FAQ
Here you can find answers to the most common questions about the Fund
Updated 12 May 2026
General information about Atlas Global Macro
The strategy is the same one that Lars Tvede has personally carried out with his own money for the last 30-35 years, which has been very profitable. In other words, a flexible strategy with no geographical restrictions. Allocation to the different asset classes is based on top-down views on e.g. economic and political trends and themes. The primary exercise at any given time is to define which markets and strategies are worth investing in. Often some themes are quite unattractive for many years in a row, while others can be highly profitable. Then it can change - sometimes quickly. The big return difference lies in anticipating this. Secondary is choice of instruments, tactical timing, etc., but even if you are good at it, this becomes difficult if you choose the wrong theme - but easy if you choose the right one.
Lars Tvede, the fund's primary idea-generator and investment decision-maker, has spent an average of three hours a day for many years as an investor reading analyses from a number of the world's leading investment banks as well as private subscription-based research institutions. This approach continues to be used, albeit with the help of a small team who together continuously screen the often voluminous material and group it by relevance, theme, etc. The analysts' information and arguments are taken into consideration, but the conclusions and decisions are ultimately made by Lars Tvede himself.
Yes, the fund can invest in stocks, bonds, credit bonds, mortgage bonds, REITs, precious metals, commodities and currencies.
Yes, when deemed appropriate, the fund can leverage capital by up to 6.5x (net). However, this flexible framework will not be fully utilised all the time, but only in very special situations. There may also be periods where not all of the fund's assets are invested if there are not considered to be good opportunities.
The use of leverage can amplify portfolio movements in both directions, leading to increased losses or returns compared to a similar portfolio that does not use leverage.
The Fund invests exclusively in liquid markets and instruments such as currency swaps, futures, options, ETFs, etc. There are therefore no investments that cannot be exited quickly.
The fund is accumulating, but you can choose to reduce or sell your exposure entirely if you want to get some liquidity out of it. For more information, see the section "in and out of the Fund".
No, the fund is a so-called Reserved Alternative Investment Fund (RAIF). A UCITS fund would be too restrictive in relation to the fund's relatively broad and flexible investment strategy.
Experience shows that many private equity and hedge funds offer good returns, but typically they do not provide particularly interesting information. We therefore aim to communicate our views and inputs to our investors in better ways than are usually seen.
Investors are invited to access monthly investor update videos, news updates, quarterly reports, analyses and other investment-related information and more on our dedicated app. See the section "Investor Profile and Mobile App".
As also stated in the Disclaimer, we cannot provide 'individual investment advice' - therefore we are unfortunately not permitted to answer this type of question. Investors should instead seek advice from their own bank/advisor regarding specific trading strategies. Fortunately, the issue resolves itself, as the themes/ideas we mention in the media and online are of course included in the Fund's 'palette' of investment strategies. Thus, as an investor in the Fund, you are automatically invested in these themes.
The fund is an absolute return fund with no reference to any benchmark index.
How can I participate?
If you are not already registered, you can sign up at www.atlasglobalmacro.ch. After registration you will receive further information about the practical steps, investment etc.
The fund is available in Denmark for institutional investors, professional investors and semi-professional investors.
There is no cap on the number of investors we take into the fund, as long as you fulfil the requirements.
Hedge funds, like other "alternative funds", are subject to some rules from the financial supervisory authorities in different countries, which say, among other things, that the minimum investment must be so large.
It is possible to buy into Atlas Global Macro and sell shares at the end of each month in connection with the monthly NAV calculation.
Reopening of the fund / transfer to UBS
The original fund "Expert Investor SICAV - SIF Atlas Global Macro" was part of an umbrella structure under Credit Suisse. Upon transfer to UBS, the fund was merged into the stand-alone structure "Atlas Global Macro RAIF" and more specifically the sub-fund "Atlas Global Macro Fund 1". As an existing investor (investment made before 28 April 2022), you are now an investor in this sub-fund. This also applies if you have invested through the feeder fund managed by Fundmarket.
Under the structure "Atlas Global Macro RAIF" there is also the sub-fund "Atlas Global Macro Fund 2". This has identical exposure as Fund 1 - but without the Russian assets. Unlike Fund 1, this fund is open for investment, so it is again possible to invest in Atlas Global Macro - but without ownership of the Russian assets, which are reserved for investors in Fund 1.
Firstly, a transfer provided the opportunity to reopen the fund to new investors, which over time will reduce management costs for existing investors as these costs will be spread over a larger asset base. In addition, through UBS, the portfolio managers have gained access to commodity exposure through futures, which is significantly more cost-effective to trade compared to ETFs and ETCs, which were the only commodity instruments the fund had access to at Credit Suisse.
It should also be mentioned that the alternative to the transfer and thus a reopening of the fund in the long term would have been to liquidate the fund, as it is not sustainable in the long run to run a fund that is closed to new investors. A fund liquidation is typically costly, so it was in the interest of the existing investors to transfer the fund to UBS, where it could be reopened.
