The industry’s strong start to 2019 is reflected in the first Top 20 of the year, which reveals eight funds posted a double-digit return in January. To put the performance gains in context, it is worth noting that just 14 funds managed that feat over the whole of 2018.

The January gain was especially sweet for Henrik Rhenman’s healthcare fund, which performed better than any other manager running $250m or more. His fund’s 14.9% gain in January followed a 15.9% loss in December which meant it had ended the year in the red. Surging healthcare stocks in January helped the Stockholm-manager make a quick recovery.
- Drew Dickson’s AB Alpha Europe narrowly missed out on the top spot with a 14.2% gain. The European equity-focused manager, formerly of Perella Weinberg, started Albert Bridge Capital in 2016 and made 21.8% in 2017, its first full year of trading. But he posted a 14.9% loss last year after losing heavily during October’s market ructions. He was boosted in January as Micro Focus, a technology company which he tipped to thrive at the Sohn Conference, rose, which it did again in the first half of February

Pelham Global Financials Master Fund, managed by former Lansdowne star Stephen Kirk, takes the final podium position with a 13.4% monthly gain. It represents quite a turnaround from last year’s 16.3% loss, his only annual loss since starting in 2015.

It was also a better month for Ross Turner’s flagship at Pelham, which rose 4.1% after a double-digit loss last year. That gain left it short of making this year’s first Top 20, however. The lowest qualifying gain was the very respectable 6.9% achieved by Lancaster’s long/short equity fund. Last year the fund lost 6.6%, summing up the reversal in fortunes for many of the list’s constituents.

Strikingly, the top 12 names on the list lost money last year. The top-ranked name to have made a gain in 2018 was Incentive Active Value Fund, an Oslo-based manager of European equities which made 2.1% last year. That record marks it out as one to watch in the year ahead.

Another honourable mention goes to Stockholm-based Lancelot Camelot, which rose 7.8% in January after making 4.3% in 2018 and winning a EuroHedge Awards nomination in the process. The two Scandinavian funds are the only Top 20 members to have combined strong gains in January with a positive return last year.

Two of the best seven risers in January were focused on Russian stocks, summing up the strong start to the year made by emerging markets funds. Helsinki-based Russian Prosperity Fund and Moscow-based Specialised Russian Growth, which both lost money last year, made 12.5% and 11.1% respectively.

One firm managed the rare feat of having three funds in the Top 20 this time around: Danish multi-strategy manager Formuepleje. London-based Lancaster Asset Management had two, both focused on European equities.

January Top 20 – Industry starts rebound from Q4 losses on EuroHedge.