Denmark’s Uttrup Launches Nordic-Biased L/S Hedge Fund

Aug 9 2007 | 1:49pm ET

Copenhagen, Denmark-based Uttrup Financial Advisors recently launched the Cresco Fund, a long/short European equity offering with a Nordic bias. The Guernsey-domiciled fund, which launched in mid-May with $45 million, has returned gains of 3.3% and 0.2%, and a decline of 0.7% in its first three months of trading.

“As the nordic region itself is fairly cyclical, we have a tilt toward cyclical stocks in a broad variety of industries such as shipping, industrial, mining, oil services and so forth,” said Jesper Uttrup, a partner and former portfolio manager of Copenhagen long/short equity shop Danske Capital.

The fund is currently invested in about 25 stocks with long holdings in dry bulk, solar energy and local property developers.

Uttrup said he believes that the Nodic equity market has more upside than the rest of Europe because “balance sheets of companies are less stretched and we’re moving into a period right now where companies are starting to increase leverage on their balance sheets.”

The fund, which is targeting 25% net returns per annum, charges fees of 2% for management and 20% for performance, with a minimum investment requirement of US$500,000.


In Depth

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...