The Russian assets are held in a custody account at UBS and belong to Fund 1. Existing investors in Atlas have the same co-ownership of the Russian assets now as before the transfer. New investors in Atlas will not have a share in the Russian assets, as they invest in fund 2. This protects existing investors against dilution.
The fund owns two ETFs with Russian exposure, "VanEck Russia ETF" and "iShares MSCI Eastern Europe Capped UCITS ETF". The vast majority of the exposure is gained through the VanEck ETF. Both ETFs are currently in liquidation, meaning that their portfolio managers are attempting to liquidate the ETFs' positions, after which the proceeds will be distributed to investors, including Atlas. This has only been possible to a very limited extent so far due to sanctions.
If there is a peace agreement between Russia and Ukraine and sanctions are removed as part of that agreement, it seems likely (but by no means guaranteed) that VanEck portfolio managers will be able to sell the Russian assets at then-current market prices. However, VanEck has stated that plans to liquidate the ETF may be modified or cancelled under certain circumstances. It is therefore possible that VanEck will not liquidate the fund, but instead reopen the ETF, which will give us as managers more flexibility.
The fund's holding of Russian assets is currently booked at 0 by the fund administrator. Our internal estimate of the value of the Russian assets based on trading prices on the Moscow Stock Exchange and the EUR/RUB exchange rate as of 6 March 2025 is €27.5m, corresponding to just over 19 NAV points.
The calculation for the Russian ETFs is based on the assumption that relations between the West and Russia will normalise and that we can therefore use share prices from the Moscow Stock Exchange to value Russian assets. Again, there is absolutely no guarantee that these funds will be released to Atlas investors, but that the possibility may arise as part of a peace agreement between Russia and Ukraine.
Only UBS can determine the risk score for the fund. Their latest risk calculation is disclosed in the KID for each subfund.
The past may be a poor predictor of the future and, hence, the actual risk of losing money may vary significantly. The product may be exposed to further risk factors such as operational, political and legal risks which are not included in the summary indicator. These risk factors are described in further detail in the prospectus.
This product does not include any protection from future market performance so you could lose some or all of your investment. If we are not able to pay you what is owed, you could lose your entire investment.
WHERE SHOULD I INVEST?
All investments are handled through the Luxembourg-domiciled Atlas Global Macro RAIF - Fund 2. Here, all liquid investments are handled collectively, while Atlas' Russian assets are deposited in Atlas Global Macro RAIF - Fund 1. New investors invest directly into Atlas Global Macro RAIF - Fund 2, thus protecting existing investors from dilution of ownership of the fund's Russian assets. Investing directly into the Luxembourg-domiciled fund may involve transaction costs and possible fees depending on the investor's bank, making this fund typically best suited for larger investors. To make it easier and cheaper for smaller, Danish investors, we have created a Danish fund in co-operation with Fundmarket. The activity of this fund is exclusively to buy investment certificates in the Luxembourg-domiciled Atlas fund. Thus, the Danish fund's investments are at all times identical to the Luxembourg fund, but the process and costs are different.
You can invest in "Atlas Global Fund 2 Class A", which has the ISIN code LU2646610217. Currently, it is only possible to invest directly in the master fund through your own bank. The fund is denominated in EUR and the minimum investment is €100'000. The fund is available in Denmark for institutional investors, professional investors and semi-professional investors.
In collaboration with Fundmarket, we have created a DKK-denominated feeder fund for Fund 2. The feeder fund targets semi-professional and professional investors and requires a minimum investment of DKK 750,000. Read more about it on Fundmarket's website: https://fundmarket.dk/atlas-global-macro-ii-kl-f/
In Denmark through Danske Bank, and in Switzerland you can invest through your local bank.
For larger investments, it is also possible to invest directly via UBS.
The practical process of participating will be sent to you upon registration.
Please note that the funds must be transferred no later than 3 banking days before the subscription date, which is the end of the month.
The fund in Luxembourg is denominated in EUR and the fund in Denmark is denominated in DKK. These are the only currencies we can accept.
Fundmarket
Fundmarket is our partner that offers the Danish fund, Atlas Global Macro II, at f, handles onboarding, KYC etc. in a simple and cost-effective way.
As a new customer, you must register on Fundmarket's Investor Platform and sign the FAIF declaration here: https://investor.fundmarket.dk
Existing investors (Atlas I) are already approved in the Fundmarket system. However, you need to change the investment selection on the Fundmarket platform to Atlas II and sign the AIFM declaration for Atlas II.
The minimum deposit in Atlas II is DKK 750,000, which also applies to existing investors in Atlas I. If Fundmarket receives a deposit below this amount, it will be returned to the sender. In practice, however, they will typically contact the investor first, as some banks do not allow transfers of DKK 750,000 in one transaction.
No, Fundmarket is not used as custodian, but is merely a cost-effective offer as an alternative investment process instead of going through your own bank.
