Accendo Capital

Accendo Capital

Strategy Description

Accendo Capital invests in small and mid-sized publicly listed companies in Northern Europe that are considered sound but under-valued, and where opportunities to generate shareholder value through active ownership exist. Active ownership is exercised via multiple approaches, including representation on company boards of directors. The fund has a particular focus on companies that are driving, or benefitting from, technological innovation.

Fund Information

General Information

NHX CategoryEquities
NHX CountrySweden
Legal StructureSpecialized Investment Fund
Fund DomicileLuxembourg
Minimum Investment250,000 EUR
AUM154M EUR
Inception DateMar 2008
Management Fee1.50%
Performance Fee20.00%
SFDR Classification -

Company Information

CompanyAccendo Capital
Investor RelationsElise Auer
Address8 Rue de Beggen, L-1220 Luxembourg
Phone+352 (66) 14 67 960
E-mail[email protected]
Websitewww.accendofund.com
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 -0.58 -8.99 -3.40 5.83 16.50 1.32 16.45 -2.01 24.59
2023 -7.19 0.03 -3.88 -12.81 -12.76 8.74 0.10 -12.12 -11.35 -8.00 -5.97 3.52 -48.46
2022 -14.47 -8.52 5.11 0.28 -1.10 -13.03 28.44 -12.25 -7.53 21.41 1.14 -2.19 -11.22
2021 2.24 11.21 0.04 8.28 -0.22 -1.99 0.45 7.90 -1.22 12.57 8.57 0.49 58.38
2020 5.42 -15.49 -5.69 26.31 8.03 9.38 1.65 12.57 5.36 -3.90 -2.77 19.84 69.29
2019 13.95 2.89 -2.65 0.11 -2.88 3.64 1.33 4.87 1.28 2.47 8.46 5.83 45.57
2018 -5.12 -4.07 -8.64 -0.24 8.41 -8.46 1.83 -4.20 0.50 -5.14 0.78 -3.05 -25.19
2017 2.96 5.57 -4.30 3.99 4.80 2.03 -5.41 8.91 5.79 -2.13 -9.11 10.59 24.00
2016 -3.73 6.70 4.42 9.71 -2.40 -3.14 1.81 2.68 3.63 -0.60 4.00 4.46 30.14
2015 12.13 8.62 4.59 2.00 -2.12 -2.62 2.90 -1.29 5.82 1.27 7.09 3.26 49.06
2014 0.70 12.30 -2.60 2.10 -2.40 -2.40 -1.60 -0.30 1.90 -1.90 2.90 -2.20 5.73
2013 -0.10 1.40 0.10 -2.30 -0.60 -2.30 3.80 -1.00 3.50 -0.90 3.10 -1.30 3.19
2012 9.30 3.40 -1.00 -0.20 -9.70 3.00 -0.50 -2.20 1.60 -4.00 -2.40 3.20 -0.71
2011 4.50 0.30 2.10 -0.80 -0.70 -4.00 -4.40 -1.90 -4.30 2.30 -4.20 2.00 -9.21
2010 0.30 -0.60 8.90 1.30 -5.80 1.10 8.10 -2.80 5.40 6.60 -7.90 5.70 20.38
2009 1.60 -3.80 -1.00 10.50 6.30 -4.30 3.30 1.90 2.70 -3.10 4.30 3.00 22.41
2008 0.10 0.10 0.20 -0.40 1.10 2.30 2.20 -3.70 -2.60 -1.70 -2.54

Portfolio Managers

Founding Partner Henri Österlund (pictured center) has a track record of activist investing with a background in international private equity and corporate finance. Before founding Accendo Capital in 2008, Österlund served as a Partner at Conventum Corporate Finance in Helsinki, Chairman of InterQuest, Partner at Triton Partners in London and Associate at Doughty Hanson in Stockholm. He holds a Master’s Degree in Economics from the Helsinki School of Economics.

Senior Partner Mark H. Shay (pictured right) has a background in fundamental equity research and active ownership in European small-cap companies. Before joining Accendo, Shay worked as a Senior Equity Analyst at Coghill Capital Management in London and Chicago, and Manager at Accenture. He holds an MBA from MIT Sloan School of Management and a Master’s Degree in Electrical Engineering from Northwestern University. Shay is a Chartered Financial Analyst (CFA) Charterholder.

