Asset Management



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Global stocks
from developed countries

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Different currencies
in 4 Regions

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Different strategies
all data-driven

Annox kontor

Innovative investments

ANNOX is an innovative investment manager focused on data-driven systematic portfolio management.

The ambition is to make high and consistent returns. We do this through a systematic and scientific approach to asset management. Our methods are based on economic theories, deep financial insight and advanced mathematical models. We are domiciled in Hellerup just north of Copenhagen.

ANNOX A/S is founded

Q2: ANNOX is founded by Lars Trégart in cooperation with financial engineers from the Danish Technical University (DTU) with a vision to create an asset manager based on systematic quantitative investments. The development of a multi-asset-multi strategy algorithm is initiated in order to formalize the investment strategy in a hedge fund environment (AIF: Alternative Investment Fund).

Infrastructure is formalised

Q2: ANNOX is approved as AIFM (Alternative Investment Fund Manager) by the Danish Financial Supervisory Authority.

Q2: ANNOX enters into agreements with State Street and GAM regarding an AIF fund in Luxembourg.

Q3 and Q4: The development of the hedge fund continues at the same time as the work on a global quantitative equity fund is gaining momentum.

Focus on strategy

Q1: Operational parameters such as high transaction costs cause the hedge fund launch to be halted and for the same reason the collaboration with GAM & State Street in Luxembourg is terminated.

Q2: Mikkel Eliasen joins as a partner in ANNOX.

Q3: Focus is on development of the ANNOX equity fund.

Q3: ANNOX Nordic Equity Fund is launched with own partner funds invested. ANNOX Nordic invests in Nordic equities based on a data-driven strategy developed by ANNOX.

UCITS fund agreement with Nykredit

Q3: ANNOX enters into an agreement with Nykredit regarding the fund structure for the ANNOX global UCITS fund (the current ANNOX Quant Global Equity ESG KL). The fund is based on the same investment strategies used for ANNOX Nordic.

Q2: The Danish Financial Supervisory Authority approves ANNOX A/S as an investment adviser.

Q4: ANNOX Nordic reports a return of 50.6% for the 2019 calendar year (compared to 22.1% for the benchmark MSCI World). This places ANNOX Nordic in the top 1% of all equity funds, both Nordic and global.

ANNOX global equity fund is launched

Q2: ANNOX Quant Global Equity ESG KL is launched on 16 June 2020 as a sub-fund under Nykredit Investin.

Q3: September 1, ANNOX Global Equity Fund marks the first 3 months of life with a return of 15% relative to the benchmark of 3%

Q4: After 6 months, ANNOX Global Equity Fund is in the forefront with a return of 29.3%: Among 737 funds in Morningstar’s category for global equity funds, ANNOX is No. 1 measured by performance.

ANNOX global equity fund sets out for a stellar year

Q2: ANNOX stellar performance is recognized in a feature by Danish business newspaper, Børsen (link to article in Danish ____)

Q2: ANNOX Quant Global Equity ESG KL reaches DKK 200 m in AUM spread out over more than 1000 investors


The management team has extensive experience within investment and fund management - internationally as well as in Denmark.

Lars Axeltoft Tregart

Chairman of Board & Partner

[email protected] +45 28 11 66 35

Mikkel Klit Eliasen

Investment Director & Partner

[email protected] +45 22 84 13 10

Sara Sidenius Johansen


[email protected] +45 20 70 70 72

Christina Larsen

Board Member

Head of Fund Management at Forca A/S

Jeppe Nymann Jensen

Board Member

Chief Financial Officer at A.P. Møller Capital

Steen Lønberg Jørgensen

Board Member (To be appointed)

Partner at Copenhagen Infrastructure Partners

Our investment approach

ANNOX invests with a multi strategy approach, where we apply a variety of strategies to identify and exploit market abnormalities, or as academia calls it; risk premiums. Our strategies are typically based on basic ideas described in academic research, but may also be developed internally by ANNOX.  Backtest or simulations are used to stress test our theories and estimate whether a strategy or model is making extra returns is part of the development before a model is tested live with own funds in a managed account set-up. Public launch only happens after a thorough and lengthy checks.



ANNOX applies different complementary data-driven strategies in one and the same fund. By applying several strategies in the same model dynamically, the likelihood of choosing the shares that provide excess returns in the fund is increased.

Videnskabelig tilgang

Data-driven approach

We use a systematic data-driven approach to find and exploit opportunities for excess returns. Our models are built on evidence in historical data, and not personal gut feelings from day to day.

Fokuseret forvaltning

Focused Capital management

We are based in Hellerup just outside Copenhagen.. We are 100% independent and only advise our equity fund. We thus have full focus on making the best-performing equity fund - and nothing else.

Investment philosophy

Our basic idea is that investments must be guided by a scientific approach; a process where you start with ideas or economic hypotheses, after which you analyse concrete data to see if the idea is sustainable.  The idea can then be transformed into a model that can ultimately become a concrete trading strategy. Investment is made by a systematic method, driven solely by quantitative data, so that human emotions are removed from the decision-making process in day-to-day operations. This makes it easier to commit to a sustained strategy that provides excess returns.

Akademisk forskning & konkurrent analyse

Academic research & competitor analysis

Programmering & test af forskellige strategier

Programming & test of different strategies

Implementering af forskellige systematiske handelsstrategier

Implementation of different systematic trading strategies