Carlsson Norén Yield Opportunity

Carlsson Norén Asset Management AB

Strategy Description

Carlsson Norén Yield Opportunity is an alternative investment fund that invests in hybrid instruments that have characteristics of both stocks and bonds, including preferred shares, convertible bonds, hybrid bonds or perpetual bonds. The fund aims to exploit price inefficiencies and capitalize on unreasonably high risk premiums in hybrid instruments between ordinary shares and debt. Carlsson Norén Yield Opportunity seeks to generate higher returns than traditional fixed-income instruments without taking on high credit risk.

Fund Information

General Information

NHX CategoryFixed Income
NHX CountrySweden
Legal StructureSwedish Special Fund
Fund DomicileSweden
Minimum Investment100,000 SEK
AUM214M SEK
Inception DateJan 2019
Management Fee1.00%
Performance Fee20.00%
SFDR Classification -

Company Information

CompanyCarlsson Norén Asset Management AB
Investor RelationsFredrik Carlsson
AddressKrokslätts Parkgata 4
Mölndal, S-431 68
Phone+46 (0) 31 28 0701
E-mail[email protected]
Websitewww.carlssonnoren.se
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 2.96 1.74 1.99 0.78 1.63 0.71 1.05 1.19 1.79 14.70
2023 3.78 1.64 -2.48 0.91 0.62 0.52 0.80 0.65 0.34 0.03 1.65 2.40 11.28
2022 -1.29 -2.07 1.13 -1.42 -2.58 -10.26 6.91 -0.04 -4.33 -2.02 1.44 0.98 -13.55
2021 0.42 1.25 1.36 2.08 0.86 0.59 1.57 1.26 -1.21 1.47 0.16 1.34 11.69
2020 0.98 -3.42 -18.13 6.92 1.59 4.38 1.38 1.95 2.55 -1.69 3.44 1.70 -0.77
2019 0.84 1.53 0.79 1.05 0.09 1.41 2.02 -0.41 0.85 -0.39 0.37 2.16 10.77

Portfolio Managers

Fredrik Carlsson (pictured left), the CEO of Carlsson Norén Asset Management, served as head of asset management at Volvo Treasury from 1997 until co-founding Carlsson Norén in 2007. Carlsson has more than two decades of experience in Nordic and international capital markets. Before joining Volvo Treasury, Carlsson worked as a proprietary trader at SEB in Gothenburg between 1992 and 1995 and senior dealer at Handelsbanken in Singapore between 1995 and 1997. Carlsson holds a degree in Business Administration from the Gothenburg School of Business, Economics, and Law.

Martin Norén (pictured center), the vice-CEO of Carlsson Norén Asset Management, has been working with Fredrik Carlsson since joining Volvo Treasury as a senior trader in June of 2002. Before joining Volvo, Norén worked as a portfolio manager at Aragon Fondkommission between 1999 and 2002 and JP Bank between 1997 and 1999. He started his career as an inter-bank trader at Banque Indosuez in 1995. Norén holds a degree in Business Administration.

Portfolio manager and analyst Magnus Dahlgren (pictured right) has been working at Carlsson Norén Asset Management since 2014. Dahlgren previously worked as a credit, stock and macro analyst at SEB and the Sixth AP Fund, as well as worked as a manager at the Sixth and Second AP Funds. He was the co-owner and CEO of independent analysis company Chelys Kapitalförvaltning, where he developed an allocation model currently used at Carlsson Norén Asset Management.

Family of Funds

Company Programs
Carlsson Norén Macro 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 -20.93% 2 12 02/2020 03/2021
2 -15.75% 6 20 01/2022 02/2024
3 -1.21% 1 1 09/2021 10/2021
4 -0.41% 1 1 08/2019 09/2019
5 -0.39% 1 2 10/2019 12/2019

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return1.34%1.19%1.49%1.04%0.36%
% Positive100.00%100.00%100.00%91.67%75.00%
Avg. Pos. Period1.34%1.19%1.49%1.35%1.50%
Avg. Neg. Period - - - -2.25%-2.94%
Sharpe Ratio14.5010.266.792.790.51
Sortino Ratio0.000.000.005.500.61
Monthly Volatility0.32%0.40%0.76%1.30%2.65%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 6.92%-18.13%0.50%0.98%1.79%78.26%
3 Months 13.38%-20.16%1.40%2.78%4.08%79.10%
6 Months 20.17%-18.45%2.64%4.62%7.36%75.00%
1 Year 28.08%-14.33%4.28%5.73%19.43%58.62%
2 Years 35.71%-6.31%6.99%8.57%28.10%67.39%
3 Years 23.45%-4.18%8.95%10.34%13.65%82.35%
5 Years 24.92%18.11%22.11%22.12%24.92%100.00%

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

Carlsson Norén Yield Opportunity is an alternative investment fund that invests in hybrid instruments that have characteristics of both stocks and bonds, including preferred shares, convertible bonds, hybrid bonds or perpetual bonds. The fund aims to exploit price inefficiencies and capitalize on unreasonably high risk premiums in hybrid instruments between ordinary shares and debt. Carlsson Norén Yield Opportunity seeks to generate higher returns than traditional fixed-income instruments without taking on high credit risk.

