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Catella Nordic Long Short Equity RC

An alternative equity fund that can perform in both upturns and downturns. Even out the ups and downs!

Fund manager comment

Catella Nordic Long/Short Equity fell 1.39 % in March, and Nordic stock markets also fell during the period. The best contributor to the fund's return was Borr Drilling, which after the successful acquisition of Paragon now has one of the world's most modern fleets of jack-up rigs. In a weaker market, the fund's derivative protection also made a positive contribution. On top of this, the fund had short positions in XXL and Clas Ohlson, which helped the return, partly when Clas Ohlson issued a very weak report in March. On the minus side was Outotec, which fell 10 % in SEK this month. Overall, cyclical names have had poor returns during the period.
The cognitive dissonance between macro numbers, growth forecasts and profit estimates on the

one hand and market behaviour on the other hand is deafening. With such positive forecasts and rapidly increasing profits, especially in the United States, there should be support for rising share prices. The valuation of 12-month forward-looking earnings has decreased by several points; the US traded at p/e 18.5 at the start of the year and is now just over 16. The market has not been valued this low for three years. Despite this, marginally bad data has pushed down the market much more than significantly more positive data has pushed it up. Notwithstanding the asymmetry, our exposure to cyclically sensitive companies (which rely on positive data) has been very successful and we have generated much better returns this year than our net exposure would suggest.

In a weaker market, the fund's derivative protection also made a positive contribution.
Ola Mårtensson, 2018-03-31

Fund facts

Risk Indicator

The risk and reward indicator illustrates the link between risk and potential returns from an investment in the fund. The indicator is based on how the fund’s value has changed over the past five years. Category 1 does not mean that the fund is risk free. The fund may over time move towards the left or right of the scale. This is because the indicator is based on historical data which is not a guarantee of future risk and reward. For information about the risk classification of each fund, please refer to the fund’s key investor information document.

Fact

Catella Nordic Long Short Equity is an alternative equity fund with a Nordic focus that can perform in both upturns and downturns. It has lower risk than the stock market and should deliver a competitive return. The fund is managed by Martin Nilsson and Ola Mårtensson.

The fund is suitable for investors seeking equity exposure with the opportunity to also make money in a falling stock market.

The fund is permitted to use derivatives and to have a larger percentage of the fund invested in bonds and other debt instruments issued by individual central government and municipal authorities and within the EEA than other securities funds.

Target return: Absolute return with a good risk-adjusted return

The fund is a Luxembourg-listed daily traded UCITS fund. The minimum deposit is 100 SEK/10€.

Prizes and nominations

  • Best performing Fund over a 2 year period, UCITS Hedge awards 2017
  • Best performing Long/Short Credit fund, UCITS Hedge awards 2014
  • Best Fund L/S Credit 2013, Hedgefund Journal Awards
  • Best UCITS Fund in Europe 2013, EuroHedge Awards
  • European Credit Fund of 2013, HedgePo, Investor Choice Hedge Fund Awards

Historical development

Fund manager

Sweden

Ola Mårtensson

Fund manager
Direct: +46 8 614 25 79
Sweden

Martin Nilsson

Fund manager
Direct: +46 8 614 25 64

Risk information

Investments in fund units are associated with risk. Past performance is no guarantee of future returns. The money invested in a fund can increase and decrease in value and it is not certain that you will get back the full amount invested. No consideration is given to inflation. The Catella Balanserad, Catella Credit Opportunity and Catella Hedgefond funds are special funds under the Swedish Alternative Investment Fund Managers Act (SFS 2013:561) (AIFM). Catella Sverige Aktiv Hållbarhet and Catella Småbolagsfond may use derivatives, and the value of the funds may vary significantly over time. The value of Catella Sverige Index may vary significantly over time. Catella Avkastningsfond may use derivatives and may have a larger proportion of the fund invested in bonds and other debt instruments issued by individual national and local authorities and within the EEA than other investment funds, in accordance with Chapter 5, Article 8 of the Swedish Investment Funds Act (SFS 2004:46). Catella Nordic Long Short Equity and Catella Nordic Corporate Bond Flex may use derivatives and may have a greater proportion of the funds invested in bonds and other debt instruments issued by individual national and local authorities and within the EEA than other investment funds. For more details, complete prospectuses, key investor information, and annual and half-yearly reports, please refer to our website at catella.se/fonder or phone +46 8 614 25 00.

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