Last year’s second-best performing Nordic hedge fund, Coda Global Opportunities, began 2026 with a strong 10.4 percent return in January, despite suffering a sharp two-day drawdown at month-end amid what the team described as “one of the most violent precious-metals sell-offs in decades.” Although the fund’s portfolio managers Peter Andersland and Knut Børsheim had meaningfully reduced exposure to precious metals ahead of the decline, they were nonetheless caught off guard and surprised by the s...
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