2/17/2012 | 2011- a good year for Adapto funds
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Both Adapto funds were up in 2011, Adapto Nordic 2,86% and Adapto Energy 7,97% despite a difficult year for money managers. The HFRX Global Hedge Fund Index was down 8,87%.
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1/26/2011 | Subscribe to NAV updates;
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Please note that daily (Adapto Nordic) and weekly (Adapto Energy) NAV is distributed from RBC Dexia. If you would like to subscribe to these, please contact info@adapto alt. call +46 8 789 07 30. Note that RBC Dexia sends the NAV in a csv file format.
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1/26/2011 | Adapto Energy with weekly NAV
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As from 1st January 2011 the funds NAV frequency has changed from monthly to weekly.
The fund can be traded weekly from following fund platforms*:
https://www.avanza.se/aza/fonder/fondguiden.jsp?orderbookId=258191
http://www.fondmarknaden.se/Fonder/Fondoversikt/9989.aspx
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1/26/2011 | Adapto Nordic with daily NAV
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As from 1st January 2011 the funds NAV frequency has changed from monthly to daily.
The fund can be traded daily from following fund platforms:
https://www.avanza.se/aza/fonder/fondguiden.jsp?orderbookId=258189&savingsCase=AVANZA
http://www.fondmarknaden.se/Fonder/Fondoversikt/10005.aspx
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11/5/2010 | John Helgesson joins Adapto
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Adapto strengthens its fund management team by appointing John Helgesson. John joins from Swedbank Markets, where he worked as an analyst focusing on the energy and renewable sectors.
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11/3/2010 | Oscar Molse joins Adapto
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Adapto strengthens its fund management team by appointing Oscar Molse. Oscar joins from Markedskraft where he worked as portfolio manager and analyst.
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12/14/2009 | Adapto Energy launch 18th of January
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Our new fund Adapto Energy starts on the 18th of January 2010. The subscription period begins the 15th of December 2009 and ends the 17th of January 2010.
Adapto Energy has been run as a test portfolio since the 10th of September. The net return to date (three month performance) around 4%, with standard deviation of 8,2% and sharp ratio of 2,7 based on daily performance. (for graphical gross performance see document "Adapto Energy one-pager" under "Reports")
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9/25/2009 | Adapto launches Energy Fund
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Adapto launches Energy Fund. Portfolio manager Fredrik Adolfson. The fund will invest in oil, gas, electricity, coal and CO2 on a pan-European basis. The fund will trade at ECX, ICE, EEX and Nord Pool.
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9/25/2009 | Fredrik Adolfson joins Adapto
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We are very pleased to announce that Fredrik Adolfson has decided to join the Adapto Team. Fredrik has held leading positions at Vattenfall, Nuon and Markedskraft, were he has gathered a broad experience within the energy commodity complex.
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9/7/2009 | AN100 - August 2009 result comment
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August result +0.66%. During August the fundamental stock-picking did not deliver. The two largest longs went down and our largest short rallied. However, Adapto Nordic 100 stands on two legs and fortunately the quantitative/trading leg added about 2% to the monthly performance. On a positive note this was the funds seventh consecutive up-month.
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8/26/2009 | AN100 July 2009 result comment
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Entereing the Summer we were confident that despite past mediocre macrodata the Q2 results could surprise on the upside. The month started in a negative mood bringing down the market (Swedish OMX) by 5.4% in seven consecutive trading days. It was pitch dark! We were fairly marketneutral into the period. Two US corporate result changed within two trading days the entire riskpremium for the market. We gained and lost in the turmoil that always follows dramatic changes. Some results played on the upside surprised negatively and some shorts rallied. Sudden changes are always difficult to play with fair amount of risk and our mission is not to play beta but to be alpha generators. Adapto Nordic 100 gained 0.25% in July thus being the 6th consecutive month with positive result and a year to date result of 10.24%.
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8/26/2009 | Adapto Launches Energy Fund
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Adapto launches Energy Fund. Expected launch 2009-10-01. Portfolio manager Fredrik Adolfson. The fund will invest in oil, gas, electricity, coal and CO2 on a pan-European basis. The fund will trade at ECX, ICE, EEX and Nord Pool.
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8/12/2009 | June 2009 result comment
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June result +1.31. The market was trading without a clear trend for most of the month, as macro data came out mixed. During the month the long side of the portfolio suffered two profit warnings on the same day, resulting in a relatively large drop (as can be seen on the daily graph to the right). Considering this we are pleased with the result.
