GP Bullhound Thyra Hedge

Fund Manager's comments

The volatility in results this earning season this month has triggered significant movements in both sectors and subsectors. The GP Bullhound Thyra Hdge Fund ended up 0.17% in May.

Workday's lowered its fiscal 2025 guidance for subscription revenue in its latest report. Although the adjustment is not ideal, it remains relatively minor. Workday continues to assert its dominance in platform rollouts, maintaining an impressive 17% growth rate, albeit potentially facing short-term stock pressure amidst the broader market rotation away from software, further influenced by Salesforce's recent moves. Overall, except for AI spending, companies are showing increased caution regarding expenditure in 2025.

However, with most important result report of the season, Nvidia, now behind us, focus is once again redirected towards the dynamics of U.S. inflation and interest rates.
Quote of the month ­– Jensen Huang, CEO of Nvidia, stated, “Companies and countries are partnering with NVIDIA to shift the trillion-dollar installed base of traditional data centers to accelerated computing and build a new type of data center, AI factories, to produce a new commodity, artificial intelligence.”

Looking at the portfolio, we have made strategic purchases of AMD this month, leveraging our belief that the company is capitalizing on Nvidia's product shortages. With Nvidia products in high demand and limited availability, AMD emerges as the primary alternative in the market. Despite rumours of order cuts weighing on AMD shares, which we believe to be unfounded, we see potential for significant growth.

Additionally, we have added more TSMC to our holdings, in anticipation of robust volumes from Nvidia. We expect strong May sales figures from TSMC, slated for release early in June, to further bolster our confidence in this investment.

In summary, the market volatility around results this earning season has been very high this month. We see it as a sign that the market is worried about the level and the record levels its trading on for the moment. However, we see some short term weakness in software but on the other side strong results and bullish comments from Nvidia confirm that the demand for AI is very strong. It is becoming increasingly rare to find an earnings call where companies are not discussing their AI strategies and positioning across various industries, highlighting the pervasive influence and importance of AI in today's business landscape.

Historical Performance

Portfolio Team

Manager Photo

Inge Heydorn, Partner, GP Bullhound

Managed research teams and traded technology shares since 1994 (Carnegie, ABN Amro and Deutsche Bank).

Ofelia Aspemyr, Investment Associate

​4+ years experience of investments.

General Information

Fund type Daily traded UCITS fund
Management fee 1.5%
Performance fee 20% above SSVX 90d with high water mark
Risk 3 (scale 1-7)
Investment manager GP Bullhound Asset Management Ltd
Fund structure Regulated by Finansinspektionen (Sweden) with SEB as depositary bank, PwC as auditor and Finserve Nordic AB as fund company
ISIN SE0001891490

Geography Exposure

Return Analysis

3 Years
Thyra HedgeHFRI Macro
Annualized Return5.84%9.57%
Total Return18.57%31.55%
Winning Months (%)58.33%61.11%
Best Month6.35%9.22%
Worst Month-5.00%-9.21%

Risk Analysis

3 Years
Thyra HedgeHFRI Macro
Ann. Standard Deviation10.21%17.56%
Sharpe Ratio0.610.61
Sortino Ratio0.960.81
Downside Deviation1.71%3.29%
Maximum Drawdown-10.79%-23.86%

Risk and return analysis based on last 36 months monthly data

Distribution of Monthly Returns

Risk/Return Comparison

Historical Returns

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 5.11 3.99 0.87 -0.52 0.17 9.87
2023 5.96 -1.11 4.59 -4.22 6.35 1.84 1.04 0.47 -4.31 0.24 5.08 1.06 17.56
2022 -0.27 -0.13 -0.87 -3.62 0.78 -2.14 4.93 0.08 -5.00 2.32 3.72 -3.89 -4.50
2021 -0.28 1.72 1.08 -0.80 0.43 0.88 -0.08 0.07 -2.12 0.31 -1.93 -1.03 -1.81
2020 -0.07 -0.11 1.26 -0.04 2.99 1.31 0.11 -1.32 0.76 -0.92 0.70 1.43 6.20
2019 0.90 1.09 0.78 1.47 0.05 -0.27 0.52 -0.27 0.01 0.48 0.01 -0.18 4.67
2018 0.11 0.84 -0.61 1.18 0.02 -0.02 -0.15 -0.19 0.05 0.16 -1.53 -1.00 -1.16
2017 0.64 -1.58 0.19 -0.31 0.35 -0.85 0.92 0.07 0.44 1.11 -0.53 -0.03 0.39
2016 -1.63 -3.44 -0.07 1.41 1.09 -1.11 1.25 0.45 -0.28 0.94 -0.69 -0.68 -2.83
2015 0.01 1.66 0.55 1.64 0.86 0.23 0.16 -0.67 -1.05 0.24 1.19 -0.53 4.33
2014 3.77 2.42 -4.05 -8.87 3.26 3.78 2.75 1.43 1.14 3.70 -1.34 2.09 9.64
2013 -0.63 0.32 -1.27 -3.37 0.62 -0.08 -0.87 -0.05 1.00 -4.90 0.71 1.21 -7.25

About GP Bullhound

GP Bullhound is a leading independent investment and advisory house focused solely on the technology sector globally.

The firm has 10+ offices and over 100 staff on three continents.

GP Bullhound Asset Management Ltd is authorised and regulated by FCA.

For more information, please visit

Investment Themes

Thematic investment strategy focusing on technology companies with strong balance sheets and cash flows, where innovation is driving major changes and creating global market opportunities. Concentrated portfolio with intensive research and leveraging our long-term established industry network.

Proven alpha generation with low correlation and limited market risk, where our tactical trading around core positions reduces volatility and minimizes losses.



Investing in mutual funds always involves a risk. Historical returns are not an indicator of future returns. Investors may lose part or all of the invested amount. Information in this monthly report should not be seen as anything else than a statement of the fund’s holdings and activity.

For more information on risks, read more in the fund's KIID and prospectus, available on

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