Odin Norden, established in 1990 as the first equity fund from Norwegian manager Odin, has passed NOK10bn (€1.152bn) in AUM.
This comes following a year in which the management of the portfolio was changed. From summer 2014 it has been Odin’s managers for single country funds – Jarle Sjo for Odin Norge, Truls Haugen for Odin Finland and Vegard Søraunet for Odin Sverige – that have also performed the job of selecting the best Nordic companies for inclusion in the regional portfolio. The team also added two new analysts.
As a result of the changes, the portfolio became more biased towards large caps, which now account for some two thirds of the holdings, against a third now held in small and mid caps. Odin said that the change has made the portfolio less volatile than the respective single country funds. Investors have also benefited from a broader geographic diversification via the underlying holdings. Currently investors would have an exposure of 20% to North America, 30% to Europe, 10% to Asia, 30% to the Nordic region, and 10% to the rest of the world.
Odin said that the portfolio has returned 17.5% this year, which according to Morningstar data makes it the best performing Nordic equity fund out of all those registered across Europe. NOK100,000 invested at launch in 1990 would have become worth more than NOK2m as of 16 March, Odin added.