DNB Launches Norway Absolute Return Fund

Mar 8 2012 | 8:25am ET

Luxembourg-based DNB Asset Management has launched a UCITS-compliant market neutral long/short fund that invests in the Norwegian stock market.

The DNB Norway Absolute Return fund—open ended and tradable on a daily basis—is managed by industry veteran Eirik Hauge. Hauge heads a team of four analysts, each of whom is highly specialized, covering “a comparatively small number of companies,” he said in a statement. Stocks are picked in accordance with the DNB Group’s guidelines for socially responsible investment.

“This fund was launched on the basis of our decision to make our long-standing expertise in Norwegian shares accessible to international investors,” said Mike Judith, vice president of DNB Asset Management, a subsidiary of Norway’s largest financial services provider, Oslo-based DNB.

DNB Asset Management’s flagship fund, DNB Norge, is a long-only vehicle that invests in companies listed on the Oslo Stock Exchange.

Hauge says there are many reasons to invest in Norway, which is “experiencing none of the problems Europe’s more southern states are dealing with right now.” Norway’s stock market is dominated by shipping, energy and commodities companies—specifically oil, oil services, aluminum and fertilizers.

“What all these companies have in common is that they are heavily dependent, either directly or indirectly, on emerging economies and globalization. We therefore have a strong correlation with these countries and are closely following developments there,” said Hauge.

The new fund is DNB’s third UCITS-compliant absolute return vehicle, two others, the DNB ECO and the DNB TMT, have been trading since October 2010. ECO invests in renewable energies employing a long/short approach and TMT takes the same approach to technology, media and telecommunications.

DNB has a total of 14 000 employees worldwide, 2.3 million personal customers and 200,000 corporate customers

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