Summarising the first six month of the year, Adapto Nordic 100 has generated a positive result of 9.96%. About 80% of the result has come from alpha generation as the average portfolio net market exposure has been 9,69% and the market is up around 20%. Furthermore, we can see a clear trend that the pick-up in performance has correlated well with the fall in the VIX index. During January when the fund had its worst month ever (down 3,89%) the VIX index was still above 50, but since it has gradually fallen to the current level around 30. At current level the VIX index is still high compared to its normal range of 10-20, however it has come down from the extreme 80 spikes seen at the peak of fear some 7-8 months ago. The main explanations between the performance/VIX correlation: 1) Fundamental stock-picking works better. 2) Our technical and mathematical models works better, and 3) The cost for our strict risk control is diminishing as fewer stops are being triggered when the volatility normalizes.
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6/4/2009 | May result comment
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During may Adapto Nordic 100 gained 4.44%, the OMX index increased by 1.66%. Similar to previous month the risks were kept at low levels with an average gross exposure of 70.62 and an average net exposure of 16.59%. As earlier communicated, the lower volatility in the market is benefitting the performance of the fund as both our fundamental stock-picking as well as our technical models is working much more efficient. According to our technical models the VIX index broke down from extreme levels in the beginning of march. Since then Adapto Nordic 100 has generated a return of 12.70%. This return has been generated with an average net market exposure of only 10.06%. We will continue to work hard in order to keep-up the alpha generation.
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5/6/2009 | April 2009 result comment
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During April Adapto Nordic 100 generated a positive return of 3,90% net of fees. The risk has been kept at low levels with net exposure of 7,9% and gross exposure of 36,04%. Obviously, looking in the rear mirror, the fund should have operated with a higher net, but we are very pleased with the fact that almost all performance came from alpha generation. Although April was a very strong month, the market did not move up in a straight line. On the 20th the market actually fell by 5% and on the 28th the market fell by 4.2%. Benefitting from low net market exposure Adapto Nordic 100 actually gained 0.19% on the 20th and only lost 0.31% on the 28th. The performance was relatively even spread over the month, as can be seen on the graph to the right and the fund only had 4 down-days during the month. Since the launch of the fund the market has seen huge drops and extreme volatility, given this we are happy to report that the fund now has a larger up-month compared to its worst down-month.
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4/7/2009 | March 2009 result comment
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During March the fund generated a positive return of 3,87%. The OMX index gained 1.97% for the month. We are pleased with this result especially in the light of how it was created with an average net exposure of only 5.69% as well as a relatively small gross of 33.70% (average). In addition, the performance was evenly spread over the month, in fact the fund generated a positive result in 18 of the 21 trading days. (see attached daily-performance graph *unaudited numbers, excluding costs). Furthermore, the performance came from a large number of trades. The main explanation behind this performance can be found in the lower volatility in the market. Even though the VIX-index is still high from an historic point of view, it has now come down from the extreme levels seen a few months ago. The lower volatility not only means that our technical models are working much more efficient, but also that the fundamental analysis starts to pay off as “panic” moves fades.
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4/7/2009 | February 2009 result comment
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February started with an 11% bear market rally, just to give up all of its gains just a couple of weeks later. The choppy trading was influenced by renewed worries about the banking sector as well as worries about the health of the eastern economies. Unfortunately the only conclusion that can be drawn from this month is that the market is still very ill.
After the tough start of the year we have again reduced the portfolio risk. February ended with a gain of 0.2%
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4/7/2009 | January 2009 result comment
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During the early part of the month our models suggested that the market was due for a bounce, but unfortunately this proved to be a fake. This is very similar to what happened to us during August of last year when the fund also lost in excess of 3%. However, we would like to stress that we made close to 5% during the spring when our models suggested that the market was due for a recovery. Trying to navigate in these markets is obviously a great challenge and without the discipline of following any sort of models there would be a great risk of trying to time the market too many times. Last year a “stomach-strategy” would most likely have been far more costly.
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4/7/2009 | December 2008 result comment
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December can be described as the Month where everyone expected a rescuing bear market rally for the year - which for the very same reason did not materialize. Hence 2008 winded down to one of the worst or perhaps the worst year ever recorded. Studying the AFGX, Swedish Affärsvärldens Generalindex, an index with times series from 1904 to date, the two worst performing years are 1931 and 2008 both with -40%. In December we made -0.13% and for the entire year -4.95%. We are not proud of the number but it ought to be viewed in the complexity of this particular year. Our monthly drawdown of -5% has no point been violated (worst intra-month reading ever -3.44%). Backward looking one could argue there were all possibilities in going short all the way throughout the year. But looking on the history it was not at all evident that 2008 would be comparable to 1931!
