Coeli launches own products, takes over Plenum Power Surge fund

Coeli, the Swedish asset manager, has taken over management of the Plenum Power Surge hedge fund, meaning it can now offer a single manager hedge fund with a focus on the Nordic energy market.

The Cayman Islands registered fund is traded on the Nasdaq OMX Commodities exchange, formerly known as NordPool. The strategy is to capture price trends caused by weather patterns in Nordic countries. Investors can choose from dollar or euro share classes.

Plenum Investments AG said the takeover offered continuity for shareholders, while portfolio manager Henrik Wennberg said the deal meant he could continue to focus solely on managing, leaving licensing, administration, risk management and distribution to Coeli.

Lukas Lindkvist, head of Asset Management at Coeli said: “We have seen a lot of interest for the power markets during the last several years and we believe that the opportunity set will remain interesting also in the future.”

Coeli also announced two new daily traded funds in its Select range of in-house managed funds: Select Multihedge and Select Sverige.

The Multihedge fund is a diversified absolute return hedge fund, which allocates between its existing single manager hedge funds – Spektrum, Norrsken and Coeli Power.

The fund will also be offered in a leveraged format: Select Multihedge 2xL.

The Select Sverige fund is an actively managed fund offering a concentrated holding of Swedish securities, including money market instruments, equities, and derivatives. Only 8-15 companies are likely to be held at any one time in the portfolio. Coeli said that there had been significant demand from customers for such a portfolio.

Coeli has pursued this type of Swedish equity management on a discretionary basis since the start of 2011. It said performance last year was 4% better than the index, and is ahead 10% so far this year.

Christian Voboril, portfolio manager for Sverige Select said: “We only own companies that we actually like irrespective of whether they are significant index constituents. We buy companies with low valuations, good cashflow, good balance sheets, and which offer stable and strong dividends. There are too many Sweden funds clustering around the index and one more is not what is needed.”

 

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