RIDGE CAPITAL SCA SICAV-RAIF Northern Yield

Ridge Capital AB

Strategy Description

RIDGE CAPITAL SCA SICAV-RAIF is a Luxembourg Reserved Alternative Investment Fund (RAIF) that focuses on Nordic corporate credit high-yield bonds (only listed bonds). The fund employs a structural leverage of 1.5x, which the lead manager experienced to be the optimal level during previous market crises. This leverage enables the fund to reduce credit risk by investing in higher-rated high-yield bonds and compensate for lower yields to achieve its return target (Euribor plus >7% net of fees). The fund primarily exposes itself to credit risk. Currency risks are hedged. The fund can hedge against spread widening. It naturally maintains a low credit duration (usually around 0.5) due to the Nordic high-yield market’s historical composition of over >75% Forward Rates Notes. The fund’s activity in the secondary market serves as a significant source of alpha, by exploiting market inefficiencies, capital structure arbitrages and event driven situations. The fund is classified as Article 8 under the Sustainable Finance Disclosure Regulation (SFDR).

Fund Information

General Information

NHX CategoryFixed Income
NHX CountrySweden
Legal StructureRAIF
Fund DomicileLuxembourg
Minimum Investment100,000 EUR
AUM160M EUR
Inception DateJan 2023
Management Fee0.75%
Performance Fee20% above 3% hurdle rate (with collective HWM)
SFDR ClassificationArticle 8

Company Information

CompanyRidge Capital AB
Investor RelationsMåns Levin & David-Anthony Carenco
AddressStorgatan 23A
Stockholm, 114 55
Phone+46 73 262 90 00
E-mail[email protected]
Websitewww.ridgecapital.se
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 1.83 0.96 2.57 1.67 1.66 1.08 2.47 3.41 2.71 1.64 1.47 23.65
2023 0.41 0.56 -0.16 0.48 0.98 0.76 0.62 1.84 1.62 0.64 0.78 3.65 12.82

Portfolio Managers

Christoffer Malmström (pictured left), is Lead Portfolio Manager & Co-founder of Ridge Capital. He has one and half decade of credit investing experience. Prior to Ridge Capital he was Partner for five years at Nordic High Yield fund manager NCP. Prior to joining NCP, he spent several years working in London for UBS Investment Bank in leveraged loans and Park Square Capital, a credit fund manager with over USD 12bn in assets under management.

 
Måns Levin (pictured right), is Portfolio Manager, Co-founder & CEO. With over one and a half decade in banking and investment, he has expertly managed portfolios and provided strategic advice to a diverse clientele including single and multi-family offices, investment firms, institutions, and ultra-high-net-worth individuals. His comprehensive approach encompasses strategies, assets, and liabilities. Prior to Ridge Capital he was Head of the Advisory Office at UBS Wealth Management in Sweden. Before UBS, his expertise was honed at Carnegie Investment Bank and HQ Bank.

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 -0.16% 1 1 03/2023 04/2023
2 - - - - -
3 - - - - -
4 - - - - -
5 - - - - -

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return1.94%2.13%2.09% - -
% Positive100.00%100.00%100.00% - -
Avg. Pos. Period1.94%2.13%2.09% - -
Avg. Neg. Period - - - - -
Sharpe Ratio12.179.178.73 - -
Sortino Ratio0.000.000.00 - -
Monthly Volatility0.55%0.80%0.83% - -

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 3.65%-0.16%1.46%1.47%1.47%95.65%
3 Months 8.84%0.81%4.60%5.12%5.92%100.00%
6 Months 13.70%3.06%9.54%10.47%13.46%100.00%
1 Year 28.16%12.82%20.78%20.40%28.16%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.

