DNB launches Norway-focused absolute return fund
Oslo-based DNB Asset Management, the fund management arm of DNB, has decided to take advantage of its specialist knowledge of its domestic market by launching a Norway-focused absolute return fund reported Citywire Global this week. The UCITS-compliant DNB Norway Absolute Return fund and will be managed by Eirik Hauge. Hauge said that it was an ideal time to launch the fund because Norway is well insulated from the debt problems afflicting the Eurozone. The fund will adopt a market-neutral strategy and look to trade share both long and short on the Oslo Stock Exchange. Norway’s stock market is dominated by shipping, energy and commodities companies and the one thing they all share in common, according to Hauge, is the fact that they’re heavily dependent, either directly or indirectly, on emerging economies and globalisation. “We therefore have a strong correlation with these countries and are closely following developments there,” Hauge was quoted as saying.
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