Nordkinn Asset Management

Nordkinn Fixed Income Macro Fund

Strategy Description

Nordkinn Fixed Income Macro Fund is a discretionary global fixed-income macro fund with a particular focus on Norway and Sweden. By combining top-down macro perspectives with bottom-up securities selection, the fund seeks to generate stable absolute returns with no or limited correlation to traditional markets. To ensure consistency over time, Nordkinn use a “Game Plan” methodology, which sets strict predefined rules to every position in the portfolio.

Fund Information

General Information

NHX CategoryFixed Income
NHX CountrySweden
Legal StructureSwedish Special Fund
Fund DomicileSweden
Minimum Investment1,000,000 SEK
AUM4,451M SEK
Inception DateJul 2013
Management Fee1.00%
Performance Fee20.00%

Company Information

CompanyNordkinn Asset Management
PrincipalErik Eidolf
Investor RelationsPhilip Tham Rydén
AddressHamngatan 11
Stockholm, 111 47
Phone+46 8 473 40 50
E-mail[email protected]
Websitewww.nordkinn.se
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2023 1.32 -0.50 0.35 0.53 -0.08 0.36 1.02 1.63 4.71
2022 0.20 -1.10 -4.61 1.08 -2.53 -3.74 0.57 0.83 0.38 -0.04 1.55 1.46 -6.01
2021 1.52 -2.38 2.64 0.12 -0.49 -1.29 -0.27 -0.10 0.51 -6.13 2.34 0.69 -3.13
2020 1.17 -0.22 -0.40 1.85 1.53 0.27 0.81 0.98 -0.75 -0.74 1.46 0.33 6.43
2019 0.88 0.00 0.03 0.63 0.20 0.88 0.40 -0.92 0.41 0.10 -0.21 0.53 2.96
2018 0.87 -0.21 -0.31 0.51 -0.90 -0.03 1.07 -1.16 1.26 0.19 -1.39 -1.39 -1.53
2017 0.95 0.15 0.74 0.08 -0.24 0.36 0.58 -0.68 0.95 0.03 -0.94 0.72 2.71
2016 -0.92 -0.44 1.18 -0.27 0.67 0.20 0.04 -0.15 0.68 1.00 0.46 0.21 2.67
2015 0.95 0.24 0.85 0.37 -0.26 -0.53 0.91 -0.65 0.00 0.67 0.43 0.50 3.52
2014 0.07 0.22 0.60 0.12 0.29 1.74 1.38 0.14 1.16 -0.31 -0.03 -0.12 5.36
2013 0.38 0.38 0.67 -0.77 0.78 0.57 2.02

Portfolio Managers

Alexander Melsom is one of the Founding Partners, Investment Manager, and Head of Portfolio Risk Management at Nordkinn. Prior to joining Nordkinn, Melsom was Head of Portfolio Management at FX-reserves at the Central Bank of Norway. Melsom has also worked as a proprietary trader and portfolio manager at DnB Asset Management. He holds a Master’s Degree in International Banking and Financial Studies from Herriot-Watt University in Edinburgh and a Bachelor of Management degree from BI (Norwegian Business School).
 
Ronny Eriksson Rostmark is one of the Founding Partners and Investment Managers at Nordkinn. Prior to Nordkinn, Eriksson Rostmark spent 13 years at Ericsson Treasury, where he most recently was a Senior Dealer with co-responsibility for managing the group treasury liquidity portfolio, including its FX-forward portfolio, with a focus on Nordic and G3 fixed income and FX. Eriksson Rostmark holds a Master’s degree in Finance from Umeå University in Sweden.

Anders Haller is one of the Founding Partners and Investment Managers at Nordkinn. Haller has around 20 years of experience in the financial markets. Prior to joining Nordkinn, Haller was Senior Dealer with co-responsibility for the asset management portfolio at Ericsson Treasury. He holds a B.Sc. degree in Macro Economics from Lund University
 
Bjørn Roger Wilhelmsen is one of the Founding Partners, Investment Manager, and Chief Economist at Nordkinn. Prior to joining Nordkinn, Wilhelmsen was Chief Strategist (Fixed Income and FX) at Swedbank First Securities. Wilhelmsen has also worked as an economist for the Central Bank of Norway developing various economic models for the monetary policy department. Wilhelmsen’s background also includes positions at the European Central Bank (ECB) and the Norwegian Ministry of Finance. He holds a Master’s Degree in Economics from the Norwegian University of Science and Technology.

Disclaimer

This information is intended for institutional investors only. All data including performance numbers have been supplied by the respective managers and funds. HedgeNordic in no way guarantees the accuracy of these numbers and has supplied them to you for information purposes only. This does not constitute a solicitation to buy or an offer to sell. No investment should be made without fully reviewing the associated risk factors, fees and conflicts of interest as outlined in each fund’s risk disclosure document. There may be funds which have chosen not to be listed in the HedgeNordic database and the NHX that may have better or worse performance than those in our database.