Strategy Description

RIDGE CAPITAL SCA SICAV-RAIF is a Luxembourg Reserved Alternative Investment Fund (RAIF) that focuses on Nordic corporate credit high-yield bonds (only listed bonds). The fund employs a structural leverage of 1.5x, which the lead manager experienced to be the optimal level during previous market crises. This leverage enables the fund to reduce credit risk by investing in higher-rated high-yield bonds and compensate for lower yields to achieve its return target (Euribor plus >7% net of fees). The fund primarily exposes itself to credit risk. Currency risks are hedged. The fund can hedge against spread widening. It naturally maintains a low credit duration (usually around 0.5) due to the Nordic high-yield market’s historical composition of over >75% Forward Rates Notes. The fund’s activity in the secondary market serves as a significant source of alpha, by exploiting market inefficiencies, capital structure arbitrages and event driven situations. The fund is classified as Article 8 under the Sustainable Finance Disclosure Regulation (SFDR).

Fund Information

General Information

NHX CategoryFixed Income
NHX CountrySweden
Legal StructureRAIF
Fund DomicileLuxembourg
Minimum Investment100,000 EUR
AUM160M EUR
Inception DateJan 2023
Management Fee0.75%
Performance Fee20% above 3% hurdle rate (with collective HWM)
SFDR ClassificationArticle 8

Company Information

CompanyRidge Capital AB
Investor RelationsMåns Levin & David-Anthony Carenco
AddressStorgatan 23A
Stockholm, 114 55
Phone+46 73 262 90 00
E-mail[email protected]
Websitewww.ridgecapital.se
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 1.83 0.96 2.57 1.67 1.66 1.08 2.47 3.41 2.71 1.64 1.47 23.65
2023 0.41 0.56 -0.16 0.48 0.98 0.76 0.62 1.84 1.62 0.64 0.78 3.65 12.82

Portfolio Managers

Christoffer Malmström (pictured left), is Lead Portfolio Manager & Co-founder of Ridge Capital. He has one and half decade of credit investing experience. Prior to Ridge Capital he was Partner for five years at Nordic High Yield fund manager NCP. Prior to joining NCP, he spent several years working in London for UBS Investment Bank in leveraged loans and Park Square Capital, a credit fund manager with over USD 12bn in assets under management.

 
Måns Levin (pictured right), is Portfolio Manager, Co-founder & CEO. With over one and a half decade in banking and investment, he has expertly managed portfolios and provided strategic advice to a diverse clientele including single and multi-family offices, investment firms, institutions, and ultra-high-net-worth individuals. His comprehensive approach encompasses strategies, assets, and liabilities. Prior to Ridge Capital he was Head of the Advisory Office at UBS Wealth Management in Sweden. Before UBS, his expertise was honed at Carnegie Investment Bank and HQ Bank.

Return Statistics

Last Month Return 1.47%
3 Month Return 5.92%
Year to Date Return 23.65%
12 Month Return 28.16%
36 Month Return -
Total Return Annualized 18.97%
Winning Months (%) 95.65%
Average Winning Month 1.54%
Average Losing Month -0.16%
Total Return Cumulative 39.50%

Risk Statistics (12M)

1 Year
Sharpe Ratio8.73
Sortino Ratio0.00
Sterling2.82
Calmar -
Skewness0.66
Kurtosis-0.02
Maximum Drawdown0.00%
Correlation vs S&P 500-0.01
Annualized Volatility2.87%
Annualized Down. Deviation0.00%

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 -0.16% 1 1 03/2023 04/2023
2 - - - - -
3 - - - - -
4 - - - - -
5 - - - - -

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return1.94%2.13%2.09% - -
% Positive100.00%100.00%100.00% - -
Avg. Pos. Period1.94%2.13%2.09% - -
Avg. Neg. Period - - - - -
Sharpe Ratio12.179.178.73 - -
Sortino Ratio0.000.000.00 - -
Monthly Volatility0.55%0.80%0.83% - -

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 3.65%-0.16%1.46%1.47%1.47%95.65%
3 Months 8.84%0.81%4.60%5.12%5.92%100.00%
6 Months 13.70%3.06%9.54%10.47%13.46%100.00%
1 Year 28.16%12.82%20.78%20.40%28.16%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.

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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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