May 2023 was a month with weak beta returns, as global equities and bonds declined modestly. Central banks settled into the transitory for longer narrative and while the FED ultimately paused in June, other central banks kept pushing rates higher. Trend Followers continued to recover some of their losses, while Crypto and Risk Parity strategies ended up at the bottom.
As per our usual programming, we have collected slightly more than 80% of the managers that we expect to report for May (1811 strategies, of which 534 Commodity Trading Advisors). We can have reasonable assurance that we are giving a solid representation of the managers that had the best of times and the managers that had the worst of times. From a performance perspective. Odey’s funds did definitively not have the best of times, but that has yet to impact their performance.
CTA
![Soaring Pelican : Overnight Advantage : 15.97% [0.90]<br> Gresham Investment Management : GreshamQuant Acar : 8.78% [1191.00]<br> P/E Investments : FX Strategy - Aggressive : 8.63% [12000.00]<br> Mulvaney Capital Management : Global Diversified Program : 8.49% [267.00]<br> Astute Capital Group : Pulse Program : 7.87% [1.40]<br> Rotella Capital Management : QDeck Tactical Commodity : -9.67% [0.00]<br> AIS Capital Management : MAAP 2-4X : -12.99% [15.60]<br> FX NOR AS : Global Makro : -13.44% [0.00]<br> AIS Capital Management : MAAP 3-6X : -19.11% [53.87]<br> Vigo Capital : Fund : -37.50% [0.51]<br> >](https://nordichedge.com/Database/CTATopBottom5MTD2023-05.png)
![Skylar Capital Management : Natural Gas And Power : 7.79% [731.83]<br> Soaring Pelican : Overnight Advantage : 15.97% [0.90]<br> Mulvaney Capital Management : Global Diversified Program : 8.49% [267.00]<br> ABR : Enhanced Short Volatility : 4.57% [2.93]<br> Equanimity Advisors : Master Fund : 2.20% [27.06]<br> FX NOR AS : Global Makro : -13.44% [0.00]<br> ESI : Macro LS : -3.30% [2.00]<br> Superfund Capital Management : Green SPC 2x : -0.71% [2.72]<br> Moddco Capital Associates : MCA : 2.49% [0.10]<br> Vigo Capital : Fund : -37.50% [0.51]<br> >](https://nordichedge.com/Database/CTATopBottom5YTD2023-05.png)
To explore the full list of CTAs and their rankings, including dynamic updates as new data becomes available, we invite you to visit our website at the Link provided.
Market Neutral
![Man GLG : GLG UK Absolute Value : 3.70% [338.24]<br> BNP Theam : Quant Dispersion US : 3.47% [119.63]<br> Aenaon Markets : Syncro Equities - Absolute Return : 2.76% [2.00]<br> JPMorgan : JPMorgan Research Market Neutral : 2.17% [0.00]<br> Man GLG : GLG Innovation Equity : 1.82% [149.93]<br> KLP Kapitalforvaltning AS : KLP Alfa Global Energi : -2.22% [263.60]<br> Aphilion : Aphilion SIF : -2.46% [40.08]<br> PIMCO : PIMCO RAE Fundamental Advantage PLUS : -2.89% [0.00]<br> LGT Capital Partners : LGT Sustainable Equity Market : -3.02% [100.11]<br> Maverick : QM Neutral (GS) : -5.01% [360.76]<br> >](https://nordichedge.com/Database/MarketNeutralTopBottom5MTD2023-05.png)
![Zest : North America Pairs Trading : -0.62% [38.92]<br> Exane : Ceres : -0.83% [193.44]<br> Blackrock : Asia-Pacific Diversified : 1.49% [32.78]<br> Gondor Capital : Gondor Partners Ltd : 1.57% [9.70]<br> JPMorgan : JPMorgan Research Market Neutral : 2.17% [0.00]<br> Aphilion : Aphilion SIF : -2.46% [40.08]<br> QQM Fund Management : QQM Equity Hedge : -0.87% [63.90]<br> RAM : Long Short European : -1.73% [154.93]<br> Maverick : QM Neutral (GS) : -5.01% [360.76]<br> PIMCO : PIMCO RAE Fundamental Advantage PLUS : -2.89% [0.00]<br> >](https://nordichedge.com/Database/MarketNeutralTopBottom5YTD2023-05.png)
To explore our extensive list of Market Neutral funds and their dynamic rankings, we invite you to visit our website at the link provided here.