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12/16/2008 | November 2008 result comment
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November took off with a kick-start as the market cheered the entrance of Obama. However it did not take long for reality to hit back. Throughout November our quantitative models still signaled “red markets” (i.e. an unpredictable and highly volatile market), and consequently we continued to run the fund with very low exposures. At the moment our models has actually turned green for the first time in many months. We have therefore increased the exposures somewhat.
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11/27/2008 | October 2008 result comment
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When designing cities, ports etc engineers often refer to a design classification "50-years storm" The market has now experienced what should be described as a "100-years storm". Given this roller coaster environment, we have maintained low exposure during the period. The market (Swedish OMXS30 index) fell as much as 25% from beginning to trough. The end of the month provided a brief bear market rally of three days regaining 12% in anticipation of the US election outcome. In this enviroment Adapto Nordic 100 made -1.11%.
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10/8/2008 | September 2008 result comment
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The month of September presented as many events as we usually see in a decade and consequently the volatility spiked to extremes. Given these circumstances we decided to remain on the side-line as much as possible.
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9/23/2008 | August 2008 result comment
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Leaving the heat of the Summer behind us one could have hoped for a more peaceful beginning of the Fall. Unfortunately, August became the opposite for us. We entered the month with small gross and net. However, the portfolio held a small long bet in a commodity related stock that unfortunatley was hammered by more than 10% in the first three days of the month. In the light of last weeks events this might seem small, but realizing a stop always cost performance. Simultaneously, shorts in the Paper & Pulp sector went the opposite way on anticipated dollar appreciation. Now we were down 2% on the month in the midst of what seemed to have potential characteristics of what could become a bear market rally. We tuned the portfolio, however took down risk when the rally did not materialize. All things brought together this costed the fund more than 3% in performance. We have a drawdown of 5% but we felt that volatility, liquidity, risk and abscence of trends discomforted us to use this mandate.
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8/2/2008 | July 2008 result comment
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July result +0.46%. This result may sound like a July holiday, but this month was everything but a holiday!
During July many of the Nordic companies presented their Q2 reports. This lead to some huge swings in both directions (10-20% moves on the day), in many stocks. This made the month even more of a challenge in what we already consider a challenging market.
We got of with a bad start in July as we had two long holdings related to the commodity sector that went badly against us and consequently the fund lost in excess of 1%. Increasing risk at this point was never an option for us as this goes against our investment philosophy. In addition, taking excessive risk in this kind of market environment may lead to substantial losses. Instead, we kept on working taking relatively small positions (about 2% on NAV) and through primarily a handful of very successful shorts in the Pulp & Paper industry as well as the Telecom industry, we managed to close at a positive note. In the light of this we are pleased with the result.
As can be remembered we had a poor start this year, loosing 2.83% in January. At the time we promised our investors to continue to work hard and not making it into a negative trend. With respect to this its very encouraging being able to report that the fund since January is up 4.9%, especially as the Swedish market has continued to tumble an additional 8.6%. (Year to date the Swedish OMX has fallen close to 20%). Furthermore, this result has been achieved with only one minimal draw-down of 0.33% in June.
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7/16/2008 | June 2008 result comment
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Needless to say June turned out to be a challenging month for the equity markets. In times like these we do benefit from having a very liquid portfolio with small caps making up a very small part of our NAV. However, small exposures to small caps still generated relatively big losses as market risk premiums sky rocketed. On the positive side our trading made up for most of these losses. The fund fell by 0.33% for the month while the OMX index fell by almost 15%. For the first half of the year the fund is up 1.47% while the OMX index has lost almost 21%.
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6/19/2008 | May 2008 result comment
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The top down market continued as inflation fears sparked driven by high US CPI as well as an increasing oil price. This environment is not a perfect set-up for a bottom-up driven hedge fund. However the fund ontinued its climb closing up +0.87% for the month. We continue to run the fund with low risk and consequently the volatility in the fund remained low with the performance ranging between 0.5% and 1% for
most of the month.
