Carlsson Norén Asset Management AB

Carlsson Norén Macro Fund

Strategy Description

Carlsson Norén Macro Fund is an actively-managed hedge fund predominantly investing in fixed income markets in Sweden, Germany, Norway, the U.S. and Britain. The fund may invest in transferable instruments, money-market instruments, derivatives, fund units and accounts with credit institutions. Carlsson Norén Macro Fund aims to generate attractive returns in both rising and falling rate environments.

Fund Information

General Information

NHX CategoryFixed Income
NHX CountrySweden
Legal StructureAlternative Investment Fund
Fund DomicileSweden
Minimum Investment250,000 SEK
AUM1,778M SEK
Inception DateJan 2008
Management Fee1.00%
Performance Fee20.00%

Company Information

CompanyCarlsson Norén Asset Management AB
PrincipalFredrik Carlsson
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 0.07 -0.67 0.51 -0.09
2023 1.44 -0.65 0.54 0.61 -0.44 -0.66 0.65 -0.13 -0.06 0.73 1.81 0.73 4.63
2022 0.09 0.21 0.45 0.21 -0.71 0.65 1.63 -1.31 -0.72 1.85 0.95 0.44 3.76
2021 0.17 -0.83 -0.02 0.02 -0.39 -0.42 0.08 0.22 -0.06 -0.53 0.33 0.24 -1.19
2020 -0.43 0.18 -0.39 0.19 0.40 0.24 0.00 0.18 0.08 0.06 0.57 0.04 1.12
2019 0.25 -0.24 -0.54 0.43 0.56 0.51 0.27 0.35 0.31 -0.52 -0.10 0.28 1.56
2018 -0.21 0.45 0.28 -0.03 -0.08 -0.25 -0.12 -0.28 0.42 0.01 -0.64 -0.24 -0.69
2017 0.42 -0.15 0.45 0.51 0.42 0.52 0.09 -0.48 0.25 0.33 -0.38 -0.03 1.96
2016 -1.08 -0.19 0.28 -0.40 0.03 -0.07 0.30 0.33 0.07 -0.17 0.38 -0.35 -0.88
2015 0.09 0.13 1.39 -0.24 0.57 0.32 0.86 -0.14 0.00 -0.73 0.29 0.46 3.02
2014 -0.33 0.20 0.54 1.23 -0.30 -0.18 0.31 -0.17 0.18 0.87 -0.04 -0.32 1.99
2013 1.01 -0.84 0.98 0.84 -0.93 -1.26 0.57 -0.51 0.02 0.23 0.34 0.11 0.53
2012 1.27 -0.28 2.49 1.74 0.48 1.30 0.19 0.13 1.04 0.19 -0.22 -0.70 7.85
2011 0.84 -0.62 0.00 0.49 1.63 1.20 0.93 -0.33 0.14 0.18 2.23 0.14 7.01
2010 -0.11 -1.30 -0.42 0.05 0.98 -0.64 -0.37 0.85 -0.39 -0.90 -0.60 0.01 -2.83
2009 0.86 -1.29 1.62 0.53 0.15 2.34 0.41 0.21 -1.41 -1.25 -0.31 -0.50 1.29
2008 -0.47 0.65 1.00 0.21 1.00 -0.74 2.08 1.51 2.23 0.11 0.01 1.02 8.91

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

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 -6.17% 15 12 09/2009 11/2011
2 -2.18% 2 10 05/2013 04/2014
3 -2.02% 2 2 08/2022 11/2022
4 -1.92% 9 9 02/2021 07/2022
5 -1.73% 12 4 04/2018 07/2019

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return-0.03%0.53%0.26%0.31%0.21%
% Positive66.67%83.33%58.33%62.50%63.89%
Avg. Pos. Period0.29%0.77%0.73%0.85%0.63%
Avg. Neg. Period-0.67%-0.67%-0.39%-0.59%-0.52%
Sharpe Ratio-0.212.451.321.271.02
Sortino Ratio-0.286.682.982.531.99
Monthly Volatility0.49%0.75%0.69%0.85%0.73%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 2.49%-1.41%0.19%0.15%0.51%61.54%
3 Months 5.93%-2.94%0.58%0.32%-0.09%64.25%
6 Months 7.80%-4.79%1.15%0.72%3.21%71.05%
1 Year 11.89%-4.98%2.15%1.31%3.17%74.46%
2 Years 16.88%-2.54%3.80%2.30%7.65%87.79%
3 Years 17.10%0.02%5.67%4.56%7.90%100.00%
5 Years 25.56%1.17%9.54%6.58%10.65%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 Macro Fund is an actively-managed hedge fund predominantly investing in fixed income markets in Sweden, Germany, Norway, the U.S. and Britain. The fund may invest in transferable instruments, money-market instruments, derivatives, fund units and accounts with credit institutions. Carlsson Norén Macro Fund aims to generate attractive returns in both rising and falling rate environments.

