Cleaves Asset Management

Cleaves Shipping Fund

Strategy Description

Cleaves Shipping Fund is a hedge fund with a focus on long/short equity within the shipping industry. The fund strategically invests in specific shipping segments, adjusting its exposure based on econometric analysis of shipping fundamentals. Its objective is to capitalize on cyclical expansions and contractions within these sectors. The portfolio management team collaborates with Cleaves Research, a globally recognized leader in marine research, leveraging sophisticated econometrics to forecast cyclical trends and correlate them with developments in listed shipping companies. Currently, the fund primarily invests in listed securities but may explore other instruments and direct investments if deemed opportunistically valuable. The fund seeks to maintain a diversified portfolio across sectors. NOTE: The fund was launched as a Norwegian alternative investment fund in October 2021 until its launch in an Irish ICAV structure in July 2022. The track record of the Norwegian structure can be viewed here.

Fund Information

General Information

NHX CategoryEquities
NHX CountryNorway
Legal StructureQIAIF
Fund DomicileIreland
Minimum Investment100,000 EUR
AUM -
Inception DateJul 2022
Management Fee2.00%
Performance Fee20.00%

Company Information

CompanyCleaves Asset Management
PrincipalCarl-Sigurd Synvis
Investor RelationsMathias Karlsen
AddressFrognerstranda 2
Oslo, 0250
Phone+47 21 60 88 19
E-mail[email protected]
Websitewww.cleaves.no
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 6.16 -0.85 0.46 3.79 7.56 18.05
2023 0.98 13.75 -4.34 -2.23 -6.24 4.46 4.66 -0.37 3.35 3.82 -2.78 3.21 18.14
2022 11.40 1.90 -0.18 10.15 2.16 -4.00 22.41

Portfolio Managers

Carl-Sigurd Synvis (center), Head of Fund Management, has 18 years experience in the portfolio and asset management industry in various positions. Prior to joining Cleaves, Synvis spent 8 years at Kraft Finans and Zenith Fonds where he managed various investment portfolios. In this capacity, he has also worked with large institutional investors as clients. Synvis holds two Bachelor’s degrees from Griffith University in Management and International Finance respectively. Synvis is an investor in the fund.

Mathias Karlsen (left), Head of Risk Management / Associate Investment Manager, has 6 years experience in compliance, integrity, and risk management consulting with Mintz Group in San Francisco and London, and Ernst & Young in Oslo. Karlsen has supported PE and hedge funds, magic circle law firms, and global organizations with AML, asset-tracing, and compliance assessments. Furthermore, Karlsen has aided clients in the PE and hedge fund sector with IDD of companies, their management, and BODs, as well as conducted asset-tracing investigations in international corruption and fraud cases. Karlsen holds a Bachelor’s degree from the University of San Francisco.

Lars Mohagen (right), Senior Investment Advisor, has over 35 years of experience in the investment banking and asset management industry. He has worked with prominent companies like Carnegie Investment Bank, R S Platou Securities, Norden Fonds and 20 years with Odin Fund management where he was working with Odin Maritime Fund, Odin Offshore Fund and Odin Energy Fund. Mohagen holds an MBA from Norwegian School of Economics (NHH). He is a Certified Financial Analyst (CFA), also from NHH, and he holds a degree in International Management and International Finance from American Graduate School of International Management (Thunderbird.) Lars is an Investor in the fund.

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 -12.30% 3 5 03/2023 10/2023
2 -4.00% 1 2 12/2022 02/2023
3 -2.78% 1 1 11/2023 12/2023
4 -0.85% 1 2 02/2024 04/2024
5 -0.18% 1 1 09/2022 10/2022

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return3.90%3.35%2.75% - -
% Positive100.00%83.33%75.00% - -
Avg. Pos. Period3.94%4.24%4.16% - -
Avg. Neg. Period - -0.85%-1.33% - -
Sharpe Ratio4.704.003.31 - -
Sortino Ratio0.0033.5311.27 - -
Monthly Volatility2.90%2.94%2.92% - -

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 13.75%-6.24%2.47%2.16%7.56%65.22%
3 Months 13.31%-12.30%5.99%6.90%12.15%85.71%
6 Months 23.87%-4.48%10.88%10.56%21.84%88.89%
1 Year 38.44%8.25%19.95%19.50%38.44%100.00%
2 Years ------
3 Years ------
5 Years ------

Volatility (12 Months Rolling)

CORRELATION (12 MONTH ROLLING)

AUM (EUR)

Chart not applicable - The program has no AUM data

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

Cleaves Shipping Fund is a hedge fund with a focus on long/short equity within the shipping industry. The fund strategically invests in specific shipping segments, adjusting its exposure based on econometric analysis of shipping fundamentals. Its objective is to capitalize on cyclical expansions and contractions within these sectors. The portfolio management team collaborates with Cleaves Research, a globally recognized leader in marine research, leveraging sophisticated econometrics to forecast cyclical trends and correlate them with developments in listed shipping companies. Currently, the fund primarily invests in listed securities but may explore other instruments and direct investments if deemed opportunistically valuable. The fund seeks to maintain a diversified portfolio across sectors. NOTE: The fund was launched as a Norwegian alternative investment fund in October 2021 until its launch in an Irish ICAV structure in July 2022. The track record of the Norwegian structure can be viewed here.

