Norway’s Gersemi Asset Management is facing its shipping fund more towards gas carriers.
The Joakim Hannisdahl-led investment company said it has added a minor position in Idan Ofer’s New York-listed Cool Company (CoolCo) and changed its dry bulk exposure from 8% long to 6% short.
So far in May, the fund has also added long exposure in VLGC companies and shorted exposure in container shipping. Tanker exposure has also been increased.
Hannisdahl believes the company’s analysis can give it an edge over competitors.
“The reporting season has just commenced, and we see some opportunities ahead as our in-house modelling diverges from consensus. The main focus will be on dividends and second-quarter guidance,” Hannisdahl said.
Gersemi now has 43% invested in cash, with tankers at 32%, 10% in LPG and LNG making up 3%.
For April, Gersemi Shipping Fund posted its 10th consecutive month of positive returns. Its value has not fallen since its inception in July 2023.
The fund rose 1.6% month on month, for a compound annual growth rate of 38%.
Gersemi attributed the gain to successful trading as stock prices exhibited high volatility.
Early in April, the fund said it had cut investments in tankers and bulkers after share price rises.
Gersemi shorted Belgian tanker owner Euronav’s stock ahead of the expiry date of the Saverys family company CMB’s mandatory bid for its shares in March.
