Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macro and Geopolitical Research House

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Merry Christmas and a happy new year to all of you from us here at Steno Research.</li><li>What a year it has been, and we hope you have enjoyed the portfolio, trade alerts and our weekly portfolio updates, where we as always try to give you an edge and insight in what we are doing with our money.</li><li>For those of you who have been listening to our ‘Macro Sunday’ podcast, it’s no secret that our trades are “sometimes maybe good sometimes maybe shit”, but our equal-weighted alpha overlay portfolio has since inception in May 2023 delivered a very decent return of around 5% with very little drawdowns of at max 3-4% (compared to 8-10% for S&amp;P 500 as an example) and with a market beta of 0.15 (based on a simple linear regression).</li></ul>

Merry Christmas and a happy new year to all of you from us here at Steno Research.What a year it has been, and we hope you have enjoyed the portfolio, trade alerts and our weekly portfolio updates, where we as always try to give you an edge and insight in what we are doing with our money.For those of you who have been listening to our ‘Macro Sunday’ podcast, it’s no secret that our trades are “sometimes maybe good sometimes maybe shit”, but our equal-weighted alpha overlay portfolio has since inception in May 2023 delivered a very decent return of around 5% with very little drawdowns of at max 3-4% (compared to 8-10% for S&amp;P 500 as an example) and with a market beta of 0.15 (based on a simple linear regression).

Portfolio Watch – 2023 in hindsight