Fund Information

General Information

NHX CategoryEquities
NHX CountryNorway
Legal StructureQIAIF
Fund DomicileIreland
Minimum Investment100,000 EUR
AUM -
Inception DateJul 2022
Management Fee2.00%
Performance Fee20.00%

Company Information

CompanyCleaves Asset Management
PrincipalCarl-Sigurd Synvis
Investor RelationsMathias Karlsen
AddressFrognerstranda 2
Oslo, 0250
Phone+47 21 60 88 19
E-mail[email protected]
Websitewww.cleaves.no
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 6.16 -0.85 0.46 3.79 7.56 18.05
2023 0.98 13.75 -4.34 -2.23 -6.24 4.46 4.66 -0.37 3.35 3.82 -2.78 3.21 18.14
2022 11.40 1.90 -0.18 10.15 2.16 -4.00 22.41

Portfolio Managers

Carl-Sigurd Synvis (center), Head of Fund Management, has 18 years experience in the portfolio and asset management industry in various positions. Prior to joining Cleaves, Synvis spent 8 years at Kraft Finans and Zenith Fonds where he managed various investment portfolios. In this capacity, he has also worked with large institutional investors as clients. Synvis holds two Bachelor’s degrees from Griffith University in Management and International Finance respectively. Synvis is an investor in the fund.

Mathias Karlsen (left), Head of Risk Management / Associate Investment Manager, has 6 years experience in compliance, integrity, and risk management consulting with Mintz Group in San Francisco and London, and Ernst & Young in Oslo. Karlsen has supported PE and hedge funds, magic circle law firms, and global organizations with AML, asset-tracing, and compliance assessments. Furthermore, Karlsen has aided clients in the PE and hedge fund sector with IDD of companies, their management, and BODs, as well as conducted asset-tracing investigations in international corruption and fraud cases. Karlsen holds a Bachelor’s degree from the University of San Francisco.

Lars Mohagen (right), Senior Investment Advisor, has over 35 years of experience in the investment banking and asset management industry. He has worked with prominent companies like Carnegie Investment Bank, R S Platou Securities, Norden Fonds and 20 years with Odin Fund management where he was working with Odin Maritime Fund, Odin Offshore Fund and Odin Energy Fund. Mohagen holds an MBA from Norwegian School of Economics (NHH). He is a Certified Financial Analyst (CFA), also from NHH, and he holds a degree in International Management and International Finance from American Graduate School of International Management (Thunderbird.) Lars is an Investor in the fund.

Return Statistics

Last Month Return 7.56%
3 Month Return 12.15%
Year to Date Return 18.05%
12 Month Return 38.44%
36 Month Return -
Total Return Annualized 32.18%
Winning Months (%) 65.22%
Average Winning Month 5.19%
Average Losing Month -2.62%
Total Return Cumulative 70.71%

Risk Statistics (12M)

1 Year
Sharpe Ratio3.31
Sortino Ratio11.27
Sterling3.01
Calmar13.85
Skewness-0.46
Kurtosis0.14
Maximum Drawdown-2.78%
Correlation vs S&P 500-0.26
Annualized Volatility10.13%
Annualized Down. Deviation3.60%

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 -12.30% 3 5 03/2023 10/2023
2 -4.00% 1 2 12/2022 02/2023
3 -2.78% 1 1 11/2023 12/2023
4 -0.85% 1 2 02/2024 04/2024
5 -0.18% 1 1 09/2022 10/2022

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return3.90%3.35%2.75% - -
% Positive100.00%83.33%75.00% - -
Avg. Pos. Period3.94%4.24%4.16% - -
Avg. Neg. Period - -0.85%-1.33% - -
Sharpe Ratio4.704.003.31 - -
Sortino Ratio0.0033.5311.27 - -
Monthly Volatility2.90%2.94%2.92% - -

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 13.75%-6.24%2.47%2.16%7.56%65.22%
3 Months 13.31%-12.30%5.99%6.90%12.15%85.71%
6 Months 23.87%-4.48%10.88%10.56%21.84%88.89%
1 Year 38.44%8.25%19.95%19.50%38.44%100.00%
2 Years ------
3 Years ------
5 Years ------

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.