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5/9/2008 | April 2008 result comment
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April turned out to be the best month of the year so far for the Swedish equity market with Swedish OMX index climbing 3.57% (opened 952, closed 986, low 941 and high 1003). However, we found it to be a relatively challenging month as the main contributions came from some of the bombed out "heavy index weighters" like TLSN (M&A speculations) / ERIC (stronger than expected quarterly result).
Most of the Nordic companies were reporting during the month, and many reports triggered big swings in share prices. One of Adaptos lead signs is stabile fund performance and part of the strategy is to divest holdings ahead of the earnings releases were we do not have a very strong conviction about the result in order to reduce the volatility of the fund.
This was the funds 3rd straight up-month. In fact the fund was in positive territory during the whole month and volatility was low. We will keep on working hard to maintain this track record.
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4/2/2008 | March 2008 result comment
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March result +1,45%. As the market continued to be choppy we are very pleased with this return. It should be noted that the fund had close to non-existent market correlation during the month as our net exposure was hovering around 0% for most of the month. When looking at the alpha generation, we also would like to stress our low gross market exposure. Given this March turned out to be one of the best months since the inception of the fund when looking at the risk adjusted return.
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3/12/2008 | February 2008 result comment
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In February Adapto Nordic 100 made 1.28%. Our largest contribution came from a short in the Telecom sector. The month showed a sideways trading pattern despite many of the Nordic companies reporting. The American financial distressed situation still is the markets main concern. The Swedish OMX index opened the month at 949,04 and ended at 965,29, with high at 986,30 and low at 911,39.
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2/21/2008 | January 2008 result comment
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It is disappointing to report that Adapto Nordic 100 lost in excess of 2% in January, a number we have not seen since July 2006. Approximately half of the decline can be explained by the positive net market exposure (about 20%) we had going into the New Year. The remainder of the loss occurred in one of our holdings that presented a gap against us. Managing a fund with a 3% maximum monthly draw down in a market that has intraday swings up to almost 8% is to say the least a bit of a challenge. The second half of the month we reduced the exposure accordingly in order not to violate the draw down target.
It is frustrating running a fund and not have the ammo within the month to correct earlier mistakes. Not to defend our result but to give perspective, the Swedish OMX index was down 12.2% in January - the largest monthly decline in 6 years (May 2006; -8.5%). On a more positive note one can say that when Adapto is having the worst of all months with both market exposure and stock picks going against us, the fund loses 2,83%. We are not at all pleased with this figure, but we find it hard to argue that the figure is a disaster. Looking forward; the experience from the summer of 2006 when we managed to turn the negative trend into positive results is monumental to us.
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1/11/2008 | December result
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A lot of work for one bps, but at least up in what again proved to be a difficult month. Summarising the year, the fund closed up by 4.21 percent, while the Swedish OMX index was down 5,7% (2007). Under normal circumstances we would be less pleased about our yearly result. Despite the extreme volatility and the lack of trend in the market, the result outperformed the risk free rate of return. In fact 2007 was the first year the Swedish Hedge Funds closed on a negative number as group (source: SIX Harcourt HFXS, equally weighted Hedge Fund index, since inception 2001).
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1/9/2008 | November result
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It is always disappointing reporting a down month. However, the performance should be viewed in the light of the extreme volatility with Swedish market down 11% at worst point (second worst month during the last five years). Main explanation for the negative result was the spread in performance between our positions in smaller stocks (only between 6-8% of NAV) and our hedges in primarily the OMX future. Pls note that our fund rules only allows a maximum of 10% in small and/or non-Nordic stocks.
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11/1/2007 | October result
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During October our technical/mathematical indicators still suggested that our main market (Sweden) remained in the “red area”. Normally the red area (our macro tool) results in high volatility and low liquidity i.e. a very hard environment to generate absolute returns. In addition the market is currently trading without a trend making it even more of a challenge. Until our technical/mathematical tools indicates “green area” or alternatively if the market is starting to trend down, we will keep very low gross and net market exposures. The reason for keeping not only a low net but also keeping a low gross market exposure is to avoid too many stops in this unpredictable market.
Capital preservation and discipline remains our key focus right now, helping us generate a positive return of 0,30% for the month of October. The OMX index closed down 3,14%
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10/1/2007 | September result
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Despite a challenging environment Adapto managed to close up 1,25% for the month of September
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9/24/2007 | Adapto launches retail product
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During the autumn Adapto will lauch a product targeting the retail audiance
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9/24/2007 | Adapto launches 2x leverage product
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During the autumn Adapto plans to launch a 2x leverage product. More information to follow
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