The risk of loss in investing in hedge funds can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Past results are not necessarily indicative of future results. Trade only with risk capital. Sales restrictions may apply in your jurisdiction.

Monthly Returns

Performance (VAMI)

Distribution of Monthly Returns

12 MONTH ROLLING ROR Return

Drawdown Report

No. Depth (%) Length (Months) Recovery (Months) Start date End date
Fund Index Fund Index Fund Index Fund Index Fund Index
1 -14.71% 14 0 05/2021 -
2 -2.76% 2 7 11/2018 07/2019
3 -2.38% 1 1 02/2021 03/2021
4 -1.48% 2 2 09/2020 12/2020
5 -1.36% 2 3 01/2016 05/2016

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return1.00%0.63%0.66%-0.18%-0.12%
% Positive100.00%83.33%75.00%66.67%58.33%
Avg. Pos. Period1.00%0.78%0.96%0.93%0.99%
Avg. Neg. Period - -0.08%-0.20%-2.34%-1.65%
Sharpe Ratio6.704.013.38-0.28-0.20
Sortino Ratio0.0069.9215.82-0.35-0.27
Monthly Volatility0.52%0.55%0.68%2.03%1.82%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 2.64%-6.13%.16%.31%1.63%65.57%
3 Months 4.39%-6.02%.44%.69%3.04%74.17%
6 Months 5.62%-10.35%.86%1.41%3.87%77.78%
1 Year 8.26%-13.17%1.55%2.41%8.26%77.48%
2 Years 10.44%-11.68%2.87%5.23%-4.33%81.82%
3 Years 13.05%-7.29%5.21%6.47%-4.39%79.31%
5 Years 18.06%-5.70%8.57%10.92%3.06%77.78%

Volatility (12 Months Rolling)

CORRELATION (12 MONTH ROLLING)

AUM (EUR)

Disclaimer

This information is intended for institutional investors only. All data including performance numbers have been supplied by the respective managers and funds. HedgeNordic in no way guarantees the accuracy of these numbers and has supplied them to you for information purposes only. This does not constitute a solicitation to buy or an offer to sell. No investment should be made without fully reviewing the associated risk factors, fees and conflicts of interest as outlined in each fund’s risk disclosure document. There may be funds which have chosen not to be listed in the HedgeNordic database and the NHX that may have better or worse performance than those in our database.

The risk of loss in investing in hedge funds can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Past results are not necessarily indicative of future results. Trade only with risk capital. Sales restrictions may apply in your jurisdiction.

Strategy Description

Nordkinn Fixed Income Macro Fund is a discretionary global fixed-income macro fund with a particular focus on Norway and Sweden. By combining top-down macro perspectives with bottom-up securities selection, the fund seeks to generate stable absolute returns with no or limited correlation to traditional markets. To ensure consistency over time, Nordkinn use a “Game Plan” methodology, which sets strict predefined rules to every position in the portfolio.

Fund Information

General Information

NHX CategoryFixed Income
NHX CountrySweden
Legal StructureSwedish Special Fund
Fund DomicileSweden
Minimum Investment1,000,000 SEK
AUM4,451M SEK
Inception DateJul 2013
Management Fee1.00%
Performance Fee20.00%

Company Information

CompanyNordkinn Asset Management
PrincipalErik Eidolf
Investor RelationsPhilip Tham Rydén
AddressHamngatan 11
Stockholm, 111 47
Phone+46 8 473 40 50
E-mail[email protected]
Websitewww.nordkinn.se
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2023 1.32 -0.50 0.35 0.53 -0.08 0.36 1.02 1.63 4.71
2022 0.20 -1.10 -4.61 1.08 -2.53 -3.74 0.57 0.83 0.38 -0.04 1.55 1.46 -6.01
2021 1.52 -2.38 2.64 0.12 -0.49 -1.29 -0.27 -0.10 0.51 -6.13 2.34 0.69 -3.13
2020 1.17 -0.22 -0.40 1.85 1.53 0.27 0.81 0.98 -0.75 -0.74 1.46 0.33 6.43
2019 0.88 0.00 0.03 0.63 0.20 0.88 0.40 -0.92 0.41 0.10 -0.21 0.53 2.96
2018 0.87 -0.21 -0.31 0.51 -0.90 -0.03 1.07 -1.16 1.26 0.19 -1.39 -1.39 -1.53
2017 0.95 0.15 0.74 0.08 -0.24 0.36 0.58 -0.68 0.95 0.03 -0.94 0.72 2.71
2016 -0.92 -0.44 1.18 -0.27 0.67 0.20 0.04 -0.15 0.68 1.00 0.46 0.21 2.67
2015 0.95 0.24 0.85 0.37 -0.26 -0.53 0.91 -0.65 0.00 0.67 0.43 0.50 3.52
2014 0.07 0.22 0.60 0.12 0.29 1.74 1.38 0.14 1.16 -0.31 -0.03 -0.12 5.36
2013 0.38 0.38 0.67 -0.77 0.78 0.57 2.02

Portfolio Managers

Alexander Melsom is one of the Founding Partners, Investment Manager, and Head of Portfolio Risk Management at Nordkinn. Prior to joining Nordkinn, Melsom was Head of Portfolio Management at FX-reserves at the Central Bank of Norway. Melsom has also worked as a proprietary trader and portfolio manager at DnB Asset Management. He holds a Master’s Degree in International Banking and Financial Studies from Herriot-Watt University in Edinburgh and a Bachelor of Management degree from BI (Norwegian Business School).
 
