Stockholm (HedgeNordic.com) – Nordic hedge funds continued their advance in October, the average fund increasing NAV by 1,15% for the month, according tot he Nordic Hedge Index (NHX). NHX composite now stands 5,14% higher for the year.
While all NHX subindices gained for the month, once again equity strategies were the strongest sub-segment, up by 1,43% (8,57% YTD) ahead of fixed income strategies appreciating by 1,03% in October (8,4% YTD). NHX Multi Strategy gained 0,97% (2,26% YTD) and fund of hedge funds 0,88% (3,77% YTD). Despite gaining just over 1% in October, Managed Futures / CTA are still the only segment in negative territory for 2013 at 1,5% behind 2012 closing prices.
NHX country breakdown shows the stronges advance for Norwegian managers, which added 2,74% in October to compound at an impressive 14,12% for the year so far. NHX Sweden follows inc respecatable distance, up 0,64% in October (4,26% YTD) and NHX Denmark, up 1,62% in Otober (1,15%YTD). NHX Finland still shows up negative for the year by -1,67% despite an advance of 0,86% in October.
Norewgian mangaged, Swiss based Grand Haven Capital reported impressive returns. Grand Haven Capital Fund added 20,54% to NAV in October and is now up over 70% for the year. The managers second fund, Grand Haven Capital Neutral Fund was not far behind in October, storming ahead by 17,12% (44,21%). Both funds are not surprisingly among the top five among the 150 funds listed in NHX <a href=”http://nhx.hedgenordic.com/?pageid=172&view=1&suborder=std&submethod=desc”>ranked by standard deviation</a>.
Among the top performers for the month were also eTurn, up by 5,23% (24,6% YTD), Graal Kvanthedge (4,9% MTD / 5,96% YTD) and Danske Invest European Equities Absolute Fund (4,75% MTD / 5,13% YTD).
On a year to date basis not surprisingly Grand Havens two funds lead the table looking at absolute net performances. Rhenman Healthcare despite loosing 3,34% in October is close behind, up 42% for the year ahead of Brummer & Partners Manticore, up 32,4% YTD and Madrague Equity L/S, advancing 27,2% so far in 2013.
Picture: (c) Sebastian-Kaulitzki—Fotolia.com