Equity Long/Short
![Shannon River : Long/Short Technology (U Access) : 7.84% [44.26]<br> Lucerne Capital Management : Nordic : 7.79% [0.00]<br> Wellington : Technology (Franklin K2) : 7.54% [19.17]<br> Sentat Asset Management : Thyra Hedge : 6.35% [26.80]<br> RiverPark : RiverPark Long/Short Opportunity : 6.22% [0.00]<br> Cederberg Capital : Greater China (Banor) : -8.91% [110.90]<br> Veritas : China : -9.06% [32.39]<br> JanusHenderson : Horizon China : -10.11% [60.75]<br> RAM Rational Asset Management : RAM ONE : -11.90% [54.10]<br> Accendo Capital : Accendo Capital : -12.76% [218.40]<br> >](https://nordichedge.com/Database/EquityLSTopBottom5MTD2023-05.png)
![HELSINKI CAPITAL PARTNERS : HCP Focus Fund : 5.98% [10.80]<br> Pareto Asset Management AS : Pareto Total : 1.22% [821.70]<br> RiverPark : RiverPark Long/Short Opportunity : 6.22% [0.00]<br> Incline : Global Long Short : 2.37% [8.99]<br> Shannon River : Long/Short Technology (U Access) : 7.84% [44.26]<br> Pensum Asset Management : Global Opportunities : -7.98% [17.70]<br> Veritas : China : -9.06% [32.39]<br> Finlabo : Dynamic US Equity : -5.04% [4.01]<br> Disciplined Alpha : U.S. Long Short : -6.18% [5.39]<br> Accendo Capital : Accendo Capital : -12.76% [218.40]<br> >](https://nordichedge.com/Database/EquityLSTopBottom5YTD2023-05.png)
To explore our extensive Equity Long/Short list, with dynamic rankings, please see Link
Event Driven
![Neuberger Berman : Distressed Debt Extended Life Shares : 2.93% [0.00]<br> Formue Nord : Formue Nord Markedsneutral AS : 1.51% [39.20]<br> Formue Nord : Fokus : 0.83% [68.50]<br> Advent Global : Advent Global Partners (ML) : 0.81% [156.49]<br> Hadron : Alpha Select : 0.75% [6.27]<br> Gabelli : Mergers & Acquisitions : -3.89% [0.00]<br> KiteLake : Event Driven : -4.28% [605.49]<br> Cheyne : Cheyne Arbitrage (U Access) : -5.69% [81.10]<br> Alpine : Merger Arbitrage : -5.83% [224.84]<br> Odey : Special Situations : -6.56% [76.86]<br> >](https://nordichedge.com/Database/EventDrivenTopBottom5MTD2023-05.png)
![Portland : Hill Catalyst Driven : -3.10% [26.20]<br> Hadron : Alpha Select : 0.75% [6.27]<br> Neuberger Berman : Distressed Debt Global Shares : -1.23% [0.00]<br> Formue Nord : Formue Nord Markedsneutral AS : 1.51% [39.20]<br> CIAM : Satellite Event Driven : -3.63% [13.42]<br> Odey : Special Situations : -6.56% [76.86]<br> KiteLake : Event Driven : -4.28% [605.49]<br> Abrax : Merger Arbitrage : -3.72% [30.95]<br> Cheyne : Cheyne Arbitrage (U Access) : -5.69% [81.10]<br> Alpine : Merger Arbitrage : -5.83% [224.84]<br> >](https://nordichedge.com/Database/EventDrivenTopBottom5YTD2023-05.png)
To explore our extensive Event-Driven list, with dynamic rankings, please see Link
Fixed Income
![KBC : Bonds Convertibles : 2.34% [0.00]<br> Ironshield : Credit Fund : 2.26% [66.69]<br> RBC Bluebay : Emerging Market Unconstrained Bond : 1.81% [389.69]<br> Axiom : European Financial Debt Fund Limited : 1.79% [0.00]<br> Polar : Capital Global Absolute : 1.76% [111.35]<br> Secured : Secured Income Fund Plc : -4.34% [0.00]<br> VPC : Specialty Lending Investments : -4.51% [0.00]<br> CABA Capital : CABA Hedge : -4.75% [130.00]<br> CABA Capital : CABA Flex : -4.76% [18.50]<br> GCP : Asset Backed Income : -6.32% [0.00]<br> >](https://nordichedge.com/Database/FixedIncomeTopBottom5MTD2023-05.png)
![Danske Bank Asset Management : Danske Invest Fixed Income Global Value : 0.53% [825.60]<br> Capital Four Management : Capital Four Structured Credit Opportunities Fund : 1.44% [81.60]<br> Blackstone : Loan Financing : -0.00% [0.00]<br> Selwood : Market Neutral Credit (Alma) : 0.92% [122.32]<br> Vontobel Asset Management : Twenty Four Income Fund : 0.50% [0.00]<br> VPC : Specialty Lending Investments : -4.51% [0.00]<br> EJF Investments : Event Driven : -0.09% [0.00]<br> Nordea Asset Management : European Rates Opportunity : -1.84% [373.20]<br> GCP : Asset Backed Income : -6.32% [0.00]<br> Highbridge : Credit Fund : 0.00% [0.00]<br> >](https://nordichedge.com/Database/FixedIncomeTopBottom5YTD2023-05.png)
