Luxembourg’s DNB Asset Management has launched the UCITS-compliant DNB Norway Absolute Return Fund to invest in the Norwegian stock market.

The open-ended fund, which is tradeable on a daily basis, is run by Eirik Hauge, who has over 18 years of capital markets experience, the firm said.

Hauge will target shares listed on the Oslo Stock Exchange and will enter both long and short positions.

“We also want to build on the success of our two absolute return funds DNB TMT and DNB ECO, which returned 17.4 and 10.2 per cent respectively after costs in 2011,” said Mike Judith, vice president.