.08%47.59%2.07%0.43
Nordea 1 – Alpha 7 MA 1.81%0.55%1.76%13.35%1.41%0.51
Formue Nord Fokus 1.09%2.25%-1.13%52.98%2.34%1.09
Agenta Alternativa Investeringar 0.65%5.24%5.78%32.37%2.24%0.82

NHX Managed Futures & CTA - Top Performing Managers - August 2023
MTDYTD12M RORTotal ReturnSt. Dev.Sharpe
Volt Diversified Alpha Fund 2.42%0.10%-5.27%45.93%2.82%0.64
Epoque 0.78%7.30% - 7.30%1.52%2.04
Wavebreaker Fund 0.68%-4.73%-8.90%-4.29%1.48%-0.49
Lynx 0.26%-10.01%-8.43%689.24%4.33%0.67
SEB Asset Selection -0.56%0.15%-2.36%103.90%2.54%0.52

NHX Fund of Funds - Top Performing Managers - August 2023
MTDYTD12M RORTotal ReturnSt. Dev.Sharpe
AIM Diversified Strategies 0.70%0.78%2.64%89.80%1.01%1.33
Brummer Multi-Strategy 0.50%0.60%1.97%227.99%1.32%1.24
R2 Crystal 0.46%1.38%1.03%184.03%1.50%1.17
PriorNilsson Balans 0.44%6.29%7.24%15.25%1.53%0.74
Secure Hedge 0.18%0.60%2.50%38.57%1.09%0.86

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