Partner Kai Tavakka (pictured left) has a corporate finance background, having previously worked as an associate at PCA Corporate Finance in Helsinki and analyst at Danske Bank Corporate Finance in Helsinki. Tavakka holds a Master’s Degree in Economics from Aalto University School of Economics and is a Chartered Financial Analyst (CFA) Charterholder.
 

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 -60.00% 27 0 01/2022 -
2 -26.41% 15 11 10/2017 11/2019
3 -20.30% 2 1 02/2020 04/2020
4 -18.96% 27 19 04/2011 01/2015
5 -10.78% 6 2 10/2008 05/2009

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return4.95%5.47%-0.09%-1.40%-1.02%
% Positive66.67%66.67%41.67%41.67%44.44%
Avg. Pos. Period8.89%10.02%8.72%7.50%8.16%
Avg. Neg. Period-2.01%-2.71%-5.76%-7.06%-7.47%
Sharpe Ratio2.262.470.11-0.37-0.18
Sortino Ratio14.7611.75-0.06-0.78-0.54
Monthly Volatility8.03%8.10%8.73%9.20%10.16%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 28.44%-15.49%1.09%0.47%-2.01%56.06%
3 Months 49.25%-28.33%3.23%2.07%15.61%61.73%
6 Months 79.94%-35.49%6.37%7.13%37.69%68.39%
1 Year 129.16%-51.30%13.95%10.33%-1.10%65.78%
2 Years 182.36%-55.58%35.98%25.11%-28.69%76.57%
3 Years 290.32%-45.57%59.73%40.43%-30.83%84.66%
5 Years 276.35%18.39%107.28%102.10%82.09%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

Accendo Capital invests in small and mid-sized publicly listed companies in Northern Europe that are considered sound but under-valued, and where opportunities to generate shareholder value through active ownership exist. Active ownership is exercised via multiple approaches, including representation on company boards of directors. The fund has a particular focus on companies that are driving, or benefitting from, technological innovation.

Fund Information

General Information

NHX CategoryEquities
NHX CountrySweden
Legal StructureSpecialized Investment Fund
Fund DomicileLuxembourg
Minimum Investment250,000 EUR
AUM154M EUR
Inception DateMar 2008
Management Fee1.50%
Performance Fee20.00%
SFDR Classification -

Company Information

CompanyAccendo Capital
Investor RelationsElise Auer
Address8 Rue de Beggen, L-1220 Luxembourg
Phone+352 (66) 14 67 960
E-mail[email protected]
Websitewww.accendofund.com
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 -0.58 -8.99 -3.40 5.83 16.50 1.32 16.45 -2.01 24.59
2023 -7.19 0.03 -3.88 -12.81 -12.76 8.74 0.10 -12.12 -11.35 -8.00 -5.97 3.52 -48.46
2022 -14.47 -8.52 5.11 0.28 -1.10 -13.03 28.44 -12.25 -7.53 21.41 1.14 -2.19 -11.22
2021 2.24 11.21 0.04 8.28 -0.22 -1.99 0.45 7.90 -1.22 12.57 8.57 0.49 58.38
2020 5.42 -15.49 -5.69 26.31 8.03 9.38 1.65 12.57 5.36 -3.90 -2.77 19.84 69.29
2019 13.95 2.89 -2.65 0.11 -2.88 3.64 1.33 4.87 1.28 2.47 8.46 5.83 45.57
2018 -5.12 -4.07 -8.64 -0.24 8.41 -8.46 1.83 -4.20 0.50 -5.14 0.78 -3.05 -25.19
2017 2.96 5.57 -4.30 3.99 4.80 2.03 -5.41 8.91 5.79 -2.13 -9.11 10.59 24.00
2016 -3.73 6.70 4.42 9.71 -2.40 -3.14 1.81 2.68 3.63 -0.60 4.00 4.46 30.14
2015 12.13 8.62 4.59 2.00 -2.12 -2.62 2.90 -1.29 5.82 1.27 7.09 3.26 49.06
2014 0.70 12.30 -2.60 2.10 -2.40 -2.40 -1.60 -0.30 1.90 -1.90 2.90 -2.20 5.73
2013 -0.10 1.40 0.10 -2.30 -0.60 -2.30 3.80 -1.00 3.50 -0.90 3.10 -1.30 3.19
2012 9.30 3.40 -1.00 -0.20 -9.70 3.00 -0.50 -2.20 1.60 -4.00 -2.40 3.20 -0.71
2011 4.50 0.30 2.10 -0.80 -0.70 -4.00 -4.40 -1.90 -4.30 2.30 -4.20 2.00 -9.21
2010 0.30 -0.60 8.90 1.30 -5.80 1.10 8.10 -2.80 5.40 6.60 -7.90 5.70 20.38
2009 1.60 -3.80 -1.00 10.50 6.30 -4.30 3.30 1.90 2.70 -3.10 4.30 3.00 22.41
2008 0.10 0.10 0.20 -0.40 1.10 2.30 2.20 -3.70 -2.60 -1.70 -2.54

