Adrigo Small & Midcap L/S

Adrigo Asset Management

Strategy Description

Adrigo Small & Midcap L/S is an actively managed equity hedge fund that invests in Nordic small and mid-cap companies. The fund may invest in companies included in the Carnegie Small Cap Index, which means companies with a market capitalisation of up to approximately EUR 80 billion. The emphasis is on much smaller companies with a market capitalisation of between one and fifteen billion – companies that are often under-analysed by the larger fund companies and banks.

Fund Information

General Information

NHX CategoryEquities
NHX CountrySweden
Legal StructureSwedish Special Fund
Fund DomicileSweden
Minimum Investment50,000 SEK
AUM353M SEK
Inception DateNov 2017
Management Fee1.00%
Performance Fee20.00% Above 30-day STIBOR

Company Information

CompanyAdrigo Asset Management
AddressKungsgatan 33
Stockholm, SE 111 93
Phone+46 (0) 8 505 887 00
E-mail[email protected]
Websitewww.adrigo.se
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 2.31 1.04 4.45 2.23 10.87 22.37
2023 2.47 -3.50 -3.08 4.11 -6.96 -2.66 14.15 -5.81 0.97 2.77 4.17 9.16 14.63
2022 0.56 -5.01 -5.90 -7.01 13.56 0.40 6.36 0.85 -3.67 1.71 -0.91 -4.34 -5.05
2021 9.67 3.71 -7.87 -3.09 -3.15 -2.04 -3.61 7.21 -1.24 -4.86 1.32 -0.57 -5.74
2020 4.04 -9.92 -11.79 11.65 3.21 8.42 3.53 5.51 6.47 -1.81 9.16 12.25 44.53
2019 8.73 2.71 0.74 0.86 0.53 -2.61 4.16 -9.63 2.11 2.40 2.66 1.65 14.10
2018 -3.65 -0.22 -2.53 5.24 4.12 3.86 0.79 0.25 6.61 0.75 0.67 -6.70 8.71
2017 2.65 3.40 6.14

Portfolio Managers

Staffan Östlin, Portfolio Manager and CIO of Adrigo Small & Midcap L/S, has a successful background as an analyst and stockbroker, having worked at institutions such as Carnegie, SEB Enskilda, and Handelsbanken. In the period from 2006 to 2013, Östlin operated his own business, focusing on investments and corporate finance. Before Adrigo, Östlin served as a fund manager at Quest 1, a hedge fund with a focus on Nordic small and midcap companies. His tenure with Quest 1 spanned from the fund’s inception in 2013 until 2017.

Family of Funds

Company Programs

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 -30.72% 14 25 03/2021 05/2024
2 -20.54% 2 4 02/2020 07/2020
3 -9.63% 1 5 08/2019 01/2020
4 -6.70% 1 1 12/2018 01/2019
5 -6.29% 3 2 01/2018 05/2018

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return5.79%4.94%3.50%1.42%0.68%
% Positive100.00%100.00%83.33%66.67%55.56%
Avg. Pos. Period5.85%5.01%5.21%4.25%4.53%
Avg. Neg. Period - - -4.23%-3.87%-3.82%
Sharpe Ratio5.534.672.361.060.53
Sortino Ratio0.000.006.582.010.82
Monthly Volatility3.67%3.71%5.34%5.06%5.37%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 14.15%-11.79%1.25%1.04%10.87%64.56%
3 Months 34.38%-17.33%3.50%2.27%18.38%61.04%
6 Months 48.23%-15.79%7.00%3.03%33.58%63.51%
1 Year 83.20%-22.41%12.32%7.56%51.11%66.18%
2 Years 67.95%-22.19%22.91%25.93%40.31%78.57%
3 Years 112.08%-6.76%40.01%36.96%27.64%95.45%
5 Years 81.48%35.94%58.49%61.38%81.48%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

Adrigo Small & Midcap L/S is an actively managed equity hedge fund that invests in Nordic small and mid-cap companies. The fund may invest in companies included in the Carnegie Small Cap Index, which means companies with a market capitalisation of up to approximately EUR 80 billion. The emphasis is on much smaller companies with a market capitalisation of between one and fifteen billion – companies that are often under-analysed by the larger fund companies and banks.