Ronny Eriksson Rostmark is one of the Founding Partners and Investment Managers at Nordkinn. Prior to Nordkinn, Eriksson Rostmark spent 13 years at Ericsson Treasury, where he most recently was a Senior Dealer with co-responsibility for managing the group treasury liquidity portfolio, including its FX-forward portfolio, with a focus on Nordic and G3 fixed income and FX. Eriksson Rostmark holds a Master’s degree in Finance from Umeå University in Sweden.

Anders Haller is one of the Founding Partners and Investment Managers at Nordkinn. Haller has around 20 years of experience in the financial markets. Prior to joining Nordkinn, Haller was Senior Dealer with co-responsibility for the asset management portfolio at Ericsson Treasury. He holds a B.Sc. degree in Macro Economics from Lund University
 
Bjørn Roger Wilhelmsen is one of the Founding Partners, Investment Manager, and Chief Economist at Nordkinn. Prior to joining Nordkinn, Wilhelmsen was Chief Strategist (Fixed Income and FX) at Swedbank First Securities. Wilhelmsen has also worked as an economist for the Central Bank of Norway developing various economic models for the monetary policy department. Wilhelmsen’s background also includes positions at the European Central Bank (ECB) and the Norwegian Ministry of Finance. He holds a Master’s Degree in Economics from the Norwegian University of Science and Technology.

Return Statistics

Last Month Return 1.63%
3 Month Return 3.04%
Year to Date Return 4.71%
12 Month Return 8.26%
36 Month Return -4.39%
Total Return Annualized 1.87%
Winning Months (%) 65.57%
Average Winning Month 0.72%
Average Losing Month -0.95%
Total Return Cumulative 20.71%

Risk Statistics (12M)

1 Year
Sharpe Ratio3.38
Sortino Ratio15.82
Sterling0.79
Calmar16.65
Skewness0.00
Kurtosis-0.78
Maximum Drawdown-0.50%
Correlation vs S&P 5000.00
Annualized Volatility2.36%
Annualized Down. Deviation0.72%

Risk/Return Comparison

Monthly Returns

Performance (VAMI)

Distribution of Monthly Returns

12 MONTH ROLLING ROR Return

Drawdown Report

No. Depth (%) Length (Months) Recovery (Months) Start date End date
Fund Index Fund Index Fund Index Fund Index Fund Index
1 -14.71% 14 0 05/2021 -
2 -2.76% 2 7 11/2018 07/2019
3 -2.38% 1 1 02/2021 03/2021
4 -1.48% 2 2 09/2020 12/2020
5 -1.36% 2 3 01/2016 05/2016

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return1.00%0.63%0.66%-0.18%-0.12%
% Positive100.00%83.33%75.00%66.67%58.33%
Avg. Pos. Period1.00%0.78%0.96%0.93%0.99%
Avg. Neg. Period - -0.08%-0.20%-2.34%-1.65%
Sharpe Ratio6.704.013.38-0.28-0.20
Sortino Ratio0.0069.9215.82-0.35-0.27
Monthly Volatility0.52%0.55%0.68%2.03%1.82%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 2.64%-6.13%.16%.31%1.63%65.57%
3 Months 4.39%-6.02%.44%.69%3.04%74.17%
6 Months 5.62%-10.35%.86%1.41%3.87%77.78%
1 Year 8.26%-13.17%1.55%2.41%8.26%77.48%
2 Years 10.44%-11.68%2.87%5.23%-4.33%81.82%
3 Years 13.05%-7.29%5.21%6.47%-4.39%79.31%
5 Years 18.06%-5.70%8.57%10.92%3.06%77.78%

Volatility (12 Months Rolling)

CORRELATION (12 MONTH ROLLING)

AUM (EUR)

Disclaimer

This information is intended for institutional investors only. All data including performance numbers have been supplied by the respective managers and funds. HedgeNordic in no way guarantees the accuracy of these numbers and has supplied them to you for information purposes only. This does not constitute a solicitation to buy or an offer to sell. No investment should be made without fully reviewing the associated risk factors, fees and conflicts of interest as outlined in each fund’s risk disclosure document. There may be funds which have chosen not to be listed in the HedgeNordic database and the NHX that may have better or worse performance than those in our database.

The risk of loss in investing in hedge funds can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Past results are not necessarily indicative of future results. Trade only with risk capital. Sales restrictions may apply in your jurisdiction.

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Data and information is provided for informational purposes only. Past performance is not necessarily indicative of future results.

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