Adrigo Asset Management

Adrigo Small & Midcap L/S

Strategy Description

Adrigo Small & Midcap L/S is a long/short equity hedge fund investing in Nordic small and midcap companies, and it is designed to benefit from the unique investment opportunities available in this segment of the stock markets. Over half of the companies in the small-mid cap selection lack any sell side research coverage, and the remainder are often poorly covered. Adrigo Small & Midcap L/S targets annual returns in the range of 8-12%, associated with a lower risk than in Nordic equity markets.

Fund Information

General Information

NHX CategoryEquities
NHX CountrySweden
Legal StructureSwedish Special Fund
Fund DomicileSweden
Minimum Investment50,000 SEK
AUM300M SEK
Inception DateNov 2017
Management Fee1.00%
Performance Fee20.00%

Company Information

CompanyAdrigo Asset Management
Principal -
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
2023 2.47 -3.50 -3.08 4.11 -6.96 -2.66 14.15 -5.81 0.97 2.77 4.27 5.12
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 has a broad and successful background as an analyst and stockbroker with, among others, Carnegie, SEB Enskilda and Handelsbanken. From 2006 until 2013 Staffan ran his own business with investments and corporate finance. Staffan’s most recent position before joining Adrigo was from a role as a fund manager at hedge fund Quest 1, focusing on Nordic small and midcap companies. Staffan worked with Quest 1 from the start of the fund in 2013 until 2017. Staffan is the Portfolio Manager of Adrigo Small & Midcap L/S.

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 0 03/2021 -
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 Return2.66%2.09%0.05%-0.03%0.15%
% Positive100.00%66.67%50.00%50.00%47.22%
Avg. Pos. Period2.67%5.54%4.79%4.35%5.08%
Avg. Neg. Period - -4.24%-4.39%-4.12%-3.96%
Sharpe Ratio6.861.260.120.070.19
Sortino Ratio0.002.780.05-0.030.16
Monthly Volatility1.35%6.28%5.62%5.52%5.68%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 14.15%-11.79%0.95%0.85%4.27%61.64%
3 Months 34.38%-17.33%2.67%2.07%8.20%57.75%
6 Months 48.23%-15.79%5.44%2.47%13.24%60.29%
1 Year 83.20%-22.41%10.99%5.47%0.56%62.90%
2 Years 67.95%-22.19%22.62%25.93%-0.76%76.00%
3 Years 112.08%5.60%45.38%42.87%5.60%100.00%
5 Years 79.64%35.94%55.47%57.20%44.75%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 a long/short equity hedge fund investing in Nordic small and midcap companies, and it is designed to benefit from the unique investment opportunities available in this segment of the stock markets. Over half of the companies in the small-mid cap selection lack any sell side research coverage, and the remainder are often poorly covered. Adrigo Small & Midcap L/S targets annual returns in the range of 8-12%, associated with a lower risk than in Nordic equity markets.

Fund Information

General Information

NHX CategoryEquities
NHX CountrySweden
Legal StructureSwedish Special Fund
Fund DomicileSweden
Minimum Investment50,000 SEK
AUM300M SEK
Inception DateNov 2017
Management Fee1.00%
Performance Fee20.00%

Company Information

CompanyAdrigo Asset Management
Principal -
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
2023 2.47 -3.50 -3.08 4.11 -6.96 -2.66 14.15 -5.81 0.97 2.77 4.27 5.12
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 has a broad and successful background as an analyst and stockbroker with, among others, Carnegie, SEB Enskilda and Handelsbanken. From 2006 until 2013 Staffan ran his own business with investments and corporate finance. Staffan’s most recent position before joining Adrigo was from a role as a fund manager at hedge fund Quest 1, focusing on Nordic small and midcap companies. Staffan worked with Quest 1 from the start of the fund in 2013 until 2017. Staffan is the Portfolio Manager of Adrigo Small & Midcap L/S.

Family of Funds

Company Programs

Return Statistics

Last Month Return 4.27%
3 Month Return 8.20%
Year to Date Return 5.12%
12 Month Return 0.56%
36 Month Return 5.60%
Total Return Annualized 10.04%
Winning Months (%) 61.64%
Average Winning Month 4.29%
Average Losing Month -4.43%
Total Return Cumulative 79.01%

Risk Statistics (12M)

1 Year
Sharpe Ratio0.12
Sortino Ratio0.05
Sterling0.02
Calmar0.04
Skewness1.28
Kurtosis2.77
Maximum Drawdown-13.56%
Correlation vs S&P 5000.34
Annualized Volatility19.48%
Annualized Down. Deviation5.32%

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 0 03/2021 -
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 Return2.66%2.09%0.05%-0.03%0.15%
% Positive100.00%66.67%50.00%50.00%47.22%
Avg. Pos. Period2.67%5.54%4.79%4.35%5.08%
Avg. Neg. Period - -4.24%-4.39%-4.12%-3.96%
Sharpe Ratio6.861.260.120.070.19
Sortino Ratio0.002.780.05-0.030.16
Monthly Volatility1.35%6.28%5.62%5.52%5.68%

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 14.15%-11.79%0.95%0.85%4.27%61.64%
3 Months 34.38%-17.33%2.67%2.07%8.20%57.75%
6 Months 48.23%-15.79%5.44%2.47%13.24%60.29%
1 Year 83.20%-22.41%10.99%5.47%0.56%62.90%
2 Years 67.95%-22.19%22.62%25.93%-0.76%76.00%
3 Years 112.08%5.60%45.38%42.87%5.60%100.00%
5 Years 79.64%35.94%55.47%57.20%44.75%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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