NHX Performance Review - January 2024

Funds count: 140

Month in Review

Nordic hedge funds enjoyed their second-best month of the year in November, riding the wave of risk-on sentiment that swept through the markets during the month. The Nordic hedge fund universe rose by 1.6 percent on aggregate, bringing the 2023 performance to 3.5 percent. Most CTAs that entered November anticipating a downtrend in bonds and equities were caught off guard as markets reversed course.

The small group of Nordic CTAs ended November in the red, as stocks rebounded and bond yields tumbled due to signals from the Federal Reserve and other central banks hinting at a possible end to the current cycle of rising interest rates. In contrast, long/short equity managers and fixed-income hedge funds both gained 1.8 percent on average in November. Long-only equity managers performed even better, advancing by 8.7 percent on average last month.

Fixed-income strategies marked their sixth consecutive month of positive performance to bring the 2023 performance to 9.6 percent, a strong recovery from the 7.1 percent average decline in 2022. Diversified hedge funds, the most diverse and inclusive group in the Nordic Hedge Index, gained 1.9 percent on average in November to bring their performance for the year into positive territory at 1.1 percent. Multi-manager vehicles edged up an estimated 0.3 percent in November, ending the first 11 months of 2023 up 2.4 percent.

The performance dispersion between the best- and worst-performing members of the Nordic Hedge Index increased month-over-month. In November, the top 20 percent of Nordic hedge funds gained 5.9 percent on average and the bottom 20 percent lost 2.5 percent, resulting in a top-to-bottom dispersion of 8.4 percent versus 6.0 percent in October. During October, the top 20 percent were up 2.1 percent on average and the bottom 20 percent were down 3.9 percent. About three in every four members of the Nordic Hedge Index with reported November figures posted gains for the month. About 70 percent of all funds within the Nordic Hedge Index posted gains year-to-date.

Sub-Strategy and Country-by-Country Performance

The small group of Nordic CTAs ended November in the red, as stocks rebounded and bond yields tumbled due to signals from the Federal Reserve and other central banks hinting at a possible end to the current cycle of rising interest rates. In contrast, long/short equity managers and fixed-income hedge funds both gained 1.8 percent on average in November. Long-only equity managers performed even better, advancing by 8.7 percent on average last month. Fixed-income strategies marked their sixth consecutive month of positive performance to bring the 2023 performance to 9.6 percent, a strong recovery from the 7.1 percent average decline in 2022. Diversified hedge funds, the most diverse and inclusive group in the Nordic Hedge Index, gained 1.9 percent on average in November to bring their performance for the year into positive territory at 1.1 percent. Multi-manager vehicles edged up an estimated 0.3 percent in November, ending the first 11 months of 2023 up 2.4 percent.
At a country level, the Danish hedge fund industry performed the best in November with a 2.1 percent increase, bringing its year-to-date advance to 6.7 percent. The Finnish hedge fund industry posted an average gain of 1.9 percent in November, bringing its performance back into positive territory for the year at 1.2 percent. Norwegian hedge funds ended the first 11 months of 2023 up 7.7 percent after a gain of 1.0 percent in November. The Swedish hedge fund industry, with the highest number of active hedge funds in the Nordic region, was up 1.5 percent in November, bringing its 2023 performance closer to positive territory at minus 0.2 percent.

NHX Composite Historical Monthly Returns (96% updated NAVs)

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

Top Performing Managers - January 2024

Top 10 NHX Performers Jan 24

Best NHX net performers
MTDYTD12M RORTotal ReturnSt. Dev.Sharpe
Lynx Systematic Macro 6.90%6.90%-0.58%-0.36%4.12%0.05
Pensum Global Opportunities 6.70%6.70%-6.33%-11.92%5.22%-0.25
Cleaves Shipping Fund 6.16%6.15%24.19%53.51%5.25%1.59
Rhenman Healthcare Equity L/S 5.66%5.66%11.74%820.77%5.84%0.86
Thyra Hedge 5.11%5.11%16.61%149.45%2.19%0.74
Othania Globale Aktier 5.08%5.08%6.24%-6.74%2.78%-0.39
Nordea 1 – Alpha 15 MA 4.94%4.94%2.59%98.71%2.94%0.58
Alcur Select 4.73%4.73%18.83%233.92%4.31%1.49
Plain Capital BronX 4.57%4.57%2.90%40.17%4.21%0.27
Capital Four Structured Credit Opportunities 4.35%4.35%29.62%78.70%4.35%1.11