To explore our extensive Fixed Income list, with dynamic rankings, please see Link
Risk Premia
![Catalyst Funds : Systematic Alpha : 4.44% [0.00]<br> Nomura : Fixed Income Risk Premia : 3.09% [1.35]<br> Capital Fund Management : Diversified : 2.20% [79.10]<br> Schroders : Isf Alternative Risk : 1.85% [408.55]<br> Future Value Capital : Equity Dispersion : 1.70% [114.00]<br> Nordea Asset Management : Nordea 1 Alpha 10 MA Fund : -2.89% [5442.00]<br> Nordea Asset Management : Nordea 1 Alpha 15 MA Fund : -4.53% [5325.60]<br> AQR Capital Management : Style Premia : -4.77% [337.18]<br> AQR Capital Management : Style Premia Alternative : -4.98% [0.00]<br> Quadriga : Stable Return : -7.81% [4.95]<br> >](https://nordichedge.com/Database/RiskPremiaTopBottom5MTD2023-05.png)
![Catalyst Funds : Systematic Alpha : 4.44% [0.00]<br> Neuberger Berman : US Equity Put Write : 1.37% [517.43]<br> Blackrock : Style Advantage : -0.21% [95.06]<br> Quadriga : Stable Return : -7.81% [4.95]<br> Allianz Global Investors : Volatility Strategy : 0.89% [542.90]<br> AQR Capital Management : Alternative Risk Premia : -2.31% [0.00]<br> AQR Capital Management : Style Premia Alternative : -4.98% [0.00]<br> BNP Theam : Absolute Alpha : 0.47% [13.96]<br> Credit Suisse Multialternative : Credit Suisse Multialternative : -1.71% [0.00]<br> BNP Theam : Quant Equity : -1.72% [19.30]<br> >](https://nordichedge.com/Database/RiskPremiaTopBottom5YTD2023-05.png)
To explore our extensive Risk Premia list, with dynamic rankings, please see Link
Crypto
![Hole in One Josch : 554BC485571344C890D16DC3BE4460 : 63.78% [0.00]<br> EdgeHill Investment Group : Prometheus Cryptocurrency : 10.03% [86.00]<br> LibertyRoad Capital : BTC Negative Gamma Strategy : 6.63% [0.00]<br> LibertyRoad Capital : Covered Call BTC : 5.50% [0.00]<br> LibertyRoad Capital : BTC Diversified Alpha Strategy : 4.89% [0.00]<br> CryptoGen : CRYPTOGEN : -18.80% [0.00]<br> Mitja Kokovnik : KICKSTART : -18.94% [0.00]<br> CryptoIVPSI : CRYPTOIVPSI : -19.45% [0.00]<br> Rocket one : MELCHORCRYPTOPORTFOLIO : -19.49% [0.00]<br> Future Chain Index : Future Chain Index : -36.40% [0.00]<br> >](https://nordichedge.com/Database/CryptoTopBottom5MTD2023-05.png)
![Hole in One Josch : 554BC485571344C890D16DC3BE4460 : 63.78% [0.00]<br> TheCryptoOwl Strategy : THECRYPTOOWL : -4.81% [0.00]<br> Crush : CCC Crush Crypto Core : 2.09% [0.00]<br> Amigo Feliz II : AMIGOFELIZII : -1.44% [0.00]<br> Princess : BOSTI22 : -5.53% [0.00]<br> LibertyRoad Capital : Covered Call ETH : 1.63% [0.00]<br> LibertyRoad Capital : ETH Negative Gamma Strategy : -1.56% [0.00]<br> Sustainable Crypto Selection : SCS Sustainable Crypto Selection : -6.20% [0.00]<br> Low Fees Top Fundamentals : Low Fees Top Fundamentals : -9.71% [0.00]<br> INVESTMOX : INVESTMOXROLLERCOASTER INVESTMOX Rollercoaster : -9.87% [0.00]<br> >](https://nordichedge.com/Database/CryptoTopBottom5YTD2023-05.png)
To explore our extensive Crypto Strategy list, with dynamic rankings, please see Link
It is important to note that our rankings are not filtered for Asset Under Management, meaning that funds of any size can be included in our analysis. Our rankings are based solely on a simple return metric without adjusting for volatility, so some funds may have a higher risk profile than others.
To be included in our rankings, funds must have reported returns for the current reporting month. This means that we may not have data on all funds in a given category, and our rankings should be considered within the context of the funds that we do have information on.
Past performance is not indicative of future results.
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