Fund Information

General Information

NHX CategoryEquities
NHX CountrySweden
Legal StructureSwedish Special Fund
Fund DomicileSweden
Minimum Investment50,000 SEK
AUM353M SEK
Inception DateNov 2017
Management Fee1.00%
Performance Fee20.00% Above 30-day STIBOR

Company Information

CompanyAdrigo Asset Management
AddressKungsgatan 33
Stockholm, SE 111 93
Phone+46 (0) 8 505 887 00
E-mail[email protected]
Websitewww.adrigo.se
Social Media

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 2.31 1.04 4.45 2.23 10.87 22.37
2023 2.47 -3.50 -3.08 4.11 -6.96 -2.66 14.15 -5.81 0.97 2.77 4.17 9.16 14.63
2022 0.56 -5.01 -5.90 -7.01 13.56 0.40 6.36 0.85 -3.67 1.71 -0.91 -4.34 -5.05
2021 9.67 3.71 -7.87 -3.09 -3.15 -2.04 -3.61 7.21 -1.24 -4.86 1.32 -0.57 -5.74
2020 4.04 -9.92 -11.79 11.65 3.21 8.42 3.53 5.51 6.47 -1.81 9.16 12.25 44.53
2019 8.73 2.71 0.74 0.86 0.53 -2.61 4.16 -9.63 2.11 2.40 2.66 1.65 14.10
2018 -3.65 -0.22 -2.53 5.24 4.12 3.86 0.79 0.25 6.61 0.75 0.67 -6.70 8.71
2017 2.65 3.40 6.14

Portfolio Managers

Staffan Östlin, Portfolio Manager and CIO of Adrigo Small & Midcap L/S, has a successful background as an analyst and stockbroker, having worked at institutions such as Carnegie, SEB Enskilda, and Handelsbanken. In the period from 2006 to 2013, Östlin operated his own business, focusing on investments and corporate finance. Before Adrigo, Östlin served as a fund manager at Quest 1, a hedge fund with a focus on Nordic small and midcap companies. His tenure with Quest 1 spanned from the fund’s inception in 2013 until 2017.

Family of Funds

Company Programs

Return Statistics

Last Month Return 10.87%
3 Month Return 18.38%
Year to Date Return 22.37%
12 Month Return 51.11%
36 Month Return 27.64%
Total Return Annualized 14.14%
Winning Months (%) 64.56%
Average Winning Month 4.38%
Average Losing Month -4.43%
Total Return Cumulative 138.87%

Risk Statistics (12M)

1 Year
Sharpe Ratio2.36
Sortino Ratio6.58
Sterling3.23
Calmar8.80
Skewness0.41
Kurtosis0.93
Maximum Drawdown-5.81%
Correlation vs S&P 5000.30
Annualized Volatility18.48%
Annualized Down. Deviation5.46%

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 -30.72% 14 25 03/2021 05/2024
2 -20.54% 2 4 02/2020 07/2020
3 -9.63% 1 5 08/2019 01/2020
4 -6.70% 1 1 12/2018 01/2019
5 -6.29% 3 2 01/2018 05/2018

Drawdown

Up Capture vs. NHX Composite

Down Capture vs. NHX Composite

Time Window Analysis

3 Months6 Months1 Year2 Years3 Years
Avg. Monthly Return5.79%4.94%3.50%1.42%0.68%
% Positive100.00%100.00%83.33%66.67%55.56%
Avg. Pos. Period5.85%5.01%5.21%4.25%4.53%
Avg. Neg. Period - - -4.23%-3.87%-3.82%
Sharpe Ratio5.534.672.361.060.53
Sortino Ratio0.000.006.582.010.82
Monthly Volatility3.67%3.71%5.34%5.06%5.37%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 14.15%-11.79%1.25%1.04%10.87%64.56%
3 Months 34.38%-17.33%3.50%2.27%18.38%61.04%
6 Months 48.23%-15.79%7.00%3.03%33.58%63.51%
1 Year 83.20%-22.41%12.32%7.56%51.11%66.18%
2 Years 67.95%-22.19%22.91%25.93%40.31%78.57%
3 Years 112.08%-6.76%40.01%36.96%27.64%95.45%
5 Years 81.48%35.94%58.49%61.38%81.48%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.