Portfolio Managers

Founding Partner Henri Österlund (pictured center) has a track record of activist investing with a background in international private equity and corporate finance. Before founding Accendo Capital in 2008, Österlund served as a Partner at Conventum Corporate Finance in Helsinki, Chairman of InterQuest, Partner at Triton Partners in London and Associate at Doughty Hanson in Stockholm. He holds a Master’s Degree in Economics from the Helsinki School of Economics.

Senior Partner Mark H. Shay (pictured right) has a background in fundamental equity research and active ownership in European small-cap companies. Before joining Accendo, Shay worked as a Senior Equity Analyst at Coghill Capital Management in London and Chicago, and Manager at Accenture. He holds an MBA from MIT Sloan School of Management and a Master’s Degree in Electrical Engineering from Northwestern University. Shay is a Chartered Financial Analyst (CFA) Charterholder.

Partner Kai Tavakka (pictured left) has a corporate finance background, having previously worked as an associate at PCA Corporate Finance in Helsinki and analyst at Danske Bank Corporate Finance in Helsinki. Tavakka holds a Master’s Degree in Economics from Aalto University School of Economics and is a Chartered Financial Analyst (CFA) Charterholder.
 

Return Statistics

Last Month Return -2.01%
3 Month Return 15.61%
Year to Date Return 24.59%
12 Month Return -1.10%
36 Month Return -30.83%
Total Return Annualized 11.07%
Winning Months (%) 56.06%
Average Winning Month 5.19%
Average Losing Month -4.15%
Total Return Cumulative 465.51%

Risk Statistics (12M)

1 Year
Sharpe Ratio0.11
Sortino Ratio-0.06
Sterling-0.03
Calmar-0.04
Skewness0.90
Kurtosis0.59
Maximum Drawdown-30.61%
Correlation vs S&P 5000.11
Annualized Volatility30.25%
Annualized Down. Deviation12.64%

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 -60.00% 27 0 01/2022 -
2 -26.41% 15 11 10/2017 11/2019
3 -20.30% 2 1 02/2020 04/2020
4 -18.96% 27 19 04/2011 01/2015
5 -10.78% 6 2 10/2008 05/2009

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return4.95%5.47%-0.09%-1.40%-1.02%
% Positive66.67%66.67%41.67%41.67%44.44%
Avg. Pos. Period8.89%10.02%8.72%7.50%8.16%
Avg. Neg. Period-2.01%-2.71%-5.76%-7.06%-7.47%
Sharpe Ratio2.262.470.11-0.37-0.18
Sortino Ratio14.7611.75-0.06-0.78-0.54
Monthly Volatility8.03%8.10%8.73%9.20%10.16%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 28.44%-15.49%1.09%0.47%-2.01%56.06%
3 Months 49.25%-28.33%3.23%2.07%15.61%61.73%
6 Months 79.94%-35.49%6.37%7.13%37.69%68.39%
1 Year 129.16%-51.30%13.95%10.33%-1.10%65.78%
2 Years 182.36%-55.58%35.98%25.11%-28.69%76.57%
3 Years 290.32%-45.57%59.73%40.43%-30.83%84.66%
5 Years 276.35%18.39%107.28%102.10%82.09%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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