Fund Information

General Information

NHX CategoryFixed Income
NHX CountrySweden
Legal StructureSwedish Special Fund
Fund DomicileSweden
Minimum Investment100,000 SEK
AUM214M SEK
Inception DateJan 2019
Management Fee1.00%
Performance Fee20.00%
SFDR Classification -

Company Information

CompanyCarlsson Norén Asset Management AB
Investor RelationsFredrik Carlsson
AddressKrokslätts Parkgata 4
Mölndal, S-431 68
Phone+46 (0) 31 28 0701
E-mail[email protected]
Websitewww.carlssonnoren.se
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 2.96 1.74 1.99 0.78 1.63 0.71 1.05 1.19 1.79 14.70
2023 3.78 1.64 -2.48 0.91 0.62 0.52 0.80 0.65 0.34 0.03 1.65 2.40 11.28
2022 -1.29 -2.07 1.13 -1.42 -2.58 -10.26 6.91 -0.04 -4.33 -2.02 1.44 0.98 -13.55
2021 0.42 1.25 1.36 2.08 0.86 0.59 1.57 1.26 -1.21 1.47 0.16 1.34 11.69
2020 0.98 -3.42 -18.13 6.92 1.59 4.38 1.38 1.95 2.55 -1.69 3.44 1.70 -0.77
2019 0.84 1.53 0.79 1.05 0.09 1.41 2.02 -0.41 0.85 -0.39 0.37 2.16 10.77

Portfolio Managers

Fredrik Carlsson (pictured left), the CEO of Carlsson Norén Asset Management, served as head of asset management at Volvo Treasury from 1997 until co-founding Carlsson Norén in 2007. Carlsson has more than two decades of experience in Nordic and international capital markets. Before joining Volvo Treasury, Carlsson worked as a proprietary trader at SEB in Gothenburg between 1992 and 1995 and senior dealer at Handelsbanken in Singapore between 1995 and 1997. Carlsson holds a degree in Business Administration from the Gothenburg School of Business, Economics, and Law.

Martin Norén (pictured center), the vice-CEO of Carlsson Norén Asset Management, has been working with Fredrik Carlsson since joining Volvo Treasury as a senior trader in June of 2002. Before joining Volvo, Norén worked as a portfolio manager at Aragon Fondkommission between 1999 and 2002 and JP Bank between 1997 and 1999. He started his career as an inter-bank trader at Banque Indosuez in 1995. Norén holds a degree in Business Administration.

Portfolio manager and analyst Magnus Dahlgren (pictured right) has been working at Carlsson Norén Asset Management since 2014. Dahlgren previously worked as a credit, stock and macro analyst at SEB and the Sixth AP Fund, as well as worked as a manager at the Sixth and Second AP Funds. He was the co-owner and CEO of independent analysis company Chelys Kapitalförvaltning, where he developed an allocation model currently used at Carlsson Norén Asset Management.

Family of Funds

Company Programs
Carlsson Norén Macro Fund

Return Statistics

Last Month Return 1.79%
3 Month Return 4.08%
Year to Date Return 14.70%
12 Month Return 19.43%
36 Month Return 13.65%
Total Return Annualized 5.42%
Winning Months (%) 78.26%
Average Winning Month 1.59%
Average Losing Month -3.45%
Total Return Cumulative 35.48%

Risk Statistics (12M)

1 Year
Sharpe Ratio6.79
Sortino Ratio0.00
Sterling1.94
Calmar -
Skewness-0.01
Kurtosis0.95
Maximum Drawdown0.00%
Correlation vs S&P 5000.47
Annualized Volatility2.64%
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 -20.93% 2 12 02/2020 03/2021
2 -15.75% 6 20 01/2022 02/2024
3 -1.21% 1 1 09/2021 10/2021
4 -0.41% 1 1 08/2019 09/2019
5 -0.39% 1 2 10/2019 12/2019

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return1.34%1.19%1.49%1.04%0.36%
% Positive100.00%100.00%100.00%91.67%75.00%
Avg. Pos. Period1.34%1.19%1.49%1.35%1.50%
Avg. Neg. Period - - - -2.25%-2.94%
Sharpe Ratio14.5010.266.792.790.51
Sortino Ratio0.000.000.005.500.61
Monthly Volatility0.32%0.40%0.76%1.30%2.65%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 6.92%-18.13%0.50%0.98%1.79%78.26%
3 Months 13.38%-20.16%1.40%2.78%4.08%79.10%
6 Months 20.17%-18.45%2.64%4.62%7.36%75.00%
1 Year 28.08%-14.33%4.28%5.73%19.43%58.62%
2 Years 35.71%-6.31%6.99%8.57%28.10%67.39%
3 Years 23.45%-4.18%8.95%10.34%13.65%82.35%
5 Years 24.92%18.11%22.11%22.12%24.92%100.00%

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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