Fund Information

General Information

NHX CategoryFixed Income
NHX CountrySweden
Legal StructureAlternative Investment Fund
Fund DomicileSweden
Minimum Investment250,000 SEK
AUM1,778M SEK
Inception DateJan 2008
Management Fee1.00%
Performance Fee20.00%

Company Information

CompanyCarlsson Norén Asset Management AB
PrincipalFredrik Carlsson
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 0.07 -0.67 0.51 -0.09
2023 1.44 -0.65 0.54 0.61 -0.44 -0.66 0.65 -0.13 -0.06 0.73 1.81 0.73 4.63
2022 0.09 0.21 0.45 0.21 -0.71 0.65 1.63 -1.31 -0.72 1.85 0.95 0.44 3.76
2021 0.17 -0.83 -0.02 0.02 -0.39 -0.42 0.08 0.22 -0.06 -0.53 0.33 0.24 -1.19
2020 -0.43 0.18 -0.39 0.19 0.40 0.24 0.00 0.18 0.08 0.06 0.57 0.04 1.12
2019 0.25 -0.24 -0.54 0.43 0.56 0.51 0.27 0.35 0.31 -0.52 -0.10 0.28 1.56
2018 -0.21 0.45 0.28 -0.03 -0.08 -0.25 -0.12 -0.28 0.42 0.01 -0.64 -0.24 -0.69
2017 0.42 -0.15 0.45 0.51 0.42 0.52 0.09 -0.48 0.25 0.33 -0.38 -0.03 1.96
2016 -1.08 -0.19 0.28 -0.40 0.03 -0.07 0.30 0.33 0.07 -0.17 0.38 -0.35 -0.88
2015 0.09 0.13 1.39 -0.24 0.57 0.32 0.86 -0.14 0.00 -0.73 0.29 0.46 3.02
2014 -0.33 0.20 0.54 1.23 -0.30 -0.18 0.31 -0.17 0.18 0.87 -0.04 -0.32 1.99
2013 1.01 -0.84 0.98 0.84 -0.93 -1.26 0.57 -0.51 0.02 0.23 0.34 0.11 0.53
2012 1.27 -0.28 2.49 1.74 0.48 1.30 0.19 0.13 1.04 0.19 -0.22 -0.70 7.85
2011 0.84 -0.62 0.00 0.49 1.63 1.20 0.93 -0.33 0.14 0.18 2.23 0.14 7.01
2010 -0.11 -1.30 -0.42 0.05 0.98 -0.64 -0.37 0.85 -0.39 -0.90 -0.60 0.01 -2.83
2009 0.86 -1.29 1.62 0.53 0.15 2.34 0.41 0.21 -1.41 -1.25 -0.31 -0.50 1.29
2008 -0.47 0.65 1.00 0.21 1.00 -0.74 2.08 1.51 2.23 0.11 0.01 1.02 8.91

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

Return Statistics

Last Month Return 0.51%
3 Month Return -0.09%
Year to Date Return -0.09%
12 Month Return 3.17%
36 Month Return 7.90%
Total Return Annualized 2.29%
Winning Months (%) 61.54%
Average Winning Month 0.59%
Average Losing Month -0.47%
Total Return Cumulative 44.37%

Risk Statistics (12M)

1 Year
Sharpe Ratio1.32
Sortino Ratio2.98
Sterling0.29
Calmar2.89
Skewness0.67
Kurtosis1.35
Maximum Drawdown-1.10%
Correlation vs S&P 5000.27
Annualized Volatility2.38%
Annualized Down. Deviation0.89%

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 -6.17% 15 12 09/2009 11/2011
2 -2.18% 2 10 05/2013 04/2014
3 -2.02% 2 2 08/2022 11/2022
4 -1.92% 9 9 02/2021 07/2022
5 -1.73% 12 4 04/2018 07/2019

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return-0.03%0.53%0.26%0.31%0.21%
% Positive66.67%83.33%58.33%62.50%63.89%
Avg. Pos. Period0.29%0.77%0.73%0.85%0.63%
Avg. Neg. Period-0.67%-0.67%-0.39%-0.59%-0.52%
Sharpe Ratio-0.212.451.321.271.02
Sortino Ratio-0.286.682.982.531.99
Monthly Volatility0.49%0.75%0.69%0.85%0.73%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 2.49%-1.41%0.19%0.15%0.51%61.54%
3 Months 5.93%-2.94%0.58%0.32%-0.09%64.25%
6 Months 7.80%-4.79%1.15%0.72%3.21%71.05%
1 Year 11.89%-4.98%2.15%1.31%3.17%74.46%
2 Years 16.88%-2.54%3.80%2.30%7.65%87.79%
3 Years 17.10%0.02%5.67%4.56%7.90%100.00%
5 Years 25.56%1.17%9.54%6.58%10.65%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.