Deposits via Fundmarket are transferred to an account at Danske Bank, after which they are invested directly in the fund. Therefore, the money is never held by Fundmarket and investors in Atlas have no bankruptcy risk in relation to Fundmarket. Fundmarket simply makes it easier and cheaper to invest.
Alternatively, you can invest through your own bank by asking them to purchase the relevant ISIN code in the Luxembourg-domiciled fund (ISIN LU2646610217), but this typically has higher costs than investing through Fundmarket.
You can sign up with both personal MitID or employee signature (MitID Erhverv). If you invest both privately and via a company, you must sign up with your private MitID. During the registration process, you will be asked if you also want to create an account for VSO or company. Here you can then link the company account to your commitment.
You can register with Fundmarket as a Danish expat as long as you have a Danish MitID and account details. However, investors from the US cannot be handled due to the special FATCA rules applicable to them. Foreign registered companies cannot be handled via Fundmarket, but are instead referred to the fund in Luxembourg.
It is currently not possible to invest pension funds in Atlas II through Fundmarket.
Nordnet
Nordnet is our partner where you can buy the Luxembourg-domiciled fund directly to your Nordnet custody account as soon as Nordnet reopens for investments. The advantage is that you have all your securities in one place.
To invest in the fund via Nordnet, you must be registered as a Nordnet customer, which you can do here.
The minimum investment via Nordnet is DKK 750,000 because the fund is invested directly in Luxembourg.
We will return with further instructions when Nordnet reopens for investments.
Pension savings
Pension savings can typically only be invested in the products that the pension company offers on its unit link platform. Over time, we will try to enter these platforms, but often pension companies prioritise offering their own products.
However, you should be able to instruct any bank in Denmark to purchase the fund via ISIN code.
It is currently not possible to invest pension funds in Atlas II through Fundmarket.
We have learned that in Denmark it may be possible to invest in unlisted shares or units through pension plans. There are a number of requirements that must be met (e.g. each person must not own 25% or more of the company). This could be an ApS whose purpose is to invest in Atlas Global Macro. As is the case with tax issues, we recommend seeking local legal advice regarding the possibility of investing via pension plans.
Taxation and Reporting
We cannot and must not advise on the taxation of funds invested in the fund. Investors are advised to seek local tax advice if there are any unresolved questions.
If you invest via the Fund in Denmark, Fundmarket reports to SKAT. If you invest via the Fund in Luxembourg, you or the bank you use as custodian bank must report to SKAT. We also refer to the aforementioned document from our tax lawyer for further information.
Ernst & Young is the auditor for the Luxembourg-domiciled fund, while Deloitte is the auditor for the Danish-domiciled fund.
Investors receive a monthly report from Atlas Global Macro (via our Investor Area - see below).
As an investor, you can follow your investment via Fundmarket, Nordnet or your bank, depending on how you have invested. In addition, the fund's NAV is published on Bloomberg, Morningstar, Reuters and Telekurs on the second business day of each month. Other media also disclose the fund's NAV, for example FundSquare.
We publish our investment report quarterly and investors can also access news, analyses and a monthly webinar in our Investor App. See more about this in the section "INVESTOR AREA AND MOBILE APP"
Returns and Costs
According to the latest Key Information Document (KID) for Fund 1, the annual running costs of the fund are as follows:
- Management fee: 1,00%
- Other administrative and operating costs: 0.78%
- Transaction costs: 0.02%
The total annual running costs therefore amount to 1.80%.
The fund's performance fee is unchanged at 10%. However, existing investors do not have to pay this until the NAV of fund 1 exceeds the fund's high-water mark of 101.42.
Investor Area and Mobile App
Our Investor App is reserved for investors who need to go through a specific process to create an investor profile. Only with an investor profile can you gain access.
See how to gain access in the sections "Investor profile for Fundmarket/own bank/Nordic investors" below.
After creating your investor profile, you will receive an email with further instructions on how to create a separate App access as well.
If you have invested via Fundmarket, you can log in to your Fundmarket account and find the instructions for creating an Atlas investor profile under "Messages".
In the instructions, a linkare listed, which you will need when creating your investor profile.
Remember, you can't log in to the Atlas Investor Area or the iOS mobile app without going through this process.
For those who have invested directly in the Luxembourg-domiciled fund, Credit Suisse posts the instructions for setting up an investor profile as a so-called "Corporate Action".
However, experience shows that such messages are often not passed on to the customer by the bank, so we typically ask for some form of proof that you are an Atlas investor and have invested in the fund.
This documentation can be a "Subscription Confirmation" or a screenshot of other relevant information, and can be sent to info@atlasglobalmacro.ch for validation, after which you will receive further instructions on the creation of an investor profile.
Nordnet investors receive, after the official subscription date, an invitation via email directly from Nordnet to create an investor profile.
If you have not received an invitation, the easiest way is to contact Nordnet directly.