The SIX Harcourt HFXS-Index for Sweden appreciated by an estimated 2.1 per cent (equally weighted) and 2.4 per cent (asset weighted), respectively, in June.
The new index family, which offers a comprehensive insight into the fast-growing Swedish hedge fund market covering the performance of all Swedish single managers since December 2000, is a joint venture between Harcourt Investment Consulting, SIX and News Agency Direkt.
The SIX Harcourt HFXS-Index is designed to meet the growing demand for information with a fully representative index of hedge funds that includes data from all existing Swedish hedge funds as well as from funds that have been closed down.
"The desire to make fair comparisons between hedge funds and other asset classes is strong," said Pär Ståhl, head of business development at News Agency Direkt. "Being the largest index provider in the Nordic region, we are happy to be the first to serve these needs."
Erik Eidolf, managing partner of Harcourt Investment Consulting (Nordic) added: "The Swedish hedge fund market is well established with close to 80 per cent of the Nordic assets under management and with skilled managers. As a result, Harcourt has been present, as well as invested, in the Swedish market since 2001. With the expertise this brings we are pleased to be able to make a clean and complete hedge fund index a reality through SIX Harcourt HFXS-Index, while at the same time contributing to the overall knowledge of hedge funds."
The SIX Harcourt HFXS-Index comes in two versions, one equal-weighted index and one capital- weighted index. The inception date for both indices is December 29, 2000 (index value=100). Harcourt updates the index population on a quarterly basis based on predefined criteria.
Two different reports are offered for subscription: the monthly reports, which contain data on returns, risk etc. of the SIX Harcourt HFXS-Index and underlying funds; and the quarterly reports containing further qualitative and quantitative analysis of the included funds.
About June performance (estimate)
Swedish hedge funds continued the strong performance seen previously in 2005 by being up an estimated 2.1 per cent (equally weighted) and 2.4 per cent (asset weighted), respectively. Final June figures are calculated on July 15th.
Year-to-date 2005, the Swedish hedge funds have been able to generate returns
of an estimated 5.5 per cent (equally weighted) and 6.3 per cent (asset weighted).
Based on the final May figures, SIX Harcourt HFXS-Index shows that the Swedish hedge funds are well ahead of their global peers during 2005.
The same out-performance can be seen when comparing Swedish hedge funds relative to the global peers when looking at performance and risk adjusted return since start of SIX Harcourt HFXS-Index in December 2000.
Background notes: Harcourt Investment Consulting is one of the world's leading advisors within fund of hedge fund solutions. Founded in 1997 and with headquarters in Zürich and offices in cities like Stockholm and New York, Harcourt Investment Consulting's more than 60 employees currently manage approximately USD 3 billion. Harcourt has been present in the Nordic market since 2001.
News Agency Direkt, or Nyhetsbyrån Direkt, supplies financial news in real time to the capital markets. Direkt offers news, profit forecasts and historical financial data from the Nordic markets. Direkt is the leading index-provider - for both stocks and bonds - in the Nordic region.
SIX is part of the AddNode Group's Financial business division and offers distribution of real-time information and news about stocks, bonds and currencies. Customers are mainly professional players on the Nordic financial markets.