A supportive market backdrop and improving investor risk appetite in 2025 led to tightening spreads in covered bonds, providing a strong tailwind for Danish relative-value fixed-income strategies. One standout was Nordea Global Rates Opportunity Fund, which finished the year among the top ten Nordic hedge funds with a return of 25.2 percent, supported by what Nordea Asset Management’s Frank Klahsen describes as a “generally constructive market environment and improving risk appetite.”
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