• Our Chief Economist on Bloomberg (BN) – Hedge Fund of Nordic Central BAnkers Cuts Its Bet on ECB Hike

    Hedge Fund of Nordic Central Bankers Cuts Its Bet on ECB Hike

    This article first appeared on the Bloomberg Terminal
    (Updated at 2018-06-01 07:47:37 GMT). Reprinted with permission

    By Jonas Cho Walsgard
    (Bloomberg) — A hedge fund based in Scandinavia and run by
    former central bankers has just cut its bet on the timing of the
    European Central Bank’s first interest-rate increase.
    Nordkinn Asset Management, which oversees about $1.3
    billion, reduced its exposure to higher German and Swedish
    rates, according to Bjorn Roger Wilhelmsen, a founding partner
    and chief economist at the fund in Oslo. Wilhelmsen is one of
    three partners at the fund who used to work at the Norwegian
    central bank.

    The adjustment in Nordkinn’s rate bet follows the breakdown
    in talks to form a government in Italy, which earlier this week
    led to a market meltdown that brought back memories of the 2012
    euro-zone debt crisis.

    “We had no positions directly in Italy, but it affects our
    view of the ECB,” Wilhelmsen said in an emailed response to
    questions on Thursday. “The likelihood that the ECB will raise
    interest rates next summer will be a bit smaller. They are
    likely to delay the interest rate hike a little.”

    “This is due not only to Italy, but also to the fact that
    macro data for the whole euro zone has come in weaker,”
    Wilhelmsen said.
    Nordkinn, which started in 2013 and is based in Stockholm
    and Oslo, focuses on central banks around the world in a bid to
    profit from changes to monetary policy. This year, the Nordkinn
    Fixed Income Macro Fund has returned 1.5 percent in dollars.

    After the shock to euro-zone debt markets caused by Italy,
    Wilhelmsen says the Swedish Riksbank may also be forced to delay
    its plans to start raising rates. Nordkinn has reduced positions
    for higher longer-term Swedish interest rates. Instead the fund
    has moved short-duration bets to Norway and the U.S., where
    Wilhelmsen says the economic cycle appears to be “intact.”

    “Norway and the U.S. will of course to some extent be
    affected by what’s happening in the euro zone, but we believe
    there will be rate hikes in both Norway and the U.S. in 2018,”
    Wilhelmsen said.

  • Our Chief Economist in – Kraftig kronefall

    Italienske statsrenter med kort løpetid, nærmere bestemt den toårige statsrenten, skyter opp tirsdag.

    – Det er korte renter som går mest, og det ser man typisk når bekymring rundt statsfinanser begynner å bli mer alvorlig, sa sjeføkonom Bjørn Roger Wilhelmsen i hedgefondet Nordkinn Asset Management til E24

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  • Our Chief Economist in – Usikkerheten har skutt fart

    Renten på enkelte deler av Italias statsgjeld stiger til det høyeste siden 2013 i kjølvannet av at landet er kastet ut i politisk kaos. Markedet frykter politiske usikkerhet, svake statsfinanser og økende euroskepsis, mener sjeføkonom.

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  • Our CEO in panel with NORSIP – The Long and Short of Sustainable Hedge Funds

    From NordSIP (Nordic Sustainable Investments): “Stockholm (NordSIP) – At this year’s Nordic Hedge Award ceremony, which is held in Stockholm and rewards the best hedge funds included in the Nordic Hedge Index universe of funds, I had the privilege to host and moderate a panel on sustainable hedge funds“.

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  • Alexander Melsom guest comment in Kapital

    Alexander Melsom har gjestekommentar i Kapital 7/2018 under Porteføljefokus med tittel: Struktur og disiplin fører til bedre avkastning.

    Alexander Melsom with guest comment in Kapital 7/2018. Article is featured under the theme “Portfolio focus” and is titled: Structure and discipline leads to higher returns.

    Not electronically available.