Top Performing Managers - Year To Date 2024

Top 10 Performers YTD

Best NHX net performers
YTDMTD12M RORTotal ReturnSt. Dev.Sharpe
SEB Eureka Fixed Income Relative Value 17.66% - 17.66%32.97%1.86%0.77
Nykredit KOBRA Hedge Fund 11.56% - 11.56%64.37%1.48%0.92
Lynx Systematic Macro 6.90%6.90%-0.58%-0.36%4.12%0.05
Pensum Global Opportunities 6.70%6.70%-6.33%-11.92%5.22%-0.25
Cleaves Shipping Fund 6.15%6.16%24.19%53.51%5.25%1.59
Rhenman Healthcare Equity L/S 5.66%5.66%11.74%820.77%5.84%0.86
Thyra Hedge 5.11%5.11%16.61%149.45%2.19%0.74
Othania Globale Aktier 5.08%5.08%6.24%-6.74%2.78%-0.39
Nordea 1 – Alpha 15 MA 4.94%4.94%2.59%98.71%2.94%0.58
Alcur Select 4.73%4.73%18.83%233.92%4.31%1.49

NHX Equity - Top Performing Managers - January 2024

MTDYTD12M RORTotal ReturnSt. Dev.Sharpe
Pensum Global Opportunities 6.70%6.70%-6.33%-11.92%5.22%-0.25
Cleaves Shipping Fund 6.16%6.15%24.19%53.51%5.25%1.59
Rhenman Healthcare Equity L/S 5.66%5.66%11.74%820.77%5.84%0.86
Thyra Hedge 5.11%5.11%16.61%149.45%2.19%0.74
Othania Globale Aktier 5.08%5.08%6.24%-6.74%2.78%-0.39

NHX Fixed Income - Top Performing Managers - January 2024

MTDYTD12M RORTotal ReturnSt. Dev.Sharpe
Capital Four Structured Credit Opportunities 4.35%4.35%29.62%78.70%4.35%1.11
Atlant Högräntefond 3.66%3.66%7.56%7.56%1.63%0.47
Norselab Real Estate Credit Opportunities 2.99%2.99% - 5.53%1.11%5.69
Carlsson Norén Yield Opportunity 2.96%2.96%10.40%21.61%3.40%0.39
Case Credit Opportunity 2.87%2.87%4.75%30.86%1.33%0.66

NHX Multi Strategy - Top Performing Managers - January 2024

MTDYTD12M RORTotal ReturnSt. Dev.Sharpe
Nordea 1 – Alpha 15 MA 4.94%4.94%2.59%98.71%2.94%0.58
Plain Capital BronX 4.57%4.57%2.90%40.17%4.21%0.27
Othania Allokering Verden 4.07%4.07%9.17%25.70%3.15%0.46
Nordea 1 - Alpha 10 MA 3.57%3.57%2.99%48.09%2.06%0.42
VISIO Allocator Fund 3.32%3.32%5.21%130.66%3.18%0.60

NHX Managed Futures & CTA - Top Performing Managers - January 2024

MTDYTD12M RORTotal ReturnSt. Dev.Sharpe
Lynx Systematic Macro 6.90%6.90%-0.58%-0.36%4.12%0.05
SEB Asset Selection 3.47%3.47%-1.45%95.00%2.55%0.48
Lynx Constellation 2.81%2.81%14.53%8.84%3.16%0.23
Epoque 2.44%2.44%0.02%4.75%1.67%0.77
Lynx 1.42%1.42%-4.55%710.43%4.34%0.66

NHX Fund of Funds - Top Performing Managers - January 2024

MTDYTD12M RORTotal ReturnSt. Dev.Sharpe
R2 Crystal 1.59%1.59%3.03%192.71%1.48%1.19
DNB Fund Multi Asset 1.25%1.25%7.04%9.91%1.13%0.62
AIM Diversified Strategies 1.10%1.10%5.99%98.27%1.00%1.39
Atlant Multi-Strategy 0.52%0.52%0.49%21.86%1.32%0.56
PriorNilsson Balans 0.50%0.50%9.04%